In the non-alcoholic beverage industry, barriers to entry are low as production is relatively easy. Although thousands of new drinks flood the market each year, the non-alcoholic segment provides fertile ground for innovative start-ups. In a mass-market dominated by big players, branding is key.

After winning important battles against soda, governments and health activists are targeting chocolate bars because of their high sugar content, and some, like the UK government in 2017, have set strict targets on the amount of sugar and calories that can be contained in each chocolate bar.

The Michel et Augustin case tells the story of Michel de Rovira and Augustin Paluel-Marmont as they set up their company Michel et Augustin in 2005 to brand and sell sablé cookies. The founders have a vision of creating a brand that can prosper in a competitive market dominated by big players and full of commoditized offerings.