Case Study

La Martina (B): Selling the passion?

8 pages
April 2008
Reference: IMD-3-1971

MARCH 2008. Lando Simonetti, founder and CEO of La Martina was pacing around his office in the Buenos Aires suburbs. Not so long ago, the offer that had just landed in his inbox would have been relegated to the trash bin within seconds. He had always been fervently committed to the independence of his firm – independence from investors, boards of directors, banks and politicians.

From a local polo equipment producer, La Martina had become one of the most recognized global brand names in polo and fashion alike. He would have preferred to stay true to the brand’s DNA, rooted in the estancia lifestyle and the polo game, delivering functional polo equipment. But that no longer seemed possible since the fashion industry had discovered the brand and transformed it into a fashion icon.

This time the offer was different. It came from Tribeca Partners, a reputed South American private equity firm in Bogotá that had developed a serious fashion specialty. It had recently concluded its first deal in Argentina, acquiring one of La Martina’s local competitors, Etiqueta Negra, with a view to taking it global. The company clearly knew about fashion and Argentina was on its radar screen. The offer was rock solid, valuing the company at close to three times sales and ten times EBIT. Was it time to let go?

Learning Objective

Discuss exit planning, harvesting, private equity, growth management, and the fashion industry.

Entrepreneurship, Fashion, Polo, Brand Management, Growth Management, Growth Financing, Emigrant Entrepreneurship, Brand DNA, Exit Strategy, Private Equity, Sports Equipment, General Management
Argentina, Colombia
March 2008
© 2008
Available Languages
Related material
Teaching note, Video
Case clearing houses
IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]


Research Information & Knowledge Hub for additional information on IMD publications

2008 EFMD Award Winner (Entrepreneurship category)
Looking for something specific?
IMD's faculty and research teams publish articles, case studies, books and reports on a wide range of topics