Campa Cola, a soft-drink brand from the 1980s now owned by Reliance, is giving Coke and Pepsi a run for their money. Onida of “Neighbour’s Envy, Owner’s Pride” is apparently planning a big comeback. Whereas “Chal Meri Luna” or “Gold Spot — The Zing Thing” are just memories of a past era. The world of business is littered with names that evoke nostalgia, but the brands are no longer there or are shadows of their past glory. Regulations, technology, economics or culture can kill brands. There are fascinating examples of this in India.

The Luna story is about economic change. There was a time when it was India’s multi-purpose two-wheeler — from the local businessman carrying his goods to a family of four rushing to work or school. This made enormous sense as incomes were low and cars were not easy to buy. As the economy grew, more people could afford motorcycles or cars. Luna’s value proposition was lost.

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Dalda represents a different kind of decline. Vanaspati once stood for affordability and convenience and, although this may be hard to believe today, a modern way of cooking. Nutritional science evolved, consumers grew suspicious of hydrogenated fats, and the product’s cultural setting changed.

BPL, Videocon, Solidaire and Onida were consumer electronics giants in India at one time, commanding a huge market share. But global supply chains, Korean brands, falling prices of electronics and rapidly evolving technology changed that competitive structure. I really hope Onida makes a comeback, but the technology gap between an LG or a Samsung and Onida will take time to bridge.

Then there is the Ambassador. For years it represented the Indian automobile, status, power and bureaucracy. Then came the upstart Maruti, and eventually global carmakers with better technology, reliability and efficiency. Hindustan Motors kept chugging away, but eventually struggled in this new competitive environment.

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Regulations can create an artificial ecosystem which collapses as soon as the regulations are lifted. The Ambassador might not have survived if not for India having a closed economy. The same is true for Gold Spot or a Citra. The soft drink brands of India in the 1970s and ’80s were a direct byproduct of India not allowing Coke and Pepsi to operate. Once Coke and Pepsi entered India again, these brands quickly faded away.

There are, of course, exceptions. Campa Cola went the same way as Gold Spot or Citra until Reliance took over. There was some brand equity even after decades of decline, which Reliance identified and used to enter the soft beverages market in India.

Thums Up and Limca survived. My theory is that these two beverages were unique. Thums Up’s extra punch and cult following made it difficult for Coca-Cola to drop. Limca is a unique cloudy lemon drink unlike clear lemon drinks such as Sprite or 7 UP.

These exceptions may just be one-offs. Nostalgia alone is not enough, though; both Campa Cola and Onida need a strong reason to exist today in the 2020s.

Some brands evolve and move to new categories. Kinetic Motors, the makers of Luna, launched the Kinetic Honda in the 1980s, a very popular two-wheeler. The Kinetic Honda was more powerful, had storage and an electric starter, which was an evolution from the very basic Luna.

The mistake successful brands make is assuming that yesterday’s success proves something permanent about the brand. Often, it only proves something about that moment in time. Consumers, technologies, regulations and aspirations change. The brand that survives is the one that keeps finding a reason to be relevant.

The writer is founder, The Brand Ignition Co