Margarete Steiff was an unusual woman. She had the ambition to set up and run her own business when it was rare for women to do that. And she based that business around a very clear vision: that only the best is good enough for children.
The company she created still lives by that principle. Today it produces 1.8 million toys annually, which are all still made by hand from the best materials. This matters because many people keep them for life. Children may grow out of taking their furry friends everywhere and sharing their secrets with them, but Steiff stays in their hearts.
The world is being transformed by currents of globalisation and digitalisation. Deutsche Bank is helping Steiff to adapt, as it has for over 70 years. “We need a strong partner like Deutsche Bank who can help us manage these challenges.” says Peter Hotz, CEO of Steiff Beteiligungsgesellschaft and descendant of Margarete Steiff.
Deutsche Bank has a long history of supporting small and medium-sized German businesses. For Steiff, that support encompasses advice, financing and global transaction banking services. The bank helps it to access private and public sources of funding. With exports to more than 40 overseas markets, Steiff does business in multiple currencies. Deutsche Bank manages these international payments.
Alongside regular discussions on planning, budgets and balance sheet management, the bank is also a sounding board for topics that range from strategy to plans for growth and investment projects. “It’s a true collaboration built on trust,” says Kurt Heißwolf, CFO of Steiff.