Perfumes industry has been developing due to last decade's technological development, requiring larger investments and creative capacity from fine chemicals industry. Since creative capacity may be maximized through creation strategies and methodologies such as co-creation and design thinking, the aim of this paper is to analyze the role of design thinking in the process of co-creation between competitors. To achieve such aim, a unique case study was conducted in a representative enterprise in

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... he Brazilian perfume industry, which was responsible for a triad co-creation process of a new product, involving two foreign competing companies in the fine chemicals industry. It is possible to assert that the paradigm shift with co-creation and design thinking strategies in such a knowledge and technology intensive industry maximized new products development process.