Innovation meets nostalgia: Strategic configurations and performance pathways in the revitalization of time-honored brands

Heritage brands face persistent aging pressures amid digital transformation and shifting cultural consumption. Prior studies have focused on either innovation or nostalgia pathways but rarely examined how corporate strategies align with consumer perception. This study builds a dual-perspective framework: the firm side emphasizes the Learning-Capability-Performance mechanism, and the consumer side highlights the Perception-Evaluation-Behavior logic. Data were collected from 76 China Time-Honored Brand firms and 532 consumers in Southwest China. The results show that firms enhance innovation and nostalgia-oriented strategies through ambidextrous learning, and their synergy drives brand revitalization; brand strategies mediate the learning-performance link. A dual-perspective analysis reveals clear differences: firms pursue strategic integration, while consumers value perceptual clarity and emotional resonance, resulting in a misalignment between strategic intent and consumer cognition. Moreover, environmental dynamism and digital empowerment asymmetrically moderate the learning-strategy-performance pathway, reinforcing the tension between organizational change and market perception. This study demonstrates a dual-feedback logic between strategy and perception, offering theoretical and practical implications for revitalizing traditional brands.