Zusammenfassung:
This study examines the transformative changes in the wine industry of Southern Europe over recent decades, focusing on one of Spain's oldest Protected Designations of Origin (PDO), Montilla-Moriles. The region faced severe challenges during the second wave of globalization at the beginning of the 21st century. According to the 1999 Strategic Plan for this PDO, far-reaching strategic actions were needed; 25 years later, however, fewer than half of the original companies remain. To understand this complex issue, a qualitative analysis was conducted using case studies and in-depth interviews with key stakeholders in the sector. The paper presents several success stories featuring companies with strong dynamic capabilities: Bodegas Robles, Lagar de la Salud, and Tonelería del Sur-Casknolia. These companies were selected for their notable growth, contrary to the general industry trend, their diverse strategies, and their role in revitalizing the Montilla-Moriles wine market. Their success is attributed to a blend of traditional expertise, innovation, sustainability, and strategic internationalization. The findings of this study reveal that despite the industry's challenges, innovative initiatives can thrive by leveraging global market opportunities.