Managerial thought leader Dogbert once observed: “If you combine con and insult, you get consult”. He went on to guide Scott Adams’s pointy-haired boss through a restructuring whose brutality made it worthy of a Harvard Business Review case study.

A store selling underwear and make-up to middle Americans set up by management consultancy McKinsey appears to undercut such satires. At last, the high priests of multinational capitalism are running a proper business, rather than telling everyone else how to do it. Or are they?

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