Success Storry mymuesli
The right Relationship Model for expanding into new countries
mymuesli was set up by three founders in Passau in 2007. Today, over 800 employees produce organic muesli at two locations and it is distributed in several European countries, both online and in 50 retail stores. The German company’s success story in Switzerland, the home of muesli, began online in 2008.
The expansion of mymuesli in Switzerland took place gradually, and was managed out of the office in Passau, Germany. The online store was followed by the establishment of the company’s second muesli factory in Tägerwilen near Constance, which delivers to Swiss clients. Subsequently, five Swiss mymuesli stores were opened; two in Bern, one in Basel, Winterthur and Zurich.
mymuesli’s first step was to set up accounts to process payments generated via the Swiss internet site. The company needed a credit line to invest in new outlets and rental guarantees for the new stores, as part of its continuing expansion. In addition, it was important to set up accounts for payments from the retail stores to ensure the integration with the local payment transaction system and provide a solution for cash handling.
Commerzbank’s international Relationship Model ensures that the mymuesli Relationship Manager in Passau remains the first point of contact for any questions concerning expansion into the neighbouring countries. The close working relationship with Commerzbank colleagues in Switzerland also enables an efficient and smooth cooperation, for example in setting up Euro and Swiss Franc accounts for payments. Card payments in Swiss Francs could be processed in the stores by the Commerzbank Switzerland team and the local supplier of POS terminals. The approval for an investment loan was quick and simple and the company was able to take advantage of an attractive interest rate for the Swiss Franc, over a cross currency swap, based on an existing relationship with the parent company in Germany.