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• Teaching Note | HBS Case Collection | March 2018

  Mavi: Fashioning a Path to Brand Growth

  Jill Avery and Gamze Yucaoglu

  Mavi, a leading Turkish apparel retailer, had sales of $419 million in 2015, up 20%. Growth rates like these were becoming routine at Mavi. But, its path to growth was getting more challenging, and Turkven, Mavi’s private equity partner, was planning its exit options after seven years of investment. There were three growth levers Mavi could pull, but each involved selecting one growth path while neglecting another. Should the company invest in growth domestically or internationally? Should they change the price positioning of its brand to move up-market and/or down-market? Which type of brand value proposition offered the most future promise for brand extension: functional differentiation, lifestyle differentiation, or celebrity endorsement? Managers realized that these choices would not only determine the company’s short term growth trajectory but also shape the longer term value of the Mavi brand as it was extended into new areas. Teaching Note for HBS No. 517-075.

  Keywords: marketing; marketing strategy; retailing; fashion; brand; brands and branding; brand management; brand extension; Brand equity; private equity; Marketing; Marketing Strategy; Brands and Branding; Growth and Development Strategy; Decision Choices and Conditions; Retail Industry; Fashion Industry; Turkey; Europe;

  Citation:

  Avery, Jill, and Gamze Yucaoglu. "Mavi: Fashioning a Path to Brand Growth." Harvard Business School Teaching Note 518-094, March 2018.  View Details

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• Case | HBS Case Collection | February 2017 (Revised March 2018)

  BIM: Finding New Ways to Grow

  Michael Chu and Gamze Yucaoglu

  BIM, Turkey’s giant retailer with a hard-discount model for the popular segments, must decide whether to launch a brand-new format challenging the modern supermarkets. Since its founding in 1995, BIM has adhered to a business model based on a relentless focus on costs and operational efficiency, built on private labels and an unswerving limit on SKUs. Unprecedented in Turkey, the success of this retail concept propelled BIM to an IPO in the Istanbul Stock Exchange and to being the country’s largest retail company by market capitalization. Seeing an opportunity to pioneer the format internationally, the company was now also in Morocco and Egypt. While the hard-discount format was still growing, in 2014 Haluk Dortluoglu, the company’s CFO, began to develop an entirely new retail model for Turkey—FILE, a discount supermarket. FILE would carry many more SKUs in larger stores and compete head-to-head with national and local supermarkets. Throughout the year, in their various executive committee meetings, the senior executives of the company have debated the many issues posed by a totally different retail format and the advisability of launching it. Finally, in its first meeting of 2015, the company’s board of directors are set on reaching a decision on FILE.

  Keywords: Turkey; emerging markets; private sector; for-profit firms; business model; Business Strategy; competitive advantage; growth and development strategy; value creation; change management; decision; growth management; Emerging Markets; Private Sector; For-Profit Firms; Business Model; Business Strategy; Competitive Advantage; Growth and Development Strategy; Value Creation; Change Management; Decisions; Growth Management; Retail Industry; Turkey;

  Citation:

  Chu, Michael, and Gamze Yucaoglu. "BIM: Finding New Ways to Grow." Harvard Business School Case 317-097, February 2017. (Revised March 2018.)  View Details

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• Case | HBS Case Collection | February 2018

  Hikma Pharmaceuticals Governance Journey

  Lynn Paine, Suraj Srinivasan and Gamze Yucaoglu

  The case opens with Said Darwazah, chairman and CEO of Hikma Pharmaceuticals, the multinational generics company, anticipating the company’s 2017 AGM and reflecting on changes made over the previous year to address concerns expressed by proxy advisors and some shareholders about Hikma’s reliance on a combined chairman/CEO position, the long tenure of some directors, and the company’s approach to executive pay. The case describes Hikma’s origins as a Jordanian pharma company founded by Darwazah’s father in 1978, and traces the evolution of its governance as a private family company, then as a publicly-traded company listed on the London Stock Exchange in 2005, and finally as a member of the FTSE 100, beginning in March 2015. Ahead of the 2017 AGM, Darwazah is confident that shareholders will approve changes made to the company’s executive incentive plan (EIP) and steps taken to accelerate the turnover of long-serving directors, but he wonders how much longer the company will be able to continue with a combined Chairman/CEO and, more generally, how to marry the high level of governance expected by shareholders with the entrepreneurial spirit that had driven Hikma’s growth and development.

  Keywords: Jordan; emerging markets; private sector; for-profit firms; corporate governance; boards of directors; Pharmaceuticals; remuneration; shareholder engagement; Corporate Governance; Governing and Advisory Boards; Business and Shareholder Relations; Executive Compensation; Business Growth and Maturation; Pharmaceutical Industry; Jordan;

  Citation:

  Paine, Lynn, Suraj Srinivasan, and Gamze Yucaoglu. "Hikma Pharmaceuticals Governance Journey." Harvard Business School Case 318-108, February 2018.  View Details

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