John Hardy

Tight deadlines lead prominent jewellery designer to seek external assistance

John Hardy sought external assistance from TMF Group when relocating and dealing with the key challenge of sorting out an array of legacy accounting procedures all within a two-month deadline

Services for: Accounting

Provided in: Hong Kong

Founded by the eponymous Canadian designer and artist, John Hardy makes Asian-inspired jewellery for sale in the US market. John Hardy himself was inspired after visiting Bali in the mid-1970s, and began to learn the techniques of the local artisans before developing his first pieces by applying new and modern design concepts to traditional techniques. It was purchased in July 2014 by Catterton Partners, a leading private equity firm.

When the company changed owner, they decided the brand to have all the other functions regrouped in Bangkok and there was less reason to maintain a big presence in Hong Kong. Because of all the calendar constraints, they had to proceed to transfer an unharmonised group of processes to Bangkok. It was in that context that they decided to work with TMF Group.

Says Chief Operating and Financial Officer Cyrille Baudet: “We didn’t have much time between the transaction closing and the time we had to action the regrouping and recreation of the shared service centre in Bangkok. We then had just two months to get ready because the new team in Bangkok had been recruited and was coming in week after week, so we needed to know what they should have to do. TMF Group was engaged to write some formal accounting manuals and reference guides to help that transfer of process."

“It took a couple of discussions to really validate the format and how it should be done, and then we went process after process until completion. We might not have done it if we had more time, but time is what TMF Group specialises in. We certainly don’t regret the investment. It was good to have some very reactive help.”

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