©fotolia.com, Denys Prykhodovatreus_header 05 2©fotolia.com, Denys Prykhodovatreus_teaser img fuer 2 und 3 spalter 05 2

Case Study

Development of controlling structures at e-commerce world market leader

Preparation for SPAC-IPO


Company Details

  • Young e-commerce world market leader for cycling and tennis equipment with a buy-and-build strategy; rapidly growing market shares in outdoor and team sports sectors; COVID as an additional growth driver
  • Sales 2021: 1.6 billion USD, > 3,000 employees (incl. acquisitions)

Situation and Challenge

  • Introduction of controlling structures, lean holding company (accounting/consolidation and strategy/fundraising only)
  • NYSE-IPO via SPAC, scheduled for the end of 2021, as well as group-wide SAP S4/HANA implementation
  • Company has only limited IPO-readiness in early 2021 – very young, immature organization; insufficient management experience

Objective and Task

  • Development of holding/group controlling structures and processes with a focus on IPO
  • Introduction of a uniform management reporting system at holding level
  • Support  group-wide SAP S4/HANA implementation
  • Support group-wide data strategy project (BI/Data Virtualization)

Measures and Procedures

  • Introduction of shareholder-oriented management reporting based on uniform IFRS figures
  • Automation of processes for the collation of monthly PowerPoint presentation at subsidiaries; integration of a system-supported quarterly forecast
  • Conception of FI/CO harmonization initiatives for the SAP S4/HANA implementation

Results and Achievements

  • Implementation of management reporting, including generic interface for subsidiaries
  • Shortened monthly closing process, including system-supported forecast during introductory phase
  • Ongoing implementation of SAP CO concept for future management of the group
  • Handover to new permanent incumbent


Exhausted instead of cool – Adidas must inspire again

In the August 25, 2022 article in WirtschaftsWoche, Atreus Director York von Maßenbach comments on the creative drain at Adidas. Over the year, Adidas shares have lost almost half their value, significantly more than eternal rival Nike (a good minus 20 percent) and German …