Benoit Leleux, Mary Papageorgiou, Sophia Shilimindri-Jaquier
IMD (IMD914-PDF-ENG)
September 11, 2017
The CocoMat suitcase follows the development of the bedding brand from its first concept in 1989 to its iconic status in 2016. During this time, it went through a gradual refinement of its customers’ offerings and brand values, developing a global retail network and expanded to include hotels and wooden bicycles, among other things. In 1989, Paul and Mike Efmorfidis embarked on a wild journey to develop an original sleep systems company based in Greece. At the end of 2015, CocoMat operated stores in 14 countries, employed more than 250 people, most of them in Greece, and that was far from the end of the story, just a beginning. They had started with virtually nothing on a beach, invented new concepts in an industry they knew little about and could only be described as quite resistant to change. They endured one of the worst economic crises a country has ever experienced and were now discussing further international expansion and accelerated growth. Could you continue with your original business model? Was it time to consolidate the company and install more systems and structures? How did you maintain your agility? What culture did you want to establish for the company and leave it as a legacy? The past was just amazing, but where should the company lead next?
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