The struggle of staying young: How heritage brands can utilize cobranding as a way to rejuvenate.

Abstract: Purpose: The purpose of this paper is to investigate how co-branding can be utilized by heritage brands to rejuvenate. The aim is to develop the current understanding of how heritage brands engage in co-branding and the motives for rejuvenating the brand. Design/Methodology/Approach: This conceptual paper adopts a theory about the five elements to identify heritage brands as first introduced by Urde, Balmer & Greyser (2007), and relates it to the brand rejuvenation process through co-branding. Additionally, this paper takes on a multiple case studies design as well as an inductive approach to clarify and contextualize the theoretical framework into four co-branding cases. Findings: The findings of this paper explain how and why heritage brands engage in cobranded activities with certain brands without a heritage, so-called novelty brands in order to rejuvenate. The analysis shows that brand heritage serves as a key factor in promoting engagement from customers and thus enhances the implications of co-branding. The findings also identify how co-branding as a rejuvenation activity for heritage brands potentially involve inconsistency with certain elements in their Heritage Quota. Practical implications: The practical implications of this paper are threefold. First, the suggested co-branding framework in this paper can support heritage brands by accurately evaluating co-branding as a strategic decision to rejuvenate. Secondly, as this research has taken on the perspective of heritage brands, it also helps heritage brands to identify suitable novelty brands to engage in co-branded activities with - hence supporting managers in their strategic decision making to maximize the outcome of such collaborations. Third and lastly, by enabling heritage brands to understand how and why to engage in co-branding, the potential outcomes can be enhanced as well as identifying the involved risks and avoiding potential negative responses. Originality/Value: Taking the perspective of heritage brands, this conceptual paper is the first to investigate how brands can rejuvenate their brand identity through co-branding. Furthermore, by identifying heritage brands within multiple industries, this paper creates a deeper understanding into why true heritage brands use co-branding as a strategic decision for rejuvenation.