Energy and growth

Economic growth and growth of energy demand are correlated. Besides, global energy resources are mainly fossil, and therefore limited. As a result, future sources of economic growth will rely on access to energy resources (existing or new) and on energy efficient usages and businesses. Which industrial or public players have the financial means to invest and influence the evolution of the energy offer and demand?

Published in La Jaune et la Rouge, May 2017

The illusion of low interest rates

A recent article in the French magazine Challenges discusses Jean Estin's latest article, "The illusion of low interest rates."

Published in Challenges, October 2016

Mr. François Guibert appointed Senior Advisor to Estin & Co

Estin & Co is pleased to announce the appointment of Mr. François Guibert as Senior Advisor to the firm starting September 15, 2016. Mr. Guibert will advise Estin & Co on its strategy for Asia and will contribute to its development in this fast-growing region. Until recently, he was President for the Greater China and South Asia region of STMicroelectronics. He chairs the Board of Advisors for the Singapore Semiconductor Industry Association. He has lived in Asia for fourteen years and he is based in Singapore.

Décideurs rankings of the best consulting firms

For the third year in a row, Estin & Co appears in 2016 in the Décideurs rankings as one of the very top firms in strategy consulting and as the n°1 boutique in strategy consulting in France.

Published in Décideurs Collection Guide-Annuaire 2016

The magic of long-term growth

In The magic of long-term growth, Estin & Co argues that strategic theory has always differentiated between high-growth and low-growth businesses, but that the most discriminating perspective as to value creation is not the magnitude of growth, but its duration. The magazine Les Echos features Estin & Co's analysis in its June 2016 issue.

Published in Les Echos, June 2016

The magic of long-term growth

In The magic of long-term growth, Estin & Co argues that strategic theory has always differentiated between high-growth and low-growth businesses, but that the most discriminating perspective as to value creation is not the magnitude of growth, but its duration. The magazine Challenges features Estin & Co's analysis in its April 2016 issue.

Published in Challenges, April 2016

What Groupe SEB got right

Estin & Co has assisted Thierry de La Tour d'Artaise in defining the major strategic orientations of Groupe SEB since 1999. L'Usine Nouvelle relates how Groupe SEB became a global leader under his stewardship, based on several interviews including one of Thierry de La Tour d'Artaise and one of Jean Estin.

Published in L'Usine Nouvelle, December 2015

Do pure players still have a future?

No industry can grow faster than 8-12% per year in the long term. All products, technologies, business models, uses, etc… follow lifecycles of different lengths, sometimes as long as decades. After having grown strongly, their growth stabilises and then reverses, even disappearing to the gain of other products, technologies, business models and uses.

Published in La Jaune et la Rouge, November 2015

Where does value come from?

A recent article in the French magazine Challenges discusses the latest article by Jean Estin, "Where does value come from?".

Published in Challenges, October 2015

Décideurs ranking of best consulting firms

Décideurs has published the 2014 ranking of the best consulting firms.
In strategy management Estin & Co is among the best 5 consulting firms in France and the first boutique specialized in strategy consulting.

Published in Décideurs Collection Guide-Annuaire 2014

Radio Interview of Jean Berg, Senior Vice President at Estin & Co

The direction of a business' strategy is not the only factor which drives its success or failure. Rather, the speed and the breadth of its implementation are also fundamental factors to its success. To put it another way, investing 100 in China over five years is not the same as investing 50 over ten years, for Jean Berg, Senior Vice President at the strategy consulting firm Estin & Co, who will now explain the importance of the speed of investment.


Jean Estin is interviewed by Gregoire Favet on BFM TV on the 10 megatrends which will drive the worldwide economy for the next decade

For any major Western group, a few simple questions arise. Is the group driven by one of these sources of growth? Is it sufficiently focused on it, with relevant investments? If not, what should this group do to capture at least one of them?
Braodcasted on BFM TV, February 2014.


Worldwide growth in 10 years

The magazine "l'Opinion" departs from the conclusions of an Estin & Co study. For a business looking for growth over the next ten years, in which markets should it seek to position itself?

Published in l'Opinion, February 2014

The new "Silk Road"

For global companies, emerging market economic development is shifting the balance of power and required resource focus from West to East. Estin & Co explores a few key examples from the automotive industry.

Published in Challenges, February 2014

Estin & Co's ranking in transaction services

Estin & Co ranked amongst the very top consulting firms for its work in transaction services, according to leading industrialists in France.

Published on Décideurs - Collection Guide-Annuaire, 2013-2014

Ten sources of growth

For a company with revenue in the millions of euros, there are almost always new sources of growth available, provided it is willing to change its perspective on the market and redefine its business model. For a European group with revenue in the billions of euros, the issue is different. For such groups, it is difficult to find sources that can significantly impact the growth of the group outside of the sources that hold the key to growth for the decade.

Published in La Jaune et La Rouge, February 2014

Speed and strategy

In today’s markets, the success of a business strategy depends more than ever on the speed and the ambition at which it is carried out, rather than simply on identifying the right direction for the strategy. Ex post analyses of company or project failures generally show that the chosen strategy was directionally correct but that it was not carried out quickly enough. This often leads to the conclusion “we pursued the right strategy but we failed.” This is a mistake.

Published in ESCP Magazine, January-February 2014

Speed, key element of strategy

In today’s markets, the success of a business strategy depends more than ever on the speed and the ambition at which it is carried out, rather than simply on identifying the right direction for the strategy. Ex post analyses of company or project failures generally show that the chosen strategy was directionally correct but that it was not carried out quickly enough. This often leads to the conclusion “we pursued the right strategy but we failed.” This is a mistake.

Published in La Jaune et La Rouge, October 2013

Rebalancing towards emerging markets

In the February 2013 release of "Challenges", Estin & Co discusses the rebalancing of resources towards emerging markets for the largest French listed companies.

Published in Challenges, February 2013

Growing in Retail: what French retailers can do (2)

In this sequel, Estin & Co has compiled various comments made by senior retail executives on the
"Growing in Retail" paper and has outlined some additional points of view.

Published in Le Cercle les Echos (L'espace débat des Echos), January 2013

Growing in Retail: what French retailers can do

After a long period of strong development, France’s retail “champions” are currently experiencing low rates of growth. How to resume strong and long-term growth, without diluting profits? Which growth initiatives are to be pursued and how to fund them? How to gear the organization for growth?

Published in Le Cercle les Echos (L'espace débat des Echos), November 2012 and in Reflets Essec Magazine, December 2012

Electricity production in France - Who will pay?

The State and the national collectivity, just like any company, have to make choices. In terms of electricity production, they will not have it all. They have to define priorities. And decide who will pay for them.

Published in La Jaune et La Rouge, October 2012

Exposure to emerging markets

In the May 2012 release of "Challenges", Estin & Co discusses the positive impact of the exposure to emerging markets of the largest French quoted companies.

Published in Challenges, May 2012

The cost of growth

Costs do not depend solely on scale effects or factor costs. They also depend on growth, its level and its speed. How to correctly account for growth when assessing profitability and making decisions on corporate portfolio ? How to redeploy costs and resources intelligently to achieve non dilutive growth?

Published in Le Cercle les Echos (L'espace débat des Echos), April 2012

In times of crisis, rethink growth

The research of growth drivers is more than ever a theme at the heart of leaders. Joachim Vallée, Manager at the firm Estin & Co, speaks about the challenges of projects at his firm.

Published in Hommes et Commerce, February-March 2012

Emerging countries: the new wave

Finding growth means, at least for another decade, looking at emerging markets, that is China and the rest of the BRIC but also a "new wave" of countries.
Who makes up this amalgam of hopes and energy? And what impact will their "cloud emergence" have on the strategies of decision makers?

Published in Le Cercle les Echos (L'espace débat des Echos), October 2011

Why Europe won't grow (and what to do)

Europe macroeconomic fundamentals will stay bleak for the ten years to come. Inside such a closed « box », European companies must act. The best ones will act : they will migrate, diversify or reinvent themselves.

Published in Le Cercle les Echos (L'espace débat des Echos), August 2011

Estin & Co: a rapid international growth with a strong focus on strategy

Growing constantly since its creation in 1997, Estin & Co has remained focused on strategy consulting with a strong emphasis on China and emerging countries. Mathieu Duquesne, Senior Consultant at Estin & Co, describes this specific positioning and explains how the recruitment of consultants plays a key role in the growth of the firm.

Published in Hommes et Commerce, April-May 2011

M&A: a shift towards emerging countries:

BRIC countries are becoming a major focus in terms of growth strategy, thus enhancing the M&A activity on these geographies. These countries represent a huge potential for growth and value creation, especially for mature businesses in the Western economies such as automotive or advertising.

Published in CFNews, March 2011

Security: the weak point of Toyota and BP:

The examples of Toyota and BP have recently shown how security could be a critical issue for majors companies. Contrary to BP, Toyota’s problems are not linked with a lack of respect for security procedures but rather the consequence of its fast growth.

Published in Le Figaro, July 2010

Making money in China is not always easy:

French companies are rushing to get a share of the Chinese market, but face very tough competition and the need for high investments. Being profitable is not simple and can take years, but the companies that will have enough patience will be able to benefit from a long trend of high growth.

Published in Challenges, April 2010

The rise of Chinese stock exchanges:

The China 40 index has been created by Estin & Co to measure the evolution of Chinese leaders’ market capitalization. It shows that, despite the high volatility of their stock value, the Chinese leaders have outgrown the French companies of the CAC40 index.

Published in Challenges, July 2010

CEOs remain cautious after the crisis:

Following the 2009 crisis, CEOs remain cautious when it comes to comment the expected growth rebound in 2010. While growth forecast are rather uncertain at this stage, there is a consensus that future growth and opportunities to create value lie in the potential of emerging countries and in the investments on specific business models.

Published in Challenges, February 2010

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 Commerce, 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

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 Challenges, 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 Challenges, 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 Challenges, 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.


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 Financière, 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