Case Study

Borjomi: Rebuilding a brand icon in Russia

47 pages
May 2006
Reference: IMD-5-0682

Borjomi is one of Russia’s oldest, best-known and well-loved mineral waters. After going through a steep decline at the end of the Soviet era, the brand was bought by Georgian Glass & Mineral Water (GGMW) in 1995. Two years later, GGMW hired Frenchman Jacques Fleury—he turned the company around, and in 2001 had restored Borjomi to its former glory. In 2002, GGMW was bought by venture capital firm, Salford. Together with Fleury, Salford partner, Vladimir Ashurov, led a further transformation of the company turning it from a local, almost family-run company into a professional corporate enterprise, and growing annual sales from $25 to $125 million, and from 54 to 366 million liters. Their achievement did not go unnoticed. In 2005, GGMW received two offers from two multinationals to either sell the business, or create a partnership. But Fleury and Ashurov believe there is still significant room for growth. Indeed, that they can grow revenues further to $320 million (without acquisitions) in 3-4 years, of which $155 million will come from Russia alone. The rest would come from Ukraine and other markets. This case focuses on Russia where GGMW has a three-product portfolio. Fleury and his team are now asking themselves whether, to achieve that growth, GGMW should use all three, or rationalize its portfolio and focus on Borjomi Classic, its flagship product?

Water, Bottled Water, Retail, Retail Trade, Brand Management, Packaged Water, Mineral Water
Field Research
© 2006
Available Languages
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