Accuracy works with one of the world’s largest sporting goods groups

Accuracy provides a business plan review and valuation services for the sporting goods brand in India.




One of the largest sporting goods groups in the world operated its Indian business through a JV with a local JV partner. The partner sought an exit from the arrangement, and a dispute arose due to the valuation of the JV.

Accuracy was appointed to provide a BP review and valuation services for the JV. During the process, management fraud was detected and €120m in alleged damages were identified.


How we helped


The JV operated its sporting goods business through more than 800 franchisees in India. Our work lasted for two months and involved:


  • Understanding the JV’s business operations
  • Coordinating with the finance team
  • Meeting with the marketing team for the sales input
  • Meeting with the accounting firm that investigated the management fraud to understand its impact on business operations, cash flows and historical performance
  • Preparing the valuation model
  • Meeting with the Indian JV’s CEO
  • Coordinating with the group’s legal counsel.




Due to our understanding of the JV business, the group’s US tax team approached us to provide a subsequent valuation of the business for US tax purposes. The valuation was highly complicated due to the complexity of the arbitration; the size of the business; the impact of the fraud on operations, the business plan and cash flows; and constant interaction with the accounting and finance teams.

As a result of the engagement, Accuracy developed a special relationship with the JV’s CEO and gained traction with key people in the large sports goods group, including their legal counsel and tax team which resulted in further business with the group.

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