Presentation on Heineken Case

Task summary:This case focuses on Heineken and it gives you the opportunity to put yourself in the shoes of senior executives facing challenges to secure the future of the organization. Please create a 3 slide presentation. No speaker notes are required, but each slide needs to have around 75 words on it.

Full order description:

? MAIN DETAILS: Focus on providing an analysis of the key concern(s) in the case and make connections to our course learnings. Case analysis is an important skill set to develop because, in management, you will consistently be provided with information to analyze and make the best decision for the organization.Read the case, think about its application, then read the case again for details.In your thesis, connect the case to one key concept in management.

Questions to consider can include: What situational constraints, issues, and/or factors have affected the organization? What are the ‘root causes’ of any identified dilemmas? In the body of your analysis, discuss how the leadership of the organization can move the organization forward.

Questions to consider can include: What opportunities exist to provide long-lasting solutions to the constraints, issues, or concerns identified? What strengths can be capitalized upon, and what weaknesses will prevent future growth? What goals should be set?

MGT450 – Seminar in
Management
Unit 5 Assignment: Case Analysis
Due Dates: 11:59 pm EST Sunday of Unit 5
Points: 100
Overview:
This case focuses on Heineken and it gives you the opportunity to put yourself in the
shoes of senior executives facing challenges to secure the future of the organization.
Instructions:
After watching the introduction video and reading the Future-proofing HEINEKEN: The
EverGreen strategy case, prepare PowerPoint or Word.
Focus on providing an analysis of the key concern(s) in the case and make connections
to our course learnings. Case analysis is an important skill set to develop because, in
management, you will consistently be provided with information to analyze and make
the best decision for the organization.
•
•
Read the case, think about its application, then read the case again for details.
In your thesis, connect the case to one key concept in management. Questions
to consider can include:
o What situational constraints, issues, and/or factors have affected the
organization?
o What are the ‘root causes’ of any identified dilemmas?
In the body of your analysis, discuss how the leadership of the organization can
move the organization forward. Questions to consider can include:
o What opportunities exist to provide long-lasting solutions to the
constraints, issues, or concerns identified?
o What strengths can be capitalized upon, and what weaknesses will
prevent future growth?
o What goals should be set?
•
What stratregic direction should the organziation’s leadership focus on? Explain.
© 2022 Post University, Waterbury, CT
ALL RIGHTS RESERVED
•
Support your analysis with specific illustration(s) and/or example(s) from the
case.
Requirements:
•
•
•
Present your analysis in a PowerPoint or Word document.
Include a clear introduction with thesis statement, body, and conclusion. Focus
on the quality of writing as opposed to length:
o PowerPoint: no more than 3 slides, not including title and reference slides.
o Word document: no more than 3 pages, not including title and reference
pages.
At least 1 resource which can be the case itself.
Be sure to read the criteria below by which your work will be evaluated before
you write and again after you write.
© 2022 Post University, Waterbury, CT
ALL RIGHTS RESERVED
Evaluation Rubric for Unit 5 Assignment
CRITERIA
Introduction
with thesis
statement
Analysis (body)
Conclusion
Length
Exemplary
Proficient
Needs
Improvement
12 – 15 points
An introduction with
a thesis statement
is present but is
missing key details.
20 points
The introduction
with a thesis
statement is
thoughtfully written
and well-crafted.
16 – 19 points
An introduction with
a thesis statement is
present but is
missing minor
details.
25 points
The analysis is well
thought out and
logical. It
thoroughly and
completely conveys
all the required
information.
20 – 24 points
The analysis
contains most the
required information
but is missing minor
details.
15 – 19 points
The analysis
contains most the
required
information but are
missing key details.
0 – 14 points
The analysis is
missing or poorly
written.
The conclusion
provides a clear
and concise wrap
up of the analysis
and the thesis
statement.
The conclusion
provides wrap up of
the analysis and the
thesis statement but
is missing minor
details.
The conclusion
provides a wrap up
of the analysis and
the thesis
statement but is
missing key details.
The conclusion is
missing or poorly
written.
10 points
No more than 3
slides or pages, not
including title and
reference slides or
pages.
8 – 9 points
6 – 7 points
0 points
More than 3 slides,
not including title
and reference slides
or pages.
n/a
n/a
Deficient
0 – 11 points
An introduction with
a thesis statement is
missing or poorly
written.
Resources
At least 1 resource.
n/a
n/a
No resources used.
Clear and
Professional
Writing and
APA Format,
Reference Slide
Writing and format
are clear,
professional, APA
compliant, and
error free.
Few errors that do
not impede
professional
presentation.
Significant errors
that do not impede
professional
presentation.
Errors impede
professional
presentation;
guidelines not
followed.
© 2022 Post University, Waterbury, CT
ALL RIGHTS RESERVED
• HBP# IM1273
v. 04.10.2023
FUTURE-PROOFING HEINEKEN: THE
EVERGREEN STRATEGY
Professor Niccolò Pisani and Researcher Inès Augier prepared this case as a basis
for class discussion rather than to illustrate either effective or ineffective handling of a
business situation.
Copyright © 2023 by IMD – International Institute for Management Development, Lausanne, Switzerland
(www.imd.org). No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form
or by any means without the prior written permission of IMD.
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
AMSTERDAM, 8 DECEMBER 2022. As evening fell, Dolf van den Brink, CEO of HEINEKEN,
left the company’s global headquarters in Amsterdam for an offsite location. Over the
next three days, the entire executive team would gather to discuss the company’s future.
The preliminary results for 2022, presented during the recent two-day Capital Markets
Event, were positive, and the progress on the company’s key strategic pillars painted an
encouraging picture – a sign that HEINEKEN’s EverGreen strategy was in full swing. At
the same time, rising energy and food prices, as well as global inflation, were expected
to put increasing pressure on both operating costs and consumers’ purchasing power in
the months ahead. In addition, recent geopolitical and macroeconomic developments
were threatening to create a post-pandemic world characterized by high levels of
uncertainty and volatility. Finally, society was changing at a rapid pace, and with it, the
expectations of consumers and customers.
In June 2020, when van den Brink had been appointed CEO at the height of the Covid19 pandemic, he was faced with a daunting task. Not only did he need to lead the
company through an unprecedented crisis, he also needed to future-proof the
organization well beyond the end of the pandemic. In February 2021, after months of
intense exchanges with over 200 colleagues from around the world, van den Brink
unveiled the company’s new strategy, EverGreen. This multiyear plan was designed to
turn HEINEKEN into a highly adaptive organization capable of thriving in a dynamic and
fast-paced environment, while at the same time creating long-term sustainable value for
stakeholders. The strategy was underpinned by HEINEKEN’s analysis of its core
strengths, emerging macro trends and perceived opportunities – from digitalization to
sustainability.
As van den Brink made his way through the evening traffic, he thought about the upcoming
company retreat, which he felt was coming at just the right moment. The team needed to
reflect on EverGreen’s implementation while deep-diving on key strategic initiatives that, if
successfully implemented, would future-proof the company for years to come.
© 2023 by IMD
2
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
On 10 February 2021, Dolf van den Brink, HEINEKEN’s new CEO, delivered the
company’s annual results to investors and analysts in a longer-than-usual earnings call.
In addition to the standard presentation of the 2020 financial results – which had been
heavily impacted by the coronavirus pandemic – van den Brink decided to add an hour
to the call to unveil HEINEKEN’s new multiyear strategy: EverGreen. Although crisis
management had dominated much of the first year of the global health crisis, the CEO
had been adamant about “not losing sight of the need to continue investing for the
future.”1 As the call progressed, van den Brink explained his thinking:
We labeled this journey EverGreen, inspired by nature – the resilience,
this continuous sense of renewal that you find in nature. Nature is all about
growth, and the core intent of EverGreen is to deliver superior and
profitable growth in this fast-changing world. It is about finding the right
balance between continuity and change. It is about becoming aware of
both our strengths and any vulnerabilities that need to be addressed, of
the vitality of our unique culture, and of the need to boost our adaptability.
At a time when everything is accelerating, adaptability and agility are
particularly important. Lastly, this is a multiyear, multidimensional journey,
not just a one-year program. It’s not just a growth story or a cost story. It’s
both, and more.2
FROM AMSTERDAM TO THE WORLD: A BRIEF
HISTORY OF HEINEKEN
The story of HEINEKEN began in 1864 when Gerard Adriaan Heineken, a young
Dutchman from a merchant family, bought an Amsterdam brewery called De Hooiberg
(The Haystack) and began producing lager beer. In 1873, he changed the brewery’s
name to Heineken’s Bierbrouwerij Maatschappij and opened a second brewery in
Rotterdam the following year. In 1886, he developed the company’s trademark “A-yeast,”
which would remain the key ingredient in the beer he brewed. Heineken passed the
company on to his son, Henry, under whose leadership HEINEKEN boosted its largescale production and foreign exports. Henry’s successor, his son Alfred, created the
company’s iconic star logo, established an advertising department and continued the
company’s international expansion.
In 1968, HEINEKEN merged with Amstel, its largest competitor in the Netherlands. In
2008, the company acquired a share of the Scottish & Newcastle brewery in Scotland
(the other share being acquired by Carlsberg), making it the third largest brewer
worldwide behind Anheuser-Busch InBev (AB InBev) and SABMiller.3 When AB InBev
acquired SABMiller in 2016,4 capping a decade of intense consolidation in the global
beer industry, HEINEKEN became the world’s second largest beer company (see
Exhibits 1 to 3).
© 2023 by IMD
3
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
By 2021, HEINEKEN had become a truly global brewer, with 75 operating companies
and 80,000 employees worldwide.5 Its global portfolio carried over 300 brands across
more than 190 countries, and its flagship Heineken brand was one of the most valuable
beer brands in the world (see Exhibit 4). Although the company was no longer managed
by the Heineken family, Charlene de Carvalho-Heineken, Alfred Heineken’s daughter,
was a member of the board of directors of Heineken Holding N.V.
SURVIVING COVID-19: DISRUPTION AND TRANSITION
In December 2019, the novel coronavirus SARS-CoV-2, which caused the infectious
disease known as Covid-19, broke out in Wuhan, China.6 By early 2020, Covid-19 had not
only turned into an epidemic in China but had spread beyond its borders and overseas.
The world watched in disbelief as the healthcare system in Italy, the first Western nation
to be hit by the crisis, was completely overwhelmed – an omen of the difficulties that many
other nations would soon face. On 11 March 2020, the World Health Organization declared
Covid-19 a global pandemic, and within a month, over 100 countries had mandated full or
partial lockdowns to curb the spread of the virus.7 Before the end of 2020, over a million
people had died of Covid-19 worldwide.8
Disruptions to the beer industry
Covid-19 caused not only a global health crisis, but also a global economic crisis.
Containment measures, including stay-at-home orders, social distancing, curfews,
business closures and bans on international travel caused both supply and demand
shocks across industries.9 In many countries, the hospitality and tourism sectors were
virtually shut down. For the global beer industry, this meant the sudden loss of on-trade
revenue – sales through out of home channels such as bars and restaurants – which fell
by 21.7% worldwide in 2020 (Exhibits 5 and 6). Suddenly, beer companies needed to
maximize off-trade revenues, particularly supermarket sales, to offset on-trade losses.
This led to a surge in demand for packaging materials such as aluminum for beer cans,10
causing a spike in commodity prices, which in turn affected production costs.
Covid-19 also disrupted the global beer industry by accelerating its digital transformation.
As work and education moved online under lockdowns, and with widespread public fear
of exposure to the coronavirus, consumers rapidly adapted their shopping behavior.
Companies scrambled to scale up their e-commerce businesses to capture a new wave
of digital shoppers. It was expected that the digitalization trend, which had begun well
before the pandemic, would expand at a much faster pace for the foreseeable future.11
The economic fallout from the pandemic, including a recession and inflationary pressures,
also affected consumers’ purchasing power and spending behavior. Consumers were
becoming increasingly selective, seeking products that were both healthy and innovative,
and expecting brands to do more regarding social and environmental issues.12
© 2023 by IMD
4
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
A challenging start for a new CEO
HEINEKEN was hard-hit by the pandemic as a result of its relatively greater exposure to
the on-trade sector and stronger presence in markets with the most stringent lockdowns
such as Mexico and South Africa. In 2020, HEINEKEN’s net revenue before exceptional
items and amortization (BEIA) declined organically by 11.9% year on year, dropping to
€19.72 billion, with consolidated beer volume down by 8.1% over 2019. Despite actions
to mitigate this, the company’s operating profit (BEIA) fell by 39.8% in 2020. This was
primarily due to the company’s performance in Europe, Mexico, South Africa and
Indonesia. HEINEKEN’s net profit (BEIA) declined to almost €1.2 billion (a 54.2% drop)
in 2020, compared with €2.5 billion in 2019.
While navigating the Covid-19 crisis, HEINEKEN was also undergoing a leadership
transition. Jean-François van Boxmeer, who had led the company as CEO for 15 years,
announced in February 2020 – just before the pandemic hit with full force – that he would
step down. His successor, van den Brink, took the helm on 1 June 2020. By then, the
global landscape was vastly different. Although van den Brink was only 46 years old at
the time, he had been with the company for 22 years, having started as a management
trainee in 1998.13 Before taking over as CEO and chairman of the executive board, he
had served as president of the Asia-Pacific region and was a member of the global
executive team.14 Previously, van den Brink had headed up HEINEKEN Mexico and
HEINEKEN USA. The start of his tenure as CEO meant a return to his homeland, the
Netherlands, after 15 years living abroad.
Although van den Brink was happy to be back home and eager to lead HEINEKEN, he
was keenly aware that the Covid-19 pandemic had brought with it major disruptions, not
only for the beer industry but for society as a whole. He knew he had to steer the
company through a very different time compared with the one before his appointment.
While he sensed that great opportunities lay ahead, he was also aware he would have
to contend with many new challenges.
LAUNCHING EVERGREEN: HEINEKEN’S NEW
STRATEGY
With the difficult task of steering HEINEKEN through an unprecedented global crisis, van
den Brink also needed to look beyond recovery efforts and build a winning strategy for an
uncertain post-pandemic future. In summer 2020, the company’s leadership team worked
with over 200 internal and external stakeholders to co-create a new bottom-up company
strategy. The result was EverGreen – a bold, multiyear, multidimensional plan for
HEINEKEN to succeed and grow sustainably in a fast-changing world. The new strategy
was launched in February 2021.
The name EverGreen was inspired by “nature’s resilience and its ability to adapt and renew
itself,” and emphasized adaptability as a key element in HEINEKEN’s long-term success.
© 2023 by IMD
5
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
The goal was to future-proof HEINEKEN in the face of emerging opportunities and
challenges, allowing it to respond quickly to external dynamics, deliver superior yet
balanced growth for sustainable, long-term value creation, and ultimately emerge from the
global health crisis stronger than ever. EverGreen was intended to guide the organization
through a long-term, multifaceted transformation while delivering on short-term financial
targets. Launching EverGreen would create a “company-wide platform to better
understand evolving trends, keep pace with changing expectations and co-create a
renewed aspiration for the future.”15 While focused on adapting to change and seizing new
opportunities, EverGreen was also about leveraging HEINEKEN’s well-established
strengths and staying true to the company’s values and heritage.
The Green Diamond
EverGreen was based on five strategic priorities that would enable HEINEKEN to
deliver long-term value creation that would be measured via the Green Diamond. The
Green Diamond was made up of four distinct quadrants – growth, profitability, capital
efficiency, and sustainability and responsibility – that altogether would form
HEINEKEN’s renewed value creation model. The company’s leadership team believed
that success in all four areas would be necessary to achieve HEINEKEN’s goals. Seen
through the lens of the Green Diamond, EverGreen targeted superior but balanced
growth – striking an equilibrium between short-term delivery and long-term
sustainability, as well as between top-line growth and overall stakeholder value
creation (see Exhibits 7 and 8).
The five strategic priorities
EverGreen was based on five strategic priorities: (1) Shape the future of beer and
beyond; (2) Productivity – Fund the growth, fuel the profit; (3) Sustainability – Raise the
bar on sustainability and responsibility; (4) Digital – Become the best connected brewer;
and (5) People – Unlock the full potential of our people. These represented the
company’s top priorities for the coming years. Each was accompanied by far-reaching
goals to strengthen and future-proof HEINEKEN, bolster its ties to customers and
consumers and create long-term value for all stakeholders.
Shape the future of beer and beyond
The first pillar revolved around delivering superior and balanced growth by making the
company more consumer- and customer-centric, and ultimately shaping the future of
beer and beyond. To capture new growth opportunities and meet the evolving needs of
consumers and customers, HEINEKEN focused on premiumization and innovation while
expanding its portfolio of brands and products. One growing consumer trend was
healthier living, which drove demand for better-for-you products (see Exhibits 9 and 10).
The company sought to broaden its beer portfolio with “LONO” (low- and non-alcoholic)
beers, flavored beers and less bitter variants. It also prioritized expanding beyond beer
into ciders, hard seltzers, canned cocktails and other beverages that would drive top-line
© 2023 by IMD
6
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
growth. To attract Generation Y consumers, HEINEKEN invested in “Y-accelerator”
brands. To persuade the emerging generation to pay premium prices, these new,
innovative offerings would need to be unique and embody values relevant to Gen Y,
including authenticity, diversity and connection. In addition, the company would continue
to expand its geographical footprint to capture new markets, as volume growth was
particularly robust in emerging markets (see Exhibits 11 and 12). Finally, HEINEKEN
focused on promoting a more digital route-to-consumer through its eB2B (online business
to business) and eD2C (online direct to consumer) platforms.
Fund the growth, fuel the profit
The second pillar involved funding growth through continuous productivity improvements
and by cultivating a cost-conscious company culture. The company’s cost base needed
to be simplified and rightsized, and a company-wide cost-cutting mentality would need
to be put in place. These measures would support HEINEKEN’s growth ambitions, offset
inflationary pressures, restore profitability, deliver operating leverage and enable it to
continuously reinvest in growth.
Raise the bar on sustainability and responsibility
The third pillar revolved around HEINEKEN’s Brew a Better World program, a new set
of ambitious commitments aimed at having a positive impact on the environment and
promoting social sustainability and responsible alcohol consumption. The company had
originally launched this program in 2009, and later revamped its sustainability and
responsibility goals to enable faster progress towards a fairer and healthier net-zero
world. The renewed goals addressed important issues ranging from climate change and
water scarcity to equity and fairness within and beyond HEINEKEN’s operating
companies, championing moderation as well as responsible choices around alcohol
consumption.
Become the best connected brewer
The fourth pillar was intended to make HEINEKEN the world’s most connected brewer
by digitalizing its business from end to end. The company’s digital transformation
focused on the company’s three most critical stakeholder groups: customers,
consumers and colleagues. HEINEKEN aimed to become the most relevant brewer for
digital-age customers and consumers by offering a seamless digital experience across
all touchpoints. This called for significant investments to ramp up the digital
transformation of the company’s entire value chain, from the front end (e-commerce,
route-to-consumer and data analytics) to the back end (streamlining and modernizing
the company’s IT infrastructure).
Unlock the full potential of people
The final pillar focused on unlocking the full potential of HEINEKEN’s employees by
investing in talent and skill-building. The company took pride in its people-centric culture,
and management believed that investing in the best talent and the right skills was crucial
© 2023 by IMD
7
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
for future-proofing HEINEKEN. Van den Brink and his team saw a clear opportunity for
the company to drive bold and agile decision making, along with continuous learning and
greater inclusion and diversity.
HEINEKEN IN 2021: CRISIS RECOVERY AND BUSINESS
TRANSFORMATION
The official Covid-19 global death toll had reached 5 million about 18 months after the
pandemic started.16 There was light at the end of the tunnel, however, as vaccines had
become available in early 2021, and by November, half of the world’s population had
received at least one jab. Despite governments continuing to impose containment
measures, wide discrepancies in vaccine rollouts, ongoing supply chain disruptions,
rising inflationary pressures and changing consumer expectations, HEINEKEN managed
to deliver strong performance in 2021 while setting its EverGreen strategy in motion.
Recovery efforts
HEINEKEN made great strides in returning to pre-pandemic levels in 2021, and in some
areas even surpassed its 2019 results. The company’s net revenue grew organically by
12.2% over the previous year, to finish at €21.9 billion, driven by strong volume and
revenue per hectoliter growth. Net revenue grew organically by 25.9% in HEINEKEN’s
Africa, Middle East and Europe regions, by 17.9% in the Americas and by 8.6% in
Europe. In the Asia-Pacific region, net revenue was down by 6.1% in 2021 over 2020.
Consolidated beer volume grew organically by 4.6% compared with 2020, while volume
growth in the Heineken® brand increased by 17.4%, well ahead of 2019. Net profit
increased organically by 80.2% in 2021 compared with 2020, to reach just over €2 billion.
Operating profit was up by 43.8% year on year with a margin of 15.6%, driven by topline growth leverage, continuous cost mitigation actions and progress made in rightsizing
the company’s cost base. The company achieved gross savings of nearly €1.3 billion
and was on track to deliver €2 billion by 2023. This was accomplished through an
organizational redesign that included refocusing the main office in Amsterdam into a
strategic headquarters, shifting all operations back to the operating companies and
investments in automation. Along the way, van den Brink also had to make the difficult
decision to axe some 8,000 jobs (approximately 9% of HEINEKEN’s workforce in 2019)
as part of the company’s organizational redesign and cost-cutting efforts.17 Overall,
however, HEINEKEN’s 2021 results were encouraging.
EverGreen in motion
In the midst of recovery efforts, the company kick-started a long-term organizational
transformation with the EverGreen strategy as its centerpiece.
© 2023 by IMD
8
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Shape the future of beer and beyond
In 2021, HEINEKEN focused on driving premiumization at scale to push growth,
championed by the Heineken brand, which experienced double-digit growth year on year
in over 60 markets. Volume sales of Heineken Silver, the company’s premium extra cold
line, more than doubled, driven by particularly strong performance in China and Vietnam.
The company continued to invest in brand-building during the second year of the
pandemic using thoughtful ad campaigns centered on the importance of togetherness,
in line with HEINEKEN’s purpose and values. These included “Home Gatherings,” “We’ll
Meet Again” and “A Lockdown Love Story,” as well as “Worth the Wait” featuring Daniel
Craig as James Bond. Additionally, 2021 was HEINEKEN’s biggest year ever for
sponsorships, which included the UEFA Champions League, Euro 2020 (which was
postponed from 2020 to 2021 due to Covid-19), Formula 1, Formula E and the 2020
Olympics in Tokyo (also postponed to 2021).
Other hero brands in HEINEKEN’s international portfolio saw strong performance in 2021
as well. They complemented the Heineken brand by addressing specific consumer
needs. They responded to trends such as environmental awareness, health
consciousness and the need for innovative flavors, and bolstered the company’s global
footprint. Amstel delivered strong growth in the Americas and in the Africa, Middle East
and Eastern European regions. Amstel Ultra, its low-carb and low-calorie line extension
aimed at health-conscious consumers, sold over one million hectoliters in Mexico and
was rolled out internationally to 11 new markets. Tiger was Asia’s number one premium
beer and was available in over 50 markets worldwide. It was successfully launched in
South America and was the fastest-growing lager brand in Nigeria, where volume sales
doubled in 2021. Birra Moretti and Lagunitas IPA also performed well, as did several
other brands, ranging from Sol to Edelweiss.
Capitalizing on worldwide consumer health and wellness trends, HEINEKEN invested
heavily in innovation within the low- and non-alcohol category. The company’s LONO
portfolio grew by over 10%, to reach 15.4 million hectoliters, against 14 million in 2020.
Heineken® Original’s no-alcohol line extension, Heineken 0.0, became the world’s topselling non-alcoholic beer brand; it was available in over 100 markets and volume sales
exceeded 2 million hectoliters in 2021, driven by strong performance in Brazil, Mexico
and the United States. Other non-alcoholic innovations introduced by HEINEKEN
included Desperados Virgin 0.0 in Europe, Lagunitas non-alcoholic IPA (IPNA) in the
US and Maltina Pineapple in Nigeria. Birra Moretti Zero, Amstel 0.0 and Amstel Oro
0.0 generated strong growth across Europe. HEINEKEN also took control of India’s
United Breweries Limited, maker of the iconic Kingfisher brand, by increasing its
shareholding from 46.5% to 61.5%. Overall, HEINEKEN achieved volume growth of
10% in premium beer for 2021, outperforming the company’s broader portfolio in terms
of growth in the majority of its markets.
HEINEKEN was also expanding its portfolio beyond beer. The company entered the hard
seltzer category, launching Pure Piraña in Mexico and New Zealand in late 2020. It
expanded the brand in 2021 to European markets, including Portugal and Austria –
© 2023 by IMD
9
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
where Pure Piraña became the leading seltzer brand – as well as Ireland and the
Netherlands. Additionally, HEINEKEN launched Amstel Ultra Hard Seltzer in Mexico,
Arizona Sunrise Hard Seltzer and Dos Equis Ranch Water in the United States, and
Doctor Diesel Hard Seltzer Lemonade in Russia. HEINEKEN further buttressed its
position as the world’s leading cider producer in 2021. Its cider portfolio achieved midsingle-digit volume growth to 4.9 million hectoliters, chiefly driven by the Strongbow
brand, following the post-Covid recovery in South Africa and the acquisition of the brand
in Australia. Strongbow launched its no-alcohol line extension, Strongbow Cider 0.0%,
in South Africa, backed by the “Always a Choice” ad campaign.
Fund the growth, fuel the profit
To ensure that it could achieve its goal of superior and balanced growth, HEINEKEN
focused on increasing efficiency and productivity through a systematic, company-wide
approach enabled by digitalization. To boost process transparency and agility, and to
accelerate learning and scaling across HEINEKEN’s operating companies, a
standardized tool was deployed to aggregate the company’s projects and initiatives. A
disciplined project management funnel approach was then used to bring both small and
big ideas into value realization. Over 7,500 initiatives were gathered from more than 80
operating companies.
At the end of 2020, HEINEKEN launched a large-scale productivity program targeting
€2 billion in structural gross savings by 2023, relative to the company’s 2019 cost base. In
2021 HEINEKEN streamlined its organization, rationalized its portfolio complexity, lowered
conversion and logistics costs, and phased out non-consumer-facing investments. By year
end, the company had achieved close to €1.3 billion in gross savings.
The company’s new cost-conscious mindset took hold across its subsidiaries worldwide,
several of which were improving their performance thanks to knowledge transfer
between subsidiaries. For instance, in Singapore the company saved 6% of its entire
cost base by implementing 15 initiatives adopted from operating companies in Malaysia,
Laos and Thailand. In the Netherlands, HEINEKEN cut its brewery-related repair and
maintenance costs by 19% by changing how and when maintenance was carried out, by
leveraging new technology and data, and through organizational changes. In Mexico, as
part of HEINEKEN’s green energy projects, the company began sourcing renewableonly energy for over 6,000 of its SIX stores, cutting energy costs by 3%.
In addition to the gross savings achieved through its productivity program, the company
also took drastic cost-mitigating actions in 2021 to offset the financial impact of
government-mandated lockdowns and other pandemic-related restrictions. These mainly
concerned expenses relating to marketing, sales and personnel, but the company planned
to reverse these cuts in 2022 and increase investments in brand support in other areas.
© 2023 by IMD
10
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Raise the bar on sustainability and responsibility
In April 2021, HEINEKEN launched its 2030 Brew a Better World program, a set of farreaching ambitions aimed at having a positive impact on the environment and promoting
social sustainability and responsible consumption of alcohol.
To achieve net-zero impact, HEINEKEN set ambitious goals for carbon neutrality, zero
waste and positive water impact. It aimed to decarbonize production – targeting 30%
reduction of overall emissions – by 2030 and the entire value chain by 2040.
Decarbonizing all 166 production sites would require maximizing renewable energy and
energy efficiency. To do so, HEINEKEN continued to scale up renewable electricity
solutions across its operations, building on the implementation of over 130 renewable
energy projects over the previous three years. To power the Ibadan brewery in Nigeria,
the company commissioned a solar plant capable of generating some 800 MWh
annually. In Brazil, significant progress was made towards sourcing 100% renewable
electricity and transitioning to sustainable biomass for its breweries. In Indonesia,
HEINEKEN’s breweries would be powered by 65% renewable energy by the end of 2022.
Addressing the issue of circularity, HEINEKEN committed to stop sending waste to
landfills from all production sites by 2025. It also agreed to step up implementation of
returnable packaging and to continue investing in innovations such as its Green Grip
packaging, which replaced the single-use plastic rings used in multipack cans, thus
saving 500 tons of plastic each year.
Since beer brewing was highly water intensive, HEINEKEN sought to reduce its average
water usage to 2.6 hectoliters per hectoliter (hl/hl) of beer in water-stressed areas and 2.9
hl/hl worldwide. In 2021, 23 of HEINEKEN’s 31 sites in water-stressed areas had started
watershed protection programs to fully balance the water used in production by 2030. The
company also strove to maximize water reuse and recycling in water-stressed areas. In
Malaysia, HEINEKEN’s production site worked with local stakeholders to replenish over
267% of the water it used at its respective watersheds through water-balancing activities,
including the construction of a 305-meter-long clay dike in a forest reserve and the
reforestation of one hectare of degraded peatland. Finally, in 2021 HEINEKEN committed
to the World Economic Forum’s Stakeholder Capitalism Metrics and agreed to follow the
recommendations of the Task Force on Climate-Related Financial Disclosures.
To become an equitable and more inclusive company, HEINEKEN boosted its efforts to
embrace inclusion and diversity, to create a fair and safe workplace and to improve its
impact on communities. It committed to increasing the share of women in senior
management roles to 30% by 2025 and to 40% by 2030. To enhance cultural diversity
and local leadership representation, at least 65% of country leadership teams would be
regional nationals by 2023.
Further, managers around the world would be given training in inclusive leadership
practices. In addition, by 2023, HEINEKEN would assess gender pay equity in all
countries and have action plans in place to close any remaining pay gaps. Over and
© 2023 by IMD
11
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
above its direct employees, the company would work towards ensuring fair living and
working standards for third parties. For instance, in Africa, HEINEKEN agreed to support
smallholder farmers by sourcing agricultural ingredients, aiming for a 50% increase in
volume by 2025 compared with 2020.
To encourage moderation and combat alcohol abuse, HEINEKEN would expand its
portfolio with more responsible options, address harmful use and champion moderate
drinking. Following the success of Heineken 0.0, the company launched over 130 nonalcoholic product line extensions. It aimed to have a non-alcoholic option for at least two
strategic brands in most of its operating companies by 2030, accounting for 90% of its
business. It would continue to cultivate local partnerships to address alcohol harm,
including the prevention of underage drinking and drunk driving in countries where it had
businesses. Finally, the company committed 10% of its brand media spend to reaching
one billion consumers through responsible consumption campaigns.
Become the best connected brewer
To become the best-connected and most relevant brewer for digital-age customers and
consumers, HEINEKEN needed to digitally transform its entire value chain and build
seamless digital interactions from the front end to the back end.
In 2021, the company made significant progress with its “Connected Brewery” program,
under which breweries would be retrofitted with digital capabilities. The aim of the
program, which had been rolled out in 2018, was to intelligently support HEINEKEN’s
brewers in their increasingly complex tasks and unlock value through insights generated
from vast amounts of data. Employees would be able to connect to brewery equipment
via a unique company-owned data layer, enabling smarter operations. As of 2021, over
115 sites were running on connected apps such as One2Improve. The app supported
brewery employees by suggesting solutions generated by an intelligent diagnostic tool
that aggregated knowledge from connected company breweries worldwide. In addition,
60 of these sites were connected to the company’s data layer, enabling algorithms –
which were scalable across all HEINEKEN breweries – to create actionable insights to
improve packaging line performance. The plan was to have all 115 sites connected by
2025.
The company also invested in analytics solutions to harness the power of data, machine
learning and artificial intelligence to make smart business decisions across the value
chain. A machine learning model supported HEINEKEN’s revenue and margin growth in
24 operating companies, helping market subsidiaries analyze how much of incremental
sales were driven by promotions, recommending strategic improvements and estimating
cannibalization of other products while a promotion was running. Its analytic models,
including promotion optimization, churn prediction and spend analysis, enabled cost
savings as well as revenue generation.
In 2021, HEINEKEN continued to streamline and rationalize its IT, moving applications
to the cloud and consolidating its ERP (enterprise resource planning) systems. It
© 2023 by IMD
12
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
completed the rollout of its BASE program, making the organization more agile and
efficient by standardizing core business processes in finance, procurement, production,
logistics and sales. The company’s SHARP-X program simplified and harmonized
finance processes and made its finance function more efficient and focused on adding
value to the business. That same year, HEINEKEN began preparations for the Digital
CORE program, which would migrate all operating companies over to a lean and modern
ERP system that would play a pivotal role in data and integration. This would allow for
greater speed, scalability and easier access to data. The Digital CORE program would
build on the successes of the BASE and SHARP-X programs and replace all of the
company’s ERPs by the end of 2027.
Crucially, as part of its end-to-end digital transformation, HEINEKEN urgently needed to
build a future-fit digital route-to-consumer. Consumers had quickly adapted to lockdowns
and adjusted their shopping behavior. In response, HEINEKEN stepped up its investments
to strengthen its digital capabilities and scale its e-commerce business. Investments
focused on HEINEKEN’s eD2C platforms including Beerwulf, GLUP and Drinkies. In
Europe, Beerwulf performed strongly in 2021, primarily driven by on-trade closures during
lockdowns and sales of the Blade – a beer tap for home use. In Mexico, HEINEKEN
launched GLUP which gained traction, leveraging HEINEKEN-owned retail chains with a
value proposition to offer quick delivery to consumers’ doorsteps.
HEINEKEN also invested in its eB2B platforms in a bid to grow its customers’ businesses
as part of an omnichannel approach. In 2021, the company’s eB2B platforms were
operational in 30 markets, including Brazil, Mexico, South Africa, Nigeria, the United
Kingdom, Italy and Vietnam, and accounted for 75% of net revenue. HEINEKEN
connected with nearly 370,000 active customers in 2021, a more than threefold increase
over the previous year. The company captured €2.8 billion in digital sales value, a 130%
increase over the previous year, driven by strong growth in Mexico, Brazil, Vietnam,
Nigeria, the United Kingdom, Italy, France, Cambodia, Singapore, Egypt and Ireland.
This figure was projected to reach €10 billion by 2025. Furthermore, digitalization would
play an increasingly important role in supporting HEINEKEN’s work with farmers, for
instance in Greece, where all areas of the company’s barley sourcing program were
integrated into intelligent farming systems to boost both efficiency and effectiveness.
Unlock the full potential of people
In 2021, the health and well-being of its people remained a key priority for HEINEKEN.
The company launched a global educational campaign called #stopCovid to encourage
employees to get vaccinated, behave responsibly and stay informed in order to protect
themselves and their loved ones. It also introduced HEI-Life, a holistic framework to
enable HEINEKEN’s employees to thrive, empowering them to look after their
professional, emotional, social and physical well-being.
With the launch of EverGreen, HEINEKEN embraced its core values of passion, courage,
care and enjoyment, and renewed its purpose: “We brew the joy of true togetherness to
inspire a better world.” This marked the beginning of a long-term effort to strengthen
© 2023 by IMD
13
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
HEINEKEN’s company culture and entailed renewed commitments to inclusion, diversity
and social sustainability. Another key element for the success of the EverGreen strategy
was having the right people in the right place, which meant strengthening and diversifying
HEINEKEN’s local talent pipeline. To do so, the company decided to revamp its Global
Talent strategy to build talent management as an asset for HEINEKEN.
HEINEKEN IN 2022: MOVING FORWARD WHILE
DEALING WITH NEW CHALLENGES
In the first nine months of 2022, HEINEKEN achieved total revenue of €25.8 billion, up
33.4% from €19.4 billion obtained in the same period of 2021. Net revenue increased
organically by 22.6%, to reach €21.3 billion in the third quarter compared with €16 billion
in 2021. There was a strong post-Covid recovery in the Asia-Pacific region as
coronavirus-related restrictions were lifted. The consolidation of United Breweries
Limited in India increased net revenues by €564 million, a 3.5% boost. While Covid-19
restrictions in China and the Russia-Ukraine war continued to cause supply chain issues
and a rise in energy and commodities costs, HEINEKEN mitigated inflationary pressures
through pricing and premiumization. Currency translation also positively impacted net
revenues by €1.2 billion (7.3%), driven primarily by the Brazilian real, the Mexican peso
and the Vietnamese dong. The company additionally saw mid-single-digit growth in
volume in Europe and the Americas.
With continued efforts to drive premiumization, premium beer sales grew by 10.2% in the
first half of 2022, driving nearly half of the company’s organic growth in overall beer
volumes. In the third quarter of 2022, premium grew organically by 15%, while overall
beer volume grew by 8.9%, despite price inflation. The company’s LONO portfolio saw
double-digit growth in over 20 markets, with Heineken 0.0 doing particularly well in Brazil
and Spain. Heineken 0.0 became the top-selling non-alcoholic beer in Brazil, Mexico and
the US. Expanding beyond beer, volume sales of HEINEKEN’s portfolio of flavored
alcoholic beverages – which included ciders, hard seltzers and innovative products –
outgrew pre-pandemic levels.
On 24 September 2022, HEINEKEN opened Southeast Asia’s largest brewery in the Ba
Ria-Vung Tau province of Vietnam, spanning an area of 40 hectares.18 Meanwhile, due
to the Russian invasion of Ukraine in February 2022, HEINEKEN – along with other
Western companies – decided to exit the Russian market, by transferring ownership of
its business without a profit. The company stopped the sales, production and advertising
of the Heineken® brand in Russia. To ensure the safety and wellbeing of its employees,
as well as to minimize the risk of nationalization, HEINEKEN continued with reduced
operations during the transition period.
In terms of digital transformation, HEINEKEN was able to accelerate the expansion of
both its eB2B and eD2C businesses. The company’s B2B platform captured €2.8 billion
in digital sales value in the first half of 2022, a nearly threefold increase year on year.
© 2023 by IMD
14
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Sales on Beerwulf, HEINEKEN’s European eD2C platform, were over 50% higher than
pre-pandemic levels, despite consumers shifting back from in-home to on-trade beer
consumption. GLUP, the company’s eD2C platform in Mexico, was also growing fast and
expanding into new locations. As a humorous publicity stunt, Heineken also launched
Virtual Heineken® Silver in the metaverse during 2022.19
Finally, as part of its climate transition plan, HEINEKEN built the African beer industry’s
largest solar plant in South Africa, thus reducing the local brewery’s carbon emissions
by 30%. It also built two new wastewater treatment plants at its breweries in Serbia and
Haiti. The company’s brewery in Meoqui, Mexico – its most efficient plant – used less
than two liters of water per liter of beer. As the world’s largest exporter of beer, with most
exports going to the US, Mexico was an important strategic location, but its beer industry
was threatened by the effects of climate change. In early August 2022, the president of
Mexico, Andrés Manuel López Obrador, called for a halt to release new licenses for beer
production in the country’s drought-stricken north – while maintaining the existing
operations intact.20 He encouraged brewers to move their breweries to the south or
southeast of Mexico, areas that were richer in water but further away from the US border.
HEINEKEN, which owned a brewing facility in Monterrey, where water shortages were
particularly acute, announced that 20% of the water used in its Monterrey plant (which
produced over three gigaliters of beer annually) would be directed to the local water and
drainage services network.21 The drought in northern Mexico brought to light the
inequality of water access between local citizens and industrialists.22 Indeed, global water
scarcity was starting to become a critical matter for beer companies, in terms not only of
production costs and supply chain continuity but also stakeholder management and
public relations.
During its Capital Markets Event – EverGreen 2025 – held on 1-2 December 2022,
HEINEKEN shared an optimistic outlook while acknowledging the uncertainty and
challenges to come. For 2022, they reconfirmed stable to slightly higher operating profit
margin (BEIA) versus 2021. For 2023, the company projected mid to high single-digit
growth in operating profit despite a more difficult global economic environment, lower
consumer confidence in developed markets, and declining volume in Europe.
HEINEKEN also expected to exceed its target of €2 billion in gross savings in 2023, in
spite of projected higher input and energy costs – particularly in Europe.
While presenting at the Capital Markets Event, van den Brink underscored that
EverGreen embodied a dual message of continuity and change:
We honor the past, the strong foundations that we’re building on, but we’re
also crystal clear on where we do need to change to stay relevant, to adapt
in a very fast-changing world, and as a growth company first and foremost,
how do we sustain growth in that new context.
In an interview following the event, van den Brink commented on some of the
organizational changes that would be needed:
© 2023 by IMD
15
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Historically HEINEKEN has been really biased for growth, but we didn’t
always focus as much on the productivity side. […] We want to be a growth
company, a really strong growth company, but we also really realize that
driving productivity is part of it, and not just something you do intermittently
once every five years but just as part of normal business.
He further explained that expansion well beyond HEINEKEN’s core products and
flagship brand would be necessary to continue growing:
It’s all about consumers, and different beverage types can fulfill different
needs, so beer has its way and it’s a unique beverage that speaks to
certain consumers, certain occasions, but there are other occasions and
consumer types that you can’t always satisfy with a beer.23
TOWARDS AN UNKNOWN FUTURE
With its EverGreen strategy in full swing, things looked good for HEINEKEN, and the
2022 preliminary results confirmed this. However, the future was still mired in uncertainty
and volatility, and important new challenges – from climate change to inflationary
pressures – were surfacing around the world.
Van den Brink had almost reached the location where the entire executive team was
gathering. It was time to reflect on EverGreen’s implementation while deep-diving on key
strategic initiatives that, if successfully implemented, would future-proof the company.
What were the battles that HEINEKEN would have to win to secure its future and thrive
in the years to come? Van den Brink knew there was going to be a lot to discuss with the
team in the following days.
© 2023 by IMD
16
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Exhibit 1: Worldwide sales of leading beer companies in 2021 (in US$ billion)
Source: Statista, 2022
Exhibit 2: The world’s 10 leading brewing groups in 2020 by production volume
(in millions of hectoliters)
Source: Statista, 2022
Exhibit 3: Global market share of leading beer companies by volume sales in
2020
Source: Statista, 2022
© 2023 by IMD
17
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Exhibit 4: Brand value of leading beer brands worldwide in 2021 (in US$ million)
Source: Statista, 2022
Exhibit 5: Worldwide revenue growth of the beer market by sales channel (2013–
2025)
Source: Statista, 2022
Exhibit 6: Worldwide volume growth of the beer market by sales channel (2013–
2025)
Source: Statista, 2022
© 2023 by IMD
18
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Exhibit 7: The EverGreen strategy’s Green Diamond
Source: HEINEKEN’s official website
Exhibit 8: Dolf van den Brink’s presentation of the EverGreen strategy
Click on the image to launch the video
Source: HEINEKEN’s official website
© 2023 by IMD
19
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Exhibit 9: Worldwide revenue of non-alcoholic beer from 2012 to 2025 (in US$
billion)
Source: Statista, 2022
Exhibit 10: Worldwide volume of the beer market by segment, from 2012 to 2025
(in millions of liters)
Source: Statista, 2022
© 2023 by IMD
20
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Exhibit 11: Worldwide share of beer consumption by region (2020)
Source: Statista, 2022
Exhibit 12: Worldwide annual consumption of beer by country in 2020 (in
thousands of kiloliters)
Source: Statista, 2022
© 2023 by IMD
21
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
Sources
The authors drew on the following company resources when writing this case:
• Heineken 2022 Preliminary Results released during the two-day Capital
Markets Event held on 1 and 2 December 2022.
• Heineken 2022 Third Quarter Results, 26 October 2022.
• Heineken 2020 Full Year Results and Strategy Review Update, 10 February
2021.
• Heineken N.V. Annual Report 2021.
• Company website and press releases (www.theheinekencompany.com).
References
1 HEINEKEN, 2021. Full Year Results and Strategy Review webcast. 10 February. Retrieved
from: https://www.investis-live.com/HEINEKEN/5ff5a22c2fb49a0a001cbda0/rget
2 HEINEKEN (2021). Full Year Results and Strategy Review webcast. 10 February. Retrieved
from: https://www.investis-live.com/HEINEKEN/5ff5a22c2fb49a0a001cbda0/rget
3 Jones D., 2008. “Carlsberg, HEINEKEN Agree $15.3 Billion S&N Deal.” Reuters. Retrieved from:
https://www.reuters.com/article/us-scottishnewcastle-idUSL2338824920080125
4 Nurin, T., 2016. “It’s Final: AB InBev Closes On Deal To Buy SABMiller.” Forbes. Retrieved from:
https://www.forbes.com/sites/taranurin/2016/10/10/its-final-ab-inbev-closes-on-deal-to-buysabmiller/?sh=549f3bcf432c
5 SAP Brandvoice, 2022. “The HEINEKEN Company’s HR Transformation Puts Employees First.”
Forbes.
Retrieved
from:
https://www.forbes.com/sites/sap/2022/01/25/the-HEINEKENcompanys-hr-transformation-puts-employees-first/?sh=330b1a1434d8
6 WHO, 2021. “Timeline: WHO’s Covid-19 Response.” Retrieved from:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019/interactive-timeline
7 WHO, 2021. “Timeline: WHO’s Covid-19 Response.” Retrieved from:
https://www.who.int/emergencies/diseases/novel-coronavirus-2019/interactive-timeline
8 Pérez-Peña, R., 2020. “Coronavirus Deaths Pass One Million Worldwide.” The New York Times.
Retrieved from: https://www.nytimes.com/2020/09/28/world/covid-1-million-deaths.html
Eurostat, September 2020. “Impact of Covid-19 Crisis on Services.” Retrieved from:
https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Impact_of_Covid19_crisis_on_services
9
10 Morris, C. 2020. “Craft Brewers Upend Their Business Models in Fight to Stay Alive.” Fortune.
Retrieved from: https://fortune.com/2020/10/14/craft-beer-brewery-covid-businesss/
11 PwC, 2021. “Four Fault Lines Show a Fracturing Among Global Consumers.” Retrieved from:
https://www.pwc.com/gx/en/consumer-markets/consumer-insights-survey/2021/gcis-2021.pdf
© 2023 by IMD
22
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.
IMD-7-2423
FUTURE-PROOFING HEINEKEN: THE EVERGREEN STRATEGY
12 PwC, 2021. “Four Fault Lines Show a Fracturing Among Global Consumers.” Retrieved from:
https://www.pwc.com/gx/en/consumer-markets/consumer-insights-survey/2021/gcis-2021.pdf
13 CNBC, 2021. “Dolf van den Brink.” Retrieved from: https://www.cnbc.com/dolf-van-den-brink/
14 Reuters staff, 2020. “HEINEKEN CEO to Step Down, Replaced by Asia Chief.” Reuters.
Retrieved from: https://www.reuters.com/article/us-HEINEKEN-moves-idUSKBN2052DR
15 HEINEKEN, 2021. ‘Welcome to EverGreen’. Retrieved from:
https://www.theHEINEKENcompany.com/our-company/our-strategy
16 Ellyat, H., 2021. “Global Covid Deaths Hit 5 Million as Pandemic Takes Staggering Toll.” CNBC.
Retrieved
from:
https://www.cnbc.com/2021/11/01/global-covid-deaths-hit-5-million-aspandemic-takes-staggering-toll.html
17 Blenkinsop, P., 2021. “New CEO to Cut 8,000 Jobs as HEINEKEN Feels Pandemic Effect.”
Reuters. Retrieved from: https://www.reuters.com/business/new-ceo-cut-8000-jobs-HEINEKENfeels-pandemic-effect-2021-02-10/
HEINEKEN, 2022. Press release, 24 September. Retrieved from: https://heinekenvietnam.com.vn/en/news-events/press-release/heineken-vietnam-opens-south-east-asias-largestbrewery-in-ba-ria-vung-tau.html
18
19 Wakefield, L., 2022. “Heineken Launches Virtual Beer in Self-Mocking Metaverse ‘Joke’”. BBC.
Retrieved from: https://www.bbc.com/news/technology-60793847
20 de Haldevang, M. & Navarro, A., 2022. “Mexico Should Stop Making Beer in Drought-Plagued
North, AMLO Says.” Bloomberg. Retrieved from: https://www.bloomberg.com/news/articles/202208-08/mexico-should-stop-making-beer-in-north-on-drought-amlo-says
21 Thomas, L., 2022. “Mexican President Calls For End to Beer Production in Drought-Stricken
North.” The Drinks Business. Retrieved from:

Mexican President calls for end to beer production in drought-stricken north

22 Agren, D., 2022. “Mexico’s President Proposes Ban On Beer Brewing As Drought Intensifies.”
Financial Times. Retrieved from: https://www.ft.com/content/d70f9090-a7ad-4e9f-b902a3c29bade9ba
23 CNBC, 2022. “CNBC interview with our CEO, Capital Markets Event 2022”. Retrieved from:
https://www.theheinekencompany.com/newsroom/cnbc-interview-with-our-ceo-capital-marketsevent-2022/
© 2023 by IMD
23
This document is authorized for use only in Caban, Stephanie’s MGT450 Term6 2024 – Baldridge – ADP at Post University from Apr 2024 to Oct 2024.