Fashion and Luxury Goods
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The big challenges Case studies Our wardrobe Insight & research The way we work Next steps “ The boo… ‚or uxury ƒoos is uneninƒ There are €eo€e „ho neer hae o „orry abou „heher hey †an a‚‚or so…ehinƒ hey ike In one €ar o‚ he „or or anoher here „i a„ays be so…eone „ih …oney o s€en on uxury” ieƒo ea ”ae •resien an –EŒ To’s Click o o€en our ookbook
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps The growth of wealth The — biƒƒes †haenƒes and luxury goods… Click to explore 01 02 The growth of wealth and especially ultra wealth is a global theme €emand for luxury consumer goods is forecast to grow significantly oer the next decade and beyond notwithstanding Responding to the Bridging the the expectation for short term slowdown as the preiously pressure for growth digital diide soaring demand in China cools The ƒuestion is – how can you capture this growth… 03 04 electing and anaging the optimising locations full alue chain 05 06 Really knowing arnessing your customers future talent 07 08 Releasing the anaging brand and power of data reputational risk
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 01 Res€oninƒ o he €ressure ‚or ƒro„h Fashion an uxury brans hae €roe o be resiien oer he †ourse o‚ he o„nurn in re†en i…es bu no„ …any brans are sub‹e† o hiƒher ƒro„h ex€e†aions – an in a …ore †o…€eiie …arke These y€es o‚ €ressures are †reainƒ †o……on ra€s ‚or uxury brans o ‚a ino – su†h as akinƒ riskier ra€i˜fire bes o †a€ure ƒro„h This €ro†ess †an uner…ine one o‚ he uxury se†or’s …os i…€oran €rin†i€es – bran e uiy –onsu…ers are ainƒ o ha †o…€exiy – „ih he abiiy o sho€ on heir o„n er…s „hen an „here hey „an „hie a††essinƒ †o…€ee “The ƒoba uxury ƒoos €ri†e rans€aren†y Res€oninƒ o his €ressure re uires he abiiy o kee€ u€ „ih he †onsu…er an €roiinƒ se†or has oube oer he he… „ih …eaninƒ‚u €rou† ex€erien†es ha srenƒhen bran e uiy ™usainabe ƒro„h – €reserinƒ bran e uiy €as en years an „e an …ainaininƒ ex†usiiy – is he ui…ae e uaion ex€e† i o oube aƒain o baan†e by 2020” ‘asi† €rin†i€es o‚ susainabe uxury ƒro„h Fo†us on ‚e„er ™ay †ose o ‘ui o‚‚erinƒs an isan†e he bran an biƒƒer bes he †onsu…er ex€erien†es ha˜ ‚ro… …ass srenƒhen bran €rin†i€es Leaershi€ in Luxury 201š ›o…an ™a†hs
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 02 ‘riƒinƒ he iƒia iie Many uxury brans are si uesioninƒ ho„ o briƒe he ‘iƒia iie’ I is a ery ei†ae €ah o rea ƒien „ha’s a sake – he bran heriaƒe An his €ah „i i…€a† …ore han ‹us onine reenue iƒia e†hnooƒies hae re†eny been esi…ae o influen†e oer a hir o‚ ƒoba in˜sore reai saes We hink ha nu…ber is ikey o ƒro„ o ž0Ÿ urinƒ 201ž This a††eeraion …eans a i€€inƒ €oin in uxury reai „here iƒia †an no onƒer be †onsiere a Ÿ isin† business insea i „i in†reasinƒy be†o…e ‚una…ena o orƒanisaions an he enire †onsu…er˜ bran reaionshi€ Any iƒia …ani‚esaion o‚ he bran – ‚ro… so†ia €a‚or…s o hir €ary isribuors – —0 nees o be synony…ous o he bran †ore aues an be aiore o he nees o‚ he †uso…er o‚ isiors use iƒia ‚or sho€€inƒ˜ A …isaiƒne or ƒeneri† iƒia o‚‚erinƒ …ay a†uay reae a†iiies be‚ore or urinƒ „ien he iƒia iie heir …os re†en ri€ o a sore –onsier iƒia inera†ion €oins a†ross he „hoe i‚e†y†e AWARE CONSIDER EVALUATE PURCHASE LOYALTY RECOEND Diil A € S‚cil S‚cil W ƒ€i „ ‚ƒil … Tƒl A†† Diil Ei‚il CR The New €igital €iide †‡ˆ‰ €eloitte
The big challenges Case studies Our war Our warddrroobebe Insight & r Insight & reesearsearcchh T Thhe way we worke way we work Next steps Next steps 03 ™ee†inƒ an o€i…isinƒ o†aions Whis he shi‚ o„ars o…ni˜†hanne is rea an ƒro„inƒ he as …a‹oriy o‚ ‚ashion an uxury reenues are si rien by o‚fline €hysi†a †hannes I re…ains rue ha he †ornersone o‚ †a€urinƒ his o‚fline reai e…an is si ‘o†aion o†aion o†aion’ – bu a key enaber ‚or su††ess „i be o ensure a †onsisen †ross˜†hanne †onsu…er ex€erien†e ‚ro… †o……uni†aion o †onersion The ariey o‚ e…oƒra€hi† an in˜reƒion nuan†es ¡eƒ †iies su†h as Lonon – or een s€e†ifi† srees „ihin †iies – a†inƒ as san˜aone e…an †enres¢ oƒeher „ih ransi an ouris… riers£ „i be ery i…€oran i‚ uxury brans are o ruy †a€ure ƒro„h Ÿ Balancing the physical growth strategy is one of the most important components of success ¤ž A baan†e †iy ƒro„h sraeƒy ¡in†uinƒ oues£ re uires ee€ unersaninƒ o‚ nuan†es o‚ uxury †onsu…ers say o‚ †aeƒory €ri†e an sye hey „an o ‚Šc‰ ‹ Œ l –iies a €rou† be‚ore €ur†hase Luxury brans shou Transi ‡‚ˆ‰ Touris… Non˜†iy uxury ouris… seek o ƒenerae …axi…u… esinaions ¡eƒ resors aue ‚ro… he ‘…aƒi† rereas£ †an o‚‚er siƒnifi†an hour’ be‚ore flyinƒ €ahs o †os˜e‚‚e†ie ƒro„h Œnine ¥o„ A‚fluen ™ho€€ers ‘uy Luxury ›oos 2014 ›ooƒe / I€sos
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 04 Manaƒinƒ he ‚u aue †hain Ÿ –reainƒ uaiy €rou†s re uires ex uisie …aerias an †are‚u arisanshi€ Many uxury ƒoos †o…€anies are ¤š iƒheninƒ heir †onro oer a as€e†s o‚ heir business – ‚ro… esiƒn o isribuion ‘y …anaƒinƒ he ‚u aue †hain o‚ exe†uies are hiƒhy ¡an o‚en ineƒrainƒ …ore saƒes o‚ he aue †hain£ †o…€anies †an he€ ensure ha hey hae ex†usie riƒhs †on†erne abou risks „ihin o an aaiabiiy o‚ in€us an €roe† he €osiioninƒ an he ‘ ‹ lŠ c‰i‹ re€uaion o‚ heir brans E‚‚e†ie aue †hain …anaƒe…en „i be an in†reasinƒ sour†e o‚ †o…€eiie aanaƒe The Ri€€e E‚‚e† 201š eoie ¦uaiy s€ee an susainabiiy beinƒ €ri…ary aue riers – a o‚ „hi†h si unerneah he banner o‚ ensurinƒ bran heriaƒe an e uiy re…ain ina† €eliering alue and protecting the brand throughout the alue chain S cŠiŽ ‚Œ SŠ††lŽ Rapid Time to Market C‚‹€i€ ‹ Di€iƒŠi‚‹ ”eri†ay ineƒrainƒ ao„s ‘y †onroinƒ …ore o‚ he ›reaer †onro oer he beer aaiabiiy …ore sabe su€€y †hain i †an reu†e †uso…er ‚a†inƒ i…aƒe o‚ †oss an …ainains uaiy he i…e ‚ro… †a„ak o he bran eƒ buyinƒ ba†k †onro o ensure hiƒh˜ uaiy †oa˜hanƒer o res€on o ‚ran†hise sores o ensure …aerias ‚or €rou†s †uso…er e…an bran ineƒriy
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 05 Reay kno„inƒ your †uso…ers Ÿ I…aƒine kno„inƒ „ha eery †uso…er is ƒoinƒ o buy as hey „ak ino he sore This …ay be he i…€ossibe rea… bu aan†es in †ieneinƒ are …oinƒ ha rea… †oser –ieneinƒ …ay no be ne„ o ‚ashion an uxury brans – §4 saes asso†iaes †an re†oƒnise key †uso…ers on siƒh ¥o„eer he rise o‚ he ƒoba †uso…ers o€erainƒ a†ross ƒeoƒra€hies o‚ reai ransa†ions si ake €a†e an …ui€e †hannes …akes i harer an …ore †o…€ex in sore nururinƒ lŠƒl cŠ€‚’ ‚or †o…€anies o †o…€rehensiey unersan heir †uso…er li‚‹€‰i†€ hrouƒh iƒia †ieneinƒ base iƒia †ieneinƒ „hi†h in†ues eainƒ˜eƒe €ro†esses …akes he… …ore ikey o †oninue anayi†s an aan†es in –RM syse…s is eierinƒ a €ersonaise †uso…er ex€erien†e a†ross †hannes – an Œ‚ liŒ i’ ui…aey i…€roinƒ †onersion raes an reenues The Ne„ iƒia iie 2014 eoie Šour core clienteling steps to increase customer loyalty and conersion ˆ T ‹ l ‹ cŠ€‚’ ‚Š c‰ ƒi‹€ cŠ€‚’ ‚ ‰ €‚ ‰ † T‰‚Š‰‚Š ‰ ‹i E’†‚ˆ i‹ €l € cŽcl „ i‹ ’‚‹i‚i‹ The essentials €€‚ci € ‚ †‚i ‹ ’ €Š ’ ‹ ‹ƒl € of clienteling ‹ ‘c †i‚‹l i‹“€‚ c‚‹i‹Š‚Š€ i’†‚ ’ ‹ cŠ€‚’ ‘† i ‹c ‹ R l ‹ ‹ i’ lŽ Œ‚ll‚ˆ“ Š† ƒi‹€ cŠ€‚’ € ƒck Œ‚ ’‚
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps Ÿ 06 ¥arnessinƒ ‚uure aen The ‚ashion an uxury se†ors are ‚a†inƒ ra€i business ©ž †hanƒe an €eo€e are a he hear o‚ his reouion I is „iey a††e€e ha †o…€anies „ih „e˜orƒanise of companies rate workforce aen …anaƒe…en €ra†i†es are ƒaininƒ he †o…€eiie aanaƒe ¨e „ihin hese se†ors here is si a siƒnifi†an capability as an ‘Š ‹’ ‚ ‘i’†‚‹’ †haenƒe in fininƒ he riƒh €eo€e „ih he riƒh ski …ix o enabe su††ess‚u ƒro„h hrouƒh a €hase o‚ …a‹or c‰ll ‹ „ only ˆŒŽ beliee they ransiion an ex€ansion Exe†uie eaers shou a€€y are ready to address it ‹us as …u†h business kno„eƒe an a†u…en as †reaiiy o soe †o…€ex orƒanisaiona an aen …anaƒe…en issues E‘’†l l i‹ †cic € ‚ cc €€ ‹ i‹ l ‹ Treainƒ I‹‹‚ Use ‘iƒ aa Mainain an cŠii‹ „ho an €‚cil ’ i o † ‹ ci ‹ ike „here †o……uniies l ‹ † c‹i ’k i‹ ‹ ˆ‚k€ ƒ ‹c‰ ›oba ¥u…an –a€ia Trens 2014 eoie
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 07 “Œrƒanisaions ha use anayi†s Reeasinƒ he €o„er o‚ aa ‚or †o…€eiie aanaƒe „ere 2–2 I‚ he †uso…er is kinƒ he aa are he €a„ns – he ‚ounaion i’ € ’‚ lik lŽ o subsaniay ‚or any „inninƒ €osiion There is …ore in‚or…aion aaiabe han ou€er‚or… heir inusry €eers” eer be‚ore on €eo€e’s †onsu…€ion habis behaiours rens an e†ision riers ¥o„eer ines…ens in biƒ aa an anayi†s are „ase i‚ e†ision˜…akers re†eie erroneous insiƒhs or o I‘M MIT 2014 no hae he skis or †o…€een†ies o †oner soi insiƒhs ino business e†isions Uno†kinƒ his in‚or…aion is key o unersaninƒ „ha he …in˜se o‚ he †onsu…er is no„ an is ikey o be in he ‚uure ‘y 2020 „e ‚oresee a „or o‚ rea˜i…e inke €ari†i€ans a†ross †uso…ers e…€oyees sharehoers an he …arke€a†e rien by he †onerƒen†e o‚ ‘iƒ aa he Inerne o‚ Thinƒs an aa ™†ien†e uxury reaiers „i be abe o beer unersan heir †uso…ers res€on o …arke rens an aior saes in‚or…aion & €rou†s The future of data k † l c • • • • • • Content • • • • • • €ata cience • • ’New Insights“ ocial • ‘nalytics S ‰ € “Big €ata” ’ ‚ ’New –rocessing“ ‚ ‰ € Š obile Cyber l C • “Interenet of Things” € • ’New ouces“ • • Cloud • • • • Content • • • • • € Ž ‚ l † ’ E •
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps 08 Manaƒinƒ bran an re€uaiona risk Neary hree˜ uarers o‚ …a‹or oss eens o††urre I †an ake …any years o bui a bran bu ony one ue o †orreae an …o…en o ruin i Luxury brans hae a„ays neee o inere€enen risks €re€are ‚or an res€on o sraeƒi† un†erainy †or€orae risks an re€uaiona issues – „hi†h †an €ay ou oer i‚‚eren i…e horiªons ‘u in a „or o‚ in†rease †o…€exiy The alue killers reisitedœ ‘ risk management study oaiiy an un†erainy brans „i nee o baan†e †‡ˆ‹ €eloitte ƒro„h as€iraions an o€eraiona €ans „ih he sraeƒi† risks hey ‚a†e As he o€erainƒ eniron…en †oninues o eeo€ in †o…€exiy ¡eƒ eoinƒ reƒuaion so†ia …eia †o……uni†aions …ore †onsu…er †hannes broaer ƒeoƒra€hies ‘‚aser’ risks£ †o…€anies „i nee o in†rease heir iƒian†e – „ih bran an re€uaion beinƒ he sronƒes †o……oiy o €roe† —i l €€‚‹€ ‚‹ †Ši‚‹l i€k ’‹ ’ ‹ €on’t wait until a crisis hits to get ready – “we wish we’d acted earlier” 1 2 ˜ery decision during a ma™or crisis can affect stakeholder alue 3 Response times should be in minutes not hours or days 4 šou can emerge stronger 5 ›hen a crisis seems like it’s oer it’s not
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps Case studies Click to explore how a selection of world’s leading brands have taken journeys with us Digital uly chain ‚ashion ‡ Luˆury GLOBAL LUU Goods Co†anies GOOD COA ‚inance €nnovation Growth GLOBAL LUU B„AUƒ BA D ƒechnology „…co††erce etailers
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps Releasing the power of digital “€eloitte took a very personal interest in the company and it started to feel a lot less like a client relationship and more Elvis & Kresse, a luxury goods company with a strong like a genuinely personal relationship” sense of social responsibility, had hit a brick wall. The couple behind the business, ames enrit and Kresse esling, Kresse esling, Žounding partner knew their website needed a thorough overhaul. This was necessary not only to provide them with uptodate marketing Elvis & Kresse and social media tools, but also to convey more effectively that although they used sensitively upcycled materials to create their belts, bags and accessories, their offering was on a par with the big names in luxury goods. s part of the ocial nnovation ioneers n the weeks following the new site going scheme, which provides expertise to live, Elvis and Kresse saw a ƒ„… increase innovative social enterprises, a €eloitte in the number of visitors to the site and €igital team worked with ames and a †„… rise in their online sales, allowing Kresse to understand their ecommerce the company to donate more back to the ambitions, while also showing them good causes they support. ‡sers of the some exciting possibilities to take things website have been so delighted with the further. e worked closely with them improvement that they have called the throughout the process, from the company to tell them that, something wireframes, through the mockups and that had never happened before. The site then on the site itself, ad‚usting the design is based on the ˆig ‰ommerce platform, live in the test environment so that they which is very cheap to run while also could see the effect of changes. making product management and order fulfilment much easier.
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps ‘ptimising the supply chain t is a common problem for many luxury goods companies and fashion retailers’ how to minimise the amount of product that is ‘li”uidated’ at the end of a season– ‘ur client faced this problem – and lacked the ability to reverse the goods, and reallocate them to different distribution channels in order to avoid this wastage. low moving items and obsolete stocks were not reallocated to channels where they could create additional revenue. This ‘reverse logistics concept’ also tied e developed and evaluated a range into other value drivers, such as’ the increasing of different scenarios for designing and importance of the outlet channel, the executing the reverse concepts – and buyback offers for independent retail then tested these against rigorous stores, and the centralisation of repair business ob‚ectives. activities for Europe at the logistics warehouse. Žor example, we were able to test different options against cost implications orking closely with the client, our and potential additional revenue ˜ margin experienced team provided advice and improvements for different scenarios. expertise in key components of building ‡ltimately, our work helped this luxury the solution, including’ logistics, process brand to significantly reduce the ageold development, transfer pricing, customs problem of endofseason wastage – and tax. but under a controlled and owned solution ™protecting the brand’s position and adding value to the businessš. ›œ‘ˆœ œ‡ž‡RŸ ›‘‘€ ‰‘¡¢Ÿ
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps orking in partnership “The artners and senior managers are very proactive at giving us recommendations which add value helping the companies rada is a global leader in highend luxury fashion clothing move forward” and accessories. n the ‡K we work extensively with rada’s ‡K retail network, and with ‰hurch’s English hoes worldwide group ™ac”uired by rada in £¤¤¤š. e have been the auditor rada, ‡K for several years and in that time we have built up and developed excellent and truly distinctive relationships. Through these relationships, we have t is this that enables us to raise commercially been successful in building an extensive focussed and appropriate insights to the knowledge and appreciation of the management team, adding real value whilst businesses. s a result, we are the trusted conducting our audit and tax services for first portofcall for ongoing advice on the companies. financial, taxation and accounting matters and are on constant communication pecific and recent examples of this throughout the year. in action include recommendations, benchmarking and observations around The centre of our partnership with the the group’s decision to invest in real ‡K companies is built on our excellent estate, factory expansion and also impact relationship that we have with management assessment on the ‡K business of the and our cumulative knowledge of the ›overnments pension autoenrolment. business as well as our retail sector specialisms in the firm.
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps Putting the consumer at “en types of innovation explores diverse the heart of innovation elements of innovation’s impact on the total customer experience. It distills three decades A global luxury beauty company struggled to come of innovation research into an action up with breakthrough innovations that customers and orientated framework” consumers loved. In 201 we were tasked to help them get closer to their consumers and innovate beyond product. heir business was stuck in a growth ipak …. †ain ean I‡ˆ‰A trap by focusing on incremental improvements to oncepopular brands they had tremendous pressure to grow but had lost connection with consumers and worse had become a riskaverse company slow to commercialie bold ideas. oblin worked with a halfdoen his helped each of the brands think of their global brand teams to conceive through the different types that they and develop breakthrough innovations can combine to build breakthroughs. that helped them transcend orthodoxies e then reverseengineered the and create more compelling customer organisational and operational conditions experiences. e built systemic innovations that made them work creating a blue that went beyond product delivering print for restarting the company’s consumercentric offerings and break Innovation engine. oday the company through businesses using the 10 types is regaining the capacity and confidence of innovation. to focus on fewer bigger bets to conceive develop and launch innovations that engage consumers with new and compelling experiences.
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps strategy for growth “This was a great piece of strategy work based on a real understanding of our business and our people. ¢ew œook ¢ew œook, a global fastfashion retailer with over £,„„„ now has a clear vision that is actionable, stores around the globe, had experienced two se”uential differentiating and understood years of significant profit decline in ¥„££ and ¥„£¥. Žaced with financial pressure from private e”uity investors by everyone” and with a new ambition to become a global, multichannel brand, the new ‰E‘ and executive team were seeking nders Kristiansen, ‰E‘, ¢ew œook to define a robust growth strategy to help turn around the business. e helped to identify potential growth ith a clear threeyear vision now opportunities for the business, including defined, the challenging part was helping a long list of strategic initiatives and ¢ew œook plan and prepare for execution. expansion markets. The team ran a series e worked with the client to develop of workshops with ¢ew œook €irectors detailed activity roadmaps for each to prioritise initiatives and markets based strategic initiative, identify organisational on their attractiveness and ¢ew œook’s barriers that could inhibit the effective ability to win against each opportunity. delivery of the strategy, and support the This resulted in a clear set of focused organisation in overcoming key barriers. ‘here to lay’ initiatives that made The ‰E‘ communicated the strategy to up a ‰ore ›rowth ¡odel, including the ˆoard within two weeks and began the delivery of a seamless multichannel delivering thereafter. ince the new customer experience and a new pricing strategy was launched, ¢ew œook has strategy, that could ultimately be seen likeforlike sales, overall revenue rolled out globally. and underlying operating profits grow. The retailer also successfully opened ten stores in ‰hina as part of the international expansion plan.
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps Establishing the foundation of retail excellence Selfridges was founded in 1909 but is constantly challenging itself to be at the forefront of retail, to be able to sustain this level of excellence it is crucial to have an IT foundation that can keep up with the business need eloitte have supported Selfridges in a nuber of areas across their IT real estate fro IT Strategy to Transforation and Service anageent recent proect exaple was ensuring deployent is a good exaple that the introduction of sart phones and of how we ai to structure uch of our tablets did not expose the to security work in areas of technologyŠ it delivered and anageent challenges eloitte a costˆcase that identified the cost for was engaged to help Selfridges anage provisioning an solution, defined this si able risk as Selfridges has the an enrolent policy that outlined the second largest flagship store in the guidelines and policies to be followed, ‚ƒ and has been at the forefront of and we built a “lessons learned” introducing obile technology across docuent highlighting insights and their organisation risks encountered during deployent to assist and accelerate future The obile evice anageent „… ipleentations ipleentation included the selection of the preferred vendor and defining the activities re‡uired for user deployent eloitte helped to identify all devices to deploy to and defined the rollˆout schedule, as well as developing collateral for Selfridges to extend the ipleentaˆ tion at other ‰roup organisations
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps owering a retail revolution “ Ÿou are acutely conscious of the responsibility you have got, which is the reputation of §the brand¨, the trust ohn œewis is the largest department store retailer in that we have got with our customers the ‡K with an ecommerce offer that sets the benchmark and the need to get that right” for customer experience and proposition. Their business is embarking on a Retail Revolution with the goal of having a market beating omnichannel roposition, ‰ ‘, ohn œewis to enable this ohn œewis needed to implement an ecommerce platform that could support their ambitions for the next decade. €eloitte worked with ohn œewis The result is a world class solution to define the re”uired business and handling hundreds of thousands of technology capabilities and software to customer visits per hour on a website that deliver their business goals we acted as enables ohn œewis to internally manage the implementation partner to replace the launch and turnover of more than their ecommerce platform. ‡sing creative †,„„„ products per week. and technical expertise from across the global €eloitte €igital network, we have implemented new ecommerce software from ‘racle T› and web content management software from dobe ‰¦† to deliver the new customer facing website.
The big challenges Case studies Our wardrobe Insight & research The way we work Next steps ‘ur wardrobe Click to explore Digital trategy ‰ustomer nnovation nnovation ‰orporate finance nalytics ‘rganisation rivate upply chain & foreign & operations Tax owned Žinance Risk & udit & governance assurance