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Old brands need to innovate to be relevant
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Owners of China’s time-honored brands are pursuing innovation to stay relevant and win younger customers as they show off several novel products at an expo.
Some of the innovative products shown at this year’s China Time-honored Brand and Famous Brand Expo include Zhangxiaoquan hot-water bottles that have two layers of copper to enhance insulation and ceramics decoration inscribed on Hero gold pens.
“Time-honored brands have defined the past fashion,” said Shao Yuling, secretary general at the Shanghai China Time-Honored Brands Association. “Now their owners expect to restore the former glory by spending more efforts on innovation.”
Fang Qilong, general manager of Warrior Shoes Co, said innovation is the only way for time-honored brands to win younger customers while retaining their old clientele amid fierce competition.
“We have benefited from innovation and will keep on innovating,” Fang said at the fair yesterday.
Warrior shoes, which were the rage in the 1980s, began to lose their popularity as foreign brands like Nike and Adidas started to eat into their sales. But the company invested in improving and diversifying the design as a way to attract new customers. It also adopted a franchising strategy to boost the number of outlets to expand.
Warrior is now seen as a fashionable brand among young people, and Fang said the firm’s sales may top nearly 700 million yuan (US$112.9 million) this year, up from 100 million yuan in 2009.
Sales at this year’s event may beat last year’s 8.16 million yuan. The four-day expo ends on Sunday at the Shanghai Exhibition Center.
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