Significance of Lao Zhe Hao brand list and challenges faced by time-honored brands

The Ministry of Commerce in China recently removed 55 enterprises from the esteemed Lao Zhe Hao or Time-honored brand list, with warnings issued to 73 others. This recognition system was established in 2006 to support the development of old and influential enterprises, but being recognized does not guarantee permanent status. The removal of brands showcases the challenges faced by these companies. For instance, 10% of the listed enterprises were either removed or warned, indicating the present challenges. Old brands in other countries like Rolls Royce and Burberry have successfully adapted by incorporating modern technology and diversifying their products. In contrast, Blockbuster failed to adapt to the digital revolution and subsequently collapsed. The recognition of time-honored brands in China depends not only on their age but also on meeting other criteria related to distinctive Chinese features, cultural value, and industry leadership.