Every retail business wants to offer the best shopping experience for their customers. But without visibility into store-level activity, it can be tricky to gain critical insights such as sales by product and region. This is often the problem with legacy corporate performance management (CPM) systems that lack the level of granularity needed to drive the business forward. Europe’s leading lingerie brand, Hunkemöller, was caught in a similar situation when Hyperion Enterprise could not keep up with their tremendous growth. They knew it was time to switch to a modern CPM platform that offered unique agility and scalability. And that’s when they found OneStream.
Europe’s Perfect Fit
Founded in Amsterdam in 1886, Hunkemöller is Europe’s fastest-growing lingerie brand, with more than 900 stores across 25 countries. An omni-channel lingerie brand, Hunkemöller is known for delivering perfect fitting, fashionable and high-quality bodywear products. In 2018, Hunkemöller was voted Best Lingerie Retailer of the Year in the Netherlands, Germany, Spain and Switzerland.
Hyperion Unable to Meet Growing Needs
Hunkemöller shows no signs of slowing down as they continue to open an additional 80 stores across Europe every year. But with Hyperion Enterprise, their finance organization struggled to stay efficient. The lingerie retailer was recently acquired by a private-equity investor who requested detailed insight into individual store data – which their legacy CPM product could not provide. Hunkemöller’s finance organization also struggled delivering critical business data to stakeholders in a timely manner.
Hyperion Enterprise was outdated and was no longer being supported by Oracle. This was frustrating for the Hunkemöller team, as the system would often crash and lose critical data. On top of this, Hyperion Enterprise required a high amount of manual effort for collecting data. Hunkemöller knew they had to change – so they initially looked at Oracle HFM and CCH Tagetik as replacements. But after several conversations with local CPM implementors, they became aware of OneStream Software for financial consolidation and reporting. And after a demonstration of the OneStream XF platform, it was the clear winner.
OneStream XF Delivers Speed & Reliability
OneStream enables Hunkemöller to streamline reporting while gaining new insights into their business. In addition, the platform’s capabilities provide the opportunity for expanded use. As a unified platform, OneStream enables Hunkemöller the ability to extend their investment with additional solutions, that can be implemented all within one product.
With OneStream, Hunkemöller now captures global sales channel data including in-store, franchise, and e-commerce dimensions. Hunkemöller can see different cross-sections of sales channels and gain insights into the margins and turnover per product category. For over 900 stores there is now a profit-and-loss report and every general ledger account is connected directly to OneStream. This streamlines the reporting process by enabling management to perform like-for-like comparisons across all stores.
Benefits of Switching to OneStream
For the Hunkemöller team, having direct and instant access to individual store level results has been a huge improvement. As they continue to roll out additional stores worldwide, Hunkemöller is much more organized and prepared. Financial reports provide the right amount of detail required, including information by store location, store size, store maturity and several other parameters. And best of all, the financial close process has reduced from a week and a half to only five days to complete. Overall, the OneStream XF platform has allowed Hunkemöller to shift from making reports to analyzing them for better informed decision-making.
To learn more about Hunkemöller’s unique OneStream journey, we invite you to read their Customer Success Story article. And if your organization is ready to replace Oracle Hyperion with a modern and unified CPM solution, contact OneStream today!