As I sat with some senior members from Pakistan’s marketing fraternity and hearing them reminisce about the brands of yesteryears and their catchy jingles (they were considered the epitome of creativity), the conversation inevitably turned toward the fate of those once dominant brands. Where did they go and why did they disappear? Although some of these brands can be spotted in the corner stores of semi urban areas, they are shadows of their former selves, far removed from the market dominance they once commanded.

Out of curiosity, I began compiling a list, asking friends and colleagues to contribute. It turned into a moment of introspection. As a part of both the marketing and financial sectors, I realised that the longevity of brands is intrinsically linked to their ability to evolve, maintain relevance and adapt to changing market landscapes. What are the ingredients for achieving this state of continuity in a brand’s life cycle?

1. Brands That Lost Their Shine

The following are some iconic names that once ruled the market, but have since lost their dominance. Airlift, Amrat Cola, BP Sweets, Bubble Up/RC/Teem, Dentonic Tooth Powder, Ghulam Faruque Textiles, Haleeb Cola, Igloo Ice Cream (competing to survive), Kissan Fruit Juices, Naurus, Naz Pan Masala, Nirala Sweets (alive but no longer vibrant), PECO Cycles/Sohrab Cycles, Polka Ice Cream and Tibet Snow.

Further analysis reveals recurring themes behind their decline, particularly governance failures. Many of these brands were one man shows driven by visionary founders whose leadership was not transitioned effectively into the next generation. When these leaders retired or passed away, the brands lost focus, moving from ‘stars’ to ‘cash cows’ – eventually falling into the ‘question mark’ category of the Boston Consulting Group Matrix, a fate that often ends in irrelevance. For a brand to thrive beyond its creator, it needs a forward-looking organisational structure that aligns with evolving customer demands. As consumers evolve, so must brands; staying ahead to identify yet unrealised needs and consistently innovating. Unfortunately, many companies lacked the frameworks to adapt, leading to their demise.

A common theme running across all declining brands (and subsequently their parent companies) is the fact that although they were once household favourites, over time they faded due to mismanagement, failure to adapt and lack of strategic planning. The companies that owned these brands were unable to continue into the second or third generations with the same zeal, focus, passion and unity. A few families disintegrated and the brands split or the company could not overcome the loss of the original founder. The root cause often lies in weak corporate governance, which undermines the ability to adapt, innovate and sustain consumer trust. This decline often reflects systemic issues in governance, strategy and adaptability – offering crucial lessons for today’s businesses. In fact, the downfall of these brands underscores several interconnected challenges:

Weak corporate governance leading to mismanagement, poor financial oversight and inefficiencies, eroding consumer trust.

Stagnant product offerings and resistance to innovation (Dentonic and RC).

Economic challenges, changing consumer habits, and competition from multinational players overwhelmed local brands (Kissan Juices and Haleeb Cola).

Internal inefficiencies plagued Nirala Sweets and Ghulam Faruque Textiles.

Failure to invest in marketing and brand relevance, allowing new competitors to dominate (Tibet Snow and Igloo Ice cream).

Political changes, inflation, rising costs, and regulatory issues (Ghee Corporation of Pakistan and Amrat Cola.) The decline of these once-iconic brands offers crucial lessons for modern businesses.

Good governance provides a framework for strategic decision-making, transparency, and accountability, and aligns organisations with long-term goals and fosters trust among stakeholders.

Brands must anticipate market trends, invest in R&D and innovate to stay relevant.

Evolving consumer preferences must be at the heart of brand strategy, ensuring relevance and loyalty.

Transitioning from a founder-led structure to a process-driven, professional organisation ensures continuity and mitigates risks associated with leadership changes.

2. The Brand-Governance Nexus

In Pakistan, where 80% of businesses are family-owned, governance challenges are amplified. Splintering family dynamics, external pressures and operational inefficiencies often lead to fragmentation and decline – not to mention that the ease of doing business index does not bring any good news. It is imperative that companies are run professionally. Adopting corporate governance ensures professionalism, efficiency and continuity. Corporate governance goes beyond compliance; it establishes a framework for strategic decision-making, transparency, and accountability. To thrive, companies must professionalise operations, automate processes, and adopt governance practices that transcend individual leadership. When processes take precedence over personalities, businesses can weather market disruptions and maintain relevance. The link between corporate governance and brand equity is undeniable. Governance frameworks strengthen decision-making, risk management and ethical practices, building trust and enhance brand resilience.

3. The Way Forward

Strong governance not only sustains a brand, it also aligns it with ESG principles, fostering trust and long-term growth. Brands with solid governance can manage risks effectively and adapt to market changes with agility. It strengthens investor and consumer confidence and builds enduring equity through consistent quality, authenticity and innovation. Brands that lack such structures are often plagued by inefficiencies, scandals, or an inability to evolve.

From the brand equity lens, we see characteristics like loyalty, trust, consistency, quality, authenticity, reputation, brand promise and credibility as the by-products of adopting corporate governance. At its core, what every brand building book and guideline emphasises is the same message, just presented with a different perspective. This should be the mantra of all brands aspiring to transcend generations. The stories of these fading brands are sobering reminders that legacy alone cannot sustain a business. Governance, adaptability and a commitment to brand equity are essential pillars to long-term success. For today’s brands, these lessons are a clarion call: invest in governance, innovate relentlessly and remain customer-focused. These principles are not theoretical ideals. They are the foundation of enduring brand value.

Raeda Latif is GM Marketing & Business Development, Pakistan Stock Exchange. raeda.latif@psx.com.pk