Resilience of the Hidden Champions: Adapting the Stevanato Group Model to a Fragmented Global Economy

The global economic landscape has undergone a profound transformation in recent decades, shifting from a paradigm of unrestrained globalization and "flat world" integration to a new setting characterized by trade disputes, geopolitical fragmentation, and de-globalization. Within this volatile environment, Medium-sized Multinational Enterprises, often characterized as "Hidden Champions”, have emerged as pivotal actors. This thesis investigates the resilience and adaptive strategies of these firms, analyzing how they navigate the transition from traditional internationalization models to complex global operations amidst rising uncertainty. The study begins by establishing a theoretical framework that traces the evolution of internationalization strategies, contrasting the incremental, risk-averse approach of the traditional Uppsala model with the rapid expansion of "Born Globals." Drawing on data from the Mediobanca Report, the research highlights how Italian mid-sized firms are reshaping their identities to maintain competitiveness. The central argument posits that while the logic of gradual commitment remains relevant, the modern MMNE must now integrate dynamic capabilities to manage the risks associated with a retracting global economy. To provide empirical grounding, the thesis presents an in-depth case study of the Stevanato Group, a premier example of an Italian Hidden Champion specializing in the pharmaceutical industry. The research charts the company’s evolution from a niche manufacturer with local roots into a global player with a diversified industrial footprint. By analyzing Stevanato’s expansion trajectory, the study illustrates a practical application of evolutionary internationalization. This section emphasizes how the company utilized core capabilities and continuous innovation not merely for growth, but as essential tools for governance adaptation and organizational maturity. Finally, the thesis addresses the sustainability of the "Stevanato Model" in a fragmented world characterized by protectionism, tariffs, and supply chain vulnerabilities. It examines the strategic pivot towards "local-for-local" production and regionalization as a response to the risks of reshoring and logistical instability. By comparing Stevanato’s strategies with other Hidden Champions, the research concludes that the enduring success of medium-sized multinationals depends on their ability to combine niche dominance with supply chain flexibility. The findings suggest that despite the challenges of de-globalization, the Stevanato model remains viable, offering a blueprint for MMNEs seeking to balance global reach with local responsiveness in the pharmaceutical and biotech sectors.