This paper investigates the role of the Friend of the Sea (FOS) scheme as a market tool for sustainable competitive advantage. To capture this effect, we apply a theoretical framework based on the stakeholder theory (SHT) and the natural-resource-based view (NRBV) to two case studies each in Italy and Spain. Our model allows us to explain the main factors determining an effective and competitive sustainable business model in the fishery sector. The results confirm the relevant influence of market forces in acquiring FOS certification and the role of the same as a counterpart to state authority.