How can you adapt your business and find new revenue streams to help you through the current circumstances? Watch the UK finance director of sports merchandise company Fanatics International explain what they're doing to move beyond COVID-19.
As part of our series of webinars on leading your business through lockdown, we spoke to Ria Murphy, Finance Director, Fanatics International in the UK. Watch the video below to find out how the global leader in licenced sports merchandise has found innovative ways to keep their business moving.
Making a recovery with scenario planning
Fanatics International sells branded apparel from retail stores, online and at sporting events. At the start of the outbreak, the company saw a significant drop in revenue as events were cancelled and stores closed. However, the firm managed to make a 30% recovery in April and still launched its new, cloud-based platform on 1 May. It did this by focusing on liquidity, looking after its employees and partners, and with detailed scenario planning.
Six scenarios were considered by Fanatics International, giving them the flexibility to react to the evolving situation. The firm focused on promotion, going out to customers rather than catering to them at events. They also shifted stock to sell in countries where the lockdown has not been so strict, such as Germany. Fanatics' US parent has started selling branded face coverings, which the UK arm will soon do as well.
Working through COVID-19 together
Ria explained that Fanatics' partners have appreciated them going above and beyond to keep business going through the lockdown. This has not only strengthened existing partnerships, but may well generate new connections in the future.
Watch the video above for more detail, and for further support with moving beyond COVID-19 as an FD, contact Simon Davidson.