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This is the second of a two-case series (397-140-1 and 399-121-1). In 1989 the Waterford Crystal division of Waterford Wedgwood faced extinction. The case describes how a new CEO and his management team implemented manufacturing, marketing and other strategies which led to a turnaround in the US market which accounted for over 70% of sales, by 1993, followed by an organisational rejuvenation which brought record sales and profits by 1995. That year management was ''challenged'' to double sales by 1999. Further investment in marketing and manufacturing brought the target within sight by 1998 and recognition as a ''world class brand'' in the US where its dominance was greater than ever. Waterford Wedgwood acquired Rosenthal, a German luxury brand, in 1997 and aims to become one of the world''s major luxury gift companies. The case can be used to illustrate: (1) how to implement and sustain a rejuvenation; (2) strategic leadership and the nature of management and leadership; (3) marketing strategy in the luxury goods market; and (4) competence building and leverage and market position.