This work presents the results of an analysis of a Brazilian leather accessories firm that has faced difficulties in the last few years. The case study presents the market structure, the history of the company, its production and distribution chains and internal resources. The company`s strategy is characterized under Mintzberg (1998) typology and analyzed under Porter (1980 and 1985), Austin (1990), Macedo-Soares (2001) and Barney (2002) models. The results show that the environment is hostile and that the enterprise did not have the required strengths to improve its profits. This analysis allowed the evaluation of the performance of the firm and the suggestion of strategy changes that could improve its performance. Since there is hardly any information about the leather accessories sector, the results of this survey may offer insights to all stakeholders in this market. Although they can not be generalized to the whole sector, it is believed that this study, because it is about a small company that has been successful in the past and is presently facing difficulties, can offer useful understandings about the market to other companies. The analyzed company presently has around 150 employees, although in the past it has had between 1 and 180. Because the majority of the companies in this sector have less then 200 employees, this study could be helpful to other companies in the same market and to any fragmented industry company where no firm is able to influence the market.