This article presents an empirical and theoretical contribution to the existing firm internationalization literature, by providing an analysis of the internationalization process followed by the emerging country multinational SABMiller during the period 1993–2013. Its findings are based on a single type II case study, contributes to international business literature providing a theoretically founded analysis of internationalization of emerging market multinational. After analyzing SABMiller’s internationalization process to the light of different theoretical lenses of the internationalization theories it was found that the success of emerging markets multinationals depend of complementary characteristics between emerging world dynamics, and organizational innovations learnt and leverage at developed markets.