Fashionable financial advice for clothier

Tailored advice sought

A well-established New York Garment District designer, manufacturer and marketer of popular branded apparel for children, tweens and teens banks with a giant global financial services firm.

As a small customer of the $2 trillion financial institution, the clothing company found it difficult to obtain information on monetary products and secure advice regarding treasury services.

The company asked banking fee experts with Expense Reduction Analysts (ERA) to fashion a solution.

ERA experts sew up savings

ERA Consultants recommended a series of modifications to the internal products and services used by the client, resulting in a 20% savings in banking fees. Changes included eliminating selected monthly maintenance and statement fees on a half-dozen accounts; removing an online service that became redundant when the company adopted a new platform; and removing outdated services.

Applying fashion cents

The clothing industry contends with rapidly changing fashions. In today’s economy, affordable price points and value also are essential.

Our client was able to apply the savings it realized towards developing new products and entering new markets. For example, it recently introduced a clothing line targeted at women with a price point suitable for volume business with stores such as Bloomingdale’s, Lord & Taylor and Dillard’s.

ERA helped the client with selected changes, notified the bank of modifications and monitored compliance.

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