The two biggest competitors in the trend forecasting industry -- WGSN and Stylesight -- are set to merge.
Employees of both companies were notified of the merger on Thursday, according to two people in attendance. In addition to the merger, "a lot" of employees were also let go from their jobs, according to one source at Stylesight.
WGSN and Stylesight did not respond to multiple phone calls and e-mails for comment. Update: A spokesperson for WGSN has confirmed to Fashionista that the two companies are merging, but did not disclose the terms of the deal. According to a press statement issued by WGSN, the two companies are merging "their respective operations in the Americas and abroad... [to create] a new U.S.-based trend and information hub in New York, made up of trend creatives, researchers and technologists from both companies" under the WGSN Group umbrella. The terms of the deal were not announced.
London-based WGSN was founded in 1998 as a trend forecasting agency for the fashion and design industries, and has more than 300 employees in offices across North America, Europe, Asia and the Middle East. It's prized largely for its ability to assess global design trends and predict what will appear on the runway and in stores not only next season, but years in advance.
Stylesight, which is headquartered in New York and has more than 200 employees, was founded in 2003 and claims to have 3,000 corporate clients across the globe, including big retailers like Target and Macy's. Like WGSN, it has a vast library of trend information, archival photos, and even sketches and patterns for designers to use.