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30 October 2025

A gas-fired combined cycle power plant in the Republic of Armenia: a winning international partnership

Authors: Matteo Caroli, Leopoldo Mandelli, Luca Silla, Amerigo Silvestri                                                                                                                                                                                                                                                                                                                                                              Abstract: In December 2016, the government of the Republic of Armenia (RA) signed a memorandum of understanding (MoU) with an Italian medium-sized construction company, Renco S.p.A Group (RESpa). The MoU detailed the indicative commitments of the three pivotal counterparts potentially involved: the Armenian government (the project promoter), RESpa (the project’s main initial developer) and the to-be-established project company (the special purpose vehicle – SPV or “project company”). The MoU, based on a Build-Own-and-Operate (BOO) project financing contractual framework, defined the preliminary responsibilities concerning the design, construction, operation and maintenance of a 250MW gas-fired combined cycle power plant in Yerevan, Armenia’s capital city (the “project”). The new plant was originally expected to replace part of the energy production of an old nuclear power plant which needed to be refurbished. For RESpa and its top management, the Chairman and the CEO, the MoU constituted a real turning point and great opportunity to improve RESpa’s track record and market position as an emerging international EPC (engineering, procurement and construction) player in the energy sector. However, the project encompassed various challenges for RESpa in terms of technical and industrial complexity, legal and commercial matters and, above all, considerable potential employment of capital and financial resources. On the one hand, the CEO and the management team were aware of the opportunity and prestige created by the MoU, but, on the other hand, they knew all too well that the project would generate a variety of critical risks which, if not managed properly, could damage the company’s reputation and stress its financial position. RESpa and its management were therefore required to find an efficient and winning solution to seek industrial and financial partners without losing visibility vis-à-vis Armenian political decision-makers, competitors and other market players. The key success factors for RESpa were identifying the most suitable project working organisation, project partners, several co-investors and the right risk strategy to cover operational and political risks. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Australia General Construction, Inc.

Authors: Saverio Bozzolan, Fabio Accardi, Roberto Rosato                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: John Richmond, a thirty-eight-year-old with a degree in Construction Engineering with a MBA,is the Chief Audit Executive (CAE) of Salmon Creek Engineering and Construction LLC (SCE&C).SCE&C is listed in the New York Stock Exchange, and it operates on a global scale in the large infrastructure industry, with General Contracting, Project Financing and Operation & Maintenance Divisions. John became the Chief Audit Executive since few months, after working for four years in a large international auditing company and following for about two years as Controller of a medium-sized construction company. It was a quite Friday afternoon and John started to plan his weekend making order on his desk when the phone rang. The CEO's assistant told him that Robert Marshall (CEO) needs to meet him immediately. When John entered in the CEO’s office, the CEO went immediately to the reason for the meeting. "Dear John" he began "you have been with us for a few months and we are very happy with how you are working. The position of CAE is covered by a person who does not limit himself to verifying that "the procedures are respected" but that is able to make a contribution to the achievement of our strategies". "For this reason," Robert continued, "I would talk about an ambitious and reserved project that we have for our expansion abroad. As you know the SCE&C’s objective, in the execution of our worldwide strategy as per 2019 - 2022, is to enter into the Australian market. With the aim to minimize environmental and market risks, we have been looking for potential acquisitions of an existing company (M&A). After a very careful analysis of possible target firms, the choice is going towards the Australia General Construction, Inc. (AGC).” Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Banca FINNAT. “HNWI WEALTH: Growth through Transparency” – ENG

Authors: Paolo Nattino, Carlo Pittatore, Maurizio Corsoni, Enrico D’Onofrio                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: Paolo Nattino stood in his office in the prestigious Palazzo Altieri, looking out of the window overlooking Piazza del Gesù in Rome, pondering the future of Banca Finnat Euramerica (BFE), which had been founded by his family well over a century earlier. His mind was immersed in the dilemma presented by the imminent introduction of the Retail Investment Strategy (RIS), which was in the process of being approved by the European Commission and which could lead to the implementation of a new integrated and holistic advisory contract. As Paolo contemplated the situation, the opportunities and risks of this new strategy emerged in his mind. On the one hand, an integrated approach would have allowed the bank to offer more comprehensive and personalised advice to its clients, taking into account a wide range of factors, including financial goals, wealth situation and risk profile. This could have led to greater customer confidence and satisfaction, as well as potential business growth opportunities. On the other hand, there were also risks considering. An incorrect or ineffective implementation of the new consultancy contract could have led to increased operational complexity and potential conflicts of interest. Furthermore, the introduction of a new strategy required adequate staff training and significant investments in technology and human resources. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Deus ex Machina. It’s The Link, There’s No Thing

Authors: Federico Minoli, Enrico D’Onofrio                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: In March 2020 Deus ex Machina’s (Deus) President and CEO Federico Minoli, a veteran of the sport and luxury industries with top roles at Benetton, Ducati, Dainese, Bally and POC Sports was confined by the Covid pandemic to his house in Boston. His bichon frisé Pepsi was looking at him anxiously, sensing that something was troubling the mind of her loving owner. Minoli was indeed struggling to imagine how to face the insidious threat that Covid-19 posed to Deus, a brand that he, together with a group of friends, had acquired only three years earlier. Minoli and friends had been attracted to Deus by the transformative potential of the brand and had imagined a worldwide expansion of a business still in its infancy. What is Deus Ex Machina? Is it a motorcycle and surfboard company? An apparel Company? A new concept of restaurant? An art gallery? A content producer? Deus is none of these things and at the same time it is all of them. Deus is a philosophy of life, an incubator of creativity, a generator of culture. It is anchored by Deus Temples, large venues that bring people together to enjoy music, food, shopping, and events – to watch a custom motorcycle take shape, or simply to feel relaxed and happy. It is the magic of a Temple that sets Deus apart and allows significant sales of Deus’ products also indirectly through a worldwide multi-channel distribution. The strategic issues around the post-Covid future of Deus were complex and controversial, and Minoli struggled to find the right answers. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Digital Enablers for new Decision Journeys: creating and adopting digital touch points – Sorgenia

Author: Marco Francesco MazzùIn cooperation with Sorgenia management and Ludovica Serafini                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: Gianfilippo Mancini, Sorgenia’s CEO, was looking out of the window of his office in the new sustainable and digital headquarter of the company: he was incredibly proud of Sorgenia’s achievements after the crisis period. Sorgenia had gone far in only three years, but it wasn’t still enough. The goal was to stand out in the market. The CEO was trying to figure out which would be the ideal direction to steer the company in the next years, which actions were needed to impose Sorgenia on the Italian market as the first non-incumbent energy company, and if new trends (production of cleaner energy, longterm sustainability, digital) should be among his priority going forward. A constant thought was also recurring in the management’s agenda: how to transform the perception of energy from being a mere commodity to something that customers consider as a relevant part of their ordinary life. The enhanced-protection regime, in the overcrowded Italian energy retail market, was about to be abolished – as of July 1st, 2020 -, and energy retailers need to develop their strategy to capture the new opportunity. In addition, approximately 25 million energy meters would have to rely on new suppliers in ways not yet codified by the regulation. The goal was radically changing the perception customers have about energy. The keyword was “choice”: let customer have the chance to actively choose an energy offer suitable for their needs. By blending its new positioning with its pioneering attitude in exploiting technology, Sorgenia re-thought all the customer experience in order to give them exactly that: the chance of comparing offers and evaluating the most suitable. A new era was starting: an energy sustainable, shared, easy and full digital. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Facing a new World: Repositioning Police Services for the 21st Century

Author: Fabian Homberg                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: It was the fifth of July 2016. Mr Oliver Schumann came home after a long day of meetings with mixed feelings. On the one hand he was happy as he had been charged with a major task which he interpreted as a strong signal of trust by his superiors. On the other hand, he was also worried because it was a daunting task. He works for a regional police force, and his boss asked him to lead a major repositioning initiative that involved a strategy redesign. The current strategy focused on “securing the region” was not adequately developed to address recent societal changes the police was facing at the time. Additionally, he knew from his own experience in the organization that most officers make fun about it and do neither find it appealing nor relevant. It was his first role as project leader and thus he felt a strong pressure to complete the project successfully. As a civilian employee he had been working for the regional police force for the past 3 years. Benefitting from a degree in strategy from a well-ranked institution he had been leading the police’s organizational development office since January 2013. This office develops, consults on and implements major organizational initiatives. Most of his colleagues look at it as being some form of in-house consultancy. Apparently, his superiors were satisfied with his performance on the job to date since he took over the position and hence, charged him with the task to lead the repositioning initiative. On the one hand, he felt proud and enthused about the fact that he was given such an important project impacting the whole organization. “It may be a real chance and also a very interesting project”, he thought. Also additional resources were granted to him in order to expand his team and an increased budget for the next three years highlighting the importance of the project. Thinking thoroughly about it, he concluded that the project has the potential to be the springboard for his next promotion – but only if it was a success! Thus, on the other hand he was very stressed, as he knew that a majority of change projects fail and that visions and strategies are easier written than implemented. For example, he vividly remembers the discussion that were triggered by a Towers Perrin Report launched in 2013 on the high failure rates of change initiatives. The headline still stuck to his mind: “Only One-Quarter of Employers Are Sustaining Gains from Change Management Initiatives”. At all costs, he wanted to bring the majority of law enforcement officers behind him and to deliver a successful strategy redesign. He also remembers reading a recent study by McKinsey stating that 49% of company redesign projects fail. It seemed that he would have to cross a bridge over troubled waters, he thought. The fact that he was employed in a rather civilian function, not being a law enforcement officer working on the streets on a daily basis might be perceived as an additional obstacle by the law enforcement officers who form the largest fraction of personnel in the organization. Also, time was pressing! He clearly was aware of the need to get feet on the ground and to start working on the project. But how should he start? His mind was spinning! Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Head & Shoulders’ Commercials in China and in Italy: Understanding Cultural Differences To Develop Effective Communication

Authors: Maria Giovanna Devetag, Giovanni Zazzerini, Vincenza Caputo                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: Marco is the H&S global brand manager. In his office in Milan, he is reviewing annual figures, and looking at communication costs, he starts wondering about a worldwide cost-cutting strategy. In his mind, the option of developing a global one-fit-all campaign instead of several local ads seems the best solution. He decides to share his thoughts with his colleagues before making the final decision.Chiara, the Italian-Chinese newly employed H&S marketing analyst, who has a background of sinological studies and entered H&S after coming back from a work experience in China, participates to the meeting, taking place in the late afternoon.Marco: “our brand has a global reach, our brand identity is well defined and customers appreciate our products. We’ve invested a fortune to communicate our uniqueness, but now I have been asked to pay attention to communication costs and I am inclined to opt for a single campaign fitting all the markets we operate in. In my view a single global campaign would be equally effective as compared to different campaigns for local markets and it would save us some costs. Think about what we did last year with the Chinese and Italian markets (see Annex 1 – The Italian and Chinese Advertising campaigns), don’t you think that we could develop a global one-fits-all campaign?”. Download Case Study Richiesta Teaching Notes

Case Studies

30 October 2025

Macron: The strategic role of sponsorship to sustain brand growth

Author: Marco Francesco Mazzù In cooperation with Macron management and Antea Gambicorti                                                                                                                                              Abstract: It was 7pm and the sun was going down the hills of Valsamoggia. The CEO Gianluca Pavanello was observing the work in progress for the Macron new headquarters : two buildings of 22.000 sqm crossed by a canal. Facing the building site of the new offices and distribution center, symbol of the fast growth of the company, the CEO asked himself: “We have done so much until now, but right now we are in front of a crossroads. How can we continue to achieve growth in the complex context where we operate?”. From a unique Italian distributor of baseball equipment on behalf of MacGregor USA and other American baseball brands, in 1971, Macron then twisted its offer, entering in the arena of professional football sponsorships. This signed the company trajectory towards the sports sponsorships, before only in Italy and then also abroad, until to reach today 71% of revenues abroad and 29% in Italy. The Macron rapid and stable improvement, especially in teamwear as its core business, reached the highest point in 2018, when the UEFA gave to the company three recognitions: the definition of Macron in “The European Club footballing landscape” (2018) as the third most important supplier in the world of European football, after Nike and Adidas; the decision to choose the Italian sports brand as its official partner for the supply of apparel to the smaller football federations for the years 2018-2022; choose again Macron as Official Referee kits supplier to all the referees of all the UEFA competitions (the most important: Champions League, Europa League, Euro 2020 and Nations League). However, despite these important recognitions, Macron management team was aware that a new step should be undertaken in order to compete in a global market with some global player (Nike, Adidas and Puma) and several aggressive attackers. How can Macron sustain its growth? How to keep growing internationally? What marketing levers to activate to stimulate awareness, trial, engagement and loyalty? Are strategic sponsorships still a valid growth tool or should be modified? Those seemed some of the core question Pavanello was about to discuss with his management team. Download Case Study Request Teaching Notes

Case Studies

30 October 2025

Strategy, ownership and governance in family business groups: the Angelini case

Author: Alessandro Zattoni                                                                                                                                                                                                                                                                                                                                                                                                              Abstract: The Angelini Group is a large privately-owned Italian group. At the end of 2017 the Angelini Group had about 6,000 employees, located in 20 countries, and a turnover of €1.67 billion with a gross operating margin of €234 million. Table 1 shows the main Angelini Group business units. The Group is diversified and operates in various sectors: pharma, personal care/consumer, machinery, beauty, wines and real estate. The pharmaceutical business accounts for 52% of turnover, personal care for 29%, machinery for 9%, beauty for 7%, wines for 2% and other activities (including real estate) for 1%. As he approaches the age of 70, Mr. Francesco Angelini – grandson of the founder and leader of the Group – reflects on the existing strategy, ownership and corporate governance structure. He intends to hand over the reins to the next generation after having designed a group and governance structure coherent with the size and the complexity of the Group. Download Case Study Request Teaching Notes

Case Studies