The case narrates the IPO journey of Budweiser APAC (Budweiser APAC), the Asia-Pacific subsidiary of Anheuser-Busch InBev (AB InBev). During its time in Asia, megabrewer AB InBev not only engaged in many mergers and acquisitions but also witnessed first-hand the development of an up-and-coming market. This allowed Budweiser APAC to become a leader in the Chinese and South Korean markets and develop plans to significantly expand its market share in Southeast Asia. Nevertheless, challenges such as the overall sluggish beer industry and fierce competition for talent slowed Budweiser APAC's business. In 2019, the brewer behemoth suspended plans to list on the Hong Kong Stock Exchange. Shortly thereafter, the company offloaded its Australian Subsidiary Carlton & United Breweries (CUB) and then successfully listed Budweiser APAC in Hong Kong. Instead of providing the entire IPO story at once, the case intentionally splits this content into two parts. Case A focuses on Budweiser APAC's initial failed IPO attempt and asks students to put themselves in the shoes of Jan Craps, AB InBev's Zone President Asia Pacific and CEO & Executive Director of Budweiser APAC. Initially, the class discussion should focus on the global beer industry, the competitive landscape in different geographic regions, and Budweiser APAC's major competitors. Subsequently, students should discuss which of the proposed alternatives to the failed IPO listing best serves the needs of both AB InBev and Budweiser APAC. Case B follows Case A and discusses which alternative was actually chosen: AB InBev successfully listed Budweiser APAC on the Hong Kong Stock Exchange after selling its Australian subsidiary to Japan's Asahi Group. This divesture facilitated Budweiser APAC's second IPO attempt not only by making it clear to investors that the company will focus on growth markets such as China, India, and Vietnam, but also by making the listing more attractive to investors who seek exposure to emerging

Supplement to Budweiser APAC Spinoff (A): The Financial Strategy for Localization. Case B follows Case A and discusses which alternative was actually chosen: AB InBev successfully listed Budweiser APAC on the Hong Kong Stock Exchange after selling its Australian subsidiary to Japan's Asahi Group. This divesture facilitated Budweiser APAC's second IPO attempt not only by making it clear to investors that the company will focus on growth markets such as China, India, and Vietnam, but also by making the listing more attractive to investors who seek exposure to emerging markets.

People seldom know that the fashion and luxury industry has become an industry with high water pollution, raw material consumption, and greenhouse gas (GHG) emissions. Premium goods and sustainability seem contradictory, but Kering Group, one of the leading global luxury houses, has blazed the way for more than two decades. From the Chairman and CEO, and Sustainability Programme Director at headquarters to employees on each continent, sustainability was rooted in the mind of everyone at Kering. It evolved its strategies for environmental protection and social benefit issues by various means: the Group adjusted its organizational structure and set up a specific department with experts from different backgrounds. The Group also calibrated specific numbers to improve on operational efficiency and decrease pollution. More intriguingly, it diversified ways to achieve business objectives such as innovative initiatives like the "Kering Generation Award (K Gen)" and the measurement tool, "Environmental Profit & Loss (EP&L)". The K Gen in China aimed to gather critical players along the value chain within the luxury ecosystem while establishing an open platform to enhance awareness of corporate citizenship and environmental protection. EP&L measured Kering's ecological impacts, assessed raw materials used in production and designing, and directed the Group towards more sustainable sourcing solutions, innovative technologies, and new materials development. However, both innovative initiatives had their limitations. The cultural differences between East and West mean it is difficult to duplicate the western model in the eastern cultures. At the same time, any new management tool had to overcome organizational inertia and balance the interests of different stakeholders. Stakeholder management has thus become an inevitable issue. Internally, the Group had to balance corporate-level enforcement and brand-level autonomy. Externally, the Group had to engage with various

The HR Lab served as an incubator within Bosch that rejuvenated the company with a history of more than a hundred years. Agile transformation solutions debuted in the Power Tools (PT) business unit, driven by the industry's evolutionary needs. Bosch used to sell Power Tools to two separate groups of consumers: Professional tools for users in trade and industry, and DIY, accessories and garden tools to amateur crafters like families or avid gardeners. However, e-commerce brought disruption to the past business model and threatened the unit's competitive advantage. To proactively provide employees with innovative solutions geared towards consumer needs, Rosa Lee, Executive Vice President of Bosch China, came up with the idea of the HR Lab. The idea followed rounds of discussions with Uwe Raschke, Bosch's board member responsible for Consumer Goods (including the Power Tools division and BSH Hausgeräte GmbH), and Elly Siegert, Bosch's Vice President for Human Resources in the Power Tools BU. HR Lab products such as Individual Development Dialogue, Team Staffing, Peer Recognition and Development Navigator were implemented in various Power Tools offices worldwide and received very positive feedback. However, new emerging issues pushed Lee to reflect and rethink how to measure the tools' efficacy and collect valid feedback for the initiative. After years of launching so many new HR Lab products, what should the team do next to achieve agile transformation for the entire company? Should Lee keep running the HR Lab or press pause to consider the future first?

This series of case studies lift the veil of wellness tourism, a popular but relatively niche market. Case A describes how wellness tourism had become more mainstream in recent years. At the foot of the Alps, there is a low-key luxury resort called Grand Resort Bad Ragaz. The resort Group organically combines the tradition of a family business and Swiss innovation in its strategy. On the one hand, all group-level decisions put the protection of the spring with about 800 years history as a prerequisite, and on the other, the resort group explores business opportunities with an open and creative mindset. However, in Europe, where the market was mature and saturated while the population was aging, how could wellness hospitality businesses stand out? Should Bad Ragaz Group keep focusing on loyal European guests who had already visited multiple times, or should they focus on new guests from Asia, especially China who seemed to be willing and able to visit more frequently and spend more in the future?

It had been one year since Anita Basu joined the Grand Resort Bad Ragaz as the Director of the Medical Center and member of the Executive Committee. Basu believed that the Grand Resort Bad Ragaz differentiated itself from other high-end resorts because of the centuries-old thermal spring and five-star experience that integrated medical treatment and other facilities. However, would the diversification of the facilities lead to the dilution of Bad Ragaz brand? Did the concept of holiday recreation and healthcare services bring synergy or conflict with each other? How would the aging population of Europe affect the Medical Center of Bad Ragaz? Basu read reports that pointed out the huge growth potential of the Chinese and Asian markets, but the past year was her first time seriously considering business development with Chinese customers and partners. It seemed that a direct shift in target audience from Europe to Asia might help Basu to increase the performance of the Medical Center or even the resort, but challenges like lack of mutual trust, legal differences, mismatched expectations, and language barriers had to be taken into consideration as well. Basu had to report to the CEO but hesitated as to whether she should propose a greater focus on Asian guests. If she should, how?

This case study describes the simultaneous evolution of both Health and Happiness (H&H) International Holdings Limited (referred hereafter as "H&H") and the senior executive protagonist, Laetitia Garnier. The instructor followed the history of company as it evolved from a single-product company in China (then known as Biostime) to a global group encompassing multiple brands following a series of acquisitions. This expansion allowed H&H to gain synergies across their value chain and shared channels in different continents, leading to an impressive growth in revenue and profits. This rapid progression was not without its growing pains, however. The case reveals several problems that H&H was facing with regards to cultural integration, particularly following their largest acquisition of the Australian supplement provider, Swisse. Meanwhile, the company's founder and CEO, Luo Fei, also finds himself wondering whether he should stay on in the CEO role or if it is time for him to relinquish the reigns to someone new like Laetitia Garnier, a female leader with rich experience in business management who has been with the company for almost a decade.