Can Kellogg's Reinvent Froot Loops As A Lifestyle Brand?

I remember last year I was walking past some trendy retail stores in NY and I saw a few handbags with the Pan Am logo. Apparently there is a whole historical foundation and store featuring all kinds of retro products like t-shirts and travel kits. The airline may have died but the brand is alive. I was thinking about that as I read this story about Kellogg's partnering with fashion pioneer AWAYTOMARS to try and evolve Froot Loops into a lifestyle and fashion brand. As they face more consumers reluctant to give their kids sugary cereals for breakfast, I love the idea of taking their brand equity and trying to give people another way to love the brand. It is interesting to think that slowly declining (or dead) brands like Kodak or Blockbuster or Toys R Us might find new ways to monetize the one thing they have left: a warm feeling of nostalgia. I would probably wear that.