As a university student in 1997, Ethan Nyholm was frustrated by the lack of a good bag in which to carry his laptop. His improvised bubble wrap and backpack didn’t cut it. Teaming up with colleague Adina Jacobs, Nyholm founded STM Brands—today, a thriving global manufacturer and retailer of laptop bags and cases for tablets and smartphones.
“We’ve doubled our business overall, and NetSuite OneWorld has absolutely helped facilitate that. ” Ethan Nyholm, Global CEO, STM Brands
By 2014, STM Brands had more than outgrown its MYOB and SugarCRM systems. NetSuite OneWorld proved the ideal solution to run a rapidly expanding global business. NetSuite efficiently handles financials, sales, inventory and back-end ecommerce across STM operations in Australia, the US and UK, as well as 10 third-party warehouses around the world.
In two-plus years on NetSuite, STM Brands has doubled its revenue while slashing operational costs. For instance, freight costs as a percentage of sales have plunged 25 percent as improved inventory management and planning has allowed STM Brands to transport goods by sea, rather than by air at 10x the cost. Its retail partners have grown from 1,200 to 3,000, while production volumes have doubled.
Across its business entities in Australia, the US and UK, financial consolidation has been reduced from hours of manual work to minutes with NetSuite OneWorld. STM Brands transacts seamlessly in six currencies and automates tax reporting in the three countries. Most of all, the company has a single source of truth, with global visibility and process integration to drive growth.