SVP, Corporate Communications
B2C and B2B Merchant of Children’s Costumes and Accessories Grows 70 percent YoY, Transforming into Omnichannel Powerhouse
LONDON—11 October 2016—NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud financials / ERP and omnichannel commerce software suites, today announced that Lucy Locket, a B2C and B2B merchant of children’s costumes and accessories, has expanded its international presence across three continents to become a global, omnichannel commerce business. Lucy Locket has enjoyed yearly growth of 70 percent since deploying NetSuite OneWorld, replacing Microsoft Dynamics NAV. The company sells its products through more than 20 retail partners across Europe and Asia, including Harrods, Hamleys, Galeries Lafayette and LegoLand, through its own direct-to-consumer ecommerce website powered by NetSuite SuiteCommerce, and across multiple online marketplaces such as Amazon and eBay.
With the foundation of its business systems in place, and NetSuite OneWorld supporting its global financials, customer relationship management (CRM), inventory management, procure-to-pay, order management, multi-country tax compliance, financial reporting and multi-subsidiary management for its subsidiaries in France, Germany, Spain, Italy, Poland, Czech Republic, Australia and United States, Lucy Locket continues to drive increased operational efficiencies and growth. The company has recently expanded sales into the US via Amazon Marketplace and plans to launch new subsidiaries to sell in China, Japan and Canada. With NetSuite OneWorld, Lucy Locket is able to easily conduct transactions for four international legal entities in five languages (English, French, German, Spanish and Italian) and multiple currencies—including the Euro, US Dollar, Australian Dollar, British Pound and Indonesian Rupiah.
Facing an upgrade of Microsoft Dynamics NAV that ran its finance and operations, the 20-year-old family-run business had grown frustrated with the time and costs required to maintain the on-premise software. Lucy Locket wanted a solution that would free its business of IT maintenance, while at the same time offering the robust international functionality and customisation capabilities required to stay ahead in the competitive children’s retail space.
Lucy Locket considered SAP Business ByDesign, but was swayed by NetSuite’s unified omnichannel cloud platform that provided a single real-time view of customers, orders and inventory across its multiple channels. Lucy Locket now has the visibility to efficiently fulfill orders from all channels and can better manage inventory. Once the product information is created for an item, it can be used across all selling channels, avoiding the problems of managing multiple versions of product information for the same item. NetSuite’s platform is also able to scale with spikes in seasonal demand and has the agility to easily launch the new subsidiaries and business models needed to stay ahead of competitors.
“Any week we grow less than 40 percent we regard as a failure,” CEO of Lucy Locket, Paul Edwick said. “If it weren’t for NetSuite, we feel it would be nearly impossible for us to move and grow at this pace. Competitors without the benefit of NetSuite can’t do so much of what we do.”
With NetSuite’s unified omnichannel platform, Lucy Locket can gain the following benefits:
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world’s first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organisations, and subsidiaries in more than 100 countries.
For more information about NetSuite please visit www.netsuite.com.
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