"Hermes started as a saddle maker 180 year ago. Today, few people ride horses, but it manages to be one of the most coveted luxury brands globally. This could be a prototype for us to learn from," Yu said.

In hopes of becoming another Hermes, Phoenix sought out the services of Fang Tao, founder and CEO of Chinese fashion agency Suntchi, a sort of "matchmaker" that set up the firm's collaboration with Peacebird.

Founded in 2008 in Shanghai, Suntchi is an agency that offers services such as brand management and intellectual property authorization for fashion companies and designers.

Last year, the agency announced a five-year alliance with The Council of Fashion Designers of America, which offers exclusive access to the council's more than 200 designers.

Fang said the idea of a possible collaboration with a fashion brand was first brewed last December, when Wang approached Fang's agency for an "opportunity to revive his brand".

Among five fashion brands suggested by the agency, ranging from accessories to cosmetics, Peacebird, which had already done a series of viral crossovers including one with Coca Cola, was picked.

In fact, the partnership between Phoenix and Peacebird is only a part of the "China time-honored brand rejuvenation program" initiated by Suntchi and the Shanghai municipal government's commission of commerce, which plans to revive at least 50 time-honored brands in the coming five years.

Shanghai boasts the largest number of time-honored brands in China. The city is home to 222 brands of the kind, with an average age of 100 years. Among them, 180 are of national importance.

"Everyone is talking about reviving China's time-honored brands these days. But it seems there is yet a solution to be discovered.

"I think the key is to reconstruct the relationship between consumers, products and shopping occasions," Fang said.