06/10/2026
Branding isn’t marketing. It’s capital.
When L’Oréal acquired Kering Beauté for €4B, including Creed, Bottega Veneta and Balenciaga, it wasn’t just buying formulas or distribution.
It was buying brand equity.
You can launch a product tomorrow. You can copy a visual language. You can’t copy decades of work on positioning and recognition of a clear point of view.
That’s the asset. Positioning is what moves a brand from recognition to preference, desirability, and value.
Don’t build a brand just to sell more today. Build one that becomes more valuable tomorrow.