Financing an italian Prêt-à-Porter house in France
OUR CLIENT
Nyky
Webhelp Payment Services has provided support to the Italian Prêt-à-Porter womenswear group Nyky – including the brands Momoni, Oof Wear and Attic and Barn – for over 20 years, managing all the group’s exports (except for its French subsidiary).
Experiencing high levels of growth, its French subsidiary Nyky France has selected Webhelp Payments Services and ABN AMRO as its support partners to finance its development.
THE CLIENT’S NEED
Financing development of its wholesale business in France
Nyky France, whose Prêt-à-Porter womenswear business is divided into two seasons, relies on a clientele made up of several hundred multi-brand shops in France and where payment is mainly made by cheque payment plan. Since 2018, the subsidiary has sought to develop its wholesale business in France, but must deal with a network of its own stores that consume large amounts of cash.
After being turned down by French banks and factoring companies,Alessandro Biasotto, co-founder and chief executive officer of Nyky, decided to entrust Webhelp Payment Services with the management of Nyky France’s client receivables.
HELPING THE CLIENT
From cheque payment plan management to financing
In order to solve the issues faced by Nyky France, Webhelp Payment Services has set up several joint initiatives with the support of its partners:
- establishing a factoring financing line with ABN AMRO Commercial Finance (as part of its Ready to Finance partnership)
- collecting cheque payment plans before delivery at the start of each season from October to December and from May to June
- processing the credit insurance side of the business with Euler Hermes
By establishing a screening tool (customer analysis to determine the appropriate payment method), Webhelp Payment Services has been able to develop a cheque payment plan with advance payments of some instalments in certain cases.
RESULT
Success!
70%
out of the volume of orders collected by cheque were paid for before delivery, a total of 368 cheques.
For 2 years now, the client has benefited from debt management services provided by Webhelp Payment Services and financing provided by ABN AMRO Commercial Finance. The client says he’s delighted, particularly in the current situation where securitising and financing his sales is more crucial than ever.
RESULT
Success!
70%
out of the volume of orders collected by cheque were paid for before delivery, a total of 368 cheques.
For 2 years now, the client has benefited from debt management services provided by Webhelp Payment Services and financing provided by ABN AMRO Commercial Finance. The client says he’s delighted, particularly in the current situation where securitising and financing his sales is more crucial than ever.
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