Research on the Heritage and Innovation of Changyu Wine Industry from the Perspective of Value Co-Creation

Heritage and innovation are the core issues for the sustainable development of Chinas time-honored brands. Based on the perspective of value co-creation, this paper takes Changyu Wine Industry as a case study and employs a single-case research method to explore the mechanisms of heritage and innovation in time-honored brands. The activation of a time-honored brand can be divided into three stages: the revival of products, the innovation of business models, and the activation of culture. Each stage exhibits different aspects in terms of heritage, innovation, and value co-creation. Time-honored brands can leverage their rich cultural resources, combined with digital technologies and innovations, to invigorate the vitality of their brand.