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30 October 2025

Bridging Profit and Purpose: Italiacamp’s Impact Journey

Authors: Jordana Rech Graciano dos Santos, Fabrizio Sammarco, Elisabetta Scognamiglio, Ian McCarthy                                                                                                                                              Abstract: Since 1970, when Milton Friedman wrote his famous article in The New York Times arguing that a business’s primary goal should be to maximize profits, many companies have embraced this view. This marked the rise of shareholder theory, which focuses on the idea that a company’s main aim should be to maximize returns for its shareholders. Over time, especially in recent years, economic theories and business practices have evolved to adapt to new realities after some important external events, such as financial crises and environmental crises, have demonstrated that a business cannot consider only the interests of shareholders but also the value (not just economic) that it can create or destroy through its operations. Important concepts, such as blended or creating shared value (CSV), challenge Friedman’s view that profits should be measured solely economically. Both concepts relate to economic and societal progress relationships, generating economic and societal benefits instead of merely donating money to a certain cause or defining business’ responsibilities to address societal challenges. Today, many companies recognize that financial success is not the only important outcome—social and environmental impacts also matter. This broader approach emphasizes the importance of the well-being of employees, communities, and the environment, showing that businesses can create value beyond financial profit. Combining profit-driven motives with social impact goals is a crucial area of study and practice. Many companies are changing their institutional logic to address their challenges better. This teaching case gives an example of a hybrid company that effectively manages the challenges of this new logic. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Making Profits With A Sense of Purpose: Institutional Investors’ Influence On ESG Integration And Sustainable Investing

Authors: Francesca Romana Arduino, Alessandro Zattoni                                                                                                                                                                                                                                                                                                                                                                                                               Abstract: In recent years, the business and financial community has devoted an increasing attention to environmental and social issues, so reinvigorating the long-standing debate – started in the ‘70s with CSR – about the role of corporations in society and their primary goal (purpose or profit). The traditional and dominant view – clearly expressed by Milton Friedman in 1970 in his famous New York Times article – emphasizes that the responsibility of managers is to conduct the business in accordance with shareholders’ expectations, “which generally will be to make as much money as possible while conforming to the basic rules of the society”. On the other side, the purpose perspective underlines that companies should generate long-term value for all stakeholders, including also the debtholders, employees, customers, suppliers, and the society. Putting differently, this view states that companies’ responsibilities go beyond maximizing financial returns for shareholders and include economic, social and environmental goals (the so-called triple bottom line). Pressures to encourage companies to embrace this new approach come from various sources. Download Case Study Request Teaching Notes

Case Studies News & Events

30 October 2025

Small Giants: Marketing Challenges Behind the Adoptions of Insect-Based Foods

Authors: Rumen Pozharliev, Matteo De Angelis                                                                                                                                                                                                                                                                  Abstract: Founded in London by two young Italians, Francesco Majno and Edoardo Imparato, Small Giants has become one of the most important producers of insect-based food products at the international level. The firm has grown considerably following its introduction of mini crackers with 15% cricket flour, extra virgin olive oil and wheat flour. Small Giants’ success is evident from multiple angles: from its entrance into new markets (e.g., Italy and Poland), its increased penetration in UK supermarkets, and its recent raise of 800,000 euros from 491 investors. The firm’s huge potential stems from the fact that insect-based food products represent a valuable alternative protein source with clear environmental and ethical benefits compared to the conventional meat products. Indeed, livestock production significantly harms the environment through water pollution, greenhouse gas emissions and deforestation. In fact, one third of all the water used by the animal agriculture sector goes toward the production of beef. In order to keep the planet hospitable for future generations, it is essential that humans find other dietary solutions that can reduce carbon emissions – and Small Giants is banking on insects being part of that solution. The present case exposes how the firm achieved success by evolving its marketing strategy – from researching consumers’ mentality to drastically changing its brand name and positioning. All these changes were supported by a multi-method scientific analysis done by Luiss’ marketing scholars. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Sustainable Value Chain Management in the Diamond Industry – The Case of Samarth Diamond

Authors: Maria Jell-Ojobor, Sriteja Reddy Wudaru                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: The diamond industry produces sophisticated luxury products through a global value chain with a wide variety of players, benefitting a demanding customer base but also causing several ethical issues in indigenous countries. From being formed in and mined from the deeper layers of our planet, the journey of a diamond is fascinating. It comprises many steps and involves different types of organizations. It is also a cyclical industry prone to global events such as financial crises or the ongoing pandemic. More than 90% of diamond manufacturers in the world are family-owned SMEs in India. Thus, when the global economy collapses, or the markets decline, they find their survival threatened. In this case, we focus on Samarth Diamond, one such family firm operating in the Indian diamond industry. With its headquarters located in India, the company today also has presence in various other countries through subsidiaries or stand-alone businesses. It can be considered one of the top 1% firms in the Indian industry along several criteria. But the company’s journey has not been easy. Our teaching case will introduce the various aspects of the diamond industry, including its value chain, and outline the major problems that exist in the industry regarding sustainability and ethics. Then we present the history of Samarth Diamond, how it had faced challenges during the 2007-2008 financial crisis and how it had emerged as a successful company when the majority of the industry was closing down. From doing contract-based “job work” for other companies to becoming its own manufacturing company, the growth of Samarth Diamond can be attributed to two main factors: its approach towards technology and its attitude towards employees. With hefty investments in technology and capitalizing on their goodwill and name in the market, Samarth Diamond had succeeded to make an effective transformation. From becoming the first to introduce the famous “single package system” in the small diamond category to becoming an organization with more than 4,500 employees, 3 factories, and 3 international offices, Samarth Diamond is an example of family firms surviving and succeeding with grit, skill, and passion as well as risky decisions to adopt new technologies. We will look at how Samarth Diamond implements its human resource policies, specifically from an ethics and sustainability perspective. The company prides itself on the commitment and loyalty of its employees and considers it a core factor that helped the company survive any crisis. As such, it is interesting to see how a family owned firm manages its people and achieves a level of sustainability that does not just meet CSR definitions but also translates into strategic competencies. Moreover, both technology adoption and employee management are intricately linked in the company’s everyday operations. Given that the majority of diamond manufacturing firms are family-owned Indian SMEs, both the adoption of technology and the move towards sustainability and ethics are quite slow. Samarth Diamond is an example of how sustainability can be integrated into the company to realize the triple-bottom line goals of profits, planet, and people. Download Case Study Request Teaching Notes

Case Studies