Subject category:
Entrepreneurship
Published by:
International Institute for Management Development (IMD)
Version: 23.12.2020
Length: 20 pages
Data source: Field research
Topics:
Entrepreneurship; Strategy; Innovation; Start-up; Agility; Positioning; Cultural change; Brand; Zenith (brand)
Abstract
The case highlights the dilemma of Zenith watches, a company that got stuck in its own tradition and lost its drive to innovate, relying too long on technical inventions of the past. Julien Tornare was appointed as Zenith CEO in early 2017 by Jean Claude Biver, head of LVMH watch division (Zenith's parent company) and living legend of the Swiss watch industry (after turning around Blancpain, Omega, Hublot and TAG Heuer). Julien was tasked with repositioning Zenith and injecting a new start-up mindset into it. Tornare inherits a demotivated but talented workforce in a very traditional artisanal company but aims to spark creativity and innovation there. His agenda is loaded: repositioning the brand, bringing new products to market, improving sales, opening new markets, transforming the culture, all of this on a short schedule because LVMH has a short fuse.
Time period
The events covered by this case took place in 2017-2018.Geographical setting
Region:
World/global
Featured company
LVMH
Employees:
10000+
Turnover:
USD 54.8 billions
Industry:
Luxury goods and jewellery
About
Abstract
The case highlights the dilemma of Zenith watches, a company that got stuck in its own tradition and lost its drive to innovate, relying too long on technical inventions of the past. Julien Tornare was appointed as Zenith CEO in early 2017 by Jean Claude Biver, head of LVMH watch division (Zenith's parent company) and living legend of the Swiss watch industry (after turning around Blancpain, Omega, Hublot and TAG Heuer). Julien was tasked with repositioning Zenith and injecting a new start-up mindset into it. Tornare inherits a demotivated but talented workforce in a very traditional artisanal company but aims to spark creativity and innovation there. His agenda is loaded: repositioning the brand, bringing new products to market, improving sales, opening new markets, transforming the culture, all of this on a short schedule because LVMH has a short fuse.
Settings
Time period
The events covered by this case took place in 2017-2018.Geographical setting
Region:
World/global
Featured company
LVMH
Employees:
10000+
Turnover:
USD 54.8 billions
Industry:
Luxury goods and jewellery