At the age of 23, Luca Garavoglia became chairman of the Campari Group following the sudden death of his father two years earlier in 1992. From the start, Luca adopted a strategy of fast growth through acquisitions and over the next 24 years, Campari acquired 26 other companies, spending a total of over €3 billion and establishing its own distribution network in 20 countries. This two-part case series describes how Campari transformed from a single-brand local Italian company to an important player in the global spirits industry with over 50 premium brands distributed in over 190 countries around the world. CASE B starts with the announcement of a friendly tender offer by Campari for Grand Marnier in March 2016. This was the largest acquisition in the 156 years of Campari’s existence and also one of its most complex ones. It took Campari over 18 months to arrive at this point and it had to wait another month to find out how this offer would be received by the shareholders of Grand Marnier and Campari. Calculating the offer price was Campari’s biggest challenge. With no business plan, and no equity research financial forecasts available, it had to make its own projections based on its business knowledge of the spirits industry.
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Once again, Donald Trump has promised bold yet unspecified moves that will add to the uncertainty facing executives. Business leaders must cut through the "policy fog" by focusing on what the re-elected President can actually control, comprehensiv...
The mention of geopolitics leads many to ask how company strategies are being reformulated to capitalize on what's left of globalization. But this overlooks a critical prior question: what's the best way for firms to track and assess geopolitical ...
Fourth-generation family member Bruce Grossman tells IMD’s Peter Vogel about his successes and failures in establishing structures to unify the family enterprise and the lessons he hopes the next generations will take from the experience.
Here are three strategic lessons from the tramp shipping industry.
Shipping is a unique industry, and tramp shipping is a niche sector within it. Yet, in an age of growing market disruption and uncertainty, it has some key lessons for strategic management in other industries.
Most annual predictions fail to provide actionable insights for executives. Here are two approaches to better discern the implications for your business.
Companies need clear guidance to achieve sustainable business transformation. A practical roadmap identifying drivers for effective change can make success more likely.
Strategic thinking is widely acknowledged as a critical leadership capability, yet many executives struggle to consistently prioritize it.
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications