Hunkemöller is Europe’s leading and fastest-growing lingerie brand, with more than 900 stores across 25 countries. The company was founded in Amsterdam in 1886 and has since developed into a pan-European, omni-channel lingerie brand. Hunkemöller delivers perfect fitting, fashionable and high-quality bodywear products across bras, underwear, nightwear, swimwear and other categories including fitness. In 2018, Hunkemöller was voted Best Lingerie Retailer of the year in the Netherlands, Germany, Spain and Switzerland. For more information, visit hkmi.com.
“We went for OneStream because it is a platform-based application rather than a modular one. If we want to add additional processes, such as strategic planning, it will come under the same platform and license. That also means that the figures come from a single source, so we don’t have to construct the data all over again. ”
— Hanno van Vuren, Financial Controller, Hunkemöller
Hunkemöller was using Hyperion Enterprise for their corporate performance management (CPM) needs, however the system was outdated and no longer being supported. The legacy product could not fulfill Hunkemöller’s demands as the lingerie brand was growing at an exponential rate.
Hunkemöller needed a modern CPM platform that could keep up. One that would streamline reporting processes and provide quick and easy access to individual store data. “In addition to the more than 900 stores we have now, we’re opening another 80 each year,” said Hanno van Vuren, Financial Controller at Hunkemöller. “Our old system was pretty much end-of-life. It kept crashing and it just wasn’t meeting our information needs.” It was time to look for a modern CPM solution that would enable van Vuren and his team to respond quickly to critical business data.
Lacking critical insight into their business, Hunkemöller’s existing system needed immediate replacing. Speed and reliability were important factors for the selection process. Also, eliminating the high amount of manual work involved to get through the data would give Hunkemöller time back for high-level analysis.
Initially, Hunkemöller looked at Oracle HFM and CCH Tagetik. However, Hunkemöller had been recently acquired by a private-equity investor who called for more reporting, more dimensions and cross-sections. So after discussions with various implementation partners, they became aware of OneStream. Hunkemöller’s CFO became interested in OneStream, and after a demonstration of the software it was clear that OneStream was the preferred solution.
“We went for OneStream because it is a platform-based application rather than a modular one. If we want to add additional processes, such as strategic planning, it will come under the same platform and license,” van Vuren continued. “That also means that the figures come from a single source, so we don’t have to construct the data all over again.”
Hunkemöller chose Sonum / Finext as their implementation partner for three reasons. Their experience with retail, their experience with OneStream, and their excellent consultants and customer support. As one of the largest OneStream implementation partners in Europe, Sonum / Finext assisted the Netherlands-based retailer in deploying OneStream with a critical focus on the data quantity and quality. They helped Hunkemöller capture different sales channel data such as store-in-store, franchise and e-commerce dimensions.
As van Vuren explains, “With the stores, we want to do as much benchmarking as we can. How is this store doing compared to an average store in the same range? We can now distinguish between various sales channels and see different cross-sections of each one.” With OneStream, van Vuren receives insights at the store level into the margins and turnover per product category. And that data is stored safely in the source systems.
For van Vuren and the Hunkemöller team, having direct and instant access to individual store level results has been a huge improvement. They have dramatically accelerated the closing process, which
would previously take a week and a half week to complete. Now with OneStream, it only takes five days to close. “All data is directly available,” van Vuren added. “One touch of a button, and your management report is ready, in whatever dimension you want it in.”
Hunkemöller’s new reports in OneStream are very detailed. For over 900 stores there is 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. Further, when analyzing the information van Vuren can take into account the maturity of each store and even filter comparison based on store type.
Future Plans With OneStream
As they continue to roll out additional stores worldwide, Hunkemöller will continue to keep critical focus on the amount of data they work with in OneStream. Enthusiastic about the transition from Hyperion to OneStream, van Vuren and the Finance users are pleased with their new system. “Closings go a lot faster now. Everything that goes into the system lines up and the source for everything is the same,” said van Vuren. “This makes the management mechanism easier. Reports are available right away, and you no longer have to tally things up manually. The system allows us to shift from making reports to analyzing them.”
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in a cloud platform designed to continually evolve and scale with your organization.
OneStream’s Intelligent Finance platform can easily be extended with over 50 solutions from the OneStream MarketPlace™. These downloadable solutions are fully battle-tested and optimized for the OneStream platform. They allow customers to easily extend the value of their investment to meet the changing needs of finance and operations.
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