What's in a new name? A strategic shift or a cosmetic makeover?
Subscribe to enjoy similar stories. What is in a name? Apparently, everything. Or so it seems when a company decides to reinvent itself.
On Thursday, food and grocery delivery platform Zomato announced it will be renaming its parent company 'Eternal'. While the company has been using the name internally for two years, the public announcement and new logo suggest a desire to signal more than just a name change. “This isn’t just a name change; it is a mission statement.
A reminder etched into our identity that we will endure — not because we are here, but because we need to get there," Deepinder Goyal said in the letter. Upon approval, Zomato’s corporate website will transition from zomato.com to eternal.com, and its stock ticker from ZOMATO to ETERNAL. Eternal will comprise four major businesses for now – Zomato, Blinkit, District, and Hyperpure, Goyal said in the note.
So, what really changes? Nothing much, really. “The Zomato brand remains intact. Only the holding company name will change.
They want their other brands like Blinkit to stand on their own feet under an umbrella corporation much like Alphabet (which owns the brand Google)," said Bharadwaj Jaishankar, partner at IndusLaw. Companies undertake identity shifts for various strategic reasons, from mergers and acquisitions to evolving business strategies, tarnished reputations, or the desire to attract a new target audience. “Sometimes, they would change names to gain media attention as well," Jaishankar pointed out.
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