Crisis forces decision-making: While some confirm the decline of strategic cases for consulting firms during recession periods, others confirm their extreme necessity. Estin & Co is among the latter.

Published in Hommes et Commerces, May 2009

Priority: Growth Downsized capacities, closed production sites, cash optimisation are all issues reported in daily during economic crisis. However, the survival of most large French companies is assured and thus their top priority should remain growth. Executive committees therefore have to perform their favourite dual exercise: handle the short term while preparing for the long term?

Published in Centraliens, June 2009

Growing through crises The western economy has undergone 14 crises since 1950, i.e. an average of one crisis every four years. This did not stop it growing 7.5% per annum over a half century (including inflation). It is therefore difficult to achieve long-term growth without being prepared to resist transitory slowdown or even use them to one’s advantage. One thing is certain, one or two years after crisis, markets will be better or different! Will a company’s position in its market be strengthened or weakened?

Published in La Jaune et La Rouge, June 2009

China’s growth is based on solid drivers In terms of household consumption, China is comparable to France in the 80’s. Its large domestic market should fuel its economic growth for a long period.

Published in L'Expansion, November 2008

No need to rush during the financial crisis There are currently a number of allegedly attractive merger possibilities in a wide range of industries. Yet, firms have to resist the temptation to enter into a pricey consolidation process right now, as the economy has just started its declining cycle. Acquisitions are bound to be cheaper next year. Amongst the different merger opportunities, managers should focus on growth synergies.

Published in La Tribune, October 2008

How Estin & Co helped the new chairman of AXA Supervisory board Estin & Co assisted Jacques de Chateauvieux in explaining competitiveness and its evolution, business cycles, cost structure and strategic levers in the insurance industry.

Published in Challenge, September 2008

A return to the post-war boom Just for a moment, let’s look beyond the current and inevitably transient crisis. After all, we have the next best thing to the post-war boom to look forward to. Strong growth, higher spending power for wage earners, infrastructure expansion, household appliances, a modern and growing retailing network, growth in financial services and favourable demographics going forward… but all of these good things are happening in China!

Published in Challenge, September 2008

In France, postal services constitute a natural monopoly with a specific social role Neither the liberalization of postal services nor the change of status of La Poste should revolution the French postal services. Postal services is a labour intensive and local business, with a low technological content. It constitutes a natural monopoly. But La Poste could still leverage on its social role and turn it into a commercial asset.

Published in La Tribune, September 2008

Estin & Co assists Advent International in a private equity due diligence Estin & Co assisted Advent International in the strategic Due Diligence of Gérard Darel, a leading designer and retailer of mid to high-end women’s ready-to-wear clothing.

Published in ACQ, September 2008

Estin & Co assists LBO France in a private equity due diligence Estin & Co assisted LBO France in the strategic audit of Averys, a European leader in the storage systems. Estin & Co focused on delivering a strategic vision for all the different markets (products and geographies).

Published in ACQ, August 2008

France Telecom should not buy Telia Sonera Consolidating the industry at the top of the business cycle is never a good idea. Moreover, this acquisition would distract France Telecom from its main challenge: dealing with the change of the telecom operators business model. The handset is turning into an access point to the web, available at any time. Communication fees are bound to decrease while advertising revenues will soar. To compete with its new competitors, named Nokia, Apple or Google, France Telecom needs to stay focused on the real challenge.

Published in La Tribune, June 2008

Chinese products cannot be banned There are talks of a boycott of French products in China. Would it be possible the other way round? Given that a boycott of Chinese products by French consumers would lead to a loss of four percent of their purchasing power, it seems rather unlikely to happen !

Published in L'Expansion, May 2008

Good news : business is slowing down The theme of growth, or rather its slowdown, is more than ever the focus of all discussions. Are we in the presence of a speculative bubble that is bursting? Or is it just a one-off economic glitch? Are we experiencing a much deeper trend reversal? The appropriate conduct is not the same for each case. It is necessary to take a closer look. Agendas were full during the period of euphoria. They will be even more so during the downward phase of the cycle. Even though we are entering turbulence, it is not the time to take a passive stance until the return of better days.

Published in Les Echos, May 2008

Jacques de Chateauvieux, new chairman of AXA Supervisory board To prepare himself for his new responsibilities as chairman of AXA Supervisory board, Jacques de Chateauvieux ordered a study to Estin & Co, a consultancy he has been working with for years.

Published in Le Point, April 2008

Electricity is bound to remain expensive for long Six main reasons account for a high price for energy. The most fundamental reason is that high electricity prices have so far not impacted too strongly western economies. Altogether, electricity is likely to remain expensive in the medium long term.

Published in La Tribune, April 2008

Private Equity news Of the 6 private equity deals completed in France since the beginning of the year, Estin & Co has worked on 4. Estin & Co assists its clients in strategic audit focusing on delivering a strategic vision on all the different segments in which the companies compete.

Growth strategy for France In many respects, a country is similar to a private company. It must be able to reallocate its assets, which demands mobility and flexibility. But the real challenge is to change fast enough.

Published in Challenge, January 2008

Have large firms forgotten how to grow? Growth is essential to deliver a strong return to shareholders. It requires a clear strategy. Investments must be focused on growing activities and business models adapted to new geographic markets. The portfolio must be regularly rebalanced toward growing markets. Besides the question of which strategic choices to pursue, western companies in addition face cultural and managerial challenges. During the past several years, management teams have dedicated their time to improving profitability and may have lost sight of how to deal with the high levels of growth experienced in emerging countries.

Published in la Tribune, January 2008

When China outpaces western countries Chinese growth is showing up everywhere, from investments abroad to car exports.

Published in Capital, January 2008

Chinese manufacturers, leaders of the automotive industry by 2015 The Chinese car market should be the largest in the world in 2015. Thanks to this huge domestic market, Chinese players will be able to become world leaders. They also should be able to enter western markets and gain a 7 to 10% market share. The question for Western car manufacturers is how to take control of the mid range segment in China.

Published in Enjeux Les Echos, November 2007

China is both a threat and an opportunity The Chinese market share has been growing dramatically in many industries, as well in commodities as in value added businesses. Western firms have to deal with China, like it or not. Like Japan from the 50's to the 80's, but with a domestic market in the east cost the size of the USA, China is both a great threat and a huge opportunity. Yet, western firms should keep in mind that local competitors have been present in their market for a very long time.

Published in Challenges, 23 October 2007

The hotel industry is growing fast Estin & Co forecasts an annual world market growth in the hotel industry at 3,7% till 2012. The lodging industry in China is forecasted to grow at 11,8% per year.

Published in Le Figaro Economie, 23 October 2007

Radio Interview of Jean Berg, Vice President at Estin & Co In this interview to BFM, Jean Berg explains why most companies must have a strategy regarding China. He also details the positioning of Estin & Co in China.

Listen to the interview

Chinese growth is for real China's economic growth has been recently questioned. China is allegedly manufacturing low quality products, such as toys poisoned with lead. Yet it would be a critical mistake to underestimate growth in China. Western manufacturers would better find a way to remain competitive against Chinese competitors rather than deny the quality of their products.

Published in La Trbune, 17 September 2007

Chinese cars are accelerating Chinese car manufacturers have been preparing to enter the western market with medium size vehicles. Paradoxically enough, the cost difference between Europe and China is limited to only 20% which makes Eastern Europe as competitive as China. But in the years to come, higher volumes for Chinese manufacturers is likely to lead to economies of scale and to a real competitive advantage.

Published in Les Echos, 11 September 2007

Should magazine publishers rely on external growth to develop their Internet know how? Magazine publishers have to develop their activity on Internet with acquisitions. For large audience magazines, it is a growth opportunity while for dedicated magazines (like computer or TV magazines), it can be a simple matter of survival. In both cases, synergies and fast executions are essential.

Published in Stratégies, 6 September 2007

Estin & Co, long-term relationships with clients Over the years Estin & Co has been able to develop long-term relationships with its clients. These relationships are fostered by the fact that Estin & Co works exclusively for one client per given business sector.

Published in Decideurs, Guide Annuaire 2007 des fusions acquisitions

Bet on China and India China is globally one of the most open markets in Asia. An open market is a necessity for China, and local authorities are working in the right direction. Business life is rather clear which helps to move to China

Published in La Vie Financiere, 22 June 2007

Western car manufacturers must have strong positions in the Chinese market In the long run, Chinese car manufacturers are expected to take approximately 10% of the market share in Europe, especially in the core market. To combat this, Western car manufacturers must capitalize on the strong growth in the Chinese market as well as adapt their positionning toward both entry level and luxury cars. Producing locally in China will also become a necessity if they are to survive.

Published in Les Echos, 14 June 2007

Protectionism in China ? China might no longer be a haven for foreign investments, yet it is still a more open market than Japan used to be ten years ago. Despite this, being a world leader means being a leader in China.

Published in Challenges , 14 June 2007

High potential for strategy consultancy Bolstered by increased growth each year, Estin & Co continues to reinforce its business model of pure strategy and customised consulting. The firm faces a new challenge: recruiting more consultants with the same top profile.

Published in HEC Hommes & Commerces, May 2007

Conglomerates should not be written off too quickly quickly No business can grow indefinitely. Large firms that succeed in achieving long-term growth are thus often diversified, with cash from mature businesses used to finance new activities

Published in Les Echos, June 2007

Estin & Co, the epitome of the « boutique » strategy consultancy Founded in 1997, Estin & Co continues to stick to its original « boutique » model focused on strategy. The consultancy has been particularly successful, growing at 20% per year. But there is still room to grow, especially in the core market in Europe in China, and eventually in India.

Published in Les Echos , 13 April 2007