INSEAD the business school for the world

Welcome to “Slalom to the Finish: Carlyle's Exit from Moncler ”, an INSEAD’s business case study. Our website will help you find suitable teaching materials, video interviews with the protagonists and easy to use de-briefing material.

Read an inspection copy of the case.


In late 2010, Carlyle is considering an exit from its investment in the European fashion brand Moncler, in which it holds a minority stake. With the capital markets opening up after the global financial crisis, the shareholders begin to prepare the Company for a public listing (IPO). However, by spring 2011, volatility in the financial markets (as the Euro crisis unfolds) is increasing, promoting Carlyle to start a low key secondary sales process as a back-up option. The dual-track process comes to a decision point in early June, when Carlyle must commit to one option (or develop other alternatives).

The case focuses on the complexities of preparing and executing an exit under rapidly changing market conditions, taking varied interests and potential outcomes into consideration.

Pedagogical Objectives

  • To show how private equity firms think about exiting their investments from the outset, and how during their ownership they position a portfolio Company for an exit through strategic decisions.
  • To evaluate the various exit options for a PE firm and discuss how optionality and negotiation leverage in the sales process can be created and maintained.
  • To demonstrate how PE firms make decisions under uncertainity and time constraints, taking a variety of factors into account.

INSEAD's Global Private Equity Initiative (GPEI)

Find more information on GPEI case studies and publications here.

GPEI is INSEAD’s Centre of Excellence in Private Equity and works hand in hand with private equity firms to create relevant, timely and thought provoking output. Our research targets to enhance the productivity of the capital deployed in this asset class and to facilitate the exchange of ideas and best practices amongst limited and general partners and stakeholders involved in the industry.


How to buy the case

  • Hard and soft copies of the case and teaching note (which contains the login and password to access the private area of this site) can be purchased via our distributors’ websites. To choose a distributor please visit the INSEAD Case Distributors page.
  • The case can also be purchased directly from INSEAD.
  • If you are not a registered instructor, follow the instructions on our distributors’ websites to identify yourself as such.