Let's pretend you're a marketer put in charge of a brand that's been around since 1934. A possible benefit being that it's so established in years. A possible downside however is getting over perceptions of an "old" or "dated" company image; and perhaps even stigmas that the brand is not for the under-70 crowd.
They sell hygiene products under a brand name that has been around over 80 years. Old Spice is a winner in the creative category for us; still staying "fresh" in branding:
http://www.youtube.com/watch?v=yZlyL2OXmV4
http://www.theverge.com/2015/4/11/8388797/old-spice-twitch-nature-adventure-marketing-stunt
