The American corporation Eastman Kodak, known for its film cameras, is facing bankruptcy again. Confidence has eroded due to poor performance and the inability to repay a liability of $470 million (approximately 650 billion won) due within a year. In its second-quarter earnings report, Kodak stated, "The company's substantial liability raises significant doubts about its ability to continue."
In contrast, t-shirts bearing the 'Kodak' logo are selling like hotcakes in Korea. According to related industries on the 28th, this clothing is a product of the fashion brand 'Kodak Apparel', launched in 2020 by the domestic fashion corporation Highlight Brands. There are over 120 Kodak apparel stores in Korea, which do not exist in the United States. The stores in Myeongdong, Seongsu, and Gwangjang Market have become shopping routes for foreign tourists.
The New York Times noted, "Kodak, which has become synonymous with failure for not adapting to the digital revolution, has unexpectedly emerged as a retro fashion icon." It highlighted the Kodak Apparel store in Seongsu-dong.
Kodak, with over 130 years of history, gained fame as a manufacturer of film and analog cameras. However, as digital cameras became more widespread in the 2000s, it began to decline and ultimately filed for bankruptcy protection in 2012.
The following year, Kodak revived itself as a corporation providing printing technology support and graphic communication services after selling its film camera division. During the COVID-19 period in 2020, the U.S. government permitted it to produce generic drugs, thus entering the pharmaceutical business.
However, it was not enough to regain its past glory. Last year, Kodak's revenue remained at $1 billion (approximately 1.3978 trillion won). Considering that its revenues were $19 billion (approximately 26.5582 trillion won) in 1990, this marks a significant decline.
As an alternative to its declining main business, Kodak is seeking new avenues by signing trademark licensing agreements with manufacturers and retailers. It established brand usage contracts with 44 companies, including toy manufacturer Mattel and eyewear corporation EssilorLuxottica. Last year's related revenue was $20 million (approximately 27.9 billion won), a 35% increase compared to five years ago.
Kodak Apparel is one of those. The Kodak store in Myeongdong is bustling with multinational customers holding T-shirts, hats, and bags adorned with a square logo mixed in yellow and red. The store's monthly revenue is said to reach 700 million to 800 million won.
Highlight Brands, which holds the domestic trademark licensing rights for Kodak, has integrated Kodak with the 'Newtro' trend, which excites the MZ generation (Millennials + Generation Z, born between 1980 and 2004). Newtro is a portmanteau that means interpreting retro in a new way. Industry experts evaluate that it has recreated the unique brand heritage of film cameras into a modern style, gaining recognition for its value. Last May, it won two awards at the International Licensing Awards held in Las Vegas, United States.
In fact, combining famous intellectual property (IP) with fashion is an area where Korean corporations excel. F&F turned the Major League Baseball (MLB) into a fashion brand and expanded into China, growing it into a billion-won brand. The company also launched the documentary channel Discovery from American Warner Bros. as a fashion brand, obtaining rights in 11 Asian countries, including China, Japan, Taiwan, and Vietnam.
The documentary magazine National Geographic has also been reborn as a fashion brand through the Korean corporation The Nature Holdings. This company has acquired rights in Taiwan and Hong Kong, operating local stores, and is developing a licensed apparel business by establishing a joint venture with a local company in China.
Kodak is ready to continue this growth lineage. Highlight Brands, which acquired the business rights in Greater China, including China, Hong Kong, Macau, and Taiwan from Kodak headquarters last year, is operating pop-up stores in the region to test market viability. The pop-up store in Taiwan, which was open for three weeks, recorded sales of 500 million won, attracting 6,000 customers during that period.
Some in the industry view this as a testament to the strength of K-fashion. An industry insider stated, "Some may call it a souvenir (goods) brand, but there aren't many places like Korea that have successfully launched famous IP from different industries." He added, "This too should be recognized as part of K-fashion."
Kodak Apparel remarked, "We have reinterpretated Kodak's archive into a global sentiment and retro mood, bringing nostalgia embedded in consumer memories into everyday life," and stated, "We will expand Kodak's brand archive into products, spaces, and content to strengthen our position in the global licensed fashion market."