High product variety is a reality in many industries. The automotive and cosmetic industries are among those most affected. Within this context, companies need to manage their product variety to compete and to achieve success in the market. Although product variety is an important issue, the literature lacks models and frameworks that help its management. The main goal of this thesis is the development of a conceptual framework for product variety management (PVM) and its use to analyze this management in the industry. The academic contribution is to offer a framework to the literature that integrates the highly dispersed works on product variety and to indicate how researchers’ understanding of this topic has developed. Practitioners can also benefit from the results, as this framework is applied to different cases via empirical studies within the automotive and cosmetic industries.