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Successful v-s Unsuccessful Turnaround (final project)

Successful v-s Unsuccessful Turnaround (final project)

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SUCCESSFUL & UNSUCCESSFUL TURNAROUND

INTRODUCTION
Turnaround is a management technique applied to loss making or sick industrial units; with a view: a) To stop the business unit from making losses or going into liquidation and b) To bring it back on profitable track. Turnaround is a situation strategy used to reverse the declining sales and earnings. It is a systematic study of those factors responsible for reduced efficiency, profitability, and suggests remedial measures to eliminate them. Turnaround means turning around the resources of the company to meet the crisis of reduced sales and earnings.

MEANING OF TURNAROUND
Turnaround like restructuring is a type of technique used to prevent or sto a company p from making losses or going into closure forever. It believes in age old saying ³ a stitch in time saves nine´. Meaning thereby, that a firm should take all possible preventive or curative steps to prevent losses.The basic objective of turnaroun d strategy is to make a company profitable again i.e. converting a loss making unit into profit making.

The term turnaround is defined as under:
1. Turnaround is the situation wherein a company¶s trend of declining sales and earning sales and earnings is reversed. 2. Dictionary of marketing (by P.H. COLLIN), defines turnaround as ³making a company profitable again´. 3. ³Turnaround is a technique of bringing failing companies back to life´.

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The followi

ES/ CHARACTERISTICS OF T RNAROUND
are i ortant feat res of t rnaround strategy.

more 1. Turnaround strategy believes in i roving the philosophy of ³doi wi less´. It believes in i proving the current level of performance, by making best use of available resources. It does not believe in extra expenditure or adding additional resources to recover losses. Instead it tries to make optimum use of available resources to improve profitability and efficiency. 2. The strategy does not aim at selling or disposing of loss making units but works to improve the performance of the unit by re-arranging the available resources. 3. Turnaround is one type of long term strategy and does not aim at providing temporary relief or short cut methods to company problems. It studies the problem in-depth and tries to solve it forever. 4. The scope of turnaround strategy is confined to sick or loss making industrial units. It is a type of crisis management. 5. Turnaround believes in curative treatment rather than shock therapy, i.e. it does not believe in closing down or selling a sick unit, but making best use of available resources to recover losses. 6. Turnaround is not a short-cut or magical formula. It cannot work on all sick units under all circumstances. It is effective in case of loss making units but having growth or future prospects.

WHEN TURNAROUND STRATEGY IS NEEDED / TURNAROUND SITUATIONS
Turnaround strategy is needed when the company experiences some deficiencies in its working. These shortcomings like reduced profits, low demand, labour unrest, high operating cost, etc. clearly indicate the sickness of a firm. Under following type of situations, a company can opt for using turnaround strategy. 1) Li uidity problem: it means shortage of cash or li uid assets. This may arise due to less inflow and rising out flow of cash. 2) Due to li uidity problem, the company may not pay wages and salaries regularly. There may be delayed or part payment of wages to workers. 3) The shortage of li uid assets affects the repayment schedule of bank loans. This may result in non-payment of monthly interest and loan amount to banks or other institutions. 4) The company experiences falling sales and an increase in stock. The market share of the company declines very sharply. T

 

 

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SUCCESSFUL & UNSUCCESSFUL TURNAROUND 5) The non-payment of wages on time, results in high labour turnaround and affects the morale of employees. 6) Under-utilization of production facilities. 7) Fall in the earning capacity and lowering of profits. 8) Delayed payment to creditors. 9) Fall in the market price of shares. 10) Downward trend in production, sales and profit. A firm that notice or comes across one or more of the above symptoms in its working can be termed as sick unit or economically non -viable unit. A loss making or sick business unit is a fit case to undergo turnaround treatment. The management of a sick unit should take prompt and correc tive steps to avoid future problems.

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HOW TO INTRODUCE/IMPLEMENT TURNAROUND MANAGEMENT STRATEGY
Turnaround is a systematic and detailed study of all those factors that are responsible for the downfall of the company. it tries to locate problem areas and suggests well defined action plans. for this, an analytical study of company's organisational structure, policies relating to production, marketing, finance, and all such issues is conducted. the analytical study enables to prepare and finalise an action plan to rehabilitate or revive a sick unit. normally, the turnaround plans suggest structural changes like, reallocation of internal resources, redefinition of priorities, strict control over expenditure, retrenchment of excess labour force etc. after the finalisation of actions plans, it is implemented by the company's own executives or by an outside consultant or jiontly. for implementing the action plan, the company has following options.

1) Company executives. In the first case, the turnaround plan is implemented by the company's own executives and managers with the help of outside experts. for this , a meeting of managers, executives, employees and experts is called. the meeting is one type of brainstorming session i.e. it is called to generate a number of solutions and alternatives to deal with sickness of the enterprise. every member is expected to give a constructive suggestions or idear to reduce losses and improve profitability. the suggestions put forth by the brainstorming session are listed down and again they are placed before the meeting for critical review and analysis. this process is continuos till a useful and practical turnaround action is selected. After finalising the action plan the company takes a stock of its stength, weakness, opportunities and threats (SWOT analysis) SWOT analysis help to finalise the strategy required to implement the proposed turnaround plan. it is very useful to locate the weak areas in the operational structure and take corrective steps to make it more effective. after the plan and strategy is finalised, it is implemented by the cheif executive of the company with the help of present managers and employees. sometimes an external consultant is appionted to advise the cheif executive and supervise the execution of turnaround plan. this method is not useful because the company's own people may not have the required skill and expertise to handle a turnaround situation. further, the exsisting executive and managers are mainly responsible for the failure of the company. therfore, it is advisable to handover a sick unit to an outside agency for necessary action.

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The second method suggests the appointment of an outside consultant or a turnaround expert to take complete charge of the company. A good leader is one who knows how to mould peop into a team. and keep their morale high. the experts are given the complete work of a)Identifying the causes for sickness. c) Implementing the action plan sucessfully.e. the chief executive of the sick company is either asked to resign or replaced by a new one. 3) New Chief executive. Chrysier Corporation had the greatest challenge of turning a loss making unit into a profitable one. i. when he took over the charge of American Automobile company. ESSENTIALS OF TURNAROUND STRATEGY Turnaround management is not a panacea to all ailing units.M (6. IT is not a master key to solve problems of loss making units. GOOD leadership. it is better to hand over powers to one leader than to a group of leaders or a commitee because emergency needs quick decisions and not group discussions.6) ¢ ¢ 5 . motivate them to make maximum efforts. the exsisting managers and executives are asked to hand over the affairs of the company to the consultant. he took the initiative by cutting down his salary and set un example for others. The outside expert or Turnaround consultant will continue to manage the company till the turnaround plan is completely implemented.SUCC SSFUL & UNSUCC SSFUL TURNAROUND 2) Turnaround expert. his determined and dedicated leadership could bring the company out of red. it is like a guide for good healyh and not a book of solutions. Mr. It cannot work under all conditions and on all types of companies. the turnaround consultant is appointed as per the instructions of the company or financial institutions. IT means determined and motivating top managers. some managers are sucessful during time of crisis and other during normal times. he must create a "do or die" or T. In this method. the present team of managers is kept aside till the turnaround plan is complete. this practise is followed by AMERICAN INDUSTRIES. it is one type of strategy which believes in facing the crisis rather than falling victim. LE Lacocca. b) preparing the action plan. Its success depends upon number of factors like:1.

Planning and Control. this can be done by giving a new look to the product by improving the quality of products or adding some new features or making some noticeable changes in packaging. it must be seen that product is better matched with the changed preferences and taste.Viability of business. 2.S. the existing employees find it difficult to adjust with new owners. Lack of financial planning and control is a major factor for losses. this is in sharp contrast to practises being followed by indian business community. operating expenses and cash flow. *Use of overdraft facility. *Timely recovery of dues and paymentr to creditors. the cheif executive of an alling company is either asked to resign or replaced by a new one.M (6. therefore. *Raising of equity finance. inspire confidence in other. IN U.SUCC SSFUL & UNSUCC SSFUL TURNAROUND must win psychology in place of hopelessness. turnaround strategy cannot work to revive the business which has lost significance.Change of Management. Indians preper toi pass the alling company to someone either by selling it or by winding it. frustration and uncertainity. A change in market strategy is necessary to bring back normalcy. the top managers must be objective oriented. T. new rules and new policy. A company falls sick because of its failure to sell in the market.A. which in turn creates new problems of low morale. temporarily selling the firm solves the problem but creates another. change of ownership brings in new owners. 3. A buisness can be made viable by ensuring better utilisation ofd resources. for example.. the company should exercise strict control over:*liquidation of current assets like debtors and stock *Borrowing. innovative and creative in thinking and highly visible and active.6) £ £ 6 . The management is changed. stratergies can only work when company is able to control product. instead of selling or changing mannagement it is advisable to change the leader. 4. but the organisation is same. to revive record player market cannot be done with turnaround principles. self confident. positive in outlook.

PHASES OF TURNAROUND MANAGEMENT The present business scenario is one wherein constant change is the name of the game. There are 3 phases in any Turnaround Management1 The diagnosis of the impending trouble or the danger signals 2. there has to be constant monitoring and improvement of its systems and operations. which can be stopped by timely corrective action? Obviously only the latter is possible. keep the wheels of business moving. When a firm faces severe cash crisis or a consistent downtrend in its operating profits or net worth. This process of bringing about a revival in the firm¶s fortunes is what is termed as ³Turnaround Management´. Cash is necessary to pay wages. or do they become sick slowly. cash must be brought in to increase production and sale thereby. Choosing appropriate Turnaround Strategy 3 Implementation of the change process and its monitoring. The following are some of the universally accepted danger signals.6) ¤ ¤ 7 . The slide cannot be prevented unless appropriate actions. But in reality.SUCC SSFUL & UNSUCC SSFUL TURNAROUND 5. which a company should watch out for: Decreasing market share / Decreasing constant rupee sales Decreasing profitability Increased dependence on debt / Restricted dividend polices Failure to plough back the profits into business / Wrong diversification at the expense of the core business. are initiated to change the future prospects. For any firm to survive in any industry. it is on its way to becoming insolvent. most companies do not recogni e this fact. T. Lack of planning Inflexible CEO / Management succession problems / Unquestioning Board of Directors A management team unwilling to learn from competitors.M (6. buy raw materials and carry out essential repairs. Let us understand each phase individually Phase I: Watching out for the danger signal Do companies turn sick overnight and qualify as potential candidates for turnaround. both internal and external.. Cash Availability.

cost reduction strategies are preferable as they are easy to carry out and the firms¶ profits rise once the unnecessary costs are cut down. They are 1. revenue generating and asset reduction actions are pursued simultaneously in an integrated and balanced manner. Strategic Turnaround As the name itself suggests. Operating Turnarounds Basically they are of 4 types and the strategy adopted depends on the various situations in which the firm is. All these strategies focus on shortterm effects only. then the appropriate turnaround strategy is to generate extra revenues. strategic turnaround choices may force the company to completely change its current way of operations.M (6. yIf the firm is operating substantially but not extremely below its breakeven level. This will reduce the level of fixed costs and help in reducing the total costs of the firm. classifies Turnaround Management into two broad categories. the focus is either on increasing the market share in a given productmarket frame work or in repositioning the productmarket relationship. T. Combination strategies have a direct favourable impact on cash flows as well as on profits.Alternatively. Theincrease in market share can be achieved by improving product quality perception through dealer push or by a consumer pull. The choices under this method are A new way to compete in the existing business Entering into an altogether new business Under the first choice. an expert management guru. 1 Asset reduction strategies 2 Revenue increasing strategies 3. y Operating closer but below breakeven levels calls for application of combination strategies. it must take steps to reduce its assets.6) ¥ ¥ 8 .SUCC SSFUL & UNSUCC SSFUL TURNAROUND Phase II: Choosing appropriate Strategy Hoffer. . Cost cutting strategies 4 Combination strategies yIf a firm is operating much below the Breakeven level. entering a new business as a turnaround strategy can be approached through the process of product portfolio management 2. yIf the firm is operating around or above the breakeven level. Under this method all the three namely cost reducing.

SUCC SSFUL & UNSUCC SSFUL TURNAROUND Phase III: Implementation of the change process Implementation plays an important role in any turnaround management. BHEL is now one of the rare profit making PSUs T. Due to this timely diversification. Similarly partial adoption of a strategy is also not useful. The effect of this diversification was felt only after 57 years when the main business of HMT crashed and the company started incurring losses. BHEL ventured into Telecommunications. To offset this depression.M (6. The success or otherwise of a Turnaround strategy depends on the commitment shown by the top management as also the operating management. it decided to diversify into Watch industry. But as the years went by because of the inability of the State Electricity Boards and private sector to set up new power plants. After nearly a decade of operation. Identification of an appropriate strategy by itself will not guarantee success. its capacity utilisation fell down tremendously. The watch division came to the rescue and it generated cash profits to keep the company going. The case of Bharat Heavy Electricals Limited The company was started with the objective of producing power generating equipments and virtually enjoyed monopoly. Metropolitan Transportation and Defense production.6) ¦ ¦ 9 . The selected strategy needs to be pursued relentlessly and with allout effort to make it work. Success Stories The case of Hindustan Machine Tools HMT was formed to manufacture machine tools with a foreign collaborator.

by their international parent companies. companies have a better chance of a successful turnaround. environmental factors but if the managements identify these problems early. Seshasayee Paper Boards is a stunning case of a wholly Indian company in great decline for a few years not only coming back to life but also achieving a considerable market share in the paper industry. consequent upon the removal of tariff barriers *income-generating capacity being constrained by a system of administered selling prices *Changes in government regulations *Loss of market share through poor product-quality and faulty pricing policies *Unrelated diversification affecting core competencies *product obsolescence Often.M (6.6) § § 10 . of course. and to a lesser extent. a representative list being: Metal Box. profitable enterprises after a turnaround. In India. A turnaround situation is usually caused by some form of financial distress ± reduced sales. and Philips India. Managements¶ decisionmaking process should revolve around certain common factors in planning a turnaround. Madras Fertilisers. which is itself in the doldrums. Loss in income must be considered the single most visible sign that a company is on the decline. These are: T. quite different from normal business fluctuations. profitable companies failing. While the first four companies mentioned have irretrievably gone under. there have been classic examples of good. However. posting of losses quarter after quarter. company failure can be traced to poor management. Binny Limited. Bata India and Philips India have both turned around and aided.SUCC SSFUL & UNSUCC SSFUL TURNAROUND STRATEGY FOR CORPORATE TURNAROUND CORPORATE failure is as much a fact of life as death or taxes. Best and Crompton Engineering. it can be nursed back to life by a good turnaround strategy. failing market share. Managements must be able to discern these trends as warning signals. Mangalore Chemicals and Fertilisers. but the strategy adopted varies from case to case. there are a few elements common to all such efforts. But a failing company does not have to be written off with a requiem. Standard Motor Company. The main reasons for company failures are: *Inability to cope with dumping from foreign manufacturers. or decreasing share prices. Bata India. Companies have been known to transform themselves into strong.

strategies will have to be changed. which is striking at the root of their existence.SUCC SSFUL & UNSUCC SSFUL TURNAROUND *Failure of existing business plans and strategies and the failure to recogni e warning signals in time. Even when companies scout around CEOs to replace one on the verge of retirement. George M. and the latest restructuring by the Aditya Birla group. Many companies discover that businesses in which they had a stranglehold for several years are threatened by global competition. preferably with one who has had experience in retrieving a company from a troubled situation. Coates of India transferring its packaging-coating business to a separate company ± CIBA Specialty Chemicals India Limited. so that there is no further loss. one of his first actions will be to find ways and means of cutting costs and reducing losses and this could be achieved by selling unproductive real estate. all of whom have been performing superlatively with the companies they have joined. and quickly. cash is released and the profitability starts improving. the compensation package will have to be commensurate with the problems he will be inheriting in the new company. Some examples of recent appointments of CEOs are: Louis V.C. Fisher at Eastman Kodak. who refuses to identify the problems but blames them on external factors. The reduction in labour force has an immediate effect on the bottom line as the recurring cost is checked. and the late Roberto Goi uetta at Coca-Cola. Refocussing attention to the company¶s core competence of primary business should be the next step.6) ¨ ¨ 11 . John F.Welch Jr. thereby raising cash for deployment. One of the first steps to be initiated in the turnaround task is the replacement of the CEO.Gerstner Jr. Costcutting efforts to get the company back on the rails should be more on consideration of long-term benefits than as a knee-jerk reaction. eliminates duplication of staff and enables economies of scale. In fact. Company failures have become increasingly identifiable with such unrelated business affecting their core competence. selling off businesses or activities not running profitably. which is bringing all cement production under Grasim. To attract the right CEO. As soon as a new CEO has taken over. at IBM. Examples of companies hiving off unproductive activities are those of ITC hiving off the hotels division to a separate company. If the decline is to be checked. the choice is always a person with a proven track record. could be a serious handicap to any turnaround process. An inflexible or incompatible chief executive officer (CEO). One way to ct costs is for operations to become centrali ed as it helps attract good calibre professionals. T. as often companies find themselves in areas not intended originally but which came about due to a variety of factors. cutting back on workforce and abandoning projects needing large fund investment. the incomes at Coca-cola have increased multifold during Goi uetta¶s tenure. at General Electric.M (6.

CEOs need to focus their attention on a strategy of centrali ation. *Availability of information on each core activity or process and the cost of providing such service. as is seen from the following observations in each case. do not highlight the cost of not doing a thing ± that is.SUCC SSFUL & UNSUCC SSFUL TURNAROUND Caustic soda. *Quantum increased sales lin 1989 to $208 millions and net income to $12. There were increases in both the earnings per share and the book value. Analyzing some of the more common causes for the gradual in decline company fortunes. Losses of $60 millions in 1986 and $16. steel and paper are some of the areas where the existing Indian companies to are finding it increasingly difficult to stay afloat with their costs of production vis-à-vis the international prices. the cost of excess capacity. the following points emerge and emphasis the need for management to focus attention on information systems within the company. *At Intermedics. these measures produced remarkable results.9 millions. they have to adopt one of decentrali ation. Traditional costing systems do not recognize the needs of the various levels of management which require information for decision-making and. T. sales in 1988 increased by $250 millions over 1987 sales to $1.6) © © 12 . *At Clark Equipment.E. during the refocusand-reinvest stage.Meyers did not show any dramatic increase in ales volume post-turnaround but there were other improvements such as a reduction in its long-term debt from $6 millions in 1987 to below $1 million in 1990. more important.M (6. irrespective of whether the products attract them or not. The steps are the common remedial measures to effect a successful turnaround in companies and in most of the US companies mentioned. PVC. The advantages of such decentrali ation include the ability to provide faster response and better customer service. *Cost of providing information on activities not used by management for any meaningful decision-making. sales in 1987 at $193 millions were at an all-time high and it also had a turnaround in pre-tax earnings of $50 millions with the earnings per share also showing an increase. Activity-based costing is a new basis that has been found to fill this need adequately as it seeks to cost products on the basis of the resources consumed by them and not by a blanket recovery rate for overheads.6 millions in 1987 transformed into positive net income of $46 millions. While during the cost-cutting stage. *L.28 billions.

Such contingency plans should be an integral part of the budgeting process and the overall long-term corporate plan. equipment or the hiving-off of unremunerative business units should be handled in the event of early warning signals showing up. the problems with managing turnarounds are the difficulty of timing and implementing the necessary changes and the inability to convince the management that something drastic needs to be done to remedy the situation.SUCC SSFUL & UNSUCC SSFUL TURNAROUND Quite often.M (6. T.6)   1 . a programme for controlling cash outflows and investments. Companies should look into the need for preparing a contingency plan that will take into account uncommitted liquid cash resources. and formulating a strategic plan for the manner in which liquidation of plant.

M (6.SUCCESSFUL & UNSUCCESSFUL TURNAROUND SECTION I.SUCCESSFUL TURNAROUND T.6) 14 .

6 billion USD in its fiscal year 2008 (ending May 31. Inc. Inc. As of 2008. Nike has outsourced its manufacturing activities. The company was founded on January 25. Air Jordan. and officially became Nike. which is part of the Portland metropolitan area. the company operates retail stores under the Nike town name. Nike also owned Bauer Hockey (later renamed Nike Bauer) between 1995 and 2008. Mexico and other Latin American countries of Chile. Since the mid-1970s. Nike approaches its mission with T. In addition to manufacturing sportswear and equipment. The company takes its name from Nike(Greek pronounced . Nike Pro. Nike and Precision Cast parts are the only Fortune 500 companies headquartered in the state of Oregon. Asia Pacific and Americas (includes Canada. Nike sponsors many high profile athletes and sports teams around the world. Nobody takes the admonition ³Just do it´ more seriously than Nike. moving into a new geographic market. Oregon in the US. it is also based on gyptian usage of "strength". Nike also manufactures fitness equipments. in 1978. The company's products are sold in over 140 countries around the world. Oregon. 1964 asBlue Ribbon ports by Bill Bower man and Philip. Brazil and Argentina). Nike Skateboarding and subsidiaries including Cole Haan.SUCCESSFUL & UNSUCCESSFUL TURNAROUND NIKE: RUNNING OVER THE COMPETITION Nike. urope. the Greek goddess of victory. (NYS : NK ) is a major publicly traded sportswear and equipment supplier based in the United States. apparels and accessory products. It is the world's leading supplier of athletic shoes and apparel and a major manufacturer of sports equipment with revenue in excess of $18. All product development factory contracting and marketing activities were carried out at the company's headquarters in Beaverton. golf. Hurley International. Umbro and Converse. IGHT Nike manufactures high quality athletic shoes for a variety of sports including baseball. The company is headquarter ed near Beaverton. Whether it's entering a new sport.000 people worldwide. or developing a new product. athletics. In addition to footwear. Nike+. the company for whom the slogan was written. it employed more than 30. The company's products were manufactured in factories owned and operated by its business partners commonly known as contractors around the globe. "victory´.6) 15 . Nike markets its products under its own brand as well as Nike Golf. Middle ast and Africa ( M A). volleyball and wrestling. Nike's global operations were broadly divided into five geographic regions ± United States. with the highly recognized trademarks of "Just do it" and the Swoosh logo. 2008). tennis. according to The Oregonian.M (6.

According to John Horan of the newsletter Sporting Goods Intelligence. Nike has become a dominant player in sports apparel. is nearing saturation. nobody in the U. tennis. the goal is always the same: To turn in a peak performance. cricket. among others. µOther than the two weeks during Wimbledon. and then being great at those sports. to generate additional revenues. and other traditional sports in the ³win´ column.SUCCESSFUL & UNSUCCESSFUL TURNAROUND the dedication and single-mindedness of an athlete training for competition.K. Nike recently has turned its attention to building its franchise in soccer. ³This brand is all about building products fo athletes.. sporting-goods chains have over expanded and profit margins are threatened. And whatever the task. its stock dropped 13 percent. ³Understanding what sports the people in [a] country play.S. innovative products. hockey. the United States. When Nike announced that its second quarter earnings in 1997 would not live up to Wall Street's expectations. for instance.K. soccer is what they play. one that leaves no doubt as to who the best is.. rugby. high-performance r products. and in -line skating. With these spurs at home. With track. being a global sports brand requires an intensely local focus.¶ So in the U. realy cares about l tennis. But going overseas is not a sure win for Nike.. In the U. After all. is history. Being a global brand is extremely important to Nike because its home market. but they don't play that there.M (6. That's because at Nike. very authentic products. bringing new technology to athletes so they can perform better²at a higher level in their sport. Nike has to look overseas there it has only 27 percent of sales compared to 43 percent in the U. basketball. winning isn't merely a corporate philosophy²it's the company's business. we are a really good basketball brand. So we had to really concentrate on being great at two sports that were not really something that T. global director of advertising development at Nike.K. that' always the s challenge. Rugby is what they play. but they kept telling us.6) 16 . as they say.´ says Bill Zeitz. And we are a really good tennis brand. The rest. Dolan explains.

Nike has signed a multiyear contract with major league soccer that calls for it to spend $3. µWhat does this sport really mean to you when you play it.K.´ Outside the United States soccer is the main sport. Nike will also have access to training clinics in Brazil and to the infrastructure of the game.6) 17 . It has also spent millions on global advertising campaigns and signed leading national soccer stars such as ric Cantona (captain of the national champion Manchester United soccer team in the U. it sponsored a worldwide soccer tour that featured top teams. and what does it really mean to you when you watch it?¶ The brand attributes for Nike in the U. the teams will participate in five annual friendly soccer games that Nike is arranging. The contract is a 10-year deal that includes appearances in Nike-produced exhibition matches and community events. But nothing matches Nike¶s sponsorship agreement with the Confederacao Brasil de Futebol. In the spring of 1997. effectively undermining the event's official sponsor.M (6. Umbro. In addition.K. Brazil's soccer federation. are the same²we really want to be the authentic sports brand²but the sports that are the building blocks for that are very different in the U. That took years of product development and talking to consumers about. the contract contains a clause that allows Nike to retain sponsorship of half o the League's teams as it expands. than they would be in the United States or than they would be in Japan. and Nike has pursued the soccer player and fan with a vengeance.75 million a year to sponsor 5 of the league's 10 teams.SUCCESSFUL & UNSUCCESSFUL TURNAROUND came from our American tradition at all. In return. and to which Nike retains the television rights. f Overseas. it bought up all the billboards around stadiums where matches were held. which cost the company a breath -taking $200 million.) to highly lucrative contracts. Nike will supply Brazil's national teams with sports kits. Nike spent $20 million in a sealed bid process to sponsor the Italian national team.K. In the United States. T. During last year's uropean championships. Why Brazil? It won the 1994 World Cup soccer match.

For example. So.S.K. sponsoring three U. Within two years of entering the market for snowboard boots in 1995. it decided to build its own. this move could prove shrewd. has also signed contracts with at least 30 professional socce clubs throughout r the globe. with the rights to sell official soccer balls and sports apparel. First. In 1996. and mountain biking. As the number of teenagers in the United States grows from 25 million in 1997 to over 31 million in 2010. Competition is not Nike's only problem. a small California company that aims directly at the teenage market by targeting the California adolescent²an Internet-surfing latchkey kid. Not surprisingly.S. Reebok. As part of that deal. instead they are attracted by individual sports such as skateboarding. It also sponsors World Cup 1998.SUCCESSFUL & UNSUCCESSFUL TURNAROUND Nike has applied the same technical skill and drive to soccer shoes that it applied to the basketball shoes. snowboarding. including the national teams of Germany. Signing bad boy ric Cantona generated a lot of criticism and infuriated the soccer establishment in the U. for example.´ says Peter Csandai. teams and featuring players from those teams in its U. surfing. Adidas retains sponsorship of many top teams and players. Adidas has invaded Nike's home turf. the competition isn't yet ready to roll over and play dead. but that won't be easy. Nike's main competitor in the U.6) 18 . and France. These kids are not into team sports.M (6. Spain. an Adidas spokesman. this ad drew angry letters from many offended fans. And there's competition at home from firms such as Vans.S. some of its actions haven't left fans cheering either. ven the Brazil deal has been heavily criticized.. Further. Nike had T. when Nike couldn't find equipment for testing the best stud configurations and traction in created soccer shoes. ³We don't think that anybody can get near to us on the product side. advertising. it¶s in a position to make a move on Nike. Vans has become the third largest company in the business. Nike flew eight of soccer's hottest players to Tunisia to film an advertisement in which the athletes competed against the devil. The goal is to create the world's best soccer shoe.

M (6. FOUNDER OF NIKE Inc. Nike remains the biggest player in the game. and especially Adidas. not just the last few years like Nike. Adidas is a distant second with $3 billion. Finally. Philip Knight Bill Bowerman T. Many pro players continue to get their equipment from companies such as Umbro.6) 19 . It has a long way to go before it scores a match winning goal in the global soccer market. With its free spending. not all soccer athletes are convinced Nike is better. president of Puma North America. with over $8 billion in sales in 1997. Nike appears to have changed the economics of the game. Puma. which has been part of the sport for decades. Gorman. Still. ³Nike is going in and almost encouraging teams to break contracts.´ says James R.SUCCESSFUL & UNSUCCESSFUL TURNAROUND to pay Umbro an undisclosed amount to cover the remaining two years of its contract with the Brazilian federation. Nike intends to be the number one supplier of soccer gear by World Cup 2002. but so far its efforts have produced only $200 million in annual sales.

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For over a year. The company said that the failure in the supply chain software installation by i2 Technologies3 was the cause of this revenue shortfall. Nike Corporation.Roland Wolfram.6) 24 . It details the circumstances that led to the SCM software implementation failure and also examines the steps taken by Nike to fix the problem. for the failure and this led to a further downslide in the share price of both the companies.Global Operations. . 2001. around $48 million below its earlier forecast for the third quarter ended February 28.4 million. too much T. a leading Footwear and Apparel company. We became a poster child for failed implementations. This admission of failure also affected the company's reputation as an innovative user of technology. Analysts pointed to lapses in project management. i2 and Nike blamed each other in public.M (6. The case traces the history of supply chain and RP software implementation at Nike and presents the rationale behind their implementation. the case explores how Nike was able to use the learning from the failure to its advantage and emerge successful with the SAP implementation. Vice-president .SUCCESSFUL & UNSUCCESSFUL TURNAROUND CA E TUD -1 SUCCESSFUL TURNAROUND SCM and ERP Software Implementation at Nike: From Failure to Success The case gives a detailed account of the failure of Supply and Demand Planning software implementation at Nike. a part of the Nike Supply Chain Project. commenting on the i2 software implementation failure in 2000 Introduction The US-based Nike Corporation announced that it had generated profits of $97. The supply chain software implementation was the first part of a huge lationship project to install an integrated RP system from SAP. Finally. Nike reeled as a result of this failure. and customer re management (CRM) software from Siebel Systems.

the company had successfully implemen its Nike Supply Chain (NSC) ted project. athletics. The company's products were manufactured in factories owned and operated by its business partners commonly known as contractors around the globe. volleyball and wrestling. Under this program. With this success. Nike introduced the Futures program to manage the market for its footwear products. Nike also manufactures fitness equipments . Nike manufactures high quality athletic shoes for a variety of sports including baseball.SUCCESSFUL & UNSUCCESSFUL TURNAROUND customization and an over reliance on demand forecasting software. CIO Magazine. N ike's global operations were broadly divided into five geographic regions ± United States. Asia Pacific and Americas (includes Canada. Nike insiders raised doubts about the 'Single Instance Strategy'4being followed by Nike. while another 17% were trying to get the instances down to one per major global region and were investing considerable funds to achieve this. The company's products are sold in over 140 countries around the world. All product development factory contracting and marketing activities were carried out at the company's headquarters in Beaverton. In addition to footwear. However. Nike's Single Instance Strategy became the desired approach for many compan implementing RP ies software." By 2004. Christopher Koch. Nike's retailers placed orders with the company six months before the required delivery date with the guarantee that 90 percent of their T. During the late 1990s. An AMR Research5 survey of 110 companies of annual revenues of $500 million or more using RP revealed that only 23% had adopted a single instance strategy while 36% were planning to put it in place. indicating that its centralized planning. "If it was easy. remarked. The guiding instruction as put across by Gordon Steele (Steele). golf. In 1975. Analysts acknowledged that Nike had indeed taken a bold step when it adopted the single instance strategy with its first RP rollout." Nike's Supply Chain Founded in 1957 by Philip Knight (Knight). CIO of Nike was that the "Single Instance was a decision not a discussion. Brazil and Argentina).6) 25 . tennis. everyone would just do it. Oregon in the US. Nike used SAP for 95% of its global business. Mexico and other Latin American countries of Chile. urope. production and delivery processes were right for the Single Instance Strategy. xecutive ditor. most companies avoided it due to its huge costs and bandwidth problems. Middle ast and Africa ( M A). Since the mid-1970s. Nike has outsourced its manufacturing activities. apparels and accessory products. the company remained firm and relentessly pursued its Single Instance l Strategy for SAP implementation.M (6.

The company claimed that i2 software had failed to deliver on the promised functionality as it delivered What erroneous forecasts. the demand and supply chain planning application softwarefrom i2 technologies. Nike decided to implement the first part of its supply chain strategy.6) 26 ... which Excess Over ignored i2 recommendations of Inventory at Customization Some Places minimizing customization to of Software 10-15% of the software.M (6. The i2 Debacle In March 1999. Shortage of Inventory at Other Places Failed Demand Forecast System Wrong Demand Forecasting Big-Bang Deployment Not Using Software as intended Over Budget T.SUCCESSFUL & UNSUCCESSFUL TURNAROUND orders would be delivered within a set time period at a fixed price. officials at i2 denied this Happened? Why? allegation and charged Nike of a faulty implementation. Nike also wanted to make sure that it built more shoes that fulfilled customers demand. The company had 1. These orders were then forwarded to the manufacturing units around the world. This module had to be linked with other RP and back-end systems as well.. This software was intended to help the company match its supply with demand by mapping out the manufacturing of specific products (Refer xhibit I for details of i2 TradeMatrix Plan Solution).000 different varieties of products (SKUs) and a wide variety of information sources. The cost of the i2 project was estimated to be around $40 million. The project was supposed to reduce the amount of rubber. canvas and other materials that Nike needed to produce for its wide range of footwear products with a variety of sizes and styles. Was it Avoidable? IT experts were surprised by the fact that Nike did not hire a third -party integrator since the company was replacing an already troublesome older application with a new supply chain planning application. However. Nike went ahead with the deployment using its legacy systems rather than implementing it as part of its SAP RP project.20.. The i2 project replaced an earlier implementation by Manugistics .

M (6..SUCCESSFUL & UNSUCCESSFUL TURNAROUND The Lessons Learned After the debacle... xperts felt that Nike and i2 should have set realistic goals since SCM deployments had yet to be proved across all verticals. the project also made design and T. Nike realized that implementing supply-chain management software cannot be taken lightly. The company expected that Single Instance Strategy would result in better integration and provide a competitive edge by enabling holistic view of its business. Continual Process Implementation Implementing SAP Apparel and Footwear Solution (AFS) As part of the SAP RP project. and also chose to implement other SAP applications including Supply Chain mana gement (SCM) and Business Information Warehouse (B/W) (Refer xhibit V for details). The company felt that a third -party perspective from an integrator's point of view could have exposed the flaws in the implementation. Nike used the SAP AFS application across all geographies. In conformity with the Single Instance Strategy. It was also considering pilot testing of the SAP NetWeaver platform in the near future.6) 27 . The company reaped several benefits from the project. the project was 80% complete. The Benefits Nike spent six years and $500 million on the NSC project. While inventory levels witnessed a declining trend. Nike had decided to implement the SAP AFS solution which was a variant of the SAP R/3 software developed specifically for the apparel and footwear industry. By 2004.. Being Patient Having a Definitive Business Goal Focus on Satisfaction of Customers and Channel Members Thus.

arlier. The company also saw its highest cash flows from operations in eight years. Nike purchased products from manufacturers about 9 to 10 months in advance while Nike's retailers ordered only six months in advance. T.9% in 2004. up from 39.6) 28 .SUCCESSFUL & UNSUCCESSFUL TURNAROUND manufacturing quicker and resulted in increased gross margins of 42.9% five years ago.M (6.

6) 29 .SUCCESSFUL & UNSUCCESSFUL TURNAROUND SECTION II.M (6.UNSUCCESSFUL TURNAROUND T.

prompted a flurry of interest. Hilfiger had established a chain of 10 speciality stores in upstate New York by the age of 26. he turned to designing and for a period worked for Jordache before launching his own label in 1985. Building on the success of his first shop. supplemented by fragrances and other merchandising spin-offs. An astute businessman with a talent for publicity. along with Perry llis. sales of Tommy Hilfiger clothes had topped $25 million (£15m). During the Seventies. Calvin Klein and Ralph Lauren. which cost him $3 million (£1.SUCCESSFUL & UNSUCCESSFUL TURNAROUND FOUNDER OF TOMMY HILFIGER Mr. HILFIGER History Tommy Hilfiger made his first foray into fashion as a purveyor of hippy chic to New York campus kids in 1969. Hilfiger's first ad campaign.8m). after it proclaimed him as one of the "Four Great American Designers for Men". Meanwhile T. Today the growing Hilfiger fashion empire.M (6. is worth more than $400 million (£240m) a year. By 1990.6) 30 . People's Place.

home of the lmira Jackals Hockey team. ‡ ‡ ‡ T. Hilfiger would go to New York City to buy jeans and bell bottom pants. New York. around the block in downtown lmira. Rather than furthering his education. The People's Place went bankrupt. He attended lmira Free Academy for high school. Although the store was a hot spot for teens with frequent contests and live DJ appearances. which he customized and reso at a local downtown lmira store. Careers ‡ After turning to the design aspect of clothing by designing for the rest of his stores in upstate New York. Hilfiger gave singer Aaliyah her endorsement deal. New York. he grew up in an Jewish-American family. He later opened his own store. After seven years. The second of eight children. he founded the 'Tommy Hilfiger Corporation'. he started to work in retail at the age of 18. Hilfiger was named Menswear Designer of the Year by the Council of Fashion Designers of America in 1995. In 1998. The site of the original store has since been demolished to make room for First Arena.M (6. Over the years. By 2004 the company had 5. Although he was offered design assistant positions with designers Calvin Klein and Perry llis. Susie. Hilfiger moved to New York City with his now estranged wife. ld Brown's. named The People's Place. Early life Hilfiger was born and raised in lmira. introducing his signature menswear collection. and was broke. when Hilfiger was 25. with support from The Murjani Group. which went public in 1992.6) 31 . he claims direct descent from Robert Burns. In the end Hilfiger chose Chris Cortez. In 1984. there were often more p eople hanging out than shopping. in which he honored her in his Summer 1998 fashion show in Jamaica.SUCCESSFUL & UNSUCCESSFUL TURNAROUND Hilfiger is known to spend much of his spare time including his 50th birthday in March 2001 . (NYS :TOM). His parents originally intended for him to be an engineer.and money on the Caribbean island of Mystique.8 billion.400 employees and revenues in excess of $1. a CBS TV reality show called The Cut tracked the progress of sixteen contestants as they competed for a design job with Hilfiger in similar fashion to Donald Trump's The Apprentice. It wasn't long before The People's Place became another casualty. he turned them both down with greater plans in mind. In 2005. a number of stores closed in downtown lmira as shopping traffic shifted to the new Arnot Mall in Horseheads.

he turned them both down with greater plans in mind. Hilfiger Sport. before being carried away kicking and screaming by his own security guards.6 billion. swim.[2] Largely due to declining sales. which went public in 1992. Tommy also offers products such as fragrances. and was broke.400 employees and revenues in excess of $1. with support from The Murjani Group. Hilfiger was named Menswear Designer of the Year by the Council of Fashion Designers of America in 1995. a private investment company. accessories. In 2005. children's. Hilfiger Denim.M (6. fragrance. (NYSE:TOM). in which he honored her in his Summer 1998 fashion show in Jamaica." Later that night. Rose dedicated the song "You're Crazy" to "My good friend Tommy Hilfiger. Hilfiger gave singer Aaliyah her endorsement deal. Hilfiger reportedly took a couple of swings at Axl Rose for touching his girlfriend. golf. and home.[2] Club owner Noel Ashman stated. bedding. In 1998. Hilfiger had a close encounter with Guns N' Roses singer Axl Rose at the Plumm in New York City. before b eing carried away kicking and screaming by his own security guards. ski. In the end Hilfiger chose Chris Cortez. sail. By 2004 the company had 5. including men's and women's.6) 32 . Hilfiger reportedly took a couple of swings at Axl Rose for touching his girlfriend's breast. introducing his signature menswear collection. Hilfiger had a close encounter with Guns N' Roses singer Axl Rose at the Plumm in New York City. In 1984. in 2006. and swim. footwear.SUCCESSFUL & UNSUCCESSFUL TURNAROUND ‡ In May 2006. to Apax Partners. Tommy Hilfiger sold his company for $1. "Axl was a gentleman and had the good sense not to retaliate as he would have done some serious damage to Hilfiger.80 a share. The company's clean-cut clothing is sold in major ‡ ‡ ‡ T. Susie. and cosmetics. he founded the Tommy Hilfiger Corporation. belts. a CBS TV reality show called The Cut tracked the progress of sixteen contestants as they competed for a design job with Hilfiger in similar fashion to Donald Trump's The Apprentice. including men's.³ After turning to the design aspect of clothing by designing for the rest of his stores in upstate New York. including fitness. women's. or $16. Hilfiger moved to New York City with his now estranged wife. home furnishings. Product Line ‡ Tommy Hilfiger. Although he was offered design assistant positions with designers Calvin Klein and Perry llis. In May 2006.8 billion.

& women that reflect the classic American brand mission.6)   33 . ‡ ‡ ‡ ‡ T. Designs are inspired by American classics & finished with a modern edge & fresh spirit.M (6. ‡ ‡ 2) Hil iger Denim ‡ Hilfiger denim speaks to a younger target of 18 28 year old denim oriented customers. ‡ Tommy offers almost 40 product lines. The products are sold at dedicated retail stores. Tommy hilfiger label appeals to those seeing new interpretations in classic American styles Tommy collection consist of casual sportswear n accessories for men.45 years of age.SUCCESSFUL & UNSUCCESSFUL TURNAROUND department and specialty stores as well as some 165 To mmy Hilfiger shops and outlets. separate for men & women. department stores. women and children. Product Segregation ‡ ‡ ‡ Tommy Hilfiger Hilfiger Denim Hilfiger Sports 1) Tommy Hil iger ‡ ‡ Target audience: 25. The label consists of casual sportswear with a focus on premium denimrelated. & specialty stores. Tommy includes products for men . The collection is slightly more ³ fashion forward´ than the main TOMMY HILFIG R Label.

T.6)  34 . skiing. hilfiger sportswear consists of high performance active wear for men & women including apparels for fitness/ training. swimming. golf. & specialty stores in urope and Japan.M (6. sailing.SUCCESSFUL & UNSUCCESSFUL TURNAROUND 3) Hil iger Sports Targeting the 18-45 year old customers. Hilfiger sportswear are sold at dedicated retail stores .department stores.

fragrance for women Red Label.6)   35 . and specialty stores Tommy Sport. fragrance created by Hilfiger and spokeswoman Beyoncé Knowles True Star. a defunct line that came out in the 1990s and capitalized on Hilfiger's popularity in urban areas. True Star Gold. another fragrance created by Hilfiger and with spokesperson Beyoncé Knowles&True Star Men. the same sort of style is now carried on under the Tommy Hilfiger label in their specialty stores Tommy Hilfiger.M (6. an upscale line which was ended after Tommy Hilfger sold his company. company stores.SUCC SSFUL & UNSUCC SSFUL TURNAROUND Product lines y y y y y y y y y y Hilfiger Denim. Tommy Hilfiger for the Home. t-shirts. Designs are inspired by American classics and finished with a modern edge. a premium-upscale denim collection for men and women. a fragrance created by Hilfiger and with spokesperson Enrique Iglesias Tommy Girl. a line of bedding and bath products Tommy Sailing. T. a line of denim-themed products including jeans. and sweatshirts H by Tommy Hilfiger. was due to be released in January or February 2007. the company line of clothes sold in department stores.

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SUCCESSFUL & UNSUCCESSFUL TURNAROUND T.6) 39 .M (6.

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6) 42 . Sales were slowing and. the explanation is to be found in his decision to be adventurous with the brand. T. some of the company¶s most successful products have been T-shirts with the red-white-and-blue logo emblazoned across them. He said in a 2001 interview with New York magazine: At one point. so we ran out and tried to do the coolest. Tommy Hilfiger. and our business last year± men¶s. from the primary colours to the capital letters shouting TOMMY HILFIG R.M (6. We really pushed the envelope because we thought our customer would respond. flagship stores in London and Beverly Hills closed down. I told my people. Various runway shows at fashion events worldwide were also cancelled. But then. most tellingly. Indeed. the brand was suddenly in trouble. brash and 100 per cent US identity.62 on New Year¶s Day 2000.SUCCESSFUL & UNSUCCESSFUL TURNAROUND CASE STUDY-2 UNSUCCESSFUL TURNAROUND Rebranding failures: Tommy Hilfiger The power of the logo Tommy Hilfiger is one of the world¶s best-loved designer clothing brands. is a brand based on a logo. so long as they could read. most advanced clothes. When you wore a Tommy Hilfiger T-shirt everybody knew exactly what you were wearing. We studded it. in 2000. suggested a bold. Part of this µpushing the envelope¶ strategy involved reworking the brand¶s fam ous imagery. verything about the logo. µWe have to be the first with trends¶. more than any other brand in the fashion industry. During the 1990s Tommy Hilfiger moved from being a small. We jewelled it. women¶s. But the customer did not respond in a big way. So what was going wrong? According to Tommy Hilfiger himself. niche brand targeting upper class US consumers to becoming a global powerhouse with broad youth appeal. From a high of US $40 per share in May 1999. and was cut in half again by the end of that year. We didn¶t just do denim embroidery. Tommy Hilfiger¶s share price fell to US $22. junior¶s ± suffered as a result.

python-skin trousers.M (6. has turned the harnessing of gheto cool into a masst marketing science. and the Hilfiger logo could be seen popping up on every other rap video. Hilfiger launched a µRed Label¶ sub-brand aimed at the very top of the market. µwe thought the customer didn¶t want the Tommy logo anymore. these logo-centric US brand values had been present in other fashion labels ± most obviously Calvin Klein and Ralph Lauren ± but Tommy Hilfiger had taken it a step further. And by 1999. it strayed from the original preppy style that had made the brand so strong originally. In effect.¶ he said in the New York magazine interview. In 1999 though. Another bad move was the decision to place stores in locations such as London¶s Bond Street and Beverly Hills¶ Rodeo Drive. more in line with the uro houses like Gucci and Prada. and. because of this. We made it tiny. This strategy proved successful because the company was only exaggerating a formula that was already there.6) 43 . µAnd the average T. Hilfiger forged a formula that has since been imitated by Polo. and the baggy T-shirts even baggier. Tommy Hilfiger abandoned the values that had built the brand. falling somewhere between the Gap and Ralph Lauren. the hip-hop community embraced the label. Hilfiger himself was starting to feel it may have been a step too far. µWhen business plateaued in 1999. even more than Nike or Adidas. So we took it off a lot of stuff. the brand had in many senses become credible in high fashion circles but this credibility arrived. this twin identity (suburbia meets the inner -city) happened initially by accident.SUCCESSFUL & UNSUCCESSFUL TURNAROUND Of course. in part at least. Nautica.¶ However. Naomi Klein explored the twin identity of the Tommy brand: µTommy Hilfiger. For instance. We became very insecure about being a red -white-and-blue logo brand. Munsingwear and several other clothing companies looking for a short cut to making it at the suburban mall with innercity attitude. In No Logo (written before Tommy Hilfiger¶s dip in fortunes). In the beginning. Tommy Hilfiger produced clothes for the µpreppy¶ market.000 patchwork. by the brand¶s urban appeal. Pretty soon though. this meant accentuating what was already there ± making the prominent logo even more prominent.¶ In other words. This logoless range included such garments as US $7. We thought we had to be much chic-er. Of course. the formula was abandoned completely.¶ he explained. Clearly these items were out of the reach of the average Tommy Hilfiger customer. µThe London flagship store wasn¶t open for a year wh we realised we en had made a mistake. It was only later that Hilfiger deliberately designed clothes for this market.

Hilfiger concentrated too much on the µtwist¶ and not enough on the µclassic¶. In fact. Don¶t be scared of your logo. we¶re about America!¶ And as a result of this turnaround. We¶re about colour. µAs a result of learning from our errors. we went back to our roots: classics with a twist. µWhat you¶ve got now is a company that went from an Aplus to an F-minus. sexy. And now it¶s going back to a B. During its bad patch. zippy. fast-growing company it was. we¶re about classic. And it¶s a hell of a business as a B. Tommy Hilfiger has been learning from his mistakes and going back to basics. the brand ran into trouble. we¶re about preppy.¶ observed one Wall Street analyst at the time of the turnaround. My customers are much younger than that. the Tommy Hilfiger brand is pure logo. We thought all the cool people in LA come to Rodeo. but it will be a damn nice company with lots of cash. But they don¶t.¶ Lessons from Tommy Hilfiger y Don¶t deviate from your formula.¶ Since 2001 though. Tommy Hilfiger attempting to compete with successful uropean high fashion brands such as Gucci and Prada on their own terms was a mistake which even Hilfiger himself has acknowledged. overly talked about.6) 44 . Known as the brand which produces µclassic with a twist¶. customers and investors alike are again comfortable with the Tommy Hilfiger brand. y Don¶t compete with irrelevant rivals. Tommy Hilfiger moved into a lot of new product categories for which it wasn¶t suited. y T. When the logo disappeared or was toned down.SUCCESSFUL & UNSUCCESSFUL TURNAROUND age on Rodeo Drive is probably 50 years old. µIt will never again be the hot. y Don¶t over-extend the brand. The logo is what made Tommy Hilfiger the brand it is today. flashy.M (6.

6)   45 .SUCC SSFUL & UNSUCC SSFUL TURNAROUND CONCLUSION The turnaround in any branch or department of any company is a huge task for a company.M (6. So. So while taking any turnover decision the businessman needs to know as companies mature and the staff becomes more knowledgeable. the corporate focus needs to change. it is not a job that can be taken at haste because as the saying goes haste makes waste. So in the cases taken in this project we have seen how a turnaround can be successful and how it can turn unsuccessful. It involves a big amount of risk as a huge corpus is involved. T.

c www.SUCC SSFUL & UNSUCC SSFUL TURNAROUND BIBLIOGRAPHY  BOOKS # ! 0 ! ')( ' ' & $% $ !" !    o o ANAGE ENT .timesofindia.com www.M (6.com T.nike.com www.tommyhilfige .livemint.6) $1  4  5 46 .forbes.com http://www.com www.C AEL VAZ B NE ENV R N ENT AN T RNAR N ANAGE ENTALA A BLICATION  WEBSITES 32 y y y y y y www.s ite101.

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