La Renaissance of Growth … from Adyen to ASML, Hermes and LVMH, Schneider and Spotify …. how Europe’s best companies are reinventing themselves to find new growth

August 18, 2025

For years, Europe has carried a reputation for economic maturity rather than dynamism—steady, but slow. The narrative often cast Silicon Valley as the engine of global innovation, while Europe seemed weighed down by regulation, fragmentation, and tradition.

Yet in 2024–2025, something remarkable is happening. Europe’s largest companies are not just holding their ground; they are creating value on par with America’s technology titans—albeit in their own, distinctive way.

The clearest proof comes from the so-called “GRANOLAS”—a group of 11 European companies named by Goldman Sachs: GSK, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP, and Sanofi.Collectively, these firms have grown into a bloc with the same weight in Europe as the “Magnificent 7″—Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia, and Tesla—have in the USA.

While the American stars dazzled investors with exponential growth, Europe’s GRANOLAS, rooted in health, luxury, and industrial technology, have steadily accumulated market power, revenues, and global relevance.

Europe’s distinct path to growth

The difference is not simply in sector focus, but in strategy. U.S. giants thrive on digital scale, winner-takes-all platforms, and consumer lock-in. Europe’s leaders, by contrast, win through reinvention of traditional strengths—science, engineering, design, and culture—infused with new technologies and global reach. They are creating extraordinary value in areas where Europe’s competitive edge has long been underestimated:

Health and biotech breakthroughs (Novo Nordisk, Roche, AstraZeneca)
Luxury and cultural capital (LVMH, L’Oréal, Hermès)
Deep tech and industrial innovation (ASML, SAP, Schneider Electric)

This is not Silicon Valley disruption. It is what one might call “La Renaissance of Growth” … rooted in heritage, yet alive with reinvention. Here are 9 stories of that renaissance, and the reinvention drivers that have accelerated new growth:

Adyen

Founded in 2006 by Pieter van der Does and Arnout Schuijff, Adyen emerged from the Dutch tech scene with a vision to streamline global payments. Recognizing the inefficiencies in the fragmented payments landscape, they aimed to build a unified platform that could handle all payment methods seamlessly.

Revenue: €2.01 billion (23.91% YoY growth)
EBITDA: €543.7 million (50% margin)
Market Cap: $52.81 billion

Adyen’s robust growth in 2024 underscores its position as a leading global payments platform, despite challenges from geopolitical factors.

Reinvention Drivers:

Unified Technology Stack: Adyen’s in-house developed platform integrates payment processing, risk management, and financial services, reducing reliance on third-party vendors and enhancing control over the payment experience.
Global Expansion: The company has expanded its services to over 150 countries, catering to international merchants and enabling them to accept payments in multiple currencies.
Focus on Enterprise Clients: By targeting large-scale enterprises like Uber and Spotify, Adyen has positioned itself as a trusted partner for businesses with complex payment needs.
Adaptation to Market Trends: The company continuously evolves its offerings to include emerging payment methods, such as cryptocurrency transactions, ensuring it stays ahead of industry trends.

ASML

ASML, another Dutch business, was established in 1984 as a joint venture between Philips and Advanced Semiconductor Materials International. Over the decades, it has grown into a pivotal player in the semiconductor industry, specialising in photolithography systems essential for chip manufacturing.

Revenue: €28.3 billion
Net Income: €7.6 billion
Gross Margin: 51.3%
Market Cap: $297.72 billion

ASML’s dominance in the semiconductor equipment sector is reflected in its strong financial performance, driven by high demand for advanced lithography systems.

Reinvention Drivers:

Technological Innovation: ASML’s development of extreme ultraviolet (EUV) lithography has revolutionized chip production, enabling the creation of smaller and more powerful semiconductors.
Strategic Partnerships: Collaborations with major semiconductor manufacturers like TSMC and Intel have bolstered ASML’s position in the market.
Investment in Research and Development: Continuous R&D efforts ensure that ASML remains at the forefront of technological advancements in semiconductor manufacturing.
Supply Chain Optimization: Streamlining its supply chain processes has allowed ASML to meet the growing demand for its advanced lithography systems.

AstraZeneca

AstraZeneca was formed in 1999 through the merger of Sweden’s Astra AB and the UK’s Zeneca Group PLC. It is a global biopharmaceutical company focused on the discovery, development, and commercialization of prescription medicines.

Revenue: $54.07 billion (18.03% YoY growth)
Net Profit: Not specified
Market Cap: $246.41 billion

AstraZeneca’s strong performance in oncology and rare disease treatments has driven significant revenue growth, reflecting its commitment to innovation.

Reinvention Drivers:

Focus on Oncology and Rare Diseases: AstraZeneca has concentrated its research and development efforts on oncology and rare diseases, areas with high unmet medical needs and potential for significant impact.
Strategic Acquisitions: The acquisition of Alexion Pharmaceuticals has bolstered AstraZeneca’s presence in the rare disease market, expanding its product portfolio.
Innovation in Drug Development: The company has invested in innovative drug development platforms and technologies, accelerating the delivery of new treatments to patients.
Global Expansion: AstraZeneca has expanded its operations in emerging markets, increasing access to its medicines and driving growth in these regions.

Hermès

Founded in 1837 by Thierry Hermès as a harness workshop in Paris, Hermès has evolved into a global luxury brand renowned for its craftsmanship and timeless designs.

Revenue: €15.2 billion
Recurring Operating Income: €6.2 billion (40.5% margin)
Net Profit: €4.6 billion (30.3% margin)
Market Cap: $254.86 billion

Hermès continues to exemplify luxury and exclusivity, achieving significant profitability through its commitment to craftsmanship and selective distribution.

Reinvention Drivers:

Commitment to Craftsmanship: Hermès maintains a strong focus on artisanal skills, with many of its products handcrafted by skilled artisans, ensuring high-quality standards.
Selective Distribution: The brand controls its distribution channels, selling primarily through its own boutiques, which helps maintain exclusivity and brand integrity.
Limited Production: By producing limited quantities of certain items, such as the iconic Birkin bag, Hermès creates a sense of scarcity and desirability among consumers.
Sustainable Practices: The company has increasingly adopted sustainable practices in sourcing materials and manufacturing processes, aligning with growing consumer demand for ethical products.

LVMH

LVMH was formed in 1987 through the merger of Moët Hennessy and Louis Vuitton. Under the leadership of Bernard Arnault, it has become the world’s largest luxury goods conglomerate.

Revenue: €88.12 billion
Operating Income: €19.6 billion (23.1% margin)
Net Profit: €12.6 billion
Market Cap: $276.23 billion

LVMH’s diverse brand portfolio and strategic acquisitions have solidified its position as a leader in the global luxury market.

Reinvention Drivers:

Brand Portfolio Diversification: LVMH has expanded its portfolio to include a wide range of luxury brands across various sectors, including fashion, cosmetics, and beverages.
Strategic Acquisitions: The company has acquired several prestigious brands, such as Fendi and Bulgari, enhancing its market presence and product offerings.
Innovation in Marketing: LVMH invests heavily in innovative marketing strategies, including collaborations with artists and designers, to keep its brands relevant and appealing to consumers.
Global Expansion: The company has expanded its retail presence globally, tapping into emerging markets and increasing its customer base.

Revolut

Founded in 2015 by Nik Storonsky and Vlad Yatsenko and based in the UK, Revolut began as a digital banking alternative offering currency exchange and international money transfers without hidden fees.

Revenue: £3.1 billion (72% YoY growth)
Net Profit: £790 million
Market Cap: Not specified

Revolut’s expansion into various financial services has driven substantial growth, positioning it as a prominent fintech player in Europe, with superapp ambitions.

Reinvention Drivers:

Product Diversification: Revolut has expanded its services to include cryptocurrency trading, stock trading, insurance, and budgeting tools, transforming into a comprehensive financial platform.
Technological Integration: The company leverages advanced technologies like artificial intelligence and machine learning to offer personalized financial services and enhance user experience.
Global Reach: Revolut has expanded its services to multiple countries, catering to a diverse customer base and facilitating international transactions.
Regulatory Compliance: The company has worked towards obtaining necessary licenses and complying with financial regulations in various jurisdictions, ensuring trust and reliability among users.

Schneider Electric

Established in 1836, Schneider Electric began as a steel manufacturer before transitioning into electrical equipment and automation solutions. Today, it is a global leader in energy management and industrial automation.

Revenue: €39.7 billion
Net Profit: Not specified
Market Cap: $144.64 billion

Schneider Electric’s focus on energy management and automation solutions has contributed to steady revenue growth, reinforcing its market presence.

Reinvention Drivers:

Digital Transformation: Schneider Electric has embraced digital technologies, offering IoT-enabled solutions like EcoStruxure to optimize energy usage and improve operational efficiency.
Sustainability Initiatives: The company has committed to sustainability, aiming to achieve carbon neutrality and helping its customers reduce their carbon footprint.
Strategic Acquisitions: Acquiring companies like Aveva has expanded Schneider Electric’s capabilities in software and digital solutions, enhancing its value proposition.
Customer-Centric Approach: By focusing on customer needs and providing tailored solutions, Schneider Electric has strengthened its market position and customer loyalty.

Spotify

Launched in 2008 by Sweden’s Daniel Ek and Martin Lorentzon, Spotify revolutionized music consumption by offering a streaming platform with a vast library of songs accessible on-demand.

Revenue: €15.6 billion (17.9% YoY growth)
Net Profit: €1.1 billion
Market Cap: $150.48 billion

Spotify’s investment in diverse content offerings and premium services has enhanced its profitability and market valuation.

Reinvention Drivers:

Expansion into Podcasts and Audiobooks: Spotify has diversified its content offerings by investing in podcasts and audiobooks, attracting a broader audience and increasing user engagement.
Personalized Recommendations: The platform utilizes advanced algorithms to provide personalized playlists and recommendations, enhancing user experience and retention.
Creator Partnerships: Collaborations with artists and creators have enriched Spotify’s content library and attracted exclusive content, differentiating it from competitors.
Monetization Strategies: The company has introduced various monetization avenues, including premium subscriptions, advertising, and partnerships, to drive revenue growth.

(Data in these cases is to end of 2024, where appropriate)

Europe’s Growth Rankings

This ranking is based on value growth (Growth in market cap, derived from Morningstar data capturing the percentage growth in market capitalisation for Europe’s largest companies between November 30, 2013 and November 30, 2023)

ASML +735% … Exclusive provider of EUV lithography; massive demand from AI-chip boom
Novo Nordisk +495% … Ozempic/Wegovy obesity treatments creating blockbuster revenue and valuation.
LVMH +424% … Luxury dominance across its ‘Maisons’ and resilient affluent demand.
Astra Zeneca +256% … New drug launches and strong global pharma execution.
SAP +143% … Cloud and SaaS transformation driving investor confidence and re-rating.
Nestle +69% … Strong consumer staples brand resilience.
Shell +113% … Energy price cycles and integrated oil and gas operations.
Total Energies +51% … Energy diversification into renewables and hydrocarbons.
Novartis +35% … Steady pharma player with diversified portfolio.
Roche +19% … Diagnostics and oncology strength under market volatility.

What’s their growth formula?

What can we learn from these companies? And indeed others across Europe who are growing at almost similar pace – companies like Adyen, the Dutch payments system, Delivery Hero, Germany’s food delivery network, or France’s Mistral AI?

A number of strategic characteristics stand out:

Own a bottleneck or platform.
Be it EUV systems, multi-product fintech, AI infrastructure, embedded payments, or defence tech—these companies control what others depend on.
Compound via multiple engines.
Hardware + services (ASML); subscriptions + ads (Spotify); payments + embedded finance (Adyen); delivery + monetization (Delivery Hero).
Operational rigour meets strategic flexibility.
Each scales shipping cadence, cost structure, or deployment speed in ways that rival incumbents can’t easily mirror.
Monetise installed scale.
From software upgrades to cross-sell within platforms or continued use monetization, they squeeze more value from existing channels.
Transparent, credible growth guidance.
Rather than overpromising, they maintain investor trust through disciplined forecasting, even as they push boundaries.

Europe’s growth story is not a straight headline, it’s a tapestry of reinvention across sectors, where established players and rising stars alike rewrite the rules of scale. Whether through embedded finance, sovereign AI, or infrastructure tooling, these companies prove that growth, and credible value creation, are not mutually exclusive.

In a landscape often written off as slow, that’s the kind of quiet revolution worth paying attention to.

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