HomeResearch & Knowledgeback to HomeStrategyback to Research & KnowledgeLa Martina (B): Selling the passion?back to Strategy

Case Study

La Martina (B): Selling the passion?

By Benoit F. Leleux, Dominique Turpin and Thomas Brochier

8 pages

April 2008

Order this case study

Reference: IMD-3-1971

MARCH 2008. Lando Simonetti, founder and CEO of La Martina was pacing around his office in the Buenos Aires suburbs. Not so long ago, the offer that had just landed in his inbox would have been relegated to the trash bin within seconds. He had always been fervently committed to the independence of his firm – independence from investors, boards of directors, banks and politicians.

From a local polo equipment producer, La Martina had become one of the most recognized global brand names in polo and fashion alike. He would have preferred to stay true to the brand’s DNA, rooted in the estancia lifestyle and the polo game, delivering functional polo equipment. But that no longer seemed possible since the fashion industry had discovered the brand and transformed it into a fashion icon.

This time the offer was different. It came from Tribeca Partners, a reputed South American private equity firm in Bogotá that had developed a serious fashion specialty. It had recently concluded its first deal in Argentina, acquiring one of La Martina’s local competitors, Etiqueta Negra, with a view to taking it global. The company clearly knew about fashion and Argentina was on its radar screen. The offer was rock solid, valuing the company at close to three times sales and ten times EBIT. Was it time to let go?

Learning Objective

Discuss exit planning, harvesting, private equity, growth management, and the fashion industry.

Keywords

Entrepreneurship, Fashion, Polo, Brand Management, Growth Management, Growth Financing, Emigrant Entrepreneurship, Brand DNA, Exit Strategy, Private Equity, Sports Equipment, General Management

Settings

Argentina, Colombia
March 2008

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

This case study is part of a series

2008 EFMD Award Winner (Entrepreneurship category)

This case study is part of a series

Keep reading

Article

A strategic thinking test for leaders - Brain Circuits

Take the strategic thinking test for leaders to assess your readiness and explore practical steps to strengthen this vital leadership capability.

Leadership Strategy

By Michael D. Watkins

in I by IMD

Article

Energy transition: how to surf the wave of change

Future-ready organizations that focus on the energy transition and accelerate along with it will reap the benefits.

Change Management Strategy Sustainability

By Julia Binder and Knut Haanaes

in I by IMD

Case Study

Sandoz China: Do we stay or do we go?

Strategy China Leadership

By Mark J. Greeven and Jim Pulcrano

Case Study

Sandoz (A): Breaking free to stand alone

Strategy Leadership Global Business

By Jim Pulcrano, Charan Singh, Zita Falk, Franciska Darmer and Barbara Schmidt-Ley

Video

Lean and clean are perfect partners, says CEO of engineering giant

ABB CEO Morten Wierod on leaner cleaner strategy, electrification, automation, robotics, AI, digital transformation, sustainability, leadership.

Leadership Strategy Sustainability

By Jean-François Manzoni

in I by IMD

Article

LLMs will hallucinate forever – here is what that means for your AI strategy

OpenAI’s new paper shows AI hallucination is inevitable. Discover how Gödel’s paradox reshapes AI strategy and leadership for 2026 and beyond.

Five ways to unlock breakthrough ideas

New ideas behind innovative business models can feel sudden, but are rarely random. Innovation happens when you reframe challenges and opportunities.

Innovation Strategy

By Stefan Michel

in I by IMD

Article

Psychological perspectives of owner-managers on voluntary retirement

The study aims to assist small- and medium-sized enterprises (SMEs) in preparing for the retirement of their owner-managers and smoothing their management transition. It explores how owner-managers perceive and navigate their retirement journey fr...

Family Business Entrepreneurship

By Lea Wang, Jung Eung Park and Benoit F. Leleux

in International Journal of Entrepreneurial Behaviour and Research

12 September 2025, ePub before print

Article

Generation of Givers - Family Business

Discover how family business leaders can nurture a generation of givers, ensuring wealth transfer builds lasting impact.

Family Business Leadership Strategy

By Camille Korschun, Peter Vogel and Martin Euwema

in I by IMD

Article

How to be remembered for the right reasons #5: Create shared connection

Earn the right to be heard by blending credibility with relatability, meeting audiences where they are, and building rapport through shared stories.

Leadership Strategy

By Robert Vilkelis

in I by IMD Brain Circuits

4 September 2025

Energy transition: how to surf the wave of change

By Julia Binder and Knut Haanaes
in I by IMD

Summary

Future-ready organizations that focus on the energy transition and accelerate along with it will reap the benefits.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Change Management

Strategy

Sustainability

Browse all topics

Sandoz China: Do we stay or do we go?

By Mark J. Greeven and Jim Pulcrano
Case reference: IMD-2680 ©2025

Summary

The Sandoz leadership team faced an important decision as it broke away from Novartis and became a public company. Should Sandoz retain the global geographical coverage it had had in its many years as part of Novartis? Or should it focus on fewer geographies and a simplification of the business models it was using? Since Sandoz was in a lower margin business than an innovator pharma company like Novartis, eventually, the senior leadership team decided to exit China. There was a belief that it was going to be difficult to compete on price with local Chinese companies, and the investment required to invest in more complex generics, as well as high-margin biosimilars, was beyond the means of Sandoz as it became a publicly listed company. The case also touches on the differences of opinion in a very strong leadership team and the options that were explored, or not, as the sale of Sandoz China to Aspen Pharmacare was concluded.

Reference IMD-2680

Organization Sandoz

Industry Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

China

Leadership

Browse all topics

Sandoz (A): Breaking free to stand alone

By Jim Pulcrano Charan Singh Zita Falk Franciska Darmer and Barbara Schmidt-Ley
Case reference: IMD-2669 ©2025

Summary

This case series explores Sandoz's spin off from Novartis, which was finalized on 4 October 2023. Case A follows Richard Saynor's (CEO, Sandoz) ruminations as he builds the company strategy in preparation for the board's approval of Sandoz as a standalone company. The narrative outlines the key strategic areas that Richard, along with his senior leadership team, considered and which strategy was eventually approved by the board of directors (i.e. product portfolio mix), the direction of the growth strategy (i.e. top vs. bottom line approach), target geography regions and ownership model. Case A focuses on the dilemmas and considerations of each strategic area.

Reference IMD-2669

Organization Sandoz

Industry Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Leadership

Global Business

Browse all topics

Lean and clean are perfect partners, says CEO of engineering giant

By Jean-François Manzoni
in I by IMD

Summary

ABB CEO Morten Wierod on leaner cleaner strategy, electrification, automation, robotics, AI, digital transformation, sustainability, leadership.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Strategy

Sustainability

Browse all topics

Psychological perspectives of owner-managers on voluntary retirement

By Lea Wang Jung Eung Park and Benoit F. Leleux
in International Journal of Entrepreneurial Behaviour and Research 12 September 2025, ePub before print

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Family Business

Entrepreneurship

Browse all topics

Generation of Givers - Family Business

By Camille Korschun Peter Vogel and Martin Euwema
in I by IMD

Summary

Discover how family business leaders can nurture a generation of givers, ensuring wealth transfer builds lasting impact.

Contact