FREITAG is one of the most unusual companies in the fashion industry, specializing in bags made of recycled truck tarpaulins. The company was founded in 1993 by two graphic designers, the Swiss brothers Markus and Daniel Freitag. The brothers work as joint Creative Directors and fully own the company, thanks to their strategy of organic growth. The FREITAG video-only case is based on extensive personal interviews with the two founders, Markus and Daniel, and the CEO of the company, Monika Walser, who they brought in later to professionalize the firm. The videos were taped in various locations, including the FREITAG headquarters and manufacturing facilities in Zurich, in late 2013. The case focuses on the unique approach to agility that FREITAG applies to its business operations: seizing opportunities as they come, staying open to change and being creative. The case also highlights the unique governance of a company where the Creative Directors report to a CEO who, in turn, reports to them as the shareholders of the company. As a whole, the FREITAG story illustrates the journey of entrepreneurship: two brothers who went from hand-crafting bicycle messenger bags to running an upscale international brand.
From Wuhan to the boardroom: Dan Luo’s journey to impact
Summary
IMD Professor Omar Toulan speaks with Dan Luo at OWP Singapore about driving growth, profitability, and leadership across global brands like Heinz and Lego.
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Europe should be proud of its world-beating innovation
Summary
European innovation can be a force for resilience, transformation and global leadership. And yet it is often overlooked due to the geographical bloc’s fragmented markets, risk-averse culture, regulatory complexity and limited access to growth capi...
Contact
Research Information & Knowledge Hub for additional information on IMD publications
DNB Bank: Embracing startups as a growth strategy
Summary
The case examines how DNB Bank, Norway's largest financial services company, reshaped its growth strategy by focusing on startups and SMEs, a segment traditionally considered unprofitable. In 2013, DNB launched a bold SME strategy, deliberately choosing a gross approach to win new startups early in their life cycle rather than a net approach focused on the profitability of existing accounts. This strategy, enabled by a significant investment in digitalization and a cultural shift toward customer lifecycle engagement, generated exceptional results and by 2025, the SME segment delivered the highest return on allocated capital. The journey, however, was not linear. A European regulatory crackdown in 2019, following the Danske Bank money laundering scandal, forced DNB to shift its focus from growth to compliance. The bank reallocated 1,000 employees to KYC units, dismantling its startup-friendly onboarding process and causing customer acquisition to stall. As competitors advanced, DNB had to orchestrate a strategic Restart effort to rebuild its SME leadership. This involved launching superior digital tools, providing automated lending decisions within a minute, and renewing its customer-centric focus. By 2025, the recovery was well underway, with one in three Norwegian SMEs banking with DNB. The case challenges students to evaluate DNB's past choices, the critical balance between growth and compliance, and the future of SME banking as AI and digital agents transform customer interactions.
Reference
IMD-2706
Copyright
©2025
Copyright owner
IMD Copyright
Organization
DNB Bank
Industry
Finance and Insurance, Banking
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Economía circular: las nuevas reglas del crecimiento
Summary
Las estrategias de economía circular y regeneración están transformando el crecimiento empresarial frente al cambio climático, la escasez de recursos y la tensión geopolítica, dentro de los límites del planeta.
Contact
Research Information & Knowledge Hub for additional information on IMD publications
MedTech Diagnostics' transformation crossroads
Summary
The case study examines the organizational transformation challenges faced by MedTech Diagnostics, an 850 million medical diagnostics company attempting to balance innovation speed with regulatory compliance and quality standards. CEO Patricia Chen must navigate the tension between traditional, reliability-focused operations and agile innovation pods, while facing a critical contract renewal worth 187 million that represents 22 of the company's revenue. The case illustrates the complexities of dual operating models in regulated industries. MedTech's traditional divisions generate 120M in EBITDA and are FDA-compliant but are declining at 8 annually. Innovation pods achieve 120 growth and high customer satisfaction but face higher post-market issues and lower FDA approval rates. Hybrid teams intended as a compromise satisfy neither approach, demonstrating the difficulties of organizational ambidexterity. Chen faces three strategic options: controlled evolution over 24 months, creating a separate subsidiary for innovation, or transforming into a platform company. Each option carries significant costs, risks, and uncertain outcomes. The case explores critical organizational design questions, including culture change, stakeholder management, resource allocation, regulatory navigation, and leadership alignment in transformation contexts. Key themes include managing organizational culture during transformation, balancing innovation with quality in regulated environments, addressing internal resistance and political dynamics, developing effective dual operating systems, and making high-stakes strategic decisions under uncertainty. The case is designed for classroom discussion on organizational change, innovation management, and strategic decision-making in complex operating environments.
Reference
IMD-2726
Copyright
©2025
Copyright owner
IMD Copyright
Organization
MedTech Diagnostics (Fictionalized)
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Kontor: When VR faces reality. An internal innovator's dilemma
Summary
The case looks at the fundamental challenges, tensions and opportunities associated with an internally run venture as opposed to an externally funded startup or spin-off company. It discusses the genesis and context of Kontor, an internal venture funded by Resmed Inc. Resmed is an S&P 500 MedTech company. At the time of the case, May 2024, Resmed was also experiencing increasing external competitive threats and pressure on its margin due to GLP-1s, a class of medicines. Kontor is an internal venture at Resmed trying to find its way through turbulent times. Kontor applies Resmed's class-leading comfort and fit technology to the AR/VR space, thus making these devices more comfortable for the user. Kontor has been running for several years and Erika, the case protagonist, is the newly appointed general manager. The current turbulent situation is causing the executives to question investment in the internal venture. Erika must deal with many challenges, but the fundamental question is whether Kontor will create the most value for Resmed as an internal venture or whether it should be spun out and in what manner. The case compares five strategic possibilities: 1) Spinning out the business and running Kontor independently of Resmed with external investors, 2) keeping Kontor wholly owned by Resmed but, run it off-balance sheet, 3) sell Kontor to a strategic buyer, 4) keep running Kontor internally with operational assistance from Resmed Inc, or 5) wait and see how the venture goes without making a decision in the near term thus preserving all options.
Reference
IMD-2674
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Kontor, ResMed
Industry
Manufacturing, Technology
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Stop running so many AI pilots
Summary
In late 2023, when the management team at the consumer packaged goods company Reckitt considered adopting gen AI, potential use cases spanned the business—from drafting presentations to delivering customer support to optimizing procurement contrac...
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Why adopting family values will help you ride out any storm
Summary
A climate of pervasive uncertainty is paralyzing decision-making. Here's what leaders can learn about survival and resilience from multi-generational, family-run businesses.
Contact
Research Information & Knowledge Hub for additional information on IMD publications
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)
Summary
This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposition itself in other industrial sectors where it is significantly smaller than the customers. Vanzetti Engineering embraced some of the codes of luxury branding according to what suited it and ignored others. The company discovered that although it was focused mostly on creating functional value, it had to dwell much more on emotional and societal value creation. The process of brand elevation required a complete cultural transformation, and one of the lessons from the case is that a brand is not a slogan but a way of being and of delivering value.
Reference
IMD-2696
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Vanzetti Engineering
Industry
Construction and Engineering;Manufacturing
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
What if Europe’s biggest risk isn’t war – but running out of power?
Summary
In this edition of Leaders Unplugged, IMD President David Bach and Vestas CEO Henrik Andersen discuss Europe’s energy risks and bold leadership.
Contact
Research Information & Knowledge Hub for additional information on IMD publications