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Latest Case Studies
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 reference: IMD-2661, © 2025
Candles Killer: Lighting up the world at the bottom of the pyramid
By Winter Nie and Yunfei Feng
Case reference: IMD-2661 ©2025
Summary
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 …
Reference IMD-2661
Copyright ©2025
Copyright owner IMD Copyright
Organization Shenzhen Power-Solution
Industry Energy;Utilities, Electricity Supply;Consumer Goods, Consumer Electronics
Available Languages English
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Case Study
The new protein buzz: Can Legendary Foods Africa feed the world with insects?

The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…

Entrepreneurship Sustainability Social Innovation
By Sophie Bacq, Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632, © 2025
The new protein buzz: Can Legendary Foods Africa feed the world with insects?
By Sophie Bacq Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632 ©2025
Summary
The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…
Reference IMD-7-2632
Copyright ©2025
Copyright owner IMD Copyright
Organization Legendary Foods Africa
Industry Consumer Goods, Food and Beverage
Available Languages English
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Case Study
DSS+: Carving out a sustainability consulting leader

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when…

Finance Entrepreneurship Sustainability
By Benoit F. Leleux, Giorgio Pignalosa, Larissa Margot Bieler, Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639, © 2025
DSS+: Carving out a sustainability consulting leader
By Benoit F. Leleux Giorgio Pignalosa Larissa Margot Bieler Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639 ©2025
Summary
The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when global regulatory pressure on operational safety and sustainability was intensifying. Gyrus Capital, a mid-market private equity specialist, came together with the management team to engineer the buyout, based on the firm’s strong and predictable revenue streams, long-term client relationships and specialized expertise in safety and sustainability consulting. What emerged out of the 2019 transaction was an independent sustainability consulting powerhouse with over 1,500 consultants around the world. By 2024, dss+ was still expanding rapidly in terms of staff and domains of expertise, not to mention geography, and had to respond to quickly evolving external and internal demands, with clients increasingly expected to be served globally on a full range of sustainability-related services. With a strong sense of purpose (saving lives and creating a sustainable future), a potent pitch line (Protect. Transform. Sustain), over 750 clients on 1,800 projects across 41 countries, a global team of 1,500 people and plenty of organic growth across 7 core industries, the company was clearly heading for the stars. Yet, new questions loomed: Was it time to start managing that wild growth, deepening competitive advantages and building functional moats? How would dss+ remain competitive? Was it time to put a few new initiatives on high octane fuel: Leadership? Digital transformation? Global growth? Some totally new ideas?
Reference IMD-7-2639
Copyright ©2025
Copyright owner IMD Copyright
Organization dss+, Gyrus Capital, Inflexion
Industry Services, Environmental Services;Healthcare, Health and Medical Services;Services, Public Safety;Business Management Services, Consultancy
Available Languages English
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Case Study
Brookfield Asset Management Catalytic Transition Fund

Brookfield’s Catalytic Transition Fund is a case study in how the financial industry can spearhead sustainable development. Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund, marking a significant milestone toward the target of raising up to $5 billion for deployment to clean energy and tr…

Finance Economics Sustainability
By Arturo Bris and Raphaël Jean Luigi Grieco
Case reference: IMD-2652, © 2024
Brookfield Asset Management Catalytic Transition Fund
By Arturo Bris and Raphaël Jean Luigi Grieco
Case reference: IMD-2652 ©2024
Summary
Brookfield’s Catalytic Transition Fund is a case study in how the financial industry can spearhead sustainable development. Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund, marking a significant milestone toward the target of raising up to $5 billion for deployment to clean energy and transition assets in emerging markets. $1 billion of capital was provided by ALTÉRRA, the world’s largest private investment vehicle for climate finance based in the United Arab Emirates, with the purpose of mobilizing investment at scale to finance a new climate economy. The fund is focused on deploying capital into clean energy and transition assets in emerging markets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. This strategic partnership will help drive clean energy investment into emerging markets, where investment needs to increase sixfold over current levels to reach the $1.6 trillion required annually by the early 2030s in line with global net zero targets.
Reference IMD-2652
Copyright ©2024
Copyright owner IMD Copyright
Organization Brookfield Asset Management
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Sea2see: Seastainable vision

BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its ow…

Entrepreneurship Family Business General Management Global Business Marketing Sustainability
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564, © 2024
Sea2see: Seastainable vision
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564 ©2024
Summary
BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its own new questions and issues. From the start, he had relied on the superb craftmanship and dedication of an Italian frame manufacturer. Over time that relationship had turned into a mutual dependency: He was now one of its major clients but, reciprocally, had developed a key supplier risk. What if something happened to that relationship? Should he develop a broader set of suppliers and, if so, how could that be done without antagonizing a great working relationship? Recycling very much set the stage for the brand’s sustainability claims, but it also took massive amounts of time to manage. As other companies started to develop their own fishing net recycling supply chains, did it still make sense to invest so much time in the upstream phase or should he pour his energy into his beloved brand? Finally, maybe it was also time to revisit the growth/profitability dilemma and open up the capital to increase the speed of growth, all for the benefit of the environment as impact fed on scale.
Reference IMD-7-2564
Copyright ©2024
Copyright owner IMD Copyright
Organization Sea2see
Industry Consumer Goods, Optical Products
Available Languages English
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Case Study
IG4 Capital: Private equity with a purpose

SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…

Finance Emerging Market Entrepreneurship Sustainability
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545, © 2024
IG4 Capital: Private equity with a purpose
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545 ©2024
Summary
SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…
Reference IMD-7-2545
Copyright ©2024
Copyright owner IMD Copyright
Organization IG4 Capital Partners
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…

Entrepreneurship Sustainability Diversity and Equity and Inclusion
By Vanina Farber, María Helena Jaén, Jose Mello, Lilian de Miranda, Patricia Araripe, Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613, © 2024
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability
By Vanina Farber María Helena Jaén Jose Mello Lilian de Miranda Patricia Araripe Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613 ©2024
Summary
The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…
Reference IMD-7-2613
Copyright ©2024
Copyright owner IMD Copyright
Organization Rede Mulher Empreendedora
Industry Services
Available Languages English
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Case Study
Not so black and white: Grupo Inca’s black alpaca dilemma (B)

Picking up where Case A ends, Case B reveals that Grupo Inca decided to innovate internally and develop a new fabric from the rare black alpaca fiber. After nearly three years of effort, the Inoue brothers’ dream of creating a luxury collection from undyed black alpaca fiber became a reality. The collaboration between the Inoue brothers, Incalpa…

Social Innovation Business Ethics Sustainability
2024 EFMD Case Writing Competition Award – Responsible Business Category
By Vanina Farber, Carolina Duran Silva, Baris Silahcioglu, Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2610, © 2024
Not so black and white: Grupo Inca’s black alpaca dilemma (B)
By Vanina Farber Carolina Duran Silva Baris Silahcioglu Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2610 ©2024
Summary
Picking up where Case A ends, Case B reveals that Grupo Inca decided to innovate internally and develop a new fabric from the rare black alpaca fiber. After nearly three years of effort, the Inoue brothers’ dream of creating a luxury collection from undyed black alpaca fiber became a reality. The collaboration between the Inoue brothers, Incalpa…
2024 EFMD Case Writing Competition Award – Responsible Business Category
Reference IMD-7-2610
Copyright ©2024
Copyright owner IMD Copyright
Organization Grupo Inca
Industry Manufacturing, Textile
Available Languages English
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Case Study
Not so black and white: Grupo Inca’s black alpaca dilemma (A)

Grupo Inca, a conglomerate that owned Peru’s leading textile business with a long history of working with alpaca fleece, was at a crossroads regarding the conservation and commercialization of black alpaca fiber. Historically, black alpacas were as common as their lighter-colored counterparts, but market preferences drove them to near extinction…

Social Innovation Business Ethics Sustainability
2024 EFMD Case Writing Competition Award – Responsible Business Category; The Case Centre Awards and Competitions Winner 2025 – Outstanding Compact Case
By Vanina Farber, Carolina Duran Silva, Baris Silahcioglu, Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2609, © 2024
Not so black and white: Grupo Inca’s black alpaca dilemma (A)
By Vanina Farber Carolina Duran Silva Baris Silahcioglu Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2609 ©2024
Summary
Grupo Inca, a conglomerate that owned Peru’s leading textile business with a long history of working with alpaca fleece, was at a crossroads regarding the conservation and commercialization of black alpaca fiber. Historically, black alpacas were as common as their lighter-colored counterparts, but market preferences drove them to near extinction…
2024 EFMD Case Writing Competition Award – Responsible Business Category; The Case Centre Awards and Competitions Winner 2025 – Outstanding Compact Case
Reference IMD-7-2609
Copyright ©2024
Copyright owner IMD Copyright
Organization Grupo Inca
Industry Manufacturing, Textile
Available Languages English
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Case Study
Pasona: Well-being through regional revitalization

Pasona Group, a Japan-based human resources company, is committed to driving social change through business and supporting individuals to find “ikigai” (fulfillment) through work. The company has promoted flexible work and equitable workplaces and created employment opportunities for minorities. Pasona now wanted to tackle the overconcentration …

Social Innovation Diversity and Equity and Inclusion Sustainability
By Alyson Meister and Naoko Jinjo
Case reference: IMD-7-2573, © 2024
Pasona: Well-being through regional revitalization
By Alyson Meister and Naoko Jinjo
Case reference: IMD-7-2573 ©2024
Summary
Pasona Group, a Japan-based human resources company, is committed to driving social change through business and supporting individuals to find “ikigai” (fulfillment) through work. The company has promoted flexible work and equitable workplaces and created employment opportunities for minorities. Pasona now wanted to tackle the overconcentration …
Reference IMD-7-2573
Copyright ©2024
Copyright owner IMD Copyright
Organization Pasona Group
Industry Business Management Services, Human Resources
Available Languages English
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Case Study
Decathlon’s circular revolution: Scaling sustainable business models

The case focuses on Decathlon’s journey from 2023 onwards as it seeks to scale its circular business models and transform from a successful pilot phase to large-scale industrialization. Anna Turrell, Decathlon’s chief sustainability officer, is tasked with achieving ambitious growth targets – to increase circular sales by 6 to 10 times. The case…

Sustainability Innovation Value Creation
By Julia Katharina Binder and Manuel Braun
Case reference: IMD-7-2599, © 2024
Decathlon’s circular revolution: Scaling sustainable business models
By Julia Katharina Binder and Manuel Braun
Case reference: IMD-7-2599 ©2024
Summary
The case focuses on Decathlon’s journey from 2023 onwards as it seeks to scale its circular business models and transform from a successful pilot phase to large-scale industrialization. Anna Turrell, Decathlon’s chief sustainability officer, is tasked with achieving ambitious growth targets – to increase circular sales by 6 to 10 times. The case…
Reference IMD-7-2599
Copyright ©2024
Copyright owner IMD Copyright
Organization Decathlon
Industry Consumer Goods, Sports Equipment
Available Languages English
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Case Study
Ragn-Sells: From company in crisis to circular sustainability champion

This case highlights Ragn-Sells’ remarkable journey from facing financial difficulties to establishing itself as a global authority on the circular economy and sustainability. In 2015, Pär Larshans joined the Swedish waste management company during a period of financial uncertainty, prompting a re-evaluation of its business strategy. Through a c…

Sustainability Family Business
By Florian Hoos and Valerie Keller-Birrer
Case reference: IMD-7-2567, © 2024
Ragn-Sells: From company in crisis to circular sustainability champion
By Florian Hoos and Valerie Keller-Birrer
Case reference: IMD-7-2567 ©2024
Summary
This case highlights Ragn-Sells’ remarkable journey from facing financial difficulties to establishing itself as a global authority on the circular economy and sustainability. In 2015, Pär Larshans joined the Swedish waste management company during a period of financial uncertainty, prompting a re-evaluation of its business strategy. Through a c…
Reference IMD-7-2567
Copyright ©2024
Copyright owner IMD Copyright
Organization Ragn-Sells Group
Industry Utilities, Recycling
Available Languages English
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Case Study
La Marzocco: Espresso perfection

In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…

Sustainability Entrepreneurship Growth
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603, © 2024
La Marzocco: Espresso perfection
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603 ©2024
Summary
In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…
Reference IMD-7-2603
Copyright ©2024
Copyright owner IMD Copyright
Organization La Marzocco
Industry Manufacturing, Machinery
Available Languages English
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Case Study
Inspiring sustainability in sports: Carbon emission management at the International Olympic Committee

The case highlights the significant role played by the International Olympic Committee (IOC) in reducing its environmental footprint and promoting sustainability in sports. As the leader of the Olympic movement, the IOC bore the responsibility of setting a positive example to inspire the broader sports community. With ambitious climate targets a…

Sustainability Accounting Strategy
By Florian Hoos, Giovanni-Battista Derchi and Valerie Keller-Birrer
Case reference: IMD-7-2512, © 2024
Inspiring sustainability in sports: Carbon emission management at the International Olympic Committee
By Florian Hoos Giovanni-Battista Derchi and Valerie Keller-Birrer
Case reference: IMD-7-2512 ©2024
Summary
The case highlights the significant role played by the International Olympic Committee (IOC) in reducing its environmental footprint and promoting sustainability in sports. As the leader of the Olympic movement, the IOC bore the responsibility of setting a positive example to inspire the broader sports community. With ambitious climate targets a…
Reference IMD-7-2512
Copyright ©2024
Copyright owner IMD Copyright
Organization International Olympic Committee
Industry Travel and Leisure, Sports
Available Languages English
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Case Study
Should Unilever pivot from being purpose-led?

The case study delves into strategic transformation and leadership transitions at Unilever since 2009. Unilever has been an industry leader of business sustainability. Paul Polman was a pioneer who introduced the idea that, by addressing social and environmental problems, a company can unlock new growth opportunities. Polman launched a 10-year S…

Strategy Marketing Purpose Sustainability Diversity and Equity and Inclusion
By Goutam Challagalla and Samaja Penumaka
Case reference: IMD-7-2578, © 2024
Should Unilever pivot from being purpose-led?
By Goutam Challagalla and Samaja Penumaka
Case reference: IMD-7-2578 ©2024
Summary
The case study delves into strategic transformation and leadership transitions at Unilever since 2009. Unilever has been an industry leader of business sustainability. Paul Polman was a pioneer who introduced the idea that, by addressing social and environmental problems, a company can unlock new growth opportunities. Polman launched a 10-year Sustainable Living Plan with three objectives: to enhance health and well-being, livelihoods and environmental sustainability. Alan Jope followed in Polman’s path and launched a novel plan for the new decade called The Unilever Compass, focused on sustainability. Unilever took a strategic turn during Jope’s tenure and asked the brands to use their products to solve social issues. He called this “purpose-led branding,” which confused investors. They believed social branding would take the company’s focus away from growth. Tensions were high at Unilever and resulted in a change in leadership. The company wants to focus on growth, which raises questions about the future of corporate sustainability at Unilever.
Reference IMD-7-2578
Copyright ©2024
Copyright owner IMD Copyright
Organization Unilever
Industry Consumer Goods
Available Languages English
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