After declaring bankruptcy in 2012, Kodak has bounced back to respectability in large part thanks to a resurgence in film photography. But that’s not the only reason.
The New York Times reports that there are 123 brick-and-mortar stores in South Korea dedicated to selling Kodak Apparel, which is the name of the brand there. There are zero such stores in the United States.
The Kodak Apparel stores are not just selling garments either; they are offering luggage, sunglasses, and less obvious items like paint, solar panels, power generators, and flashlights.
The news editor of LinkedIn Asia, Adrian Tay, writes in a post that he was “bemused” to spot dedicated Kodak Apparel stores.
“This isn’t an April Fool’s joke,” Tay writes. “I’m talking about the same Kodak known for its iconic film cameras. It has been reimagined as a stylish streetwear brand. Think vintage-style graphic tees, polos and pocket tees, all featuring the unmistakable Kodak logo and photography-inspired designs. And the younger Korean generation can’t seem to get enough.”
That is something confirmed by The Times, which spoke to 30-year-old Korean Lee Young-ji, who says, “Kodak hasn’t lost its emotional touch.”
Licensing its brand accounted for $20 million in revenue last year for Kodak. It is still a tiny percentage of Kodak’s $1 billion revenue, but that $20 million figure represents a 35 percent increase in the past five years. Kodak’s revenues mainly come from commercial print products and selling motion picture film, according to The Times.
“Our brand licensing portfolio begins with photography and imaging, but it’s much broader than that,” Clara Fort, the vice president for global brand licensing at the company, tells The Times.
The popularity of Kodak Apparel in South Korea is part of a broader trend called “newtro,” which literally combines “new” and “retro”. CNN, National Geographic, Lockheed Martin, and Discovery are other U.S. legacy brands that have become popular among fashionistas in Seoul.
Kodak has 44 brand licensees and will continue to explore this unusual revenue stream; it has even looked at licensing its brand in gaming and health care. But one expert warns the company should not stray too far afield from photography.
“In a way, when you see this happening, it’s a little bit sad because it really does indicate just how far the Kodak brand has fallen,” says Timothy Calkins, a marketing professor at the Kellogg School of Management and Northwestern University. “This is characteristic of a brand that has come upon hard times.”