ESCP Europe Alumni Magazine - n°153 - Mars/Avril 2014 - 20

FoCus

and expert-driven in order to serve profitable
niche markets, qualities that have made many
other German SMEs thrive in a globalised world,
too. Family enterprises generally also stand out
through stability over time, cautious investments,
committed teams and relative security fuelled by
the owners' personal implication, and so does
Comazo. In this respect, the company's value
addition in Germany continues to increase, e.g.
the total number of jobs in Germany rose by 10%
to 190 (mostly in sales, e-commerce and R&D)
between 2010 and 2012. With its strong local
anchorage, Comazo also contributes to the development of a skilled workforce and enhances the
region's long-term GDP growth.
To take risks

A medium-sized firm that designs, produces and distributes quality underwear for ladies, men and
children.
and cannot easily be copied by low-cost competitors. Furthermore, Comazo pre-empted another
major challenge of the industry and turned it into a
competitive advantage: sustainability. Early on, the
company proactively partnered with the «Fairtrade
Organisation» and soon became the German market leader for organic cotton underwear.
To be efficient and creative
As a family-run organisation, Comazo tries to be
efficient and flexible as well as creative, quick

At the same time, one must concede that familyrun businesses tend to be risk-averse, sometimes
hindering faster development. Had Comazo taken
higher risks, we might for example command
an even stronger market position today, and be
present in more non-European markets with an
exclusive brand image. Apart from their capacity
to attract highly qualified executives, another challenge that German SME have to face is funding,
since access to capital is more difficult than for
larger companies. A considerable part of our
business is financed by equity (21%); another
significant share is backed by local banks, which
are, now that they have proof that the company is
able to survive times of major turmoil, more willing
to lend than before. Moreover, with the German
economy having picked up as a whole, banks are
generally asked to provide more funding to the
national economy, which also helps.
To maintain a long-term perspective
Overall, the positives of family ownership clearly
prevail. As the company's family shareholders, we
have always maintained a long-term perspective
preferring positive organisational climate, innovative ideas and a consistent strategic vision over
short-term financial figures. Our executive team
has a distinct, twofold strategy; both in terms of
sourcing, i.e. Comazo not only trades but also produces quality underwear, as well as with regards
to distribution channels. Besides serving the
European retail sector, our company also has its
own online shop and about 30 stores in Southern
Germany, which ultimately reduces business risk
and allows us to adapt quickly to potential changes in the industry. Last but not least, the younger
generation has started to become much more
involved; reasons to be optimistic that the family
affair might last another 130 years!
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ESCP Europe Magazine N° 153 - Mars/Avril 2014

ESCP Europe Alumni Magazine - n°153 - Mars/Avril 2014

Table des matières de la publication ESCP Europe Alumni Magazine - n°153 - Mars/Avril 2014