Richard Price, managing director of clothing and home at M&S, is joining the Fabacus advisory board.
Fabacus is a data management and bureau service for the licensing industry and the developer of proprietary data management software platform, Xelacore. Its blue-chip clients include Epic Games, Ultimate Fighting Championship (UFC), Fanatics, Ubisoft and Activision Blizzard.
The technology company was founded by successful entrepreneur Andrew Xeni, who has a significant background in retail, including deep supply chain experience, and as the co-founder of the womenswear brand Nobody’s Child. The company is also backed by other high-profile investors, including Tom Singh, founder of New Look, Seneca Partners, Inovia, led by Patrick Pichette, former CFO of Google, and Mitch Foreman, former CFO of Disney EMEA Consumer Products, as well as Wealth Club.
In a statement, Fabacus said that Price would bring “a wealth of experience” from his time at Next, BHS, Tesco F&F and currently Marks and Spencer to its advisory board at a time when the company’s trajectory “continues to gather momentum”.
Commenting on the appointment, Xeni, founder and chief executive of Fabacus, said: “With over three decades working for the UK’s biggest retailers, Richard’s appointment to the board brings us invaluable retail experience across all categories and geographies.
“Increasing data capture and data governance will not only support companies scale but will also accelerate growth – it enables consumers to know more about the items they are buying and the associated supply chain practises. I am thrilled Richard shares our mission to evolve current industry practices and further integrate licensing and retail, and I warmly welcome him to the Fabacus board.”
Price added: “Having known and worked with Andrew for some time now, I am thrilled to join Fabacus’ Board, bringing my 30 plus years of retail experience to the business. At a pivotal time for licensing and retail, in light of mandated reporting regulations coming into effect, there is now a need for more visibility and transparency across the sector; Fabacus continues to address the issues head-on through their service, and I look forward to being a part of the evolution that is coming.”