Serena Tavolaro in Conversation with Massimiliano Giulini, General Counsel and Managing Director of La Martina Europe In recent years, co-branding has emerged as one of the most effective strategic tools for enhancing brand value, not only in the fashion industry but also across the lifestyle, design, hospitality and consumer sectors. Brand collaborations are no longer merely commercial initiatives or marketing exercises; they have become powerful instruments for strengthening market positioning, reaching new audiences and shaping brand identity. Against this backdrop, brands are increasingly acquiring a cross-sectoral dimension, while intangible assets — such as reputation, recognisability, visual identity, creative language and exclusivity — play a central role in generating competitive value. Co-branding therefore transcends its traditional commercial and creative functions, becoming a strategic tool for managing a company’s intangible assets. The recent collaboration between La Martina and Supreme provides a compelling example of this trend, bringing together two brands with highly distinctive identities rooted in different cultural universes. Collaborations of this nature highlight how co-branding involves not only creative and commercial considerations but also key issues relating to intellectual property management and the governance of intangible assets. Brand protection, the use of distinctive signs, creative control, reputation management, image coordination and the allocation of rights in jointly developed assets have all become increasingly significant elements in structuring these collaborations. Against this background, Serena Tavolaro speaks with Massimiliano Giulini, General Counsel and Managing Director of La Martina Europe, exploring the role of co-branding in contemporary fashion and the key strategic and legal implications associated with brand management. 1. In recent years, co-branding appears to have evolved from an occasional marketing initiative into a genuine strategic positioning tool. What do you believe are the main drivers behind this evolution? The appeal of co-branding — whether within the same industry or across different sectors — lies in its ability to create a perception of uniqueness and exclusivity around a product. In a saturated fashion market characterised by increasingly accelerated product life cycles, the pursuit of stylistic and technical innovation is essential to maintaining consumer attention. From a business perspective, co-branding facilitates intergenerational engagement, access to new consumer segments and cultural cross-pollination. Ultimately, it provides an opportunity to create genuine differentiation. 2. The recent collaboration between La Martina and Supreme brings together two strong brand identities from very different worlds. How important is it, in transactions of this kind, to preserve consistency, recognisability and control over brand identity? When two distinct worlds — La Martina’s polo-inspired heritage and Supreme’s urban streetwear attitude — come together, the strategic balance depends on a combination of synergy and protection of each brand’s distinctive codes. Preserving each brand’s identity is essential. Consumers loyal to either brand must be able to recognise themselves in the partnership and in the tangible and intangible values represented by both brands. Ultimately, maintaining control over brand identity is not about preserving distance between the parties; rather, it creates the secure foundation necessary to generate authentic uniqueness and mutual value transfer. 3. Co-branding initiatives often enable brands to reach new and diverse audiences. How can companies strike a balance between entering new markets and preserving their historical brand positioning? The key is to remain firmly anchored to the brand’s original DNA while continuing to leverage the narrative heritage and storytelling that constitute, at least in La Martina’s case, a fundamental competitive advantage. Different markets require specific analyses and may lead to adjustments in distribution strategies, retail concepts or stylistic approaches. However, the essence of the brand must remain intact. 4. In contemporary fashion, brand value is increasingly linked to intangible factors such as reputation, aesthetic recognisability and exclusivity. Do you believe that brand dilution is currently the principal risk associated with co-branding? Whenever a company’s value is rooted in the perceived exclusivity and reputation of its brand, an ill-conceived collaboration can undermine brand equity. The risk of dilution becomes particularly significant when co-branding initiatives become overly frequent. If a collaboration loses its character as an exceptional and distinctive event, it risks becoming a routine commercial exercise that diminishes the exclusivity perceived by consumers. From a legal perspective, additional risks may arise where distribution channels fail to comply with brand standards or where products enter unauthorised commercial channels, potentially undermining the credibility and success of the collaboration. 5. From an intellectual property management perspective, which aspects require the greatest attention when structuring a collaboration between brands? Creative control, use of distinctive signs, image governance and communications? As mentioned earlier, creativity must constitute the common foundation of any collaboration. The use of trademarks and distinctive signs — which may, in some cases, evolve into a new co-branded identifier — is a particularly sensitive issue and should be carefully regulated through contractual arrangements. Moreover, collaborations are not always intended to be fully balanced. While a project may outwardly appear as a co-branding initiative, one party may in practice assume a more prominent role, bringing the arrangement closer to a traditional licensing structure. From a legal perspective, and based on practical experience, I can confirm that a co-branding agreement differs significantly from a trademark licence, both in terms of operational effort and legal complexity. The key distinctions generally concern: a) Duration. A licence typically establishes a long-term relationship, whereas co-branding projects are generally limited in duration and scope. b) Intellectual Property Creation. Co-branding frequently results in the creation of new copyright-protected works or jointly owned designs, particularly in connection with capsule collections. c) Commercial and Operational Model. Under a licensing arrangement, the licensee generally manufactures and distributes products independently, subject to royalty payments and compliance with the licensor’s brand guidelines. In contrast, co-branding involves active and collaborative participation by both parties throughout the design, development and production processes. 6. Looking at the evolution of the fashion, lifestyle and design sectors, do you believe that co-branding is destined to become an increasingly structural tool for enhancing intangible assets and building brand identity? We are witnessing a crucial transition from the product to the experiential ecosystem. Contemporary brands are no longer defined solely by a particular product category. Instead, they are increasingly characterised by an aesthetic vision and a system of values capable of extending across multiple aspects of consumers’ lives. Co-branding therefore acts as a strategic bridge, enabling fashion brands to evolve into broader lifestyle brands whose identity can extend into hospitality, automotive, interior design, digital experiences and even real estate projects. At La Martina, we have pursued this vision through a variety of models. On the licensing side, notable partnerships have included collaborations in the automotive sector with brands such as Maserati and Pagani, in the academic world with prestigious institutions such as Harvard and Oxford, and in high-end design with companies such as Pininfarina. From a co-branding perspective, we have also developed successful collaborations with leading brands including Bric’s, Mackintosh and Family First, creating reciprocal opportunities for expansion and cross-fertilisation between our respective worlds.
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