How Style Theory boosted its gross margins with access to transaction-level financial insights

  • Established in 2016, Style Theory is South Asia’s largest circular fashion platform
  • Style Theory has raised over US$25M since inception and currently has 80+ employees
  • The company has multiple business lines and operates across Singapore, Hong Kong and Indonesia

Streamlined data extraction

Saved 50+ man hours off sourcing and aggregating of data for review of financials

Greater Financial Visibility

Built direct visibility to over 10,000 rows of General Ledger data across multiple accounting softwares and entities

Boosted Margins

Identified opportunities to optimise costs and facilitated robust future planning alongside expedited decision-making processes across vendor management and negotiations

The Challenge

Manual data extraction process for financials

Financial visibility with multiple accounting software

Cost management across entities

In the intensely competitive world of fashion and retail, Style Theory has established itself as a game-changer with its innovative business model. But behind its seamless customer experience, the company was looking to enhance its financial data management, key to succeed in this macroeconomic environment.

Manual Data Extraction Process for Financials

Style Theory's Corporate Finance Manager, Suparna Vimal, noticed that her finance team was spending many hours collecting and sourcing data and was looking for a way to reduce manual effort. With multiple accounting softwares for different entities across different geographies, it was the finance team's responsibility to source and aggregate financials across the company every month. The team would end up spending 50+ hours consolidating and comparing the numbers though manual excel models - making the data extraction process quite time consuming.

Need for Better Financial Visibility with Multiple Accounting Software

Despite using accounting software to automate journal entries and bookkeeping, the team still had to consolidate huge volumes of data to prepare financial statements. There was a clear need for a unified platform that could sift through 10,000+ general ledger transitions, provide a comparable view across different business entities and present it in a meaningful and insightful manner.

Cost Management Across Entities

Navigating through accounting practices that evolved multiple times over the company’s lifetime and as a business operating across several regions with varying verticals and sometimes multiple vendors for a single fulfilment cost, the team was tasked with booking multiple transaction categories for each entity. Ostensibly presenting an opportunity, the Style Theory team was keen to find a better way to identify trends in spending and dig into the exact cost-saving insights.

The Solution: How Bunker Helped

In 2023, Style Theory got onto Bunker. A financial analytics platform that gave them instant clarity of their financials at vendor & transaction levels. Bunker processed Style Theory’s general ledger, providing quick and complete financial visibility across the business. Bunker helped the management team identify cost-saving opportunities across entities via trend summaries of specific accounts and vendor & transaction level drill-downs.

Bunker has become a staple for us to track costs and trends at Style Theory. I can't go a month without using Bunker. It has greatly reduced the lag time between wanting to see the numbers and being able to see the numbers.

Suparna Vimal, Corporate Finance Manager

Impact: Key Results

  • Boosted overall gross margin through streamlining of costs 
  • Identified opportunities to optimise costs across entities with the help of vendor insights and access to the right data
  • Gained transaction-level visibility into 10,000+ rows of financials across entities
  • Saved the team 50+ man hours per month sourcing and aggregating financial data 

The company has observed a strong lift in its gross margins: Bunker’s software has allowed them to identify the most significant movements in their key cost buckets, tag hidden costs to then eliminate them, and diagnose where to optimise processes by providing processed data at the level of granularity required for ultimate decision making.

Since getting onto the Bunker dashboard, Style Theory has been able to cut its financial review time down from days to just minutes, allowing for more time to be spent on strategic initiatives and business planning.

Bunker has proven to be a crucial tool for not only early-stage companies but also mid-stage start-ups like Style Theory, helping them to improve their accounting processes and build better governance of their financials.

While Style Theory continues its mission to make fashion accessible and, while leveraging on its strong contribution margins, works toward the expansion of its business into new geographies and fashion categories such as One Time Rental, Bunker is here to support them with time savings, improved financial visibility and an elevated level of accounting hygiene.

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