Kodak’s Comeback: What Digital Transformation Really Looks Like in a VUCA World

For decades, Kodak was synonymous with photography. It wasn’t just a brand—it was a cultural icon. It captured our memories, defined the way we saw the world, and shaped generations of photo albums. But ironically, it also became the ultimate cautionary tale in business schools and boardrooms around the world—a textbook example of what happens when a company fails to adapt to digital transformation - even in my lectures ;-)

Despite inventing the digital camera in 1975, Kodak didn’t capitalize on it. Afraid of cannibalizing their highly profitable film business, they shelved the technology and stuck to their old business model. By the time they woke up to the digital revolution, it was too late. Their revenue collapsed, their market share vanished, and they filed for bankruptcy in 2012.

But now, something unexpected is happening: Kodak is quietly making a comeback, and this time, not through photography.

What Kodak Got Wrong: A Lesson in Missing Profit Pools

To understand Kodak’s current moment, we have to look at what went wrong the first time. The core of digital transformation isn’t just about embracing new technologies. It’s about spotting and entering new profit pools—especially in a world that is volatile, uncertain, complex, and ambiguous (VUCA). Kodak failed at this.

Digital transformation can happen in two directions:

• Exploitation: extending your current capabilities and assets to extract more value (think: improving digital printing or services around existing customers).
• Exploration: venturing into unknown territories, testing new business models, and reinventing what your company stands for.

Kodak, unfortunately, did neither effectively. It clung to its past success. Its legacy became a trap. Instead of exploring digital imaging services, online sharing platforms, or smartphone photography—Kodak stuck with what it knew. The irony is brutal: the company that could’ve led the digital photography era instead became the one left behind by it.

A New Chapter: From Film Rolls to Fashion Racks

Fast forward to today. As reported in the New York Times, Kodak is showing signs of life—but in an entirely different domain: retail fashion.

In Korea, particularly in Seoul’s trend-setting neighborhoods, you’ll find Kodak-branded stores filled with retro-inspired merchandise. Think T-shirts, baseball caps, sunglasses, tote bags, and even swimsuits—all splashed with the nostalgic Kodak logo. What’s more surprising? It’s working.

Young consumers—many of whom have likely never touched a Kodak camera—are lining up to shop there. Why? Because in the age of Instagram and TikTok, retro is cool. Vintage logos, 90s aesthetics, and brand nostalgia are all having a moment. Kodak, whether intentionally or not, is tapping into that.

But more than just riding a trend, Kodak’s venture into fashion represents something deeper: a willingness to explore.

This isn’t just a quirky licensing deal. It’s a signal that the company is open to testing new hypotheses, even far from its traditional domain. In digital transformation terms, this is exploration at its core. They are trying something different, reaching out to new customer segments, and leveraging their brand equity in creative ways.

Why This Matters: Transformation is Cultural, Not Just Technical

Most people associate digital transformation with technology—cloud platforms, AI, machine learning, or automation. But real transformation is a cultural shift. It’s about changing how a company thinks, learns, experiments, and adapts.

Kodak’s small-scale comeback shows that perhaps the spirit of adaptation is alive again inside the company. A business that once symbolized inertia is now showing signs of agility. It may not be making headlines in Silicon Valley, but it’s finding new relevance on the streets of Seoul.

As someone who always liked the Kodak logo, this comeback resonates with me. That red-and-yellow "K" holds emotional weight. Wearing it on a T-shirt today feels less like a corporate badge and more like wearing a polaroid of the past—a way to express nostalgia, aesthetic, and identity all at once.

And in today’s fragmented, hyper-stimulated world, emotion is a currency. People want brands that connect with them, not just functionally, but personally.

In Every Crisis, There’s Opportunity

Kodak’s rise, fall, and rebirth (however small) proves an important point: no matter how far you fall, you can still reinvent yourself. But reinvention requires risk. It requires testing bold new ideas and being willing to fail.

After losing 95% of its revenue, Kodak has little left to lose. And that’s often when the most creative strategies emerge—when a company is desperate enough to experiment without ego.

This exploration into clothing and licensing might not replace Kodak’s old empire. But that’s not the point. The point is that Kodak is moving again. It’s curious. It’s trying. And in a VUCA world, that mindset is everything.

Final Thoughts: Culture Eats Technology for Breakfast

As Kodak's story reminds us, digital transformation isn’t just about adopting the latest tools or jumping on tech trends. It's about cultural adaptability. It’s about seeing signals in the market, finding new profit pools, and acting with agility.

It’s easy to mock Kodak for missing the digital wave, and perhaps rightly so. But now they’re showing signs of curiosity, experimentation, and even playfulness. And sometimes, that’s the spark of a real transformation.

So yes—wishing Kodak the best of luck. This latest move into lifestyle branding may seem far from cameras, but it might just be the right kind of exploration. One thing is certain: in a world of uncertainty, trying new things is the most certain path forward.