Enterprise — Place Relationship and Value Co-Creation : Advance in Research

This paper is part of a bigger research path and, in its actual form, it presents the concept of value co-creation in the places as a result of a concerted action between enterprises and places themselves. This action doesn't have an "activating" element, although it is the outcome of the proper application of skills and knowledge of each actor in interpreting the changes occurred in the environment and in the activation of their value-creating initiatives. The methodology used involves the analysis of a single case study (Yin, 1994; Dubois e Gadde, 2002), suitable technique to develop theories about phenomena still little known in the context in which they take place. The use of cases also has the advantage of allowing the study of issues related to the "how" and "why" of recent and contemporary events over which the researcher has little control (Sturman, 1998; Cecconi, 2002; Yin, 2003). The analysis was conducted collecting data about the positive performance of the company (analysis of financial statements, reading specialized journals, website) and the proactive role of place and local government bodies (website of the town, visiting the places, analysis of urban renewal, key performance indicators of QSV). The entrepreneurial experience and the dynamics active on place allow to highlight how the process of value co-creation in those enterprise-territory relationships is the result of a contextual conditions system, stimulated by important and stable project-related osmosis processes, organizing the accrual of a strategic path shared by enterprise and place over time, increasing the territorial social capital, designing a rooted model of local skills able to compete globally. The originality of the paper lies in the development potential of value co-creation through the enhancement of knowledge and sensitivity towards the environmental and contextual dynamics. Innovation and knowledge are not unique prerogatives of the enterprises; they should also arise in and from places to generate a mutual exchange of traditional values, while co-producing knowledge and continuous innovation.


Introduction
This paper represents an embryonic phase of a complex research project that aims to observe the analysis of enterprise-territory relationships from the perspective of value co-creation process; in particular, the authors want to underline the importance of the concerted sharing of strategies and methods with the aim to launch and maintain a value co-generation process in the enterprise-territory relationship over time.From the inductive analysis of the features and the performance of the enterprise and from a first field investigation and the analysis of the existing situation in the Municipality of Corciano (Perugia) concerning the place, considerations and specifications are detected in this first stage; they concern the useful elements of the research and they are needed to validate the hypothesis supporting the present paper of the increasing and concerted harmony of the agents responsible for exchanges enterprise-place and vice versa.The element crucial to the achievement of value co-creation (Prahalad & Ramanswamy, 2004;Vargo, Maglio & Akaka, 2008) within a win-win logic (Polese, Pels & Brodie, 2011) is not the leading subject (an enterprise, the government or third parties) but it lies in the contextual conditions and in the ability of the analysed actors (place and enterprise studied) to interpret global changes and the new behavioural trend.
The value co-creation process is fulfilled when strategic compatibility between enterprises and place occurs and, in particular, when every subject choose the same path of value generation independently.In such sense, enterprises and places cover their paths alone but with the same principles, rules and instruments aiming to the same purpose; they contribute to stimulate concerted forms of abilities, models, environmental co-planning of mutual value for both enterprise and territorial systems.

The Place Seen as "Dynamic": Method
The methods used provides an analysis of the existing essays and an analysis of the entrepreneurial experience in an active place (inductive method), underlining the relational value co-creation in the enterprise-territory relationship.
For the analysis of the existing literature, concerning the work in question, Italian and international essays in line with the concept of value creation in the places have been chosen---; basic assumption of the present paper: the national literature has got an important role in the disclosure of the most relevant dynamics occurring in the enterprise-territory relationship in Italy, where also the case study analysed belongs.Some of the most representative authors who investigated this topic (Ancarani & Valdani, 2000;Caroli, 2006;Mendez & Mercier, 2006;Rullani 2009;Rullani, 2013, Maizza, 2013) highlight how the place is no more considered a merely material substrate which affects the development of the social and entrepreneurial context -place as an objectoutlining the prospective of static observation of the existing elements -material and immaterial -as a consequence, towards a reinterpretation of the place as "dynamic" where innovation of process, product, development models, growth and immaterial "social capital" take place; in a virtuous path of continuous reproduction and accumulation, the place designs innovative trajectories and strong creative incentives in the relationship with the various local stakeholders and most of all, entrepreneurs, enterprises and contexts.From this point of view, before drafting the present paper, the context of scientific management studies, without particular references to the geographical-spatial discipline, has been declared to be the chosen method; while approaching the issue, these studies emphasise the strongly static nature of places and contexts proven by the borders, also administrative ones, that on the other hand management literature tends to blur In the search of efficiency (available resources, balanced socio-economic growth, increase of the territorial social capital) and effectiveness conditions (organizational, cross linked models, integrated markets, qualified intellectual resources), the place should not be a passive container of economic activities, but it represents a vector of exchanges between enterprise and context and a booster for the processes of enhancement of value.In this way it's possible to harmonize the productive resources with the local customs and lead the constant inputs to the co-creation of the economic, social, relational value provided with clear identity, "not" simply replicable values, in contrast to the standardization encouraged by the effect of globalization.

Evolution of the Concept of Place and the Role of the Territorial Social Capital: Literature Review
In the last decades, the concept of "place" has experienced an important evolution: from a simple material resource, likely to be used, or merely a space to control, now it holds a mainly relational character that recognise the proper uncertainty of a complex system.The place becomes an "unfinished system" (Rullani, 2010) that seeks to continuously regenerate its identity in relation to the external destabilising events and, in certain cases, it can't bring it back towards a proper orientation.
Places are not a separate physical space, although they are influenced by time and choices of the mankind: the globalization process gave birth to numerous economic, cultural and political changes globally, but also locally, in so far that the technological development, the transmission speed of information, the increasing mobility of people and goods, have determined the reduction of distances and a progressive increase of relations and exchanges between countries in various fields.Several essays have been dedicated over time to the study of place and their relation to the enterprises; after the fordist period, during which the place was seen as a space to use to enhance production of enterprises of different dimensions, definition models in conflict and sometimes in cooperation with each other have been established, thanks to the use of ICT and the suppression of the importance of administrative and geographical borders and the enhancement pf value-creation elements which have increasingly acquired an immaterial nature and have been identified in the global panorama as a synthesis of the enhancement of talents, knowledge, technology and territoriality (Florida, 2009).
Considering the place from a more sociological point of view, from the definition of the urban spaces, the concept of "territory" as a "place" is taken into account, whose nature, according to the Institute of Place Management, emerges from the establishment and a strong, strategic measure of a governance (strictly in the bottom up)(Note 1); it strives to the transformation of place in systems able to evolve towards sustainable structures and to survive changes over time, by adaptation (Walsh, 2001;Parker, 2008); the place becomes dynamic and strongly characterized by the research of value generation for those who live it.Therefore, it becomes an active place whose knowledge increases, it provides itself with instruments of value-creation and it interprets the environment and the context dynamics.
With the identification of the place, from a dynamic perspective, as the product of evolving, autopoietic processes driven by a goal and affecting a series of micro-choices, we focus our attention on the importance of intangible factors-genius loci, value of a collective brand, spread of development and knowledge-able to decisively determine the evolution process of the territorial development.The dynamic approach to the place, that goes beyond the mere physic space, has been supported by numerous history, philosophical, architectural and urban-planning studies which introduced and reinterpreted the concept of genius loci (Norberg-Schulz, 1980;Jivè'N. & Larkham, 2003;Carmona, 2010), identifying in different ways the signifier of "spirit" in place, in the analysis of nature and values of a city or, in general, of a place.With the expression "genius loci", it is intended to represent the spirit of a place, as a concentration of entrepreneurial culture, history, traditions and local values, knowledge, innovation capacity and creativity; this aspect grants to districts, to networks and to manufacturing systems the chance to survive over time also in an economy dominated by delocalisation and globalisation.Creativity, knowledge, brilliance collected over time (often identified as the source of Made in Italy), have created a difficult to imitate value in Italian places; these ones, while sometimes cooperating with foreign territorial realities, will move forward generation and maintenance of competitiveness.
The place-knowledge pass through the recognition of the interactions of different local and global factors and its nature is identifiable in a vital subject determined by co-evolutionary, concerted processes between human settlements and environment, cyclically transformed by the succession of civilizations (Golinelli, 2011) and not only from economical activities; it's not a physical object, it rather represents the result of a "territorialisation process", or such a structuring process of the physical space by the society established.Soil, ground, physical environment, landscape, ecosystem, architecture, infrastructures aren't still the "place", they represent the physical and symbolic supports: the specific nature of the place is the result of the ability to structure the space in a symbolic way, allowing the recognition of the correlation between physical place and cultural, symbolic, economic space of the society established.
In this structure considered from a dynamic and active point of view, the immaterial elements are determinant to introduce innovative value co-creation systems, which affect the relation between the different stakeholders, the enterprises and the place itself; among these elements, the territorial social capital and the knowledge seem to be differentiating factors in the development processes, being an integral part of the enterprise-place relationship.
The attention paid by the literature (Zanda, 2006;Bounfour, 2003;Panno, 2011) has focused on the importance of these immaterial factors, as the base of the economic growth; from this point of view, those elements such as identity and sense of belonging to a "place", result fundamental for the competitiveness of the place itself: a necessary connection is established, between immaterial social capital and the place generating it.
The literature considers the territorial social capital as a resource who lives in the structure of social relationships and not in the individuals or in the means of production; it's a collective resource, connected with the structures of relationships network, with their stability and relationships density over time, and it evolves in the concept of civicness (Zanfrini, 2001;Camagni, 2008;) seen as a number of elements of the social organization such as confidence, solidarity, reciprocity rules, networks able to improve the individual and collectivity efficiency; starting from these topics, the understanding of the phenomenon was enriched with new experiences, the field literature has expanded and the definitions attempts of the social capital have multiplied with the aim to clarify the concept.Italian literature (Rizzi, 2003;Vinci, 2005;Camagni, 2008;) defines the territorial social capital as the public relational goods or networks between stakeholders, which allow knowledge and the spread of information, reduce diffusion costs and encourage the coordination capacity between actors.Finally, the social capital from the "systemic" point of view has been distinguished from the "relation or interactive" capital: the first one is the ability to cooperate and its origin lies in a shared culture able to create diffused interpersonal confidence; the interactive social capital is to be found in those resources emerging from the relational and cooperative tissue in which every individual takes part.
The social capital appears as a differentiator element in the development process, and the reasons of this importance can be ascribed to the continuous, evolutionary and transformation process which interested those modern, economic systems.Despite the fact that globalisation has deleted the control of single states on those balance dynamics of markets and has reduced the unity of the national economy, determining the attempt to reproduce the social-economical balances in sub-national context (Rullani 2009, Brunori 1999), on the other hand, the need for the economic agents and for the places to develop special capabilities constantly changing has arisen; it therefore takes place a reassessment of the micro-features of the production units which highlights the importance of the single entrepreneurial talents and local institutional settings.
The localizing choices of the enterprises play therefore an important role: the benefits achieved by the enterprise, most increasingly dependent on the specific resources of the place itself, determine the success of the production activity; moreover, the external economy present in place, that significantly affect the competitiveness of the enterprise, are the result of local public goods, that allow to increase the innovation capacity.The social capital belonging to places is a characterizing element, giving birth to models on the basis of the perfect pair tradition-innovation, in an approach attributable to evolved, cultural districts (Francesconi & Cioccarelli, 2013) in which the place and its tradition, history and relational identity, represents an added value and a competitive advantage difficult to reproduce in other contexts.In this sense, the enterprise chooses the place compatible while the time determines the enterprise-place value co-creation, in case it emerge structural and strategic compatibility.

From the Evolution of the Concept of Place to the Enterprise-Place Value Creation
The constructionist approach (Rullani, 2012) is an analysis methodology for the transformation process of the enterprise-territory relationship, based on the importance of the innovation and the breaking of traditional schemes.This is in contrast with the evolutionary approach which characterized the enterprise management studies of the during the identification of the roles played by the enterprise in the development of place; the approach is mainly based on the evolutionary theory according to which the context changes when variables of the "existing" are chosen.In the evolutionary theory indeed, the "New" comes from more or less random variables, who win the competition with the others when they are selected from the environment and they offer themselves, modifying the macro-context.In this sense, the role of the "pioneer" enterprise is fundamental for the emergence of the new idea and, in case the "brave" enterprise is missing, the context doesn't adopt this idea, remaining conservative.
The approach to consider should be the constructionist one; it starts from the important role of single subjects and life or work project and it goes beyond the enterprise, on the basis of subjects and their need to share experiences and projects and to give concrete meaning to the concept of "value" based on the historical periods and the existential contingencies.In this approach, being able to accept the change has taken an important role and this can be achieved through the involvement in the construction of the change itself; concurrently, an important role has been taken from the relational openness between those involved and the chance given to the subjects to be an active part of the change and the value exchange; the innovative enterprise remains in the centre of the development but, de facto, it obtains the right success when it bases its development idea on the big transformations and innovations of the history and exploit them.
The fordist period has based its success on the big innovation of the electricity and the assembly line, the present and contemporary period offers to the enterprises the chance to be based on the innovations of telecommunication, the information technology and, in general, in the rapid diffusion of knowledge and information.
The element responsible for generation of value and its exchange with the enterprises able to survive in changing, turbulent contexts, such as the current one, is the ability to establish an active relationship with other places and, specifically, with places with undefined administrative borders, globally diffused.
The approach undertaken by this paper features the value co-creation in a win-win logic in which there's no real "stimulator"; the principle is that one of the modern enterprise connected and innovative, able to share an approach to development of the place composed by different governances, from a government (Note 2) (Cresta, 2008) and subjects sharing the same environmental consciousness and, accordingly, a contextual one.
What emerges and has a therefore a primary importance, it's not the primacy of the capacity to stimulate the development (it can depend indeed on the enterprises, territorial governance and other entities) but it's the relevance of the compatibility and sharing of the meanings attributed to the interpretation of the environmental turbulent reality and consequently of the context.
The actors aggregations in the place co-create value when agents in it are compatible in interpreting the concept of value, innovation and construction and spread of knowledge.Necessarily, the value can be co-created on the basis of the recognised priorities, recognisable in the context of ideation, planning and production of the stages and, for the government, in the planning paths of the development of places and the confidence-generation stages between territorial actors and development assistance.Enterprises, inhabitants, economic and non-economic activities will act in a concerted way, without any real coordination, in accordance with an adaptive and complex process, striving to the survivability of the Community when they'll have internalised the meaning of the reference terms for the value construction and for the development management through knowledge and communication, extra-territorial too.
An integrated reading of systemic concept and of value creation allows to reflect from the point of view of the self-organisation logic of entire areas and of the economic sustainability generated by new entrepreneurial impulses stimulating the growth of the Community and its specialisation through cooperation, school-enterprise training or by research centres which train and offer skills and knowledge to the Community and who, in turn, stimulate the arise of new service, consulting and training enterprises.
In this sense, the role of the territorial government is solely based on the spread of confidence, opportunity and support to a territorial humus that, following a bottom-up governance, can self-organize itself and, in accordance with the biological sciences (Holland, 1992;Campbell, 1974) can also self-organize itself in a network, often in autonomous and automatic way.
The territorial network is a potential system consisting of different sub-systems (or cluster) emerging from the contextual conditions and the opportunities which arise from the stimulation coming from different leading actors in a particular moment; value co-creation can be perceived solely in the moment in which it occurs and when relationships between systemic components characterised by a particular governance takes place.
It can be argued that the territorial network, consisting of different sub-systems, is a comprehensive adaptive system (Waldrop, 1992;Gell-Mann, 1994;Kauffman, 1995) that occurs when it's perceived as a value-generating entity and becomes important when it achieves a recognised position.
De facto, places are complex realities, difficult to manage from the top (top-down) because they feature relationships and interactions continuously changing and in a really fast way; it's not simple to observe their composition and structure punctually, because they change constantly.The territorial network is a positive result of different sub-systems or cluster, able to co-create value.
The concept of value co-creation is the result of a mix of self-sufficient factors, developing instruments (knowledge and ability to change) to self-influence themselves; although is not excluded that in some cases it's the impulse of an economic reality itself that grants -at least in part -the economic evolution in a territorial area, different experiences, in Italy too, have demonstrated that more often, even in case of presence of a strong and determined territorial government, it was necessary to compromise with investors, realising projects difficult to identify as "sustainable" and, sometimes, not in line with the need to enhance the quality of livelihoods of populations.It's the case of the big factories affecting the territory, with strict and restriction infrastructures "consuming" the space, designed for the standardized production (production lines, manufactured goods and products, the "heavy " work, assimilation of men by the machines) but not intended to create value or take into account the well-being of the place, defining a clear hierarchy between undertaking enterprise, organisational-productive model, product, market, without giving any centrality to men and place: some recent cases of our productive and economic system -Fiat, in the automotive industry, in Termini Imerese and Cassino, Riva in the steel pole in Taranto, Fincantieri in Castellammare di Stabia -just to mention few groups operating in strategic industrial sectors, demonstrate that the concept of market is experiencing a deep crisis in its role of regulating element of interdependencies globally while economic and social purchasing and consumption model "asks" more manufacturing excellence coinciding with innovation models and reticular networking of places,subject to agents of new manufacturing and entrepreneurial forms of development -re-interpretation of business models which pose the person, the place, the on-line and shared intelligence, the context/place, the research created in the factory and diffused in it, that global markets have appreciated and continue to appreciate as elements of the complex contemporaneity.
The concept of value co-creation itself does not necessarily imply a win-lose approach and, in particular, it proposes moments of discussion and concerted growth in the concrete prospective of dual and mutual generation of the concept of value.

Discussion on Value Co-Creation: the Analysis of Place and Enterprise
This paper currently represents facts and situations of Corciano (municipal place in which the company Brunello Cucinelli has established its production) and of the company "Brunello Cucinelli".
The data and information collection on place has been carried out inspecting the village of Solomeo and the Municipality of Corciano, as well as the surrounding places, the investigation of the web site and of the different, available, possible references.Concerning the company Brunello Cucinelli, the Milan store (Note 3) has been visited and the main data have been collected; these data were crucial to know the company from the corporate philosophy point of view, through the study of the company web site and the collection of information available on specialised web sites, specialist press -for the interviews with the entrepreneur -mainly in the occasion of the quotation on stock exchange of the company.

Analysis of the Place and Identification of Elements Crucial to Value and Relationships
The place matter of discussion is the Municipality of Corciano (20485 ab.) (Note 4) in the province of Perugia.The territorial area in which the company Brunello Cucinelli extends is the hamlet of Solomeo -a medieval village on the top of a hill, counting about 430 inhabitants -restored in cooperation with the company itself.The presence, in Solomeo, of a Cucinelli Theatre and the foundation with same name underlines the direct interest and renewal purpose of entrepreneur; the population is directly involved in the development project of the territorial area willed by the entrepreneur and is active part not solely because the inhabitants work in the Cucinelli company, but also for the attention and the participation of subjects not directly involved, since the village of Solomeo has become a tourist destination -for cultural, architectonic, landscape and structural reasons.
The theatre, the "Neoumanistica" library, the events and the interest for traditions and culture, have certainly generated a driving force for the place that, de facto, would not have been reason to exist if it had not meet the openness and the willingness to cooperate of the inhabitants and, most of all, of the local administration.
In many occasions and in different cities of Italy the urban or architectural redevelopment of places, squares, streets and contexts has received a strong impulse from private and/or public investors but, because of the lack of a strategy, also failures, negligence, degrade and non-use of the requalifying structures have been recorded and most of all because the sharing by the inhabitants of those spaces, the specific appropriation and the valuable co-planning were missing too.In these cases, it has been recorded the total lack of connection and strategic compatibility among the actors and it emerges a limited possibility to co-create value in the place-economic activities relationship.The situation is different for the Municipality of Corciano and, in particular, for the hamlet of Solomeo; numerous indicators bring witness of the sensitivity of the inhabitants of the studied place towards economic development, the conservation of historic heritage and memory, art, culture and the good quality of life too.In the first Eighties, Corciano registered numerous redevelopments concerning functional building, aiming to a medium-high quality positioning of the place, with the construction of a residential complex -Rigodesigned by Renzo Piano and inspired by the Rubik cubes, currently undergoing renovation; reference data indicate that the little town (Note 5) is the third most densely populated Municipality in the province of Perugia, the second for average income for head and the first thanks to highest birth rate in the Umbria Region.
Moreover, in the Municipality of Corciano and according to the Umbria Region, the drafting and approval of a Strategic Framework for Development is mandatory (QSV is the abbreviation in Italian)(Note 6); this has granted the development of four stages with the aim to make aware of population and stakeholders: a preparatory and propositional stage, a coordination between mission and strategic purposes, negotiation and programming of the interventions and an implementation stage including management and monitoring.The Municipal Administration tried, in this sense, to make aware and enhance all the stakeholders of the place, drafting a QSV (Note 7) involving the eight historical centres of the Municipality: Corciano Capoluogo, Capocavallo, Castelvieto, Chiugiana, Mantignana, Migiana, San Mariano, Solomeo; the meeting and the working tables and events preferred by the Administration, helped stimulate the stakeholders' attention for the place, for the new working method and, most of all, they helped raise awareness of a way to use-manage the place, with the purpose to co-create, the value needed by the system to survive, thus in a sustainable way.This strong element shows the positive objectives of a place ready for the development; it acquires knowledge and prepares itself for the change, from a sustainable point of view.
In the data collected, it emerges the willingness to constantly search a meeting point among the points of views of investors, local government and inhabitants, who live every day those urban spaces in a way re-qualified; while recognising a value in actions and investments, they help enhancing and perpetuate it over time, with the aim to encourage the sustainable development and a better quality of life for all future generations.De facto, traditions can be gone lost over time because nobody perpetuate them but, on the contrary, they could also rise, thanks to an appropriate, concerted involvement in a collective, valuable investment; in Solomeo, it may rise a recover and maintenance tradition of a reorganised, restored reality in a modern interpretation key and that, from its inner, sees families, enterprises and administrative activities live and influence each other in a positive way.

Analysis of the Company Brunello Cucinelli and of the Relationships with the Place
In the present paper, the Brunello Cucinelli case is an exemplary upholder of the "social factory" model, deeply ingrained in a place to an extent that it "shapes" the context and contributes to covert, from a semantic point of view, a little-appreciated and limited known place in "economically and socially" known town, with a high identity ability, expression of good management practises, value co-creation, tourist-territorial branding, extensive governance, collective, widespread well-being: an anthropological vision of the productive, human, intellectual, financial resources -that establishes and creates internal value-networks over time, widespread capacity to equally generate profits and value and to unceasingly improve a concentration of production specialisation that makes it unique, inimitable, inherently connected to the specific place, in a systematic and virtuous process of "exchange" of value between enterprise and place, conquering a portion of space delimited by global markets and applying, in practice, the recurring definition -often disguised in the academic language and only theoretical -of "thinking local and acting global".Brunello Cucinelli S.p.a is an Italian fashion house operating in the field of luxury goods: famous for its cashmere products, the company represents today one of the most exclusive brand of the industry, positioning itself in the absolute-luxury segment; the group bases its competitive advantage Italianity of products and raw materials on the high quality and craftsmanship of the working processes and, in the end, on the creativity and ability to renew itself and be contemporary.The big attention paid to the quality of life and the human resources of the company, the support for the social-economic development, the respect and the integration with the place have characterised the entrepreneurial development and enhanced the distinctive and identitarian ability of the brand (Note 8).
The company was born in 1978, when Brunello Cucinelli, having understood that the coloured cashmere could have been turned into an important innovation (until then, cashmere had been produced exclusively in natural colours), establishes the company in Ellera di Corciano, in province of Perugia, the first company in this specific field.Few years later, the company's headquarters transfer to the 14th-century castle of Solomeo, little hamlet in province of Perugia, that Brunello Cucinelli had bought and renewed in 1985.Since then, the hamlet of Solomeo becomes one of the distinctive features of the activity and company, in an extent that the coat of arms of the hamlet and the image of the castle are to find in the brand Brunello Cucinelli and have become its distinguishing feature.From the second half of the eighties, an extension of the range of products for the clients and the penetration in some of the first foreign markets have occurred, thanks to the development of the distribution channel wholesale multi-branding.A first extension of the offer comes out during the half of the eighties when Brunello Cucinelli buys a timeshare in Rivamonti, a company specialised in the creation and production of wholly knitwear whose products will be enriched with the insertion of silk and cashmere threads, besides the "Brunello Cucinelli" line.To encourage the international expansion of the sales of knitwear, in 1986 the Brunello Cucinelli gives birth to Brunello Cucinelli USA Inc., a wholesale reseller and importer of cashmere clothes to the United States of America.
At the beginning of the new millennium, a total look starts to be offered.While remaining focused on the production of cashmere knitwear, internal skills develop for the realisation of new products (such as shirts or blouses and accessories such as scarfs, among others) completing the collections of knitwear, without granting licences to third parties for the use of its brands.From 2005, the development strategy focuses on the opening of mono-brand, franchises or directly managed (DOS) shops, in Italy and abroad.In particular, shops are opened on the most prestigious streets of the main Italian and foreign cities and in some exclusive resorts.The mono-brand shops directly managed include: Milan, Paris, New York, Miami, Madrid, Capri, St. Moritz and among the franchises: shops in London, Tokyo, Moscow, St. Petersburg, Sylt., Cortina, Saint Tropez.From the fall/winter collection 2011/2012 the brands Rivamonti and Gunex are no longer essential and the whole offer of the Group is represented by the unique brand Brunello Cucinelli.
In April 2012, the company announce its quotation on the Borsa Italiana, submitting to Consob an official application for admissions to trading its ordinary shares on the Telematic Stock Exchange.Following the approval by Consob for the public offering for the sale and subscription of shares Brunello Cucinelli S.p.a., on April the 16th the placement of bonds takes place.
The Group philosophy influences every strategic and operative choice made by the management and cornerstone on which the management thinking of Cucinelli is founded (Note 9); the entrepreneurial philosophy of Brunello Cucinelli, indeed, expresses itself in an entrepreneurial model that poses "man" in the centre of the productive process and that has allowed to develop a sense of participation in the success of the Group, shared at every company level.The company respect its own ethics: within it as well as outside it, human values are always on top.The company is fully integrated in the place, representing a starting point for the redevelopment of the city of Perugia in general and the medieval old town of Solomeo in particular.
During 23 years of activity, many recover and restoration interventions have taken place, some of which personally handled by Brunello Cucinelli in the planning stage; Solomeo hamlet, built in the 13th-century, hosts today the true heart of the company: Cucinelli defines himself the "guardian" of this heart.Moreover, the entrepreneur has often taken part in cultural and humanistic activities of the place, and these, over time, have become the company distinctive element.We should think for example that in 2008, the Theatre was opened in the hamlet.The Theatre is part of the "Foro delle Arti", that represents a meeting, creativity and cultural point, resulting from a common work destined to enrich everybody and to be left as a heritage for future generations.In 2010, the Accademia Neoumanistica has been opened, with a library inside it.The structure reminds of the classical architecture and it adds up to the Foro delle Arti, where training courses in culture and manual activity, working meetings and professional updating courses are held.
The turnover has grown constantly in the last years, in particular, between 2009 and 2010, the growth was to attribute to the increased sales of clothing and accessories for female and these have affect the 70% on the total net revenues (Note 10).The improvement of sales has been also possible thanks to the new shops opened and bearing the Cucinelli brand.In 2011, the increase in turnover was affected by the old retails and the opening of new points of sale and outlet, also abroad.The same applies to the improvement of turnover in 2012.With regard to 2013, the entrepreneur himself has underlined that revenues are destined to increase because of the opening of new points of sale.In particular.The Umbrian company aims to open 12-13 shops per year in the world, 8-9 of which as direct management, the others as franchises, more specifically, in Eastern countries, where there's still no Cucinelli shop.
The innovative feature of this organisational model of Brunello Cucinelli (brand of the identification product for the owner) is its vocation to include place, intellectual resources, workers, research centres, visitors, consumers and institutions in the crucial stage -decision-making too -of the productive organisation, contributing to determine a sort of risk-mutagenesis not only exclusively focused on the ownership, but participated and shared by the stakeholders highlighted above; what emerge are the semblances of a company as an extended system and minimally hierarchical, allowing to draw new methods of interaction within the supply-chain, company, and place: in the last decade, the inclusive model has determined a trend to inter-organizational and inter-territorial harmony (this reduces the ownership hierarchy from a legal point of view and enhances the value of shared networks, codified and reproducible knowledge, by elevating it to the rank of inexhaustible and reproducible resource in the value chain): moreover, over the years, the markets have appreciated the innovative vision of the model of the Cucinelli factory, emphasizing the artisan production excellence of cashmere and placing it on the global markets as a strong identitary asset, hiding it -for the purpose of ownership and management creation and not because of external constraints-from the costs and prices competitions and determining an extended value that does not (only) belong to the company, but also to the place.
The often discussed border in the reflections offered by management-scholars between entrepreneurial and territorial marketing on those themes such as competitiveness, value, social-economic development, the oxymoron of corporate profits and territorial net positive value, is summarised in the factory model described above, with the management of relationships and interactions in contrast to fordist models and which re-evaluate the role of the territorial social capital -widespread and reproducible knowledge, specialist expertise-behavioural loyalty, confidence, shared responsibility) and increase of profits and value for the benefit of the whole community.
The entrepreneurial experience of Brunello Cucinelli and the synergy emerged in the relationship with the place, highlight a successful case that stands out with the value generated by the company at an economic-financial level and with the satisfaction of the workers and of the whole sector that remains active in the place involved by the company.It would be over-simplifying to assert that the company Cucinelli has stimulated a place to develop and to "change" its approach to work, production and in general to the quality of life; it's more simple to think that the same place -and so the community -has been able to identify and adopt, with a sort of widespread and collective intuition, the need to develop knowledge and specific competence, to identify possible evolution trajectories of the environment and context, most of all, in view of the turbulent market situations at international level.
This experience contributes to underline the chance to co-create value together with the place when conditions on compatibility between enterprise and place occur; they're not necessarily generated by the government or a governance defined but they are induced, not necessarily in short periods of time, from two-way and mutual stimulus also characterized by a widespread sensation of trust in institutions and by a territorial government able to monitor the development and the exploitation of asset and driver according to an ethical and sustainable principle.

Results and Future Research Opportunities
In studies and management reflections, the background complexity of the enterprise-place relationship leads to a demarcation between production model, other emerging models and to systematically performed benchmark activities compared to differentiated territorial contexts; it's often difficult to identify the boundary between the decline of a manufacturing life cycle and an emerging one based on drivers which generate value whose content is mainly immaterial.
In the present historic stage, characterized by variability and variety of the demand and by consumer crisis, the present paper aims to emphasize the specificities of territorial contexts as the major competitiveness input of those enterprises: the observation of success cases, in a stage of strong markets globalisation, justifies the hypothesis of a difficult transferability of some success key-factors because they are inherent to the place.
The place is positioning from its core competencies, than the individual technologies of enterprise, determining the nature and the characteristics of the territorial network active in it supply, subcontracting, institutional, social, economic networks).This current paper is in embryonic phase, but it allows to understand the basis for reflection that authors intend to communicate with reference to the value co-creation concept in the enterprise-place relationship.The fundamental concept discussed in the present paper is the result of the evolution of management studies referred to the enterprise-place relationship and, although in shorter form, determination elements of the value co-creation process have been presented here, through the place analysis and the study of organization, management and enterprise's markets performances.
The positive results of Cucinelli company are clear and they can be measured from the turnover economic data and from the industrial and commercial margin; the economic performances in the international field legitimize a correct positioning on global scale, decisive for the growth stage also in a difficult financial phase experienced by markets.In any case, noticeable results emerge for the company, obtained thanks to the management and governing body ability to interpret the needs and trends of markets, by proposing a particular, specialised offer, but also taking into account the value system that the company was able to represent; non only a brand, evocative of style and trends in fashion, but also a life philosophy reflected in the systemic expression of quality in production, social capital, image of the country of origin (Italy), craft tradition embodied by a "place" becomes "factory" but most of all "style and quality of life".
In this case, the place was able to receive the inputs made by the company but, at the same time, it provided inputs and stimulated the company with strategic plans and a pro-active approach and ability to interpret the dynamics of environment and context.The place was therefore a relevant part of the assets of the company; the win-win logic of value co-creation allows both systems to evolve in symbiosis in a complex and adaptive process, which will exist until both entities will be able to inseparably accept, complete and stimulate each other through the capacity of interpreting the changes in demand and big global changes, adapting and adopting structures in a complementary way.
It's clear that such a system is more simple for an enterprise and more difficult for a place composed by several entities, different governances and multiple growth strategies, but the positive results will come out when the place will receive space enough to build training centres, the chance of spreading and promote craft tradition, specialisation for certain activities, new technologies and opportunities deriving from the critical openness to innovation and big global transformations of society and technique.
The future perspective of the research will identify new instruments and investigation models of the territorial reality, while seeking to understand the effective, positive relation of workers, of the inhabitants of Solomeo, of the administrators of the Municipality of Corciano and eventually of the enterprises of the same segment of Cucinelli company, to study the process of value co-generation and identify possible future development trajectories as well as quality-quantity performance indicators.