Taiwan's industry is under the pressure to transform and upgrade due to the international competitions. It has encountered the challenge to increase its added value. Culture-Creativity based industries are regarded as one of the important target to develop. How to establish and manage branding in this section has become a critical issue. Franz, as a Taiwanese company, has successfully developed itself into an international brand in the fine art market. The success of this eminent case is worthwhile for study. This study used the system dynamics methodology to analyze the development process of the Franz Company. The result shows that Franz began its accumulation of human resource, capital, capability of production and design since the OEM stage. The strategy to cut in the branding segment at a proper timing also contributed to its success. Although the initial brand positioning target constrained the brand image in later times, but the focus on the accumulation of capabilities and resources helped Franz to create and sustain the brand value.