We say it often: Brands may be your most valuable asset. Furthermore, if the brands are protected with a registered Trademark, your trademark may be the most important item to salvage when things go wrong.
The designer icon Diane Von Furstenberg’s case is very illustrative. Her fashion company is suffering from past administrative mistakes. Now, the pandemic is hitting hard the whole fashion industry.
Who needs now a cocktail dress?
Her company, DVF LLC had been losing money for years since it heavily invested in expensive real estate for its retail stores. DVF relied too much on the old brick-and-mortar business model. Then the pandemic hit and consumer habits changed. There was nowhere to hide past mistakes.
Consequentely, the pandemic is the last straw that broke the camel’s back.
Just as with people, the pandemic is brutal with businesses. “Corona hits someone a lot worse if they have a precondition”, Ms. von Furstenberg said in an interview with the New York Times.
And her company had a brick-and-mortar dependency.
The company has filed for bankruptcy in Europe and it is closing 18 of 19 stores in the USA. According to the New York Times, DVF’s physical existence in the USA will be limited to the ground floor of its headquarters in New York City.
What it is left when the stores and employees are gone?
Protecting Brands Filing Trademarks
Diane Von Furstenberg’s brand is a trademark of DVF, LLC. See the registration here.
“Time and time again, the difference between products from different competitors is just the brand,” said branding and trademark attorney Marcos E. Garciaacosta. “With products coming from even the same factories or with the same ingredients, the value of the brand is what customers are really paying for. Many consumers are willing to pay a premium for certain brands they perceive as more valuable.”
The brand may be the only valuable asset that is worth fighting for.
Hence the importance of protecting the brands filing a trademark with the United States Patent and Trademark Office in the USA or other jurisdictions such as the European Union.
Diane Von Furstenberg speaks openly about her company’s failure in the luxury market. But she is now determined to save her brand, and keeping it for the next generation.
There is still hope for the future.
Indeed, she is recruiting her granddaughter as the keeper of the flame.
Marcos E. Garciaacosta is a Business, Trademark, Branding, and Intellectual Property Attorney. He offers personalized boutique-style services to his clients in Arizona and all over the world.
Finally, with more than a thousand trademarks filed with USPTO and many more filed in jurisdictions such as Mexico, the European Union, Canada, Africa, China, and India, Attorney Marcos has a proven record of expertise in the field.
Call (480) 324-6378 for a consultation.