Case Study: Carlsberg in Emerging Markets Carlsberg is the fifth largest global brewer founded in 1847 and has headquarters in Copenhagen, Denmark. Carlsberg is the company’s flagship brand, including other brands like Kronenbourg, Tuborg, Somersby cider, Baltika (Russia’s best-selling beer), Grimbergen (Belgian), and numerous local beers (more than 500). The company was focusing on taping the vast potential in emerging markets to reduce its dependency on the maturing and stagnant beer markets in Western Europe, which accounted for 61 percent of Carlsberg’s revenue in 2007 (Hit, Ireland &Hoskisson, 2007). The company, however, faces several challenges in its venture into emerging markets, including the consolidation of most markets and competition as both South and North American markets had already been