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PurposeThe aim of this paper is to discuss how corporate brand images evolve in consumers' everyday life and its implications for the company's branding strategies.Design/methodology/approachA conceptual discussion and a framework are presented that maps four alternative views on corporate brand images and market dynamics in relation to corporate branding.FindingsCorporate brand evolution is suggested as a way of including consumers' everyday brand image constructions and re‐constructions in a company's branding strategy. Corporate brand evolution is based on two new concepts: image heritage and image‐in‐use. A model for understanding evolving strategic corporate branding is proposed.Research limitations/implicationsThe proposed view on evolving corporate brands is deliberately developed for understanding open source brand dynamics in ever‐changing markets. This paper is limited to make a conceptual contribution. Therefore, research implications are to develop empirically the understanding of image‐in‐use and image heritage in various business contexts.Practical implicationsAn understanding on how brands evolve over time has two major practical implications for companies. First, companies need to develop new approaches and methods to understanding how brands evolve over time. For example, by investigating the consumer' image heritage of the company. This may enhance considerably possibilities for open branding strategies that meet consumer reality to be developed.Originality/valueThe two new concepts, image heritage and image‐in‐use, and the novel approach of evolving corporate brand images are important as they are based on a new consumer understanding, recognizing that consumers' corporate image constructions are dynamic ever‐changing processes and not static end‐states.