Zhejiang Hisoar Pharmaceutical

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.

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.

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