HomeResearch & Knowledgeback to HomeFamily Businessback to Research & KnowledgeDe Agostini: Repurposing the business & the familyback to Family Business

Case Study

De Agostini: Repurposing the business & the family

By Benoit F. Leleux, Marta Widz and Guido Corbetta

20 pages

June 2019

Order this case study

Reference: IMD-7-2072

MILAN (ITALY), SEPTEMBER 2018. The Strategic Lab at De Agostini, part strategic think-tank and part assessment tool for the next-generation talent of the Drago-Boroli family, owners of De Agostini, was brainstorming the future direction of the diversified, family-owned group. After almost 100 years in the publishing and printing business, the third-generation family leader Marco Drago set the family firm on a radical new course, which included globalization and diversification across media and communication, gaming, and financial services to create a powerhouse, with entities listed on three different stock exchanges. However, diversification did not come without its challenges. Could portfolio repurposing also serve to anchor the family’s identity? Were family values properly embedded in the current structures and investments? Should the holding structure be perennialized or be treated as a temporary arrangement until the next major liquidity event, when assets would again be refocused on a single industry? Did the legacy publishing business still serve a purpose or should it be disposed of? Emotional ties ran deep, but so did the losses… and those were not sustainable. Could it be turned around or pivoted to capture the latest digitalization wave?

Learning Objective

strategic pivoting of the family business
repurposing of the business
managing the legacy
training the next generation
managing succession

Keywords

Family Business, Strategy, Sustainability, Succession Management, Next Generation, Portfolio Management, Pivoting, Culture, Legacy

Settings

World/global, Italy
De Agostini, Media, Business Management Services, Communication, Finance and Insurance, Financial Services
2017-2018

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Keep reading

Article

Repairing reputational damage: don’t go the way of Boeing

All organizations should have a plan to secure trust during, after (and even before) a crisis hits. Here are a host of examples, good and bad, to learn from.

Leadership Resilience Strategy

By Michael Skapinker

in I by IMD

Case Study

The price of innovation: Will Medacta compromise its DNA by embracing robotics?

Strategy Innovation

By Carlos Cordon, Antonio Di Brino, Jesper Fibiger, Frank Kristensen, Soniya Soniya and Alison End Fineberg

Case Study

Co-CEOs at Handtmann: Can the family business be led in tandem? (B)

Family Business Corporate Governance Leadership

By Peter Vogel and Anouk Lavoie Orlick

Article

Strategy Meets Execution - Supply Chain

10 years of exclusive surveys reveal top supply chain strategy challenges—and how tools like AI, ML, and digital twins are reshaping the path forward.

Strategy Supply Chain

By Ralf W. Seifert and Katrin Siebenbürger Hacki

in I by IMD

Article

4 Key Guidelines for Success - Demystifying AI Use Cases

Uncover AI use cases and opportunities with 4 clear imperatives that align data with business value. Avoid pitfalls and ask the right questions.

Artificial Intelligence Strategy

By Didier Bonnet and Achim Plueckebaum

in I by IMD

Article

Tariff wars: How business leaders can survive and thrive

Stay ahead in a shifting global economy. Learn how to build resilient supply chains, manage currency risks, and adapt strategies for long-term business success.

Economics Geopolitics Strategy Supply Chain

By Arturo Bris

in I by IMD

Case Study

Your company (and your life) in the hands of an AI agent?

Artificial Intelligence Digital Strategy

By José Parra Moyano and Alix Rey

Article

People, Culture, and Strategy - The Boards Role

#post_excerptHannele Jakosuo-Jansson of Neste and Finnair shared key insights on board roles in CEO transitions and culture shifts with IMD’s High Performance Boards program.

Board Business Transformation Strategy

By Didier Cossin and Yukie Saito

in I by IMD

Case Study

AstraPay in Indonesia: Playing the digital payments platform vs. ecosystem game

Digital General Management Strategy

By Marleen Dieleman, Aarthi Thyagarajan, Pranesh Mahadeo, Maxence Nobels and Guillaume Clement

Case Study

Co-CEOs at Handtmann: Can the family business be led in tandem? (A)

Family Business Corporate Governance Leadership

By Peter Vogel and Anouk Lavoie Orlick

Repairing reputational damage: don’t go the way of Boeing

By Michael Skapinker
in I by IMD

Summary

All organizations should have a plan to secure trust during, after (and even before) a crisis hits. Here are a host of examples, good and bad, to learn from.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Resilience

Strategy

Browse all topics

The price of innovation: Will Medacta compromise its DNA by embracing robotics?

By Carlos Cordon Antonio Di Brino Jesper Fibiger Frank Kristensen Soniya Soniya and Alison End Fineberg
Case reference: IMD-2663 ©2025

Summary

Medacta Group SA is a rising star in the orthopedics market, achieving global success through innovative products and techniques, with a particular emphasis on minimally invasive techniques that bring meaningful value to its patients. With its approaches such as Anterior Minimally Invasive Surgery (AMIS) for hip replacement and Kinematic Alignment for knees, Medacta offers high-quality techniques, supporting tools and cutting-edge implants. It also offers personalized surgeon education through the Medacta Orthopedic Research and Education (M.O.R.E.) Institute. Medacta is situated in an evolving landscape, with competitors including Stryker and Zimmer Biomet investing heavily in robotic technologies. Technological advances are being made in data-driven planning tools – including augmented reality – and research institutes are looking for the most advanced solutions as demanded by many hospitals and surgeons. Despite these trends in the industry, Medacta's CEO, Francesco Siccardi has concerns regarding the value of existing robotic systems, noting their lack of proven benefits in patient outcomes or cost reductions, especially in a context of increasing emphasis on value-based care and sustainability. The case explores the opportunities and challenges confronting Medacta as they decide whether to enter the orthopedic robotics market. The company wants to continue to differentiate itself and drive growth in line with its foundational principles of patient care, operational excellence and sustainable innovation. Today, Francesco faces a critical decision around whether now is the time to enter the robotics market and, if so, how Medacta should do so to preserve its culture and stay true to its DNA.

Reference IMD-2663

Organization Medacta Group

Industry Healthcare, Medical Device

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Innovation

Browse all topics

Co-CEOs at Handtmann: Can the family business be led in tandem? (B)

By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-2656 ©2025

Summary

The Handtmann case examines the co-CEO leadership model in the context of family business. Based on interviews with three key executives – the co-CEOs and the President of the Advisory Board – the case focuses on how Handtmann handled the leadership transition to the next generation. In Case B of "Co-CEOs at Handtmann: Can the Family Business be led in Tandem?" the focus shifts to the next generation. Markus Handtmann and Valentin Ulrich, cousins from the fifth generation of the founding family, have been appointed as co-CEOs. They must now learn to work together in tandem. The president of the advisory board, who is the father and uncle of the new CEOs, respectively, has stepped down from leading the company and now embraces a supporting role. Case B explores strategies for designing effective co-leadership partnerships. It also highlights the importance of complementarity in successful tandems. Lastly, the case presents the foundational elements that enable co-CEOs to succeed in family firms.

Reference IMD-2656

Organization Handtmann Group

Industry Construction and Engineering, Industrial Engineering;Manufacturing, Machinery

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Family Business

Corporate Governance

Leadership

Browse all topics

Related topics

Economics

Geopolitics

Strategy

Supply Chain

Browse all topics

Your company (and your life) in the hands of an AI agent?

By José Parra Moyano and Alix Rey
Case reference: IMD-2666 ©2025

Summary

The case study introduces an original way of exploring the many questions and concerns around AI adoption in business. Based on a true story, it discusses the dilemma of AI implementation through Joe, the CIO of ParcelFlow. Joe is getting ready to present his AI strategy to the company's executive committee. Joe is also diabetic and on the morning of his presentation, he receives an AI-powered insulin pump. This is a life-changing event that raises both questions and fears that range from device functionality and safety to data privacy. Joe realizes that at his morning doctor's appointment, he has just gone through the same process that the executive committee is about to experience. Will Joe succeed in convincing the executive committee to transition towards the use of AI agents? To ultimately transform ParcelFlow's operations, Joe knows that answering the committee's concerns is vital. Joe's thoughts span the various stakeholders he needs to convince: Diane - the chief financial officer; Elena - the head of customer experience; Michael - the head of operations; Albert - the chief human resources officer; Robert - the legal counsel; and Lucy - the chief executive officer. Each stakeholder will have their own reservations and worries about the financial implications, customer experience, operational efficiency, workforce impact, legal compliance, and overall benefits of AI. Building trust is key for engaging people in this technological revolution. This can be achieved smoothly and rapidly by understanding, identifying and analyzing what AI is about and what it will do for us or our business. And most importantly, it must be accomplished with an excellent communications strategy.

Reference IMD-2666

Industry Healthcare, Medical Device;Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Artificial Intelligence

Digital

Strategy

Browse all topics

People, Culture, and Strategy - The Boards Role

By Didier Cossin and Yukie Saito
in I by IMD

Summary

#post_excerptHannele Jakosuo-Jansson of Neste and Finnair shared key insights on board roles in CEO transitions and culture shifts with IMD’s High Performance Boards program.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Board

Business Transformation

Strategy

Browse all topics

AstraPay in Indonesia: Playing the digital payments platform vs. ecosystem game

By Marleen Dieleman Aarthi Thyagarajan Pranesh Mahadeo Maxence Nobels and Guillaume Clement
Case reference: IMD-2650 ©2025

Summary

This case study explores AstraPay’s journey to become a significant player, despite its latecomer status, in Indonesia’s burgeoning digital payments landscape. Launched in 2018, AstraPay had grown to serve over one million customers, but it faced intense competition from tech-first digital super-apps like GoTo and OVO. Led by Rina Apriana, who became CEO in 2023, AstraPay had to leverage its unique position within Astra International, a vast conglomerate with deep roots in Indonesia’s economy, to differentiate itself. The case first explores the conceptual differences between a platform and an ecosystem. It then considers how AstraPay can leverage Astra International’s unique characteristics to unlock synergies and evolve into an ecosystem. The question is underpinned by considerations on how AstraPay can best leverage its late mover status to compete with established digital first competitors. Finally, the students are encouraged to explore a range of alternative options available to Astra for building its ecosystem by highlighting the pros and cons of each approach against which to assess the final path taken by AstraPay.

Reference IMD-2650

Organization AstraPay

Industry Finance and Insurance, Financial Services

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Digital

General Management

Strategy

Browse all topics

Co-CEOs at Handtmann: Can the family business be led in tandem? (A)

By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-2655 ©2025

Summary

The Handtmann case examines the co-CEO leadership model in the context of family business. Based on interviews with three key executives – the co-CEOs and the president of the advisory board – the case focuses on how Handtmann handled the leadership transition to the next generation. Starting with a history of the five generations at the head of Handtmann, Case A offers a window into the succession process of a well-established European family business. The case analyzes the potential risks and rewards of appointing co-CEOs in a privately held family business. From a governance perspective, the case assesses how organizational culture, governance systems and ownership structures contribute to creating a conducive environment for co-CEOs to thrive. Established in 1873 as a brass foundry, Handtmann has evolved into a global technology company that employs 4,300 people, with 2,700 based at its headquarters in Biberach an der Riss, Germany. Handtmann offers highly specialized production and services to clients in the automotive industry, the chemical and pharmaceutical industry, among others. It is also the world leader in the manufacture of fillings and portioning systems for the food industry and a leading supplier of fittings and process systems for the beverage industry. More recently, the Group has also ventured into the development of electronic systems. The business has remained under the stewardship of the Handtmann founding family for 150 years.

Reference IMD-2655

Organization Handtmann Group

Industry Construction and Engineering, Industrial Engineering;Manufacturing, Machinery

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Family Business

Corporate Governance

Leadership

Browse all topics