by Martin Bellin, Founder and Managing Director of BELLIN, Samuel Antunes, Group Treasurer at L'Occitane and Marion Barré, Treasurer & Treasury Systems Specialist at L'Occitane
The L’Occitane Group is a global natural and organic ingredient-based cosmetics and well-being products manufacturer and retailer with strong regional roots in Provence, France. The Group has five brands in its portfolio and is committed to developing and retailing high-quality products with traceable origins and respect for the environment. Today, the company employs more than 7,000 people in over 2,300 boutiques worldwide and generates sales of over €1bn.
A treasury challenge with several goals
To support the rapid growth of L’Occitane Group, the treasury department identified the needs and decided in 2010 to implement a new treasury management system. The goal was simple but challenging – to improve and simplify the day-to-day cash management process for both the central treasury team and all subsidiaries of the group.
As a multinational company, it was particularly important for L’Occitane to bring together the global financial information from all companies of the group on a single platform and to provide a unified payment solution to all the subsidiaries. To achieve this goal, the new system needed to be a fully integrated solution that could be used by all L’Occitane subsidiaries worldwide.