1. INTRODUCTION:

We are living in a multipolar world. The distribution of global economic, political and military power in the international system is no longer unipolar, dominated by the Occident, but there is an unprecedented shift in the center of this power from the West to various poles dispersed across the globe (Layne, 2012; O’Sullivan and Subramanian, 2015). Emergence of economies such as Brazil, Russia, India, China and South Africa (‘BRICS’ nations), South East Asia (Indonesia, Thailand etc.),

Turkey or the Middle-east oil powers, symbolize the emergence of the multipolar world (Dameron et al, 2013; Kobrin, 2015). The multipolar world is heterogeneous in terms of political, legal, social and cultural differences among the various poles.

The heterogeneity of the multipolar world is expected to usher in an unprecedented diversity in international business. Several studies have been conducted across industries and sectors to investigate the manifestation and effects of this diversity. For example, Mowery (2001) describes differences in global patterns of innovation across industries resulting from the creation of a multipolar technological environment. Scott-Kennel and Salmi (2008) argue that the shift towards a multipolar world calls for significant implications to the development of curricula and content in international business. Heterogeneous multipolar business environments, with great diversities among the poles in social, economic, cultural and political specificities, will erode the effects of homogenized business models, methods and products created by globalization (Levitt, 1993).

International business literature is rich with studies of the success stories of firms originating in non-Occidental countries. For example, Mathews (2006) discusses the success factors of certain ‘dragon multinationals’ – challenger multinational firms from formerly peripheral areas of the Asia Pacific. He argues that as opposed to the conventional account of ‘homogenization’ created by globalization, it is the less frequently cited characteristic of the ‘pluralistic’ nature of the process of globalization that worked in favor of these dragon multinationals’ success stories. He goes on to argue that the dragon multinationals “expose weaknesses and limitations of existing theories and frameworks of international business”. In his 2009 article, Mathews extends his research to the investigation of the success of China, India and Brazil in international business. He reflects on the technology strategies employed to foray into advanced industries, and the development of national systems of economic learning similar to the lines of East Asian strategies. He argues that “strategies and competitive behaviours” developed in these emerging economies are proving to be more and more interesting for businesses worldwide. Chittoor and Ray (2007) perform a strategic group analysis of internationalizing firms in the Indian pharmaceutical industry. Although these studies have addressed the successful strategies of non-Occidental or ‘third world multinationals’, the focus has been on these firms’ exploitation and exploration along the existing dimensions of products and markets of multinational corporations from the developed world. However, in-depth studies are needed on the success factors of firms which have adopted traditional methods and sciences in their product technologies and market strategies and have thus deviated from the above mentioned existing dimensions. Our study aims to fill this gap in the international business literature.

Through our study, we expand current understanding of business success factors of these ‘traditional’ firms from emerging economies in a multipolar world. We particularly address the imminent changes in global business dynamics in the light of emerging multipolarity by arguing that the strengthened economic, military and political position of non-Occidental economies has led to the rise of corporations such as the dragon multinationals. This strengthened global position will also result in a resurgence of pride in, and hence popularity of, traditional products characteristic of non-Occidental cultures.

Traditional methods, sciences and technologies are endemic to the cultures of non-Occidental economies. We argue that in the multipolar world, the prevalence of ‘homogenized’ goods and services will be challenged in several sectors by the resurgence of alternative goods and services rooted in traditional methods and sciences of the non-Occident. The changing nature of business and geopolitical environments in a multipolar world will have a direct effect on this consequence (Phaal et al, 2004). In our study, we focus on the health and wellness sector, where we investigate the effect of multipolarity.

In this study, most of the case examples used to examine evidence and effects of emerging multipolarity in the world are from India, and in addition a few are from China and Africa. The objective of this research study is to increase understanding of the global development from the dominance of the Occident to a multipolar world by investigating the development of businesses based on traditional non-Occident sciences.

2. EMERGING ECONOMIES IN A MULTIPOLAR WORLD:

Drastic changes in the world economic order are taking place, with the emerging economies of China, India, Brazil, Russia, Indonesia, Mexico and Turkey most likely surpassing the economies of United States and Europe. It is predicted that these countries’ share of world Gross Domestic Product will increase from 35% in 2017 to almost 50% in 2050 (Economics, PwC, 2013). It is also expected that, by then, China and India will become the first and second largest economies in the world respectively, overtaking the United States. In fact, if comparisons were made in terms of purchasing power parity, China’s economy is the biggest in the world already.

India’s economy has differed from China’s in at least two dimensions: one, in terms of an expansion of service industries instead of manufacturing industries, and two, in terms of relatively low levels of investment (Bosworth and Collins, 2008). Historically, India is credited with novel contributions in the field of science and technology that have shaped the modern world. Pioneering inventions from 2500 BC in construction, civil engineering and architecture, such as stepwells and flush toilets, can be seen in the ruins of India’s cities of Mohenjodaro and Harappa (Kosambi, 1965). In the field of metals and metallurgy, as early as 300 - 200 BC, the crucible technique was invented and used in India to produce high quality steel. Other examples are also seen, such as, the earliest known instance of usage of a plough, the first public demonstration of microwave transmission, the first iron-cased and metal cylinder rockets, and the spinning wheel (Singh, 2008). Ayurveda, the over 5000-year-old medical system, originated in India and is one of the most popular traditional medicine systems in the world today (Mishra et al, 2001). Similarly, the globally popular wellness practice of Yoga is also recognized as representative of Indian culture (Alter, 2004; Fields, 2001). One of the prominent case companies that we investigate in this study was established hinging on the popularity of Yoga and Ayurveda in India and has rooted its product offering on the traditional Indian science of Ayurveda.

Peng (2002) and Peng et al (2008), in their review of international business strategy in the context of emerging economies, have argued that the ‘institution-based view’ is as important as the traditional ‘industry-based’ and ‘resource-based’ views. A firm needs to take into account ‘wider influences’ than merely industry and firm level conditions when formulating its business strategy. We take research in this area one step further by arguing that in a multipolar world there will be emergence of new formal and informal institutions, and modifications in old ones, thus positing significant impact on international business strategy. In the new multipolar world, an increased importance of non-Occidental markets, like India, will decrease the relative importance of Occidental markets. Thus, the whole dynamics of international business will change.

3. THE LEGITIMATION OF GLOBALIZATION:

The effects of the legitimation and acceptance of globalized organizations (for example, multinational corporations) have become so embedded in our everyday lives that we tend to take them for granted. Theories around such ‘social acceptance’ can be found in social sciences’ literature in the form of the concept of ‘organizational legitimacy’. According to Suchman (1995), organizational legitimacy is “a generalized perception or assumption that the actions of an entity (a business) are desirable, proper or appropriate within some socially constructed system of norms, values, beliefs and definitions”.

The emergence of a new global culture is one of the prominent effects of the legitimation and acceptance of globalization (Bird and Stevens, 2003; Cowen, 2009). This global culture is the result of suppression of unique ‘national cultures’, arguably leading to their obsolescence. Technological advancements in, for example, telecommunications, data storage and transmission are facilitators of this global culture, increasing interdependencies and shrinking the world. Extant literature touches upon some aspects of this global culture such as language, food and drink, technology and popular media. However, an important effect is not addressed in these studies: The legitimation of globalized products has led to the comprehensive adoption of Occidental science and technology across the globe. This is an important effect of globalization because such comprehensive adoption has diminished the usage of traditional non-Occidental science and technology in business. As Srikantia (2016) claims, “severe, violent and irreparable destruction of formerly thriving and sustainable cultures and communities around the globe is an inherent component of globalization”.

The proliferation of large global and multinational corporations facilitated the legitimation and acceptance of westernized lifestyle choices across the world. For example, Pingali (2006) has discussed a westernization of Asian diets brought about by globalization. Although the traditional Asian diet consisting of local produce was, by no means insufficient, changing lifestyles brought about by globalization changed food habits. As a consequence, Asian agricultural systems, such as traditional rice production systems, underwent changes towards more commercialized production. Now, the adoption of the ‘westernized fast food culture’ has led to, among other problems, contributed to obesity and illnesses associated with obesity, strengthening the argument for returning to a traditional diet.

In the Information Technology industry, globalization led to the emergence of ‘Science and Engineering Clusters’ in emerging economies such as India (Manning, 2008). This development has primarily served the role of providing lower cost science and engineering talent and upstream services to global and multinational corporations. These science and engineering clusters operate under the umbrella of Occidental technology. In most relevant industries, traditional sciences and folk knowledge were abandoned to accommodate Occidental counterparts. The globalization of technology has done little for developing economies, with the bulk of technological activities being produced in and exchanged among advanced countries (Archibugi and Pietrobelli, 2003).

In their discussion of the implications of rise of the BRIC nations in international business teaching, Scott-Kennel and Salmi (2008) predict turbulence and competing views to characterize the next generation of global business. Indeed, such ‘turbulence’ is inevitable if the long-standing legitimacy of businesses characterized by occidental dominance is to be displaced, or at least disturbed, by legitimation of traditional businesses based on non-Occidental science (Behrman, 2006). In the emerging economies of the new multipolar world, such as India and China, evidence of the legitimation of such traditional businesses can already be seen across some sectors.

The ‘social construction’ of legitimacy has been stressed in most of the studies of the subject (Pfeffer, 1981; Reus-Smit, 2007; Bitektine and Haack, 2015). In a multipolar world, the differences in social construction between the non-Occident and the Occident must be considered when discussing organizational legitimacy. Many of these arise from cultural differences. Western reasoning is ‘analytic’, whereas Eastern is ‘holistic’ (Gries and Peng, 2002); the Eastern world view is ‘organicist’ - every phenomenon is interlinked with every other, whereas the Western world view is ‘mechanical and logical’ (Needham, 1969). Such differences in culture, outlook and orientation make the social construction of the Occident and the non-Occident quite different. These differences are also manifested, for example, in the management styles of Asian and European firms (Hofstede, 2007).

Because homogeneity is reducing in the new multipolar world order, multinational firms need to be more agile and flexible. They have to be ‘simultaneously global and local’, imbibing the best from both worlds in their operating models (Girod et al, 2010; Schneckenberg et al, 2015). This requires a more decentralized approach in management by these firms. As the multipolar world evolves further, regional and national cultures will regain prominence and there will be a resurgent pride in traditional science over the currently dominant ‘globalized’ Occidental science. Although trade and economic activities are becoming more regional, they have been marked with Occidental dominance over the last several centuries. Therefore, the evidence of Occidental influence on many business practices is expected to continue, even as non-Occidental business practices emerge strongly. The world is, in many aspects, currently in a transitionary phase between full globalization and a multipolar state (O’Sullivan and Subramanian, 2015). Establishing and maintaining organizational legitimacy are critical for firms operating in this transitionary environment.

4. TRADITIONAL HEALTH AND WELLNESS METHODS IN THE NON-OCCIDENT:

“Lingering in the far background of my memory is a vivid picture of certain ‘sadhus¹’, and of a winter evening long years ago on the banks of the sacred Ganges – a picture which a lapse of over half a century has not been able to dim, much less to obliterate”

The above introduction of John C. Oman’s book on mystics, ascetics and saints of India (1903) sums up the perception of the western world about India, and by extension, also about the rest of the non-Occidental world. The proven philosophical, experiential and experimental basis of non-Occidental sciences are acknowledged in the West (Normile, 2003). This has been manifested in the acceptance and popularity of traditional medicine and healthcare alternatives, such as Yoga, across the world.

Businesses based on traditional medicine are quite common, especially in the non-Occident. Companies in the pharmaceutical sector in China have taken big strides in exporting and popularizing traditional Chinese medicine in the outside world, including the West. A Chinese company named Tasly Pharmaceutical’s drug ‘Danshen Dripping Pill’ is a medication for cardiovascular conditions and has been in usage in China for over thirty years (Xuefeng et al, 2016). This medication is quite popular outside of China, having gained acceptance from the drug regulatory agencies in several countries including Vietnam, Russia, Cuba, Korea, and Saudi Arabia (Li et al, 2011). Among Western countries, it is widely available in Australia, having been approved by the Australian Therapeutic Goods Administration (O’Brien et al, 2011).

In Africa, eighty percent of the population use some form of traditional herbal medicine (World Health Organization, 2013). The botanical diversity of Africa offers more promise for commercialization of traditional African medicinal plants than has been possible yet (Wyk, 2011). Various factors have impeded such commercialization. For example, scholars have discussed the effects of colonialism on African indigenous knowledge systems, particularly concerning traditional medicine (Abdullah, 2011; Konadu, 2008; Paul, 1977). Makinde (1988) refers to discussions of African philosophy and culture by Western scholars as ‘disparaging and condescending’. He mentions the overwhelming Occidental influence on African traditions and suggests that Africans must mold their modern culture by retaining useful Western practices with African elements. In accordance with such suggestions, there have been local efforts on research and marketing of African traditional medicine. A successful example is that of a local South African company, Phyto Nova, specializing in the development of indigenous plant medicines. Phyto Nova first started researching on the medicinal properties of a certain plant ‘Sutherlandia’ in 1999, prompted by anecdotal evidence from the local people about the plant’s efficacy in treating diseases like cancer and HIV-AIDS. Sutherlandia underwent two separate trials by the governments of the United States and South Africa to clinically validate the claims of safety and efficacy (Aboyade et al, 2014). Results of the first phase of the trials have proved the safety of the medicine on healthy people (Johnson et al, 2007). Results of the second phase of trials are not available yet. Irrespective of the final results of the trials, this research activity, spearheaded by a local firm, is a step towards sensitizing the global wellness market about the merits of African traditional medicine.

The wider acceptance of western medication in India, China, South Africa, or other non-Occidental countries, has persisted despite the scientifically proven conclusions associated with it of increased side effects, lack of curative treatment for certain chronic illnesses and much higher cost (Patwardhan et al, 2005). Colonization and globalization have been prime causes of the establishment of Occidental dominance in medicine and healthcare. In a multipolar world, it is expected that the acceptance and familiarity of traditional practices is enhanced. This expectation is corroborated in research and academia as well, by statistics indicating a growing interest, for example, in Yoga. In an examination of research trends in a western medical database (PubMed), it was found that the number of Yoga publications more than doubled between 1995 and 2000, spiked in 2007 again, and has seen a steady increase ever since (McCall, 2014). Additionally, 47% of all Yoga based articles were published in the latest five years of the study period, between 2009 and 2014.

In the United States, the prevalence of Yoga has been on the rise since the 19^th century. In a study of the United States’ national estimates of the use of complementary health approaches among adults across the time periods of 2002, 2007 and 2012, the use of Yoga, Tai Chi and Qi Gong² increased linearly across the time points, and Yoga accounted for approximately 80% of the prevalence (Clarke et al, 2015). Recognizing its universal appeal, the United Nations Organization in 2014 proclaimed June 21 as the International Day of Yoga.

Traditional health and wellness practices are constituents of an emerging ‘global wellness industry’. This industry was worth nearly USD 4 trillion in 2015. With a growth rate of over 10% from 2013 to 2015, it was one of the world’s fastest growing, most resilient industry sectors during the period. Table 1 provides a comparative overview of global growth rates of some industries, sectors and indicators during 2013-2015³.

Table 1: Global growth rates of some industries, sectors and indicators during 2013 - 2015

Industry, Sector or Indicator	Growth rate, during 2013 – 2015
Global Wellness Industry Market Size	11%
Global Pharmaceuticals Industry Revenues	9%
Global Automobile Production	4%
Global Tourism Contribution	3%
Global Nominal GDP	-3%
Global Information Technology Spending	-7%

Sources: globalwellnessinstitute.org; statista.com; data.worldbank.org; gartner.com; wttc.org

To detect the progress of traditional non-Occident health and wellness practices, we investigated trends in the global wellness industry and compared these trends with those in the Indian wellness industry. The following wellness sub-sectors were selected for comparison: Beauty Care, Nutritional Care, Fitness and Mind-Body (including Yoga) and Alternate Therapy and Medicine. The two sub-sectors of particular interest to our study were, ‘Fitness and Mind-Body’ (because this includes Fitness Centers which provide Yoga practice), and ‘Alternate Therapy and Medicine’ (because this includes traditional non-Occident alternate medicine forms such as Ayurveda).

For the Indian wellness industry, sub-sectoral sizes for our study were adapted from a 2016 report by the Federation of Indian Chambers of Commerce and Industry (FICCI)⁴. For the global wellness industry, the sizes were adapted from a 2010 study by SRI International⁵, and from statistics provided by ‘The Global Wellness Institute’⁶. The annual growth comparison is presented in Table 2. The referenced timeframes are mutually exclusive for the respective industries because sub-sectoral data allowing for an analysis during a common timeframe for either industry was not available. However, both datasets being compared in Table 2 refer to the same variable: ‘average annual growth rates during a five-year period of examination’. (Please see the Appendix for a table on sizes of the sub-sectors)

Table 2: Global and Indian Wellness Industries - Average annual growth rates during a five-year period of examination

	Global Wellness Industry - Average annual growth rate from 2010 to 2015 (actuals)	Indian Wellness Industry - Average annual growth rate from 2015 (actual) to 2020 (projected)
Beauty Care	8%	11%
Nutritional Care	18%	12%
Fitness and Mind-Body (including Yoga)	7%	18%
Alternate therapy and Medicine	13%	7%
Overall	14%	12%

Sources: Federation of Indian Chambers of Commerce and Industry, SRI International, globalwellnessinstitute.org

The following aspects of the above analysis are noteworthy:

1. There are two problems associated with the calculation of sizes of the sub-sector ‘Fitness and Mind-Body’. Firstly, the wellness models in the original studies were created with the goal of showing the position of the spa industry vis-à-vis other wellness sectors. Therefore, only spa-related activities were included. For instance, statistics related to a large number of Yoga camps around the world may have been ignored because they do not have implications for the spa industry. This may have downplayed the size of the sub-sector. Secondly, indicators like ‘consumer spend’ and ‘number of Yoga fitness centers’ may also have downplayed the size because in many non-Occidental Yoga markets such as India and Nepal, a large number of Yoga practitioners do not visit fitness centers. Most of them may be active practitioners without spending money directly on Yoga practice.

2. In the global wellness industry, the average annual growth rate of the ‘Fitness and Mind-Body’ sub-sector was only 7%, the least among all. In the Indian scenario, though, this sub-sector has optimistic growth projections at 18%, the highest among all sub-sectors. The projections suggest that Yoga is expected to grow at a healthier pace in India than what empirical information from the global industry indicates. This is corroborated by a survey and analysis conducted in 2016 by the Associated Chambers of Commerce and Industry of India⁷ confirming an increase in Yoga practitioners in India by 25 – 30 % during 2015 - 2016.

3. The Indian wellness industry’s outlook for the ‘Alternate therapy and Medicine’ sub-sector is weaker than global empirical indications for the sector. However, there has been persistent Government push in improving this sector. Also, it needs to be noted that the global data includes other traditional and alternate medicine forms too, such as Chinese or African forms. The combined effect of the resurgence of all these medicine forms may have made the global growth rate stronger.

5. FAVORABLE POLITICAL WINDS:

Regulatory agencies play an important role in theorizing change, endorsing local innovations and shaping their diffusion, thus having an important role in the establishment of legitimacy (Greenwood et al, 2002). The government’s role is pivotal in facilitating and executing formal changes. For example, recent legislations in India and China indicate that in both of these countries the government has an intention to promote traditional medicine and include it as part of standard healthcare. In India, for example, the political winds have also been favorable for a growth of nationalistic sentiment, furthering the pride in and leading to an elevation of the social status of Yoga and Ayurveda practitioners and businesses. A similar consequence of an economic phenomenon on the social status of traditional medicine practitioners has been seen in Korea since the 1970s. The social status of Korean hanbang traditional medicine practitioners had faced a decline, but regained traction during the rapid industrialization of Korea in the 1970s (Han, 1997).

In rural India, traditional medicine accounts for 70% of primary healthcare (World Health Organization, 2013). Although a national survey in 2015 revealed that over 90% of urban Indians still prefer conventional western medicine over AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) health treatment, the survey results are not an accurate representation of facts. Firstly, the survey only measured the social consumption of traditional medicines with respect to marketed products. It ignored the fact that traditional medicine systems, much like Yoga, are often imbibed into the practitioner’s day-to-day activities, for example, the consumption of commonly available ingredients as ‘home remedies’ of ailments is common. The consumption of marketed traditional products is only a part of the total consumption. Secondly, the infrastructure of the medical industry in India has long favored conventional western medicine over traditional medicine. Therefore, the low urban acceptance levels indicated by the survey results are not indicative of a lack of public trust in the traditional medicine system.

We investigated regulatory measures taken by the Government of India to detect any attempts at stimulating the growth of the traditional medicine market. Several measures have been taken. For example, the status of the ‘Department of AYUSH’ (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) was elevated to ‘Ministry of AYUSH’ in November 2014. Infrastructure issues impeding the growth of traditional medicine and healthcare in India are being addressed actively. The annual allocated funds to the Ministry of AYUSH wasincreased by 8% in the Union budget of 2017. A growing trend of a rise in traditional medicine systems across India is indicated by a steady increase in the number of registered Yoga related dispensaries under AYUSH systems, as shown in Figure 1.

Figure 1: Number of registered Yoga related dispensaries under the AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) systems

Source: www.data.gov.in (Open Government data (OGD) Platform India)

Another trend indicative of the growth of popularity and prevalence of traditional medicine systems is an increase in the number of registered practitioners of Yoga in India in the recent years, as shown in Figure 2.

Figure 2: Number of registered practitioners of Yoga and Naturopathy in India

Source: www.data.gov.in (Open Government data (OGD) Platform India)

In summary, our examination shows that although people in India still prefer conventional western medicine forms for healthcare, trends indicate that the market is growing more receptive towards traditional forms of medicine.

6. THE CASE OF PATANJALI AYURVED LIMITED:

Patanjali Ayurved⁸ Limited is a consumer goods company in India which has recorded impressive growth rates in revenue and high profitability over the last decade. We chose to study this company because of the association of its products, branding and marketing strategies, and founding principles with the traditional practices of Yoga and Ayurveda. We have not chosen this company because its scale of operations is the largest or because it is the market leader in India in the consumer goods segment. It is not. However, its revenue growth has been phenomenal, averaging 84% annually between 2009 and 2017. The company has a loyal base of customers acquired by unique branding. This company has been one of the most significant disruptors in the Indian Fast-Moving Consumer Goods segment.

Patanjali Ayurved Limited is front-ended by a well-known Yoga guru, Baba Ramdev. He co-founded the company in 2006 with Acharya Balakrishna, a scholar of Ayurveda, Sanskrit and the Vedas. Since its inception, the company has grown its presence and scale of operations tremendously. It reported revenues of over USD 1 billion in 2016 - 2017. The company, however, is yet unlisted.

Baba Ramdev and Acharya Balakrishna founded Divya Pharmacy in 1995, a manufacturing unit of Ayurveda medicines, which was scaled up to form ‘Patanjali Yogpeeth Trust’. Today this is a popular and highly regarded organization in India providing health and welfare services through Yoga and Ayurveda. Its wide acceptance and popularity led the founders to extend their traditional product line to consumer goods. Thus, Patanjali Ayurved Limited was established as a separate company.

Kumar et al (2013) have described the ‘marketing through spirituality’ approach adopted by Patanjali Ayurved Limited in India. In this approach, spirituality is used to influence the consumption behavior of masses. Although there have been many studies analyzing the business success of the company (Singh and Gopal 2016; Rawal 2016; Raizada 2016; Telles et al 2013; Jaggi and Ghosh 2017) there has not been a detailed study yet on the global, economic and geopolitical factors which have contributed to the growth and legitimation of Patanjali Ayurved Limited. We propose that the success of the company can be attributed partly to the enhanced legitimacy of Yoga and Ayurveda, caused by the rise of India in the current multipolar world.

Patanjali Yogpeeth Trust has published a study⁹ on attitudes in India towards various aspects of lifestyle and Yoga (Balkrishna, 2010). For the study about 100 000 questionnaires were sent and about 80 000 responses were received. Although the report is based on a very large number of respondents, the results have to be considered carefully before accepting them. The author does not reveal the method of selecting the participants. It is possible that most of them were already loyal supporters of Patanjali Yogpeeth Trust. This would make the findings of the survey biased and therefore not truly representative of the general public. However, despite the potential shortcoming of the survey it can help in understanding the success of Patanjali Ayurved Limited.

1. After practice of Yoga, 68% of the respondents reported having stopped purchasing products from ‘multinational corporations’. One likely conclusion is that Patanjali Yogpeeth Trust’s activities have institutionalized the usage of traditional practices among its supporters. Such customers were most likely to switch allegiances to Patanjali Ayurved Limited’s products.

2. Of the respondents, 62% reported an ‘increased positive attitude’ from the practice of Yoga and Ayurveda. This result is an indication of the increased pride in Yoga and Ayurveda as healthcare options, and subsequently a growing legitimacy of traditional products in the Indian market.

We compared the revenue growth trend of Patanjali Ayurved Limited during 2009 - 2017 with two competing firms that represent global business – Hindustan Unilever Limited (HUL) and Colgate-Palmolive India Limited, Figure 3. We chose Hindustan Unilever Limited because of its ‘market leader’ status in India. We chose Colgate-Palmolive because the performance of its ‘oral care’ product category has been one of the most highly affected since the advent of Patanjali Ayurved Limited in the market.

Table 3: Year-on-year revenue growth rates of Patanjali Ayurved Limited, Hindustan Unilever Limited (HUL) andColgate-Palmolive

Years	Hindustan Unilever Limited, (HUL)	Colgate-Palmolive	Patanjali
2010 – 2011	11%	14%	94%
2011 – 2012	12%	18%	41%
2012 – 2013	16%	18%	91%
2013 – 2014	9%	14%	41%
2014 – 2015	10%	11%	67%
2015 – 2016	11%	3%	149%
2016 – 2017	3%	4%	104%

Sources: indianexpress.com; hul.co.in; colgate.co.in

Table 3 shows that Patanjali Ayurved Limited’s revenue growth rates have been consistently and substantially higher than those of the competing companies during all the years of examination (2009 – 2017). During 2015 - 2016, Patanjali Ayurved Limited’s total revenues had overtaken Colgate-Palmolive’s.

Many consumer goods firms which are in direct competition with some of Patanjali Ayurved Limited’s products have announced changes in their product line strategy which seem to suggest that they are taking cognizance of Patanjali Ayurved Limited’s success in the changing consumer environment of India. For example, Colgate-Palmolive launched a new oral care product in 2016 which was positioned as “packed with the goodness of natural ingredients to help keep dental problems away”. Hindustan Unilever India has relaunched and expanded its earlier ‘herbal’ brand named ‘Ayush’ and consolidated its ties with a leading Ayurveda Institute in India. Thus, Ayurveda is becoming core to the reformed product strategy of most consumer goods companies in India. This is important because it indicates that the consumer goods sector in India is showing an intent of moving towards traditional products. We infer that internationalization strategies of global and multinational companies have been affected by the changing dynamics of a multipolar world. Figure 3 illustrates, on a timescale, the financial performance of the firms considered in our earlier revenue growth rate comparison, viz Hindustan Unilever Limited (HUL), Colgate-Palmolive India Limited, and Patajali Ayurved Limited, and some milestones on their product portfolio which substantiate the inferences we make above.

Multipolarity may also open markets outside of India for businesses based on traditional practices and sciences. For example, the community of Indian expatriates across the world could be a lucrative market segment for Patanjali Ayurved Limited. The success of Yoga in the wellness industry in Occidental markets may be replicated in other industries by traditional practices, as economic positions of the poles are further fortified in the era of growing multipolarity.

7. LONG-TERM CHALLENGES TOWARDS MAINTAINING LEGITIMACY OF TRADITIONAL BUSINESSES:

The likelihood of continued success of traditional businesses is greatly enhanced by the ‘reservoir of support’ (Dowling and Pfeffer, 1975; Rao, 1994) accorded by growing legitimacy of traditional practices. For example, Patanjali Ayurved Limited’s business success has been favorably impacted by the enhanced legitimacy of Yoga and Ayurveda as wellness sectors. As consumer goods companies show an intent to make Ayurveda core to their product strategies, we infer that consumer sentiment has grown favorably in India towards traditional products. The legitimacy of traditional businesses all over the world are expected to be favorably impacted by such resurgent pride in non-Occidental traditions.

The maintenance of legitimacy is easier than the gain or repair of it (Kostova and Zaheer, 1999), and organizations based on traditional sciences cannot afford to ignore this. The costs of destabilization due to loss of legitimacy are high (Suchman, 1995; Tost, 2011; Maguire and Hardy, 2009; Sine and David, 2003; Rao et al, 2000; Patriotta et al, 2011). Sometimes it could shake the very foundations of business. A classic case of this situation is the collapse of Enron Corporation in the United States and the demise of the accounting corporation Arthur Anderson in the aftermath, which not only sent shockwaves through the accounting profession worldwide but also called to question the legitimacy of the whole profession (Carnegie and Napier, 2010). Traditional businesses are symbols of the resurgent pride in traditional practices and sciences in a multipolar world. The maintenance of legitimacy of such businesses is important for sustenance of these symbols.

We identified three aspects which could pose ‘long term’ challenges to the maintenance of legitimacy of businesses based on traditional sciences in a multipolar world.

1. Increased heterogeneity from Internationalization: Legitimacy of an organization is based on its relationship with audiences and is not an individual quality of the organization in itself (Bitektine and Haas, 2015). The audiences are often heterogeneous, making the maintenance of legitimacy problematic (Suchman, 1995). The heterogeneity of social audiences is reduced in the context of local traditional business because the bases of the business model are already ‘etched’ in society. However, traditional businesses which expand internationally must face challenges due to increased audience heterogeneity. For example, Bianchi and Ostale (2006) present empirical evidence in the Retail industry to show that success in the home country does not guarantee success internationally. One result from their study was that companies whose internationalization strategy did not conform to the salient norms of relevant social actors in a foreign market were unsuccessful in the foreign market. For traditional businesses, the challenge is exacerbated because unlike retail, the traditional business industry is not an established one.

2. The evolving nature of a multipolar world: Multipolarity is an ongoing phenomenon. As it progresses, it is expected that social dynamics will keep evolving and so will expectations from organizations. Many of these expectations can be implicit. Evolving social expectations can create impediments in legitimacy maintenance. Firstly, there are ambiguities and inconsistencies in the transmission of information regarding changes in social expectations, for example, in the laws, regulations and traditions that ratify them (Ashforth and Gibbs, 1990). Secondly, a status of continued legitimacy could render organizations ‘rigid’ in terms of their resistance to changing conditions (Jepperson, 1991; Hannan, 1986; Powell, 1991) and impede their responsiveness towards shifting social demands. Strategic marketing and product choices by traditional businesses must be carefully evaluated to continue conformance with the evolving bases of legitimacy.

3. The two-pronged effects of institutionalization: Many traditional businesses may use strategies such as advertising or popularization to help establish legitimacy. Such institutionalization can create opposition in the long run. For example, much of Patanjali Ayurved Limited’s business success is owed to the earlier activities of Patanjali Yogpeeth Trust. Therefore, most of the loyal audiences would already have been enlisted. Thus, newly (and independently) acquired customers can switch allegiances swiftly. Another aspect which may be potentially problematic is that tradition is often associated with institutions like religion. This makes the legitimacy of traditional businesses sensitive to geopolitical developments concerning religion or religious politics. Ashford and Gibbs (1990) explain such challenges by referring to the ‘double-edged’ nature of organizational legitimation: the expectations from and perceptions of the social constituents which accord organizational legitimacy are dynamic, and often lead to unexpected conflicts.

8. SUMMARY AND CONCLUSION:

The resurgence of public interest in non-Occidental traditional medicine forms around the world shows that these forms have reclaimed their obscured legitimacy. Contingent on this renewed legitimacy, traditional businesses have thrived in the past few years. The effect of this renewed legitimacy has been so strong in some cases that some businesses, like Patanjali Ayurved Limited, have emerged as disruptive forces in sizeable markets such as the consumer goods market in India. These businesses continue to grow stronger. We argue that the face of international business will continue to be significantly impacted by the growth and increasing popularity of such businesses. The underlying factor which anchors the phenomenon of a growing pride in these traditional sciences, is the emergence of a multipolar world. An increased importance of non-Occidental markets has decreased the dominance of Occidental markets. Whole fields of international business have been affected by the changing dynamics of a multipolar world.

In this study, most of the case examples used to examine evidence and effects of emerging multipolarity in the world were from India, and in addition a few were from China and Africa. For example, Yoga is emerging as a significant sector in the global wellness industry. In addition, measures taken by the Indian Government have had a positive effect on the establishment of legitimacy of traditional practices and businesses. For example, regulatory agencies such as the Ministry of AYUSH (Ayurveda, Yoga, Unani, Siddha and Ayurveda) are being more empowered to improve the infrastructure of traditional medicine, for e.g. Ayurveda, in India. Traditional businesses such as Patanjali Ayurved Limited have benefited from the renewed legitimacy of traditional sciences. There is tremendous scope for such businesses to internationalize and grow further. These businesses are symbols of resurgent pride in non-Occidental traditions. They are striving towards establishment and sustenance of their legitimacy in an evolving multipolar world in the long term.

A notable limitation of this research study is that many prominent emerging economies in the current multipolar world have not been examined. There would be important and illuminating examples from other industries and other economies like, for example, Brazil, Russia and the Middle Eastern countries which could be studied to further increase understanding of the emergence of multipolarity.

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1. A ‘Sadhu’ is ‘a religious ascetic, mendicant (monk) or any holy person in Hinduism and Jainism who has renounced the worldly life’

2. Tai Chi and Qi Gong are Chinese traditional health sciences

3. For details of the growth rates and the selected parameters please see Appendix

4. FICCI is an association of business organisations in India, established in 1927

5. SRI International is a nonprofit research institute established as a center of innovation in 1946 by the trustees of Stanford University, United States

6. The Global Wellness Institute is a non-profit organization with a mission to empower wellness worldwide, by serving as a hub that informs and connects key stakeholders in global wellness

7. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India representing the interests of trade and commerce in India and acting as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.

8. ‘Ayurved’ is a spelling variation of ‘Ayurveda’

9. The name of the referenced study is “Psychomatic effects of Yog - A pioneering study based on large scale survey” (‘Yog’ is a spelling variation of Yoga)

	Global Wellness Industry (USD Billions)		Indian Wellness Industry (USD Billions)
Sector	2010	2015	2015	2020
Beauty Care	680	999	5.4	9.2
Nutritional Care	280	648	3.5	6.2
Fitness and Mind-Body (including Yoga)	390	542	1.6	3.7
Alternate therapy and Medicine	110	199	2.5	3.5
Overall	1900	3700	13	23

	2013 (Billions)	2015 (Billions)	Description	Growth %
Global Wellness	3400	3700	Market size (USD)	10.7%
Global Pharmaceuticals	880	954	Market revenue (USD)	8.5%
Global Automobile	0.087	0.091	Production of vehicles (units)	3.7%
Global Tourism	2160	2230	Contribution to global economy (USD)	3.2%
Global GDP	76900	74500	Nominal GDP (USD)	-3.1%
Global Information Technology Spending	3673	3413	Worldwide Information Technology consumer spending (USD)	-7.1%