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Luxury fashion firm scales business with NetSuite OneWorld
06
Sep '17
Courtesy: Netsuite
Courtesy: Netsuite
Oracle NetSuite, a leading provider of cloud-based financials / ERP, HR, Professional Services Automation (PSA), and omnichannel commerce software suites, has announced that Lfplaza Group, a wholesale distributor of luxury and designer fashion clothing, bags, shoes and accessories, has scaled its Hong Kong business since deploying NetSuite OneWorld in 2012.

NetSuite’s unified cloud business management platform has given Lfplaza scalability and agility as its business has soared from the start-up phase to $300 million HKD (about $38.4 million USD) in revenue in just five years.

Oracle NetSuite OneWorld powers end-to-end processes for Lfplaza’s sales of goods from more than 100 brands to a network of over 600 wholesale clients and about 40 regional multi-brand boutiques across Hong Kong, mainland China, Taiwan, Japan, South Korea, Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

As a cloud-based system, NetSuite enables Lfplaza to avoid the high capital expenditures of servers and software needed with traditional on premise business systems. Ease of use, efficient workflows, and high visibility into mission-critical data have allowed the company to minimise administrative and operational costs and instead focus new hires on revenue-driving sales and marketing activities.

Implementation and optimisation by NetSuite Solution Provider Fern Limited, in Hong Kong, has helped Lfplaza make the most of its NetSuite OneWorld solution as usage evolved from inventory to accounting and CRM.

NetSuite gives Lfplaza real-time visibility into tens of thousands of SKUs, particularly important as new products are constantly added. It also helps Lfplaza account for subtle variations in products, such as shiny vs. matte leather for the same handbag.

Lfplaza makes extensive use of NetSuite’s reporting and analytics capabilities to track revenue and product sales by brand, type of goods, gender, regions, and other dimensions. Insights derived are vital to Lfplaza’s ability to adapt the business and product line-up as needed.

NetSuite has helped Lfplaza achieve business agility, better manage brand and customer partnerships, and optimise inventory and pricing in the fast-paced and rapidly changing luxury fashion market.

NetSuite OneWorld lets Lfplaza easily transact in currencies including Hong Kong, Australian and US dollars, Chinese renminbi, British pound, Japanese yen, New Taiwan dollar and the Euro, and manage three subsidiaries with efficient financial consolidation. NetSuite CRM gives Lfplaza sales staff a unified record of all customer account, interaction and order history information to help drive sales and provide a superior customer experience. (GK)

Fibre2Fashion News Desk – India


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