Case Studies Collection - IMD business school for management and leadership courses

Case Study

The Mulliez Family Business: Unlocking the secrets of entrepreneurial DNA (A)

Though little-known outside of its home country of France, the Mulliez family enterprise is one of the largest privately held business networks in the world. The Association Familiale Mulliez (AFM) unites over 1,000 family shareholders and oversees a portfolio of more than 90 companies operating across retail, services and other sectors. Its fla…

Family Business

By Peter Vogel and Anouk Lavoie

The Mulliez Family Business: Unlocking the secrets of entrepreneurial DNA (A)

By Peter Vogel and Anouk Lavoie
Case reference: IMD-2748 ©2026

Summary

Though little-known outside of its home country of France, the Mulliez family enterprise is one of the largest privately held business networks in the world. The Association Familiale Mulliez (AFM) unites over 1,000 family shareholders and oversees a portfolio of more than 90 companies operating across retail, services and other sectors. Its flagship companies include Decathlon, Auchan, Leroy Merlin, Cultura, Kiabi, Pimkie, Norauto/ATU and Flunch. Collectively, these businesses employ over 700,000 people in 80 countries and generate estimated revenues of nearly €100 billion annually. Case A begins in 1905, when Louis Mulliez founded a yarn twisting factory in northern France. This modest textile operation laid the foundation for what would become one of Europe’s most influential family businesses. Over the decades, the family diversified beyond textiles, entering retail in 1961 when Gérard Mulliez opened the first Auchan store in Roubaix. The hallmark of the Mulliez dynasty is its collective ownership model. In 1968 the family enshrined its ‘Everyone in everything’ (Tous dans tout) approach in a family constitution and launched an association to oversee its constellation of family-owned companies. Its governance model – anchored in principles of solidarity, long-term orientation and entrepreneurial spirit – has enabled the Mulliez family to remain competitive while sustaining cohesion and entrepreneurial vitality across generations. The case reveals some of the biggest challenges that enterprising families must overcome to survive as well as how to build enough trust to traverse delicate moments such as generational successions. Case A ends in 1992, as the family experiences a crisis of confidence and must decide whether it should sell off all its businesses.

Reference IMD-2748

Copyright owner IMD Copyright

Organization Association Familiale Mulliez

Available Languages English

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Family Business

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Case Study

The Mulliez Family Business: Unlocking the secrets of entrepreneurial DNA (B)

Case B of the Mulliez Family Business case series examines the family’s entrepreneurial ‘DNA’: the unique set of characteristics that have enabled the Association Familiale Mulliez (AFM) to successfully nurture the ventures of the next generations. Case B picks up in the 1990s, as the Mulliez family renews its focus on entrepreneurship. It first…

Family Business

By Peter Vogel and Anouk Lavoie

The Mulliez Family Business: Unlocking the secrets of entrepreneurial DNA (B)

By Peter Vogel and Anouk Lavoie
Case reference: IMD-2749 ©2026

Summary

Case B of the Mulliez Family Business case series examines the family’s entrepreneurial ‘DNA’: the unique set of characteristics that have enabled the Association Familiale Mulliez (AFM) to successfully nurture the ventures of the next generations. Case B picks up in the 1990s, as the Mulliez family renews its focus on entrepreneurship. It first explores the tension between preserving family unity and fostering individual entrepreneurial ambition. It then explains how the Mulliez family designed governance and financial mechanisms – such as a shared investment pool – to encourage risk taking while maintaining cohesion among hundreds of shareholders. The story of the Mulliez clan underscores the importance of cultural values, long-term orientation and trust in sustaining entrepreneurial vitality over decades. It also examines the challenges of balancing inclusivity with performance, as the family seeks to empower new generations without diluting strategic focus or accountability.

Reference IMD-2749

Copyright owner IMD Copyright

Organization Association Familiale Mulliez

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

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Family Business

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Case Study

Northmen vs. pirates: Norsk Hydro says ‘no’ to hackers

In March 2019, Norsk Hydro (a Norwegian aluminum manufacturer and renewable energy company operating across 40 countries) suffered a large-scale ransomware attack that brought its global IT network to a complete standstill. Faced with encrypted systems across 160 sites and a ransom demand payable in bitcoin, the company’s leadership made a cruci…

Cybersecurity

By Öykü Işık and Lisa Simone Duke

Northmen vs. pirates: Norsk Hydro says ‘no’ to hackers

By Öykü Işık and Lisa Simone Duke
Case reference: IMD-7-2366 ©2026

Summary

In March 2019, Norsk Hydro (a Norwegian aluminum manufacturer and renewable energy company operating across 40 countries) suffered a large-scale ransomware attack that brought its global IT network to a complete standstill. Faced with encrypted systems across 160 sites and a ransom demand payable in bitcoin, the company’s leadership made a crucial choice: refuse to pay, engage with no one, and rebuild from scratch at an estimated cost of $50 million to $70 million. This case examines the decisions Norsk Hydro made in the hours, days and months that followed, from containment and incident response to stakeholder communication and organizational restructuring. It explores the ransomware threat landscape, the economics and ethics of paying or refusing a ransom, the strategic value of transparency in crisis communication, and the governance frameworks available to organizations seeking resilience rather than mere impenetrability. Norsk Hydro’s response, which was anchored in its values of care, courage and collaboration, became an industry benchmark. Markets rewarded its openness; its reputation emerged stronger than before. The case challenges students to move beyond the immediate financial calculus and reflect on the deeper question: What kind of organization do you want to be when the lights go out? Suitable for MBA, EMBA and executive education programs in digital transformation, cybersecurity, and crisis management. Designed for a 90-minute facilitated session.

Reference IMD-7-2366

Copyright owner IMD Copyright

Organization Norsk Hydro

Industry Manufacturing;Energy, Renewable Energy

Available Languages English

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Cybersecurity

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Case Study

From complexity to clarity: How ABB transformed its operating model (A)

The case study explores the first phase of ABB’s 2018 to 2024 transformation journey as it tackled longstanding challenges: financial underperformance, declining market confidence and inefficiencies in its complex matrix structure. To streamline operations, CEO Ulrich Spiesshofer initiated a restructuring of its main business areas in 2018, incl…

Business Transformation Organizational Change

By Heather Cairns-Lee, Anand Narasimhan and Valerie Keller-Birrer

Case Study

Reviewing strategy-execution capabilities

A “radar chart” is proposed to visualize where the company needs to improve. It can also be used to support the discussion of any group of executives on the reasons for failure of most strategic initiatives; they may do that by assessing their own company against the six proposed required capabilities and by comparing notes with each other. The …

General Management

By Xavier Gilbert

Reviewing strategy-execution capabilities

By Xavier Gilbert
Case reference: IMD-3-2428 ©2025

Summary

A “radar chart” is proposed to visualize where the company needs to improve. It can also be used to support the discussion of any group of executives on the reasons for failure of most strategic initiatives; they may do that by assessing their own company against the six proposed required capabilities and by comparing notes with each other. The six required capabilities are: 1) Companies need to have a clear and well-communicated strategy, with clear and well-communicated strategic priorities, to which strategic initiatives contribute in a clear and well-communicated way. 2) Companies need to have a cadre of executives at different levels selected for their entrepreneurial and action-learning capabilities. 3) Companies need to understand and encourage action-learning and know how to plan execution accordingly. 4) Companies need to have an inclusive approach to execution. 5) Companies need to be serious about follow-through and see it as an essential part of action-learning. 6) Companies need to realize that, in the end, lack of respect for people, is a sure cause for execution failure. These capabilities are described at length in the book Smarter Execution, published by IMD (also available from Amazon UK). Learning objectives: This note is very effective to support a group discussion on the execution capabilities of a company. It can be used by a senior management team before they decide to launch strategic initiatives; it can be used as part of a kick-off workshop when launching a strategic initiative; or it can be used along the way during execution to identify and correct execution frustrations.

Reference IMD-3-2428

Copyright owner IMD Copyright

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

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General Management

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Case Study

UrbanLuxe: Supply chain and M&A

This brief case exercise presents an increasingly common business scenario: An established player acquires a small, agile start-up to re-energize its value proposition. In this case, established global beauty giant UrbanLuxe acquires beauty start-up KYX. UrbanLuxe represents an old-school company selling a classic portfolio mainly via traditiona…

Supply Chain Mergers and Acquisitions Operations Strategy

By Ralf W. Seifert and Richard Markoff

Case Study

Governance at Theranos (B): The aftermath

This is a riveting case about poor board governance at Theranos that fostered a culture of deception and led to the company’s collapse and the criminal conviction of its celebrated founder, Elizabeth Holmes. Case B explains Theranos’s eventual collapse and highlights how the board contributed to a culture of deception within the company.

Board Business Ethics Leadership

By Anand Narasimhan and Shruti Bajpai

Case Study

Candles Killer: Lighting up the world at the bottom of the pyramid

Shenzhen Power-Solution (SPS), founded in 2009 in China as an entrepreneurial venture, disrupted traditional lighting markets in African villages with its flagship product, Candles Killer. This solar lamp, priced under $5, replaces hazardous kerosene lamps and has an optimized design (9 components, water-bottle stands). The candles killer solar …

Sustainability Customer Centricity Innovation Strategy

By Winter Nie and Yunfei Feng

Case Study

Governance at Theranos (A): A blindsided board

This is a riveting case about poor board governance at Theranos that fostered a culture of deception and led to the company’s collapse and the criminal conviction of its celebrated founder, Elizabeth Holmes. Case A outlines the establishment and growth of Theranos, it’s board expansion and the issues that led to the Wall Street Journal article t…

Board Business Ethics Leadership

By Anand Narasimhan and Shruti Bajpai

Case Study

Essential interpersonal skills for effective leadership

This note provides a comprehensive framework for understanding and developing the core interpersonal processes essential for effective leadership. It identifies and explores seven key processes: Communication, Visioning, Alliance Building, Persuasion, Exercising Power, Negotiation and Conflict Management. Each process is examined in detail, alon…

Leadership Stakeholder Management General Management Communication

By Michael D. Watkins

Case Study

Six strategies for making better decisions under pressure

This note presents a comprehensive framework for improving decision-making capabilities in high-pressure, high-stakes environments. It introduces six evidence-based strategies that help leaders maintain clarity, focus and effectiveness when facing complex decisions under stress. The note explores each strategy in detail: managing emotional respo…

Decision Making General Management Leadership

By Michael D. Watkins

Case Study

Aluminium Cyclo Enterprises Malaysia: How to manage a supply chain disruption?

In 2024, the management of Aluminium Cyclo Enterprises (ACE), was concerned that the European Union (EU) export rules for ferrous and non-ferrous scrap were becoming more restrictive. Not just the EU, but close to 43 countries had restricted the export of ferrous scrap. The overall secondary aluminum industry in Malaysia was very dependent on im…

Marketing

By Dominique Turpin, Anamaya Narain Singh, Cyril Darlong Diengdoh and Sandeep Puri

Case Study

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

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 Alignme…

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)

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…

Family Business Corporate Governance Leadership

By Peter Vogel and Anouk Lavoie

Case Study

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

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 morni…

Artificial Intelligence Digital Strategy

By José Parra Moyano and Alix Rey