Introduction Brand equity has been receiving utmost attention in academia and practice over the past decades and continues to be of significant interest. Brands have been identified as one of the most valuable assets and firms try to leverage brands in increasingly complex brand portfolios. A large body of literature exists on spillover effects with regard to brand extensions. However, little is known about how corporate branding within product brand communication impacts brand equity. Therefore, this study examines to what extent product brand attitudes spill over to corporate brands. Furthermore, it investigates how corporate branding affects corporate brand attitude. Finally, the role of product brand familiarity, corporate brand familiarity and involvement in brand leverage and dilution is assessed. Method and data Answers to these questions are provided with a sample of 407 subjects that participated in an online experiment and were presented with a print ad either for brands in the FMCG or pharmaceutical category. The experiment included a 2 (corporate brand familiarity: high or low) x 2 (product brand familiarity: high or low) x 2 (category involvement: high or low) x 2 (corporate brand presence: yes or no) factorial design. Measures included brand attitude, attitude towards the ad, brand familiarity and category involvement. Analysis of covariance is employed to test for main effects and interaction effects, pairwise comparisons to test for group differences and multigroup analysis by means of structural equation modelling and path analysis to test for differences in effect sizes for the spillover between product brands and corporate brands. Summary of findings The study provides evidence that corporate brand presence in product brand communication affects corporate brand attitude and that a significant effect is observed for the affective component of corporate brand attitude. No significant effect is found for the cognitive component. Other than expected, the findings demonstrate that corporate brand presence of familiar corporate brands in the high-involvement category (FMCGs) leads to affective corporate brand dilution. Consistently and irrespective of category, the results indicate that corporate brand presence leads to affective corporate brand dilution when corporate brand familiarity and product brand familiarity are low or when product brand familiarity and corporate brand familiarity are high. A tendency for affective brand leverage is indicated for unfamiliar corporate brands when product brands are familiar, which however requires further investigation. Moreover, the findings indicate that the degree of spillover effects differs for the two categories as hypothesized. Stronger positive effects occur in the high-involvement category of FMCGs. Key contributions The findings reveal that corporate brand presence affects corporate brand attitude while differentiating between an affective and cognitive component. Such a differentiation is indispensable as affective effects prevail. Furthermore, this study sheds light on category-specific effects. While corporate brands in the FMCG category evoke stronger positive spillover, the negativity effect of corporate brand presence supersedes and results in brand dilution irrespective of product brand familiarity. Independent of category, when product brands and corporate brands are either low in familiarity or high in familiarity, corporate brands suffer from brand dilution. However, brand dilution is not observed when unfamiliar corporate brands appear with familiar product brands indicating potential for brand leverage. The findings of this study provide new insights into the interplay between product brands and corporate brands and offer valuable guidance for brand communication in both categories. Although corporate branding within product brand communication is increasingly being practiced, these results should encourage brand managers to carefully consider whether corporate brand presence enhances brand equity or presents a liability.

Introduction “The success of a 21st century business will be defined as much by who it is as what it does.” (Keller and Richey 2016, p. 47) Traditionally, branding has been a staple interest among fashion marketing research, although this has been mostly looked from the perspective of business-to-consumer markets. However recently, in the general marketing literature, there has been a growing interest towards understanding also the business-to-business aspect of branding (see Seyedghorban, Matanda, and LaPlaca 2016 for bibliometric review). By and large, this perspective of branding is also significant in fashion business as industrial customers have a double role as consumers and fashion professionals, as their decision-making process leans on both rational judgement and intuition. Recently, increased product and service homogeneity and digitalisation have been factors that have led to the emergence of a growing body of literature in business-to-business branding (see Leek and Christodoulides 2011a for review). This shift can be observed during trade shows, which are losing their significance in terms of sales, and, in turn, becoming more important for building relationships with customers and partners (Sarmento, Farhangmehr, and Simoes 2015) as well as cultivating the brand image of exhibitors (Hansen 2004). In particular, in fashion, trade shows are an example of activities that are inarguably geared towards building brand value among buyers and other actors in the market. By and large, previous work in marketing during fashion trade shows has been limited to few studies on trade show experience (Rinallo, Borghini, and Golfetto 2010), knowledge processes (Cheng, Koivisto, and Mattila 2013), market making (Rinallo and Golfetto 2006), semiotics of communication (2003), and their influence on fashion consumers (Aiello et al. 2016). However, while the importance of branding in fashion industry has been widely recognised, there is no studies on branding in business-to-business context in fashion. This forms an interesting research gap to observe branding in the context of international fashion trade shows. In this vein, the purpose of this article is to provide a new perspective to trade shows. The key research questions we hope to respond are: How does corporate branding occur in fashion trade shows? and What are the characteristics of branding in trade shows? To answer these research questions, 18 fashion start-up companies that have attended trade shows have been interviewed. Previous studies have shown how B2B brands should communicate the value of their brands to a range of stakeholders if they are to leverage their full potential (e.g. Mudambi 2002, Baumgarth 2010, Ohnemus 2009). In this light, recognizing and understanding the significance of business-to-business branding in the fashion industry is important, as it enables brands to engender trust and develop both cognitive and affective ties with stakeholders (Lynch and de Chernatony, 2004). Business-to-business branding Brand is defined as “a name, sign, symbol or logo that identifies the goods and services of one seller and differentiates them from others” (Webster and Keller 2004: 389). Moreover, brand implies ”a cluster of functional and emotional benefits that extend a unique and welcomed promise (de Chernatony and McDonald, 2003)” of the offering. Traditionally, branding literature has overlooked the significance of branding in business to business markets (Saunders & Watt, 1979, Sinclair and Seward 1988) due to the belief that industrial buyers are unaffected by emotional values corresponding to brands (Leek and Christodoulides, 2011b). However, recently the influence of branding has also been acknowledged in the more formalised B2B decision making processes (Lynch & de Chernatony, 2004) where branding increases buyers’ confidence in and satisfaction with their purchase decision (Low and Blois, 2002) and reduces their level of perceived risk and uncertainty (Bengtsson and Servais, 2005). Webster and Keller (2004) suggest that in business-to-business, it is advisable to use corporate branding strategy. Corporate branding takes a holistic perspective to branding as its focus is on managing the reputation of the whole company over individual product lines in order to add value to its offering (Harris and de Chernatony, 2001). Moreover, house branding has been common practice in luxury fashion, where it has been used to build customer loyalty and boost corporate reputation (Chevalier and Mazzalovo 2008). As branding practice, corporate branding is applicable to business-to-business branding as it emphasises the role of employees in the branding process and maintaining the brand reputation over time (Harris and de Chernatony, 2001). In this view, brand management involves managing the gap between corporate identity and reputation (de Chernatony 1999) to provide firm with sustainable competitive advantage and increased customer loyalty (Hatch and Schultz 2003). First, corporate identity is “organization's presentation of itself to its various stakeholders and the means by which it distinguishes itself from all other organizations” (Markwick and Fill 1997: 397). In the business to business context, the dimensions of brand identity include employee and client focus, visual identity, brand personality, consistent communications and human resource initiatives (Coleman et al. 2011). Moreover, key areas of corporate branding include brand vision and culture, positioning, personality, relationships, and presentation (Harris and de Chernatony, 2001). Brand equity refers to “buyers’ willingness to pay a price premium for their favourite brand [and] to recommend that brand to peers and give special consideration to another product with the same name” (Bendixen, Bukasa and Abratt 2004). Moreover, this consists of brand awareness, brand performance, brand preference, and long-lasting relationships (Keller 1993). In particular, the importance of relationships is considered the cornerstone of the brand in the industrial marketing literature (Campbell et al. 2010) due to the interpersonal nature of the market (Bengtsson and Servais, 2005). Moreover, it has been shown that customer experience has a positive effect on the four dimensions of brand equity in business-to-business setting (Biedenbach and Marell 2010). Branding in trade shows Business to business branding is an important concept to understand the role of trade shows in marketing. Trade shows have been defined as “short-term events, typically less than a week in duration that take place on a regularly scheduled basis. Trade shows enable various members of a certain market or industry to meet face- to-face and share ideas, new product innovations, technical updates, industry information, connect with customers and prospects, as well as, in some cases, consummate sales.” (Bettis-Outland et al. 2012, p. 385). For many fashion start-ups these are excellent ways of developing relationships with customers and partners (Sarmento et al. 2015), as well as to enhance their brand image (Hansen 2004), and collaborate with a variety of stakeholders (Cheng et al. 2013). Traditionally, trade shows have been instrumental in consummating sales (Kerin and Cron, 1987), but recently the role has been mostly shifting towards building relationships as well as to build product awareness and image (Pitta, Weisgal, and Lynagh, 2006). This holds true as casual contact with current customers, manufacturers and buyers can easily be made at one location in a relatively short time (Han and Verma, 2014). Moreover, trade shows and meetings with sales representatives greatly affect the earlier parts decision making process of buyers (Blombäck and Axelsson, 2007). This suggests that trade shows could well fulfil the purpose of forming new relationships with the long-term goals of selling. What is more, another non-buying objective for attending trade shows is promoting corporate image (Kerin and Cron, 1987). The facet of corporate visual identity, as part of B2B brand identity, refers to symbolism, symbols or logo and even more to physical cues such as clothes employees wear and their premises (Coleman et al., 2011). Methodology and data As the study was explorative in nature, qualitative research method was chosen (Silverman, 2006). The data collection consisted of two phases; primary data were acquired through semi-structured interviews, complemented by observational data acquired by means of an ethnographic observation at major trade events (Geertz, 1973). 15 Finnish fashion trade show exhibitors and 3 professional buyers were interviewed for the study. All of the respondents from exhibiting companies were responsible for sales and marketing activities, and took part in the trade shows in person. Moreover, for observation, the team attended four major fashion trade shows during September 2012 and January 2013: Premier Classe Who’s Next and Capsule in Paris, Gallery int. Fashion Fair CPH in Copenhagen, and Capsule in New York. As the study is explorative by nature, data-driven approach of grounded theory (Strauss and Corbin 1990) was applied in the analysis of the interview data. Here, the data collected thorough interviews and observations is analysed by utilizing a systematic set of procedures to develop an inductively derived grounded theory about a phenomenon (ibid.). Findings – branding elements in fashion trade show The research investigates business-to-business branding occurring at fashion trade shows and its perceived benefits. To better understand this, findings will be presented in three sections: (1) Main elements of branding at trade shows; (2) characteristics of business-to-business branding in trade shows. (1) Main elements of branding at trade shows From the data, elements of trade show branding include people, brand presentation, and brand story. In the following, these are briefly illustrated. Brand story. Brand image is conveyed through the brand story that is the essence of the brand and it differentiates the brand from the competitors: “The clients are looking at what you do, listening to story, because the story is the key right now. If you don’t have a story, they will go for some other cheap stuff.” This story ties together all the elements of a brand. During the trade show, the story of the brand is conveyed to the attendees through a variety of tangible brand elements such as people, products, stand decorations, and marketing communications. People. The people have a crucial role as mannequins for the brand. The first impression of the stand, which is mostly about the people occupying it, determines if there will be any further interaction as well as sets the tone for it. For this reason, give out the right image: “We receive a lot of feedback that we look and feel like the brand. It’s very important that the sales people can channel the brand into this kind of environment” explains the head of a shoe brand. Moreover, their behaviour has a crucial role in communicating the brand essence and for this reason it is important to maintain the right type of energy at all times: “If you stay sitting and do like that (plants head into hands) in terms of branding is a killer. You won’t give the right image. If you are standing up especially on the heel, that will give out the right attitude.”. What is more, the presence of the designer is an important part in this communication, too, as is described by one buyer: “The presence of the designer matters. It brings depth and meaning into the presentation. And it also shows that they have their feet on the ground, that they are willing to work. hard. In fashion, there is all this hype and glamour, even though it's a trade among others. I give extra points if the designer is there.” Finally, it is important to have the right people on duty to enable the right type of interaction. For instance, to build relationships with all stakeholders including customers in the recurring events: “It’s a big reason that we meet the customers half yearly and it’s really fun seeing, really genuinely, it’s super nice seeing people because most of them are so nice people”. Indeed, this ludic element and experiencing things together enables deeper, and more trusting relation, which in turn facilitates further collaboration between parties. Brand presentation. At the stand, the buyers and other stakeholders get to experience the brand in its all splendour. It is very important to set up the stand in such manner that it lures in customers and provides an extraordinary experience. For instance, one of the exhibitors we interviewed went over the top with their display: “We’ve used a bus where we can make a showroom at the back. That’s been useful in Berlin alongside the trade shows, directing people from the trade show to the bus with bar and drinks as a kind of lounge and extra that we are remembered for.” Indeed, one interviewee even went as far as claiming that a generic product set up in a gorgeous stand would attract more customers than a perfect product on a dull stand. In this vein, a lot of attention is given to the stand as it needs to be aligned with the overall brand image: “Because our look it pretty rough and manly, we’ve used a lot of wood and metal on the racks when building the stand. Materials are chosen so that they ooze our brand and we never order basic stuff. Last time, we used wood on walls and built a bar with raw metal on the floor. The look has to match and communicate the brand.” Another important element are the products that are on display. From an exhibitor perspective, it is important to choose the right products that communicate the key attributes of a brand to the buyers. Moreover, even though the buyers are not buying for their own needs, it is important to have the possibility to feel the quality and fit at the spot. This is further explained by one of the interviewed buyers “It’s of course an advantage getting to try on the product and when you get to put the hat on, you get the wow effect of how well it fits. It’s easier to sell the product this way when someone gets to try it on compared to just buying it online.” (2) Characteristics of business-to-business branding in trade shows For new brands in particular, trade shows are important places to get noticed. As many of our interviewees note, trade shows are no longer places where orders are written. Instead, buyers go there to get inspired and to spot new brands: “As a new label, it is very recommended you go to trade shows because there is no way you can get, if no one knows about you, visibility or even the contacts.” In this vein, one of the key branding functions of trade shows is building awareness for the brand. Subsequently, to position the brand, showing up in the right company is important. The decision on which trade shows to attend is of paramount importance: “It is important for the brand that you consistently go to the same trade shows that position you correctly, that you are there with brands that are on the same level as you are or in the higher scale and you are not there with brands that should not be associated with your brand.” Finally, to convince the buyers and to build relationships with all stakeholders, continuity is important: “Big customers don’t ever order when they see you the first time, they want to see continuum at least 3 times so you’ve built your presence, then they look at you more seriously because you don’t seem like a one-season case who might just disappear.” This consistency means making long-term commitments to both the trade shows attended as well as the branding activities. Corporate branding in fashion tradeshows is parallel to Keller’s customer based brand equity model (1993), where branding follows a four step process. First, brand identity entails raising the salience of a brand among stakeholders and creating association with products. Being visible at trade shows attaches brand to a certain product category and creates awareness among stakeholders. Second, brand meaning involves linking a variety of tangible and intangible associations to the brand in the customer’s mind. This involves telling the story of a brand and providing the opportunity to touch and try the products. Third, brand response conveys brand judgments and brand feeling, of which the former is more relevant in an organizational context (Kuhn and Alpert 2004). Here, the interaction with people and products occurring during the trade show plays and important role as they enable the formation of emotional and rational judgements of a brand. Final step is about establishing an active and intense relationship between stakeholder and a brand. This particular aspect has the most significance in business-to-business context (Kuhn and Alpert 2004), which is also highly salient in the fashion world. Conclusions In fashion, branding is a prominent practice with regards to business to consumer markets. However, it is worth noting that branding is and has to be done also on business to business context as the buying decision is not purely rational but relies greatly on intuition and relationships. Here, a successful B2B brand is of great importance – and a great commitment as well as it involves a long-term planning and resilience to attend trade shows from season to season. This exploratory article has provided a first glimpse to the branding activities occurring at fashion trade shows. First and foremost, business to business branding in fashion involves the brand relationship between buyer and seller as well the brand story conveyed through the holistic brand experience at the trade show. Indeed, the resulting trust and loyalty between the brand and a stakeholder have implications for further buying behaviour as well as then the further marketing efforts towards the end-consumer. In this vein, trade shows provide a great opportunity to increase brand value through their positive influence on brand awareness, brand associations, perceived quality, and brand loyalty that are part of the brand equity construct (Aaker 1991) and can lead to increased trust and loyalty, which, in turn, help to moderate risk and decrease transaction cost (Ford 1980). Limitations of the study and further directions for research Although the study has been able to illustrate the branding activities occurring at fashion trade shows, there is still significant opportunity for improvement. The study is limited to only a handful of fashion start-ups and within a certain market. From this perspective, it would be interesting to study if branding also has similar significance for more established firms. Moreover, it would be interesting to study the performance outcomes of branding, how these efforts support the internationalisation, as well as the implications of business-to-business branding to business-to-consumer markets. Moreover, it would be interesting to compare the brand images between buyers and consumers in a given market. What are the things the consumers look at, and are the buyers different?