A global licensing agreement with iconic Australian hatmaker Akubra is a great opportunity… and one based on trust, writes DKM Blue founder Dorry Kordahi.
There is more than one reason why a company agrees to a licensing agreement, yet I believe the overriding one is trust.
Recently, DKM Blue signed a licensing agreement with hatmaker Akubra, one of Australia’s most loved and trusted icons. The agreement is to design, manufacture and distribute luxury luggage and accessories around the world. This is a massive responsibility for us as well as a huge leap of faith for Akubra.
When I speak of Akubra trusting DKM Blue, I in no way mean that they doubted our integrity. But for a brand that is over 100 years old and, moreover, famous for a single item (hats), the trust factor was paramount.
It was a matter that was as much about protecting their brand as extending it. They had to be certain their customers felt they were buying a product every bit as well-designed and good as the hats for which they are justly famous.
So ensuring our product designs were in perfect harmony with the spirit of everything their brand stands for was unequivocal.
But beyond that, their trust had to extend to our experience, strategic ability to manufacture to the highest possible level and our commitment to spending a great deal of time in order to properly develop the range.
In this particular instance it took some three years to bring the range to market, which is also a testament to the trust our strategic manufacturing partners have in us as well.
During this time, every single item from the exclusive lining to custom-made fittings was designed in-house, even before the products themselves were developed. At times, I must say, the task felt daunting, yet there was never a moment’s doubt about the outcome.
But on a final note, the best thing about this agreement is the excitement of taking a brand as revered as Akubra to a whole new audience around the world.
Excerpted from an article originally published in the February/March 2014 issue of Think & Grow Rich Inc. magazine. If you are a subscriber to Think & Grow Rich Inc. magazine, you will receive this article in your February/March 2014 issue of TGR. If you are not a subscriber, click here to subscribe.