The idea of a collaboration is that so both parties mutually benefit and hopefully both raise awareness and money i.e. most recently Kanye West and Adidas.
Through collaborating differentiation occurs as well as new content for social media is established. The aim after a collaboration is to new markets, new product categories, new audiences and new distribution through this a buzz occurs and sales excel. I.e. think of Stella McCartney for Adidas - they managed to tick both boxes by sharing the resources and brand equity of both names to create something that neither could do alone so rapidly.
Although most people only know about the collaborations that excel, over 90% of brand alliances fail mainly due to not having an equal value for both brands, the strategy isn't fully understand by the consumer and the brand values don't match.
The key idea to create a successful brand collaboration is to skilfully craft something bigger, better and more meaningful for both brands that they couldn't create alone. The most commonly known collaborations are between fashion designers and high street, fashion designers with sports brands and fashion brands with technical brands.
Through studying this only for the past week it has opened my eyes to the different collaborations and made me more aware of brands/celebrities that perhaps don't do such a good job as others.
Here are some brand collaborations that I am particularly fond of:
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