Executive Summary An unlikely candidate for internationalization, tiny Italian wedding-dress maker Giovanna Sbiroli has expanded its business throughout Europe, Asia, and North America during the past decade. Its success abroad can be best understood through Yao-su Hu�s discussion of the transferability of a firm�s advantages. Such an analysis yields the following conclusion: though the firm�s strengths did not distinguish it from domestic competitors, they gave the company an edge in certain foreign markets. By successfully transferring its advantages to such markets without going so far as to move production abroad, Giovanna Sbiroli was able to adjust its business to a globalized marketplace. I. Introduction A decade ago, Giovanna Sbiroli SRL, a wedding-dress maker based in tiny Putignano, Italy, would have seemed highly unlikely to become a multinational corporation. In fact, as the forces of globalization reached the remote hill town where the firm operated, Giovanna Sbiroli appeared to be a prime candidate to be eliminated by the sudden and widespread availability of c....

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