The Customer
35,000 employees, 25 brands and 2,186 boutiques in 36 different countries: Richemont is one of the leading luxury goods groups in the world, and China with 135 boutiques and 8 brands being one of its most important markets.
The Challenge
Richemont’s goal was to automate the reconciliation of all payments from retail and e-commerce in order to minimize the workload for their finance department. All common payment methods in China including WeChat Pay, Alipay or China Union Pay were to be integrated into the automatic debtor reconciliation. Payment options such as Cash on Delivery (COD) needed to be integrated as well.
The Solution
In close cooperation with Richemont’s IT team and finance department, the treibauf team managed to integrate all payment methods and even COD payment data into Matchbox. The payment reconciliation for eight brands was then automated at one go, with their own online shops, eight accounts on a marketplace and 135 retail stores.
The Outcome
Isaac Lv, Finance Project Manager at Richemont about the benefits of the software: “Matchbox was really impressive: With a matching rate of 99% for retail and 96% for our e-commerce sales, the software has significantly increased the efficiency and effectiveness of our payment reconciliation. Also the monitoring of retail and e-commerce payments improved considerably.”
Why treibauf?
Matchbox has been Richemont’s choice for years in many markets. The software automates the debtor reconciliation and thus considerably reduces the workload for their finance department. In addition, Richemont is very much taken by the competence and smooth cooperation with the treibauf team, especially when it comes to integrating any special needs in a global markets context.
“With a matching rate of 99% for retail and 96% for our e-commerce sales, the software has significantly increased the efficiency and effectiveness of our payment reconciliation.”
Isaac Lv
Finance Project Manager at Richemont Commercial Company Ltd.
Richemont
Compagnie Financière Richemont SA, also known as Richemont, is a Switzerland-based luxury goods holding company.