Corporate Finance

In a significant case study, EY-Parthenon assisted the luxury skiwear brand BOGNER in navigating the challenges posed by the COVID-19 pandemic while aiming to improve profitability and prepare for future growth. Founded in 1932, BOGNER had established itself as a prominent player in the sports apparel market but faced increasing competition and internal turbulence, particularly following a management reshuffle. By December 2019, it was evident that BOGNER needed to enhance its profitability and restructure its operations to attract potential investors. The engagement began with the development of a performance improvement program aligned with a three-year business plan. This plan was crucial for BOGNER's recovery, especially as the pandemic created an urgent need for financial stability. EY-Parthenon worked closely with BOGNER's leadership to create a robust refinancing strategy that included a syndicated loan and state funding, which was essential given the pandemic's impact on sales and operations. The team’s deep sector experience and credibility with BOGNER’s finance partners were instrumental in securing the necessary financing. The transformation effort unfolded in three phases: the first year focused on stabilizing the company through revenue and cost management, the second year involved reshaping the business by relocating headquarters, reducing headcount, and developing a new brand strategy, and the third year aimed at enhancing international market presence and online positioning. By September 2022, all phases of the performance program were completed, allowing BOGNER to move to a new headquarters designed to foster collaboration and innovation. The results of this comprehensive transformation were remarkable. In the financial year 2021-2022, BOGNER achieved sales of €166.3 million, exceeding targets by over €8 million, and recorded an EBITDA of €19.4 million. The company emerged from the crisis not only on a secure financial footing but also with a clear strategy for sustainable growth, demonstrating the strength of the BOGNER brand and its ability to adapt to market demands. The collaboration with EY-Parthenon proved to be a pivotal factor in BOGNER's successful turnaround, positioning the company for future expansion and stability.

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