November 2023

Heineken’s International Expansion

Asserting his lifelong motto “I don’t sell beer, I sell warmth”, Alfred ‘Freddy’ Heineken passed away on 3 January 2002, aged 78. Known for his flamboyant lifestyle and fiery personality, Freddy was also the driving force in growing Heineken into an international brand. Heineken had the la...

November 2023

Royal Ahold: International growth and acquisitions

By Freek Vermeulen

On October 13 2004, the Securities and Exchange Commission filed fraud and other charges in the United States District Court for the District of Columbia against Royal Ahold and three former top executives, including CEO and Chairman Cees van der Hoeven, thus terminating the career of the once-power...

October 2023

De Beers: Reverse-disrupting the Diamond Industry

By Stefano Turconi, Thomas Horton, Minerva Rojanapenkul

Set in September 2018, the case describes De Beers’ attempt to halt the escalating disruption to its core business posed by diamonds grown in laboratories. Since its inception over a century ago, De Beers had created and nurtured the perception of diamonds as rare objects and exclusive symbols of ...

March 2017

Raising capital for Financial Butler (C) (Chinese language)

By Bryan Stroube, Michael Bikard, Ken Mark

This case focuses on Nick Hungerford’s attempt to raise capital for his FinTech start-up, Financial Butler, (later renamed Nutmeg). The concept is a digital platform offering a revolutionary, transparent and fair service to an “untapped” market segment currently not served by wealth managers, ...

March 2017

Raising capital for Financial Butler (B) (Chinese language)

By Bryan Stroube, Michael Bikard, Ken Mark

This case focuses on Nick Hungerford’s attempt to raise capital for his FinTech start-up, Financial Butler, (later renamed Nutmeg). The concept is a digital platform offering a revolutionary, transparent and fair service to an “untapped” market segment currently not served by wealth managers, ...

March 2017

Raising capital for Financial Butler (A) (Chinese language)

By Bryan Stroube, Michael Bikard, Ken Mark

This case focuses on Nick Hungerford’s attempt to raise capital for his FinTech start-up, Financial Butler, (later renamed Nutmeg). The concept is a digital platform offering a revolutionary, transparent and fair service to an “untapped” market segment currently not served by wealth managers, ...

March 2022

Refinitiv: A private equity-led transformation

By Julian Birkinshaw, David Craig

In August 2019 CEO David Craig was considering the likely benefits and challenges of merging his company, financial-markets data and infrastructure provider Refinitiv, with the London Stock Exchange Group. Craig had led a turnaround of Thomson Reuters’ Financial & Risk division (F&R), then...

March 2012

Carnival Corporation: The P&O Princess Acquisition (A)

By Donald Sull, Stefano Turconi, Barbara Muckermann

Set in January 2002, this case examines the three-way takeover battle for cruise industry dominance involving Carnival, P&O Princess and Royal Caribbean. It also documents the evolution of the modern cruise industry and the competitive dynamics that led to momentous consolidation. After secret m...

March 2012

Carnival Corporation: The P&O Princess Acquisition (B)

By Donald Sull, Stefano Turconi, Barbara Muckermann

Set in January 2002, this case examines the three-way takeover battle for cruise industry dominance involving Carnival, P&O Princess and Royal Caribbean. It also documents the evolution of the modern cruise industry and the competitive dynamics that led to momentous consolidation. After secret m...

August 2021

Natura &Co: Sustainability at Scale

By Stefano Turconi, Pranjal Singh, Rui Wang

Established in 1969 as a cosmetics lab in the city of São Paulo, Natura grew briskly over the ensuing decades and by 2004 it had become Brazil’s largest beauty company. Unlike its competitors, Natura was built on the principle of reconciling socioecological sustainability with value creation. Dur...