Il lavoro analizza gli effetti della multimarket competition sulle principali undici aziende multinazionali operanti nel fashion retailing, e approfondisce l’analisi del posizionamento strategico che le imprese scelgono in ciascun mercato. L’analisi empirica mostra che, per le aziende che si confrontano su diversi mercati comuni, il grado di market commonality con i concorrenti è negativamente associato alla redditività a livello di gruppo. Inoltre, i risultati mostrano che le imprese differenziano il posizionamento sulla base dell’ importanza strategica del mercato: minore risulta essere l’importanza strategica, maggiore è il markup applicato. Le imprese tendono quindi a ricercare, nei mercati strategicamente poco rilevanti, un posizionamento più alto, che giustifichi un markup più elevato rispetto al posizionamento ottenuto a livello globale. Inoltre, la dimensione del mercato influisce sull’effetto che le scelte di posizionamento generano sulla redditività locale. Nello specifico lo studio mostra che: (a) nei mercati grandi la redditività maggiore è associata ad aziende che registrano simultaneamente quote di mercato elevate e livelli di markup maggiori; (b) nei mercati piccoli la redditività maggiore è basata alternativamente sulla ricerca di quote di mercato maggiori o di un prezzo più alto (elevato markup). / This study investigates the outcomes of multimarket competition using data on the top eleven global fashion retailers, and deepens the analysis of the strategic positioning that firms choose in each foreign market where they operate. Empirical results suggest that the level of international market commonality with direct competitors is negatively related to their corporate financial performance. Moreover, focusing on the strategies of the single local units, the results of the analysis show that firms do not choose the same positioning in all their international markets, but they rather differentiate their positioning. In markets that constitute a small fraction of a firm’s total export, fashion retailers tend to skim the market commanding fairly higher price compared with their average global pricing level. Furthermore, market size also has influence on strategic positioning and on the relationship between strategic positioning and financial performance. Specifically, this study shows that: (a) in large markets, the winning strategy requires both a high market share and a high pricing; (b) in small markets, winning strategies can be based either on large market share or on high pricing.

Avec plus de 57 milliards d’€ de CA en France en 2014, le e-commerce continue à se développer, tant en volume qu’en nombre d’acteurs. Pourtant peu d’industriels se lancent dans le e-commerce, alors que les théories économiques suggèrent que ceux-ci devraient intégrer les fonctions d’intermédiation dès lors qu’il est capable de les effectuer à un coût moindre que des opérateurs extérieurs.Dans cette recherche, nous explorons les freins des industriels du secteur de l’électrodomestique vis-à-vis du e-commerce et suggérons que, conformément à la théorie de la concurrence multipoints, les industriels évitent de commercialiser leurs produits sur Internet dans un souci de stabilité de leur système de distribution. Des résultats de notre recherche, nous mettons en évidence les facteurs de création du conflit dans ce contexte, ce qui nous conduit à formuler des recommandations à l’égard des managers qui envisageraient l’ouverture d’un site marchand. / With more than 57 billion € turnover in France in 2014, the e-commerce continues to grow, both in volume and number of players. Yet few manufacturers are engaging in e-commerce, while economic theories suggest that they should integrate intermediation functions as soon as they are able to perform at a lower cost than external operators.In this research, we explore why the household appliance industry sector do not launch e-commerce site and suggest that, according to the multipoint competition theory, they do so in order to avoid coercion from the traditional distribution system. From the results of our research, we emerge factors that create conflict in this context, which leads us to make recommendations in respect of managers who would consider opening a retail website.