In the ever-evolving landscape of consumer goods, beauty, and home decor, brands are constantly seeking innovative strategies to extend their brand universes and explore new avenues of growth. One such strategic approach gaining prominence is lifestyle licensing.

Speaking at the recent Labels Summit 2023, industry experts Mini Sood Banerjee, Assistant Director and Head of Marketing at AmorePacific, Hina Chhattani, Head of E-commerce at Balenzia, and Arti Gudal, CEO of Norse Brands Pvt. Ltd, share their perspectives on how lifestyle licensing has become a game-changer for their respective brands.

Diversification as a Key Strategy

Mini Sood Banerjee emphasizes the importance of diversification when it comes to licensing. The ability to reach a broader target audience becomes a significant edge in a competitive market. Mini shares a compelling example from her experience with Korean beauty brands, specifically Innisfree. The strategic collaboration and licensing with Mentos resulted in the creation of a unique product, the No-Sebum Mineral Powder, showcasing how diversification can attract Gen Z and millennials, expanding the consumer base.

Building Brand Equity through Licensing

Hina Chhattani sheds light on how licensing contributes to brand equity. For Balenzia, the decision to enter the market involved a shift from selling socks as commodities to selling experiences. Licensing agreements with renowned brands like Justice League, Disney, Marvel, and more added value to the brand, creating a portfolio that caters to diverse audience segments. Hina emphasizes the importance of consumer trust, leveraging the established names of licensors to gain a competitive advantage in the market.

Preserving Core Values Amidst Diversification

Arti Gudal shares insights into how her company preserves core values while diversifying into licenses. With a focus on Nordic brands and luxury home decor, Norse Brands ensures that the core messaging and values remain intact. Arti explains the importance of maintaining brand identity even when collaborating with licensing partners. Striking a balance between localization and adhering to core values is crucial for Norse Brands.

Tapping into New Markets Abroad

Banerjee discusses the challenges of bringing South Korean brands to India and emphasizes the role of marketing, content, and digital strategies in overcoming market barriers. Tapping into new markets requires a strong marketing approach that resonates with the target audience. Content, especially in the form of storytelling, plays a pivotal role in establishing a connection with consumers abroad.

Building Successful Licensing Marriages

Chhattani likens licensing partnerships to marriages, highlighting the complexities and commitments involved. The strategic alliances with Disney, and FairTrade necessitate careful planning and execution. The creation of unique and immersive product experiences, as seen with Harry Potter and Friends-themed socks, showcases how understanding the audience and fulfilling their expectations is crucial for a successful licensing partnership.

Choosing Licensees with Care

Gudal provides insights into the criteria Norse Brands considers when choosing licensees. Beyond reaching a customer database, Arti emphasizes the importance of a licensee's ability to maintain brand guidelines, execute extensions, and demonstrate financial stability. Trustworthiness and a long-term commitment to the partnership are crucial factors for both parties involved.