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Reference no. IMD-7-1802
Prize winner
Published by:
Institute for Management Development (IMD) (2017)
Revision date:
19 pages
Data source:
Field research


The Coco-Mat case tracks the development of the bedding brand from its initial concept in 1989 to the iconic status it had achieved by 2016. During that time, it went through a progressive refining of its customer proposition and brand values, developed a global retail network and expanded into hotels and wood bikes, among other areas. Back in 1989, Paul and Mike Efmorfidis embarked on a wild journey to develop an original, Greece-based sleeping system company. At the end of 2015, Coco-Mat was running stores in 14 countries, employed 250 people, most of them in Greece, and this was nowhere close to the end of the story, barely an appetizer. They had started on a beach with virtually nothing, invented new concepts in an industry they knew little about and they could only be described as fairly resistant to change. They withstood one of the worst economic crises ever seen by a country, and they were now discussing further international expansion and accelerating growth. Could they continue to operate with their initial business model? Was it time to solidify the company and install more systems and structure? How could they retain their agility? What kind of culture did they want to establish for the company and leave behind as a legacy? The past had been nothing short of amazing but where should they take the company next?


Entrepreneurial leadership; Retail; Management; Emerging market; Innovation; Corporate culture; Change management; Customer engagement; Brand building; Sustainability; Social responsibility; Hospitality
250 employees, 110 stores in 17 countries
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2017 - EFMD Case Writing Competition - category winner

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