This thesis investigates corporate innovation strategies in large firms, with a particular focus on the processes, domains, and decision drivers that determine strategic choices: the work begins with a theoretical analysis of how companies manage innovation, exploring the relationship between competences, knowledge, and dynamic capabilities, and how these factors influence the selection between internal development, structured partnerships, and open innovation models. The literature review highlights that the appropriate innovation process depends on the strategic importance of innovation pursued, its proximity to the firm’s core business & knowledge field, and the level of technological volatility and uncertainty in the environment. The second step is to check the validity of these findings for the chosen industry: the empirical section focuses indeed on the beauty industry, one of the most dynamic and innovation-driven sectors.