The annual report on the most valuable and strongest European brands
September 2023
Europe 
500
2023

Brand Finance Europe 500 2023
brandirectory.com/europe   2
Contents.
© 2023 All rights reserved. Brand Finance Plc.
About Brand Finance
3
Foreword
7 
David Haigh, Chairman & CEO, Brand Finance
Ranking Analysis
9
Brand Value & Brand Strength Analysis
10
Brand Value Ranking
16
Country Performances 
26
Global Soft Power Index
28
United Kingdom
31
Germany
32
France 
34
Italy 
35
ITA: 
36 
Interview with Giovanni Sacchi,  
Director, Italian Trade Agency London
Sweden
38
Swedish Institute: 
40 
Interview with Cecilia Andrae,  
Senior Adviser, Swedish Institute
Ireland
42
Methodology
43
Our Services
48

Brand Finance Europe 500 2023
brandirectory.com/europe   3
About Brand Finance.
Brand Finance is the world's leading brand 
valuation consultancy.
We bridge the gap between marketing and finance
Brand Finance was set up in 1996 with the aim of 'bridging 
the gap between marketing and finance'. For more than 25 
years, we have helped companies and organisations of all 
types to connect their brands to the bottom line.
We quantify the financial value of brands
We put thousands of the world’s biggest brands to the 
test every year. Ranking brands across all sectors and 
countries, we publish over 100 reports annually.
We offer a unique combination of expertise
Our teams have experience across a wide range of 
disciplines from marketing and market research, to 
brand strategy and visual identity, to tax and accounting.
We pride ourselves on technical credibility
Brand Finance is a chartered accountancy firm regulated 
by the Institute of Chartered Accountants in England and 
Wales, and the first brand valuation consultancy to join 
the International Valuation Standards Council.
Our experts helped craft the internationally recognised 
standards on Brand Valuation – ISO 10668 and Brand 
Evaluation – ISO 20671. Our methodology has been 
certified by global independent auditors – Austrian 
Standards – as compliant with both, and received 
the official approval of the Marketing Accountability 
Standards Board.
Get in Touch.
	 linkedin.com/company/brand-finance
	 twitter.com/brandfinance
	 facebook.com/brandfinance
	 youtube.com/brandfinance
For business enquiries, please contact:
Richard Haigh
Managing Director
rd.haigh@brandfinance.com
For all other enquiries:
enquiries@brandfinance.com
+44 207 389 9400
www.brandfinance.com
For media enquiries, please contact:
Michael Josem
Communications Director
m.josem@brandfinance.com

A Brand Value Report provides a 
complete breakdown of the assumptions, 
data sources, and calculations used 
to arrive at your brand’s value. 
Each report includes expert 
recommendations for growing brand 
value to drive performance and offers 
a cost-effective way to gaining a better 
understanding of your position against peers.
Request your own
Brand Value Report
B
e
n
e
f
i
t
s
C
o
n
t
e
n
t
s
Competitor
Benchmarking
Visit brandirectory.com/request-a-valuation
or email enquiries@brandﬁ nance.com
Brand Valuation 
Summary
Brand 
Strength Tracking
Cost of 
Capital Analysis
Royalty Rates
Customer 
Research Findings
Insight
Strategy
Benchmarking
Education
Communication
Understanding
enquiries@brandfinance.com

Brand Finance Europe 500 2023
brandirectory.com/europe   5
Brand Finance Institute
Brand Finance Institute is the educational division of 
Brand Finance, whose purpose is to create and foster 
a professional environment for knowledge-sharing and 
networking among practitioners and experts in the 
market. BFI organises events, in-company training, and 
corporate educational initiatives around the world. In the 
quest for marketing excellence and with the purpose 
to equip the brand valuation and strategy practitioners 
with the necessary skills and tools, we have developed 
a wide range of programmes and certifications in 
collaboration with the most coveted business schools, 
universities and thought leaders in the field.
Brandirectory is the world’s largest database of current 
and historical brand values, providing easy access to 
all Brand Finance rankings, reports, whitepapers, and 
consumer research published since 2007.
	
+
Browse thousands of published brand values
	
+
Track brand value, strength, and rating across 
publications and over time
	
+
Use interactive charts to compare brand values 
across countries, sectors, and global rankings
	
+
Purchase and instantly unlock premium data, 
complete brand rankings, and research
Visit brandirectory.com to find out more.
Brand Finance Group.
Brand Dialogue
Brand Dialogue is a public relations agency developing 
communications strategies to create dialogue that drives 
brand value. Brand Dialogue has over 25 years of experience 
in delivering campaigns driven by research, measurement, 
and strategic thinking for a variety of clients, with a strong 
background in geographic branding, including supporting 
nation brands and brands with a geographical indication 
(GI). Brand Dialogue manages communications activities 
across Brand Finance Group's companies and network.
VI360
VI360 is a brand identity management consultancy 
working for clients of all sizes on brand compliance, brand 
transition, and brand identity management. VI360 provide 
straightforward and practical brand management that 
results in tangible benefits for your business.
Brandirectory.com

Global Brand
Equity Monitor
Original market research on over 5,000 brands 
38 countries and 31 sectors covered
More than 150,000 respondents surveyed annually
We are now in our 7th consecutive year conducting the study
Visit brandirectory.com/consumer-research 
or email enquiries@brandﬁ nance.com
enquiries@brandfinance.com

David Haigh 
Chairman, 
Brand Finance
Brand Finance Europe 500 2023
brandirectory.com/europe   7
Foreword.
Brand valuation helps companies understand the value of their brand and how it 
contributes to the overall value of the company. This important understanding can 
inform decision-making related to marketing and branding efforts, as well as provide 
a benchmark for future performance. It can also be used to help attract investors and 
secure financing, as a strong brand can be a valuable asset.
Additionally, brand valuation can be useful in the event of a merger or acquisition, as 
it can help determine the value of the brand being acquired. Overall, brand valuation 
helps organisations understand the worth of their brand and how it fits into their overall 
business strategy. 
A strong brand can lead to improved business returns in several ways. First, a strong 
brand can help a company differentiate itself from its competitors and establish a 
unique identity in the market, which can lead to increased customer loyalty and 
retention. This, in turn, can lead to higher sales and revenue. A strong brand can also 
help a company command a higher price for its products or services, as consumers 
are willing to pay more for a brand they perceive as high-quality and trustworthy. In 
addition, a strong brand can help a company attract top talent, as employees may be 
more attracted to work for a well-known and reputable brand. Finally, a strong brand 
can provide a company with a competitive advantage and help it weather economic 
downturns or industry disruptions. 
This year, Brand Finance has invested more in researching and understanding 
customer perception of brands across the world than ever before, with original 
research taking place in dozens of jurisdictions globally. The report you are reading is 
based on this extensive original research, with the findings representing a catalyst for 
further conversations. 
If you want to help build a stronger brand, or if you want to better understand the value 
of your brand, please contact the Brand Finance team and I anytime. I look forward to 
the conversation and helping to build a more profitable future for your brand.

Brand Finance Europe 500 2023
brandirectory.com/europe   8
Deutsche  
Telekom overtakes 
Mercedes-Benz  
to become the  
most valuable 
European brand.
	
+ Deutsche Telekom is the most valuable  
European brand, valued at EUR60.7 billion
	
+ Mercedes-Benz is the second-most valuable  
European brand, brand value EUR56.7 billion
	
+ European automobile brands lose momentum,  
declining in brand value and strength
	
+ Another German brand makes up the top three  
as Allianz Group overtakes Shell 
	
+ Swisscom is the strongest European brand,  
with a Brand Strength Index (BSI) score of 91.7/100
	
+ Nespresso is the European brand with the biggest  
change in brand value 
	
+ Porsche has the highest Sustainability Perceptions  
Value (SPV) at EUR7.8 billion

Ranking 
Analysis.

Brand Finance Europe 500 2023
brandirectory.com/europe   10
Ranking Analysis.
Deutsche Telekom is the most 
valuable European brand
German telecoms provider Deutsche Telekom (brand 
value up 17% to EUR60.7 billion) surpasses former 
champion Mercedes-Benz to become the most valuable 
European brand, according to a new report from leading 
brand valuation consultancy, Brand Finance. 
Every year, leading brand valuation consultancy Brand 
Finance puts 5,000 of the biggest brands to the test, 
and publishes over 100 reports, ranking brands across 
all sectors and countries. The world’s top 500 most 
valuable and strongest European brands are included 
in the annual Brand Finance Europe 500 2023 ranking.
Building on its success as the second most valuable 
telecoms brand globally, Deutsche Telekom’s latest 
title as the most valuable European brand comes as 
a result of strong revenue growth across European 
markets and increasing customer numbers. The latter 
has also significantly propelled the brand’s growth in 
the US, which has seen record customer additions. 
An essential component of the brand’s global brand 
strategy was the introduction of its new Group 'T' logo 
last year. Through its unified, one-brand approach, 
Deutsche Telekom has continued to strengthen its 
global reputation and familiarity. 
Deutsche Telecom has  
had a remarkable year, 
surpassing Mercedes-Benz  
to become the champion of 
European brands. Thanks 
to its rebranding efforts, the 
German telecoms giant has 
successfully enhanced its 
brand visibility and strength 
across diverse international 
markets and consumer 
segments, aligning with its 
ambition to become a 
market leader, not just in 
Europe, but globally.
David Haigh
Chairman and CEO of Brand Finance

Brand Finance Europe 500 2023
brandirectory.com/europe   11
Ranking Analysis.
Top 10 Most Valuable European Brands
🇪
6
+22%
EUR35.4 bn
7
🇪
7
-8%
EUR32.7 bn
5
🇷
8
+25%
EUR25.3 bn
8
🇧
9
9
EUR24.8 bn
+24%
🇭
10
11
EUR21.6 bn
+20%
🇪
1
+17%
EUR60.7 bn
2
🇪
3
+20%
EUR46.6 bn
4
🇧
4
3
EUR46.5 bn
+8%
🇪
5
6
EUR38.9 bn
+19%
🇪
2
+8%
EUR56.7 bn
1
Mercedes-Benz is the second-most 
valuable European brand, brand 
value EUR56.7 billion 
Mercedes-Benz (brand value up 8% to EUR56.7 
billion) leads the pack for luxury automobiles as the 
second-most valuable European brand. Despite 
dropping to second place this year, the brand 
continues to enjoy international growth. 
This growth can be attributed to innovative new  
product developments, reflecting an industry-wide 
transition to electric vehicles and an all-electric future. 
Further, the construction of a new factory in  
Hungary last year expanded Mercedes’ partnership 
with Chinese brand CATL, with the goal of developing 
next-generation high-performance battery cells  
and modules. 
The initiative also aligns with the brand’s Ambition  
2039 sustainability agenda; Mercedes-Benz aims  
for carbon neutrality across its entire value chain, 
including carbon-neutral production of battery cells 
from renewable energy sources and responsibly-
sourced raw materials.
© Brand Finance Plc 2023
2
1
0
0
2
2
2
1
2
1

Brand Finance Europe 500 2023
brandirectory.com/europe   12
Ranking Analysis.
European automobile brands  
lose momentum, declining in  
brand value and strength
The European automobile industry has suffered 
since the pandemic due to supply chain disruptions, 
including a global semiconductor shortage, and  
rising energy costs for manufacturers. Moreover,  
the expansion of electric cars in China is posing  
an increasing threat for European automakers. 
This year, Chinese electric vehicle giant BYD introduced 
an ultra-affordable electric car in China priced at just 
CNY 80k (USD 11k), posing serious competition 
to Tesla's Model Y. With a range of impressive tech 
features, ultra-affordable EVs like this threaten to 
disrupt China's first-car market. 
Electric vehicles also have simpler electric motors 
compared to combustion engines, meaning that, 
as battery costs fall, electric vehicles could become 
cheaper than gas cars. An extreme drop in battery 
prices could trigger a rapid global shift to electric 
vehicles, meaning that European automakers would 
face an enormous competitive disadvantage. This 
could in turn have a negative impact on their brand 
value, strength,and overall reputation. 
Another German brand makes 
up the top three as Allianz Group 
overtakes Shell
Insurance powerhouse Allianz Group (brand value  
up 20% to EUR46.6 billion) is this year’s third-most 
valuable European brand. Allianz's brand value 
has increased due to record results in revenue and 
operating profit in 2022, demonstrating particularly 
strong performance in the Property-Casualty, Life/
Health, and Asset Management segments. Customer 
and employee satisfaction for the brand also reached 
an all-time high, solidifying its position as one of the 
world’s largest and most trusted financial institutions. 
Shell (brand value up 8% to EUR46.5 billion) moves 
down to fourth place this year. Shell played a global 
leadership role in helping customers divest from Russian 
following the Russian invasion of Ukraine, helping to 
mitigate damage to Europe’s energy security. The 
economic fallout of the pandemic, leading to rising oil 
demand and increased hydrocarbon prices, has further 
benefitted Shell. With the appointment of a new CEO in 
2023, the brand anticipates continued growth. However, 
concerns about high profits from increased energy 
prices and insufficient commitment to alternative energy 
sources could present a risk to brand perceptions.

Brand Finance Europe 500 2023
brandirectory.com/europe   13
Top 10 Strongest European Brands
91.7
+2.9
🇭
1
AAA+
4
90.5
+6.7
🇧
3
AAA+
41
89.9
+0.3
🇧
4
2
AAA+
89.4
+13.6
🇱
5
197
AAA
89.2
+14.8
🇪
6
AAA
229
90.7
-0.2
🇹
2
AAA+
1
88.2
-
🇺
7
AAA
   
88.1
+2.3
🇷
8
AAA
18
88.0
+3.9
🇹
9
38
AAA
87.8
+1.3
🇭
10
17
AAA
Ranking Analysis.
Swisscom is the strongest 
European brand, with a Brand 
Strength Index score of 91.7/100
In addition to calculating brand value, Brand  
Finance also determines the relative strength of 
brands through a balanced scorecard of metrics 
evaluating marketing investment, stakeholder equity, 
and business performance. Compliant with ISO 20671, 
Brand Finance’s assessment of stakeholder equity 
incorporates original market research data from  
over 100,000 respondents in 38 countries and  
across 31 sectors.
Swisscom (brand value up 18% to EUR6.1 billion)  
is the strongest European brand. The Swiss telecoms 
giant has boosted its brand strength through its 
pioneering initiatives in the European 50 market, 
announcing its new Fixed Wireless Access 5G  
service for business customers at the end of  
last year. 
Swisscom is committed to boosting its brand strength 
and global reputation through the establishment of 
more physical shops worldwide, as well as revising  
its branding efforts, both in stores and online. 
© Brand Finance Plc 2023
2
3
2
2
2
2
2
1
2
1

Brand Finance Europe 500 2023
brandirectory.com/europe   14
Ranking Analysis.
Nespresso is the European  
brand with the biggest change  
in brand value 
Nespresso (brand value up 245% to EUR2.8 billion)  
is a new entrant this year as the European brand 
with the biggest brand value change. Well-reputed 
for quality and luxury, Nespresso has maintained 
consumer loyalty by consistently developing new 
and innovative products across its coffee capsule 
and machine ranges. In addition, Nestlé changed it's 
reporting to enable enhanced transparency on financial 
information and an identification of Nespresso's 
revenue separate from other brands in the portfolio. 
This caused a boost in brand value against estimated 
sales volumes from the year before. Improved financial 
reporting on brands is best practice for management  
to enable investors and third-party users of accounts  
to add accountability on brand management. 
245%
149%
142%
130%
120%
100%
96%
92%
88%
79%
-53%
-47%
-34%
-33%
-32%
-32%
-32%
-31%
-30%
-29%
Brand Value Change 2022-2023 (%)
© Brand Finance Plc 2023

Brand Finance Europe 500 2023
brandirectory.com/europe   15
Ranking Analysis.
Sustainability Perception Values (SPV)
🇧
6
3.84
EUR3,421 m
🇪
7
4.21
EUR3,205 m
🇪
8
4.47
EUR2,273 m
🇪
9
EUR1,861 m
4.96
🇷
10
EUR1,826 m
4.66
🇪
1
4.44
EUR7,804 m
🇪
3
3.68
EUR4,963 m
🇪
4
EUR4,284 m
4.73
🇪
5
EUR3,774 m
4.01
🇪
2
4.74
EUR6,250 m
© Brand Finance Plc 2023
EURxx = sustainability perceptions value
x.x = sustainability perceptions score/10
Porsche has the highest 
Sustainability Perceptions  
Value (SPV) at EUR7.8 billion
Luxury German car manufacturer Porsche (brand 
value up 22% to EUR35.4 billion) has the highest 
Sustainability Perceptions Value of any brand included 
in the Europe 500 ranking, at EUR7.8 billion. Porsche 
is dedicated to advancing sustainability initiatives in 
the automotive industry; the brand has committed to 
offering more electric and hybrid vehicles, promoting 
cleaner energy sources, and implementing innovative 
technologies to improve energy efficiency and reduce 
emissions. Porsche’s position at the top of the SPV 
table is not an assessment of its overall sustainability 
performance, but rather indicates how much brand 
value it has tied up in sustainability perceptions. That 
said, Brand Finance research finds that sustainability 
is a key driver of choice for consumers in the luxury 
auto sector, at 22.9%. Despite the well-known 
negative environmental consequences associated 
with the automotive industry, these brands are 
actively incorporating ESG (Environmental, Social, 
and Governance) principles into their communication 
strategies, thereby bolstering favourable consumer 
perceptions.
Porsche has continued to advance its sustainability 
initiatives this year. The brand has remained committed 
to advancing its Sustainability Strategy 30 agenda, 
which focuses on six key areas encompassing 
environmental action and social responsibility. In 2022, 
the brand also partnered with the UN Global Compact, 
the world’s largest corporate sustainability initiative,  
to accelerate the integration of its sustainability  
strategy across the entire company. Porsche will 
regularly report on its ESG activities to both the 
organisation and to the public.

Brand Finance Europe 500 2023
brandirectory.com/europe   16
Brand Value Ranking (EURm).
Top 500 most valuable European brands 1-50
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
1
2
2
Deutsche Telekom
Germany
Telecoms
60,653
+16.9%
51,883
AA+
AAA-
2
1
1
Mercedes-Benz
Germany
Automobiles
56,672
+8.2%
52,393
AAA-
AAA-
3
4
2
Allianz Group
Germany
Insurance
46,604
+19.6%
38,979
AA+
AAA-
4
3
1
Shell
United Kingdom
Oil & Gas
46,466
+7.9%
43,050
AA+
AAA-
5
6
2
BMW
Germany
Automobiles
38,908
+18.9%
32,720
AAA-
AAA-
6
7
2
Porsche
Germany
Automobiles
35,430
+21.9%
29,070
AAA
AAA
7
5
1
Volkswagen
Germany
Automobiles
32,730
-7.5%
35,394
AA+
AAA-
8
8
0
Louis Vuitton
France
Apparel
25,340
+25.4%
20,200
AAA
AAA
9
9
0
EY
United Kingdom
Commercial Services
24,772
+23.6%
20,046
AAA+
AAA+
10
11
2
Nestlé
Switzerland
Food
21,616
+20.4%
17,952
AAA-
AAA
11
10
1
Siemens Group
Germany
Engineering & Construction
12
16
2
SAP
Germany
Tech
13
25
2
TotalEnergies
France
Oil & Gas
14
18
2
HSBC
United Kingdom
Banking
15
24
2
Chanel
France
Apparel
16
15
1
Orange
France
Telecoms
17
17
0
Gucci
Italy
Apparel
18
19
2
Lidl
Germany
Retail
19
23
2
Santander
Spain
Banking
20
12
1
Vodafone
United Kingdom
Telecoms
21
14
1
BP
United Kingdom
Oil & Gas
22
20
1
IKEA
Sweden
Retail
23
21
1
AXA
France
Insurance
24
26
2
Adidas
Germany
Apparel
25
22
1
Bosch
Germany
Engineering & Construction
26
34
2
KPMG
United Kingdom
Commercial Services
27
31
2
Airbus
France
Aerospace & Defence
28
33
2
Tesco
United Kingdom
Retail
29
30
2
Hermès
France
Apparel
30
28
1
Audi
Germany
Automobiles
31
53
2
Dior
France
Apparel
32
50
2
Equinor
Norway
Oil & Gas
33
-
3
Aldi Süd
Germany
Retail
34
36
2
Cartier
France
Apparel
35
43
2
Barclays
United Kingdom
Banking
36
42
2
L'Oréal
France
Cosmetics
37
-
3
Sber
Russia
Banking
38
44
2
DHL
Germany
Logistics
39
41
2
Carrefour
France
Retail
40
29
1
Enel
Italy
Utilities
41
38
1
EDF
France
Utilities
42
37
1
BNP Paribas
France
Banking
43
32
1
Zara
Spain
Apparel
44
59
2
Rolex
Switzerland
Apparel
45
39
1
Rewe
Germany
Retail
46
40
1
Sky
United Kingdom
Telecoms
47
56
2
Vinci
France
Engineering & Construction
48
45
1
Eni
Italy
Oil & Gas
49
49
0
UBS
Switzerland
Banking
50
62
2
Capgemini
France
Tech

Brand Finance Europe 500 2023
brandirectory.com/europe   17
Brand Value Ranking.
Top 500 most valuable European brands 51-100
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
51
48
1
ING
Netherlands
Banking
52
35
1
H&M
Sweden
Apparel
53
61
2
Engie
France
Utilities
54
47
1
Intesa Sanpaolo
Italy
Banking
55
64
2
Danone
France
Food
56
80
2
Decathlon
France
Retail
57
27
1
Volvo
Sweden
Automobiles
58
71
2
Asda
United Kingdom
Retail
59
51
1
Sephora
France
Retail
60
73
2
Standard Chartered
United Kingdom
Banking
61
58
1
Generali Group
Italy
Insurance
62
57
1
E.Leclerc
France
Retail
63
82
2
Philips
Netherlands
Pharma
64
55
1
Roche
Switzerland
Pharma
65
60
1
BASF
Germany
Chemicals
66
66
0
Michelin
France
Tyres
67
54
1
Nokia
Finland
Tech
68
106
2
Edeka
Germany
Retail
69
65
1
Poste Italiane
Italy
Insurance
70
85
2
Movistar
Spain
Telecoms
71
76
2
Heineken
Netherlands
Beers
72
94
2
Lego
Denmark
Toys
73
63
1
Ferrari
Italy
Automobiles
74
124
2
Maersk
Denmark
Logistics
75
69
1
Zurich
Switzerland
Insurance
76
102
2
NatWest
United Kingdom
Banking
77
74
1
Fresenius
Germany
Pharma
78
46
1
Land Rover
United Kingdom
Automobiles
79
77
1
Red Bull
Austria
Soft Drinks
80
68
1
Bouygues
France
Engineering & Construction
81
86
2
Spotify
Sweden
Media
82
95
2
3
United Kingdom
Telecoms
83
87
2
Lloyds Bank
United Kingdom
Banking
84
79
1
BBVA
Spain
Banking
85
81
1
Nivea
Germany
Cosmetics
86
88
2
Le Groupe La Poste
France
Logistics
87
93
2
Swisscom
Switzerland
Telecoms
88
113
2
Hennessy
France
Spirits
89
90
2
Guerlain
France
Cosmetics
90
-
3
LSEG
United Kingdom
Commercial Services
91
97
2
Munich Re
Germany
Insurance
92
70
1
TIM
Italy
Telecoms
93
67
1
Rabobank
Netherlands
Banking
94
103
2
Saint-Gobain
France
Engineering & Construction
95
52
1
Renault
France
Automobiles
96
109
2
E.ON
Germany
Utilities
97
84
1
Nescafé
Switzerland
Soft Drinks
98
123
2
Glencore
Switzerland
Mining, Metals & Minerals
99
89
1
Mercadona
Spain
Retail
100
92
1
Swiss Re
Switzerland
Insurance

Brand Finance Europe 500 2023
brandirectory.com/europe   18
Brand Value Ranking.
Top 500 most valuable European brands 101-150
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
101
83
1
Credit Suisse
Switzerland
Banking
102
104
2
AstraZeneca
United Kingdom
Pharma
103
126
2
Conad
Italy
Retail
104
101
1
Crédit Agricole
France
Banking
105
-
3
Gazprom
Russia
Oil & Gas
106
112
2
O2
United Kingdom
Telecoms
107
111
2
Sainsbury's
United Kingdom
Retail
108
105
1
Bayer
Germany
Pharma
109
120
2
JD Sports
United Kingdom
Retail
110
72
1
Aviva
United Kingdom
Insurance
111
96
1
ASML
Netherlands
Tech
112
138
2
KBC
Belgium
Banking
113
119
2
BAE Systems
United Kingdom
Aerospace & Defence
114
128
2
Lancôme
France
Cosmetics
115
-
3
Lukoil
Russia
Oil & Gas
116
116
0
Kaufland
Germany
Retail
117
135
2
Schneider Electric
France
Engineering & Construction
118
110
1
Nordea
Sweden
Banking
119
100
1
BT
United Kingdom
Telecoms
120
157
2
Crédit Mutuel
France
Banking
121
125
2
Société Générale
France
Banking
122
136
2
CaixaBank
Spain
Banking
123
139
2
Hannover Re
Germany
Insurance
124
127
2
Burberry
United Kingdom
Apparel
125
172
2
Prada
Italy
Apparel
126
134
2
Puma
Germany
Apparel
127
114
1
ABB
Switzerland
Engineering & Construction
128
91
1
Repsol
Spain
Oil & Gas
129
107
1
SPAR
Netherlands
Retail
130
98
1
Leroy Merlin
France
Retail
131
99
1
Delivery Hero
Germany
Logistics
132
-
3
Aldi Nord
Germany
Retail
133
122
1
SFR
France
Telecoms
134
155
2
Omega
Switzerland
Apparel
135
108
1
Telenor
Norway
Telecoms
136
169
2
Yves Saint Laurent
France
Apparel
137
159
2
Lindt
Switzerland
Food
138
143
2
Rossmann
Germany
Retail
139
164
2
Deutsche Bank
Germany
Banking
140
153
2
BBC
United Kingdom
Media
141
137
1
Veolia
France
Utilities
142
117
1
Telia
Sweden
Telecoms
143
78
1
Zalando
Germany
Retail
144
75
1
El Corte Inglés
Spain
Retail
145
305
2
Lamborghini
Italy
Automobiles
146
142
1
Iberdrola
Spain
Utilities
147
115
1
Deutsche Post
Germany
Logistics
148
132
1
Ray-Ban
Italy
Apparel
149
151
2
Sanofi
France
Pharma
150
171
2
Linde
Germany
Chemicals

Brand Finance Europe 500 2023
brandirectory.com/europe   19
Brand Value Ranking.
Top 500 most valuable European brands 151-200
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
151
141
1
Continental
Germany
Tyres
152
147
1
Garnier
France
Cosmetics
153
283
2
EnBW
Germany
Utilities
154
154
0
Safran
France
Aerospace & Defence
155
150
1
bet365
United Kingdom
Leisure & Tourism
156
189
2
Armani
Italy
Apparel
157
121
1
CNP Assurances
France
Insurance
158
130
1
dm
Germany
Retail
159
269
2
Orlen
Poland
Oil & Gas
160
161
2
Barilla
Italy
Food
161
163
2
Ergo
Germany
Insurance
162
188
2
CMA CGM
France
Logistics
163
230
2
Cadbury
United Kingdom
Food
164
174
2
BDO Global
Belgium
Commercial Services
165
144
1
Eiffage
France
Engineering & Construction
166
156
1
Morrisons
United Kingdom
Retail
167
140
1
randstad
Netherlands
Commercial Services
168
146
1
Infineon
Germany
Tech
169
162
1
Novartis
Switzerland
Pharma
170
192
2
Erste
Austria
Banking
171
166
1
Mapfre
Spain
Insurance
172
201
2
Vattenfall
Sweden
Utilities
173
253
2
Uniper
Germany
Utilities
174
220
2
Biedronka
Poland
Retail
175
-
3
VTB Bank
Russia
Banking
176
224
2
Holcim
Switzerland
Engineering & Construction
177
167
1
kpn
Netherlands
Telecoms
178
133
1
GSK
United Kingdom
Pharma
179
183
2
Compass Group
United Kingdom
Commercial Services
180
165
1
Moncler
Italy
Apparel
181
181
0
Thales
France
Aerospace & Defence
182
176
1
Swiss Life
Switzerland
Insurance
183
152
1
ArcelorMittal
Luxembourg
Mining, Metals & Minerals
184
190
2
Boots
United Kingdom
Retail
185
160
1
Unilever
United Kingdom
Food
186
173
1
DSV
Denmark
Logistics
187
177
1
Arla
Denmark
Food
188
184
1
Rio Tinto
Australia
Mining, Metals & Minerals
189
182
1
DB
Germany
Logistics
190
206
2
DNB
Norway
Banking
191
180
1
Dassault Systèmes
France
Tech
192
186
1
NN Group
Netherlands
Insurance
193
261
2
Givenchy
France
Apparel
194
149
1
COOP
Italy
Retail
195
175
1
Kuehne + Nagel
Switzerland
Logistics
196
215
2
Vestas
Denmark
Engineering & Construction
197
-
3
Russian Railways
Russia
Logistics
198
218
2
Aon
United Kingdom
Insurance
199
179
1
Rothmans
United Kingdom
Tobacco
200
221
2
Nationwide Building Society
United Kingdom
Banking

Brand Finance Europe 500 2023
brandirectory.com/europe   20
Brand Value Ranking.
Top 500 most valuable European brands 201-250
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
201
251
2
Novo Nordisk
Denmark
Pharma
202
185
1
Sodexo
France
Commercial Services
203
227
2
Johnnie Walker
United Kingdom
Spirits
204
194
1
Lipton
United Kingdom
Soft Drinks
205
275
2
Securitas
Sweden
Commercial Services
206
205
1
ABN AMRO
Netherlands
Banking
207
178
1
EE
United Kingdom
Telecoms
208
222
2
TUI
Germany
Leisure & Tourism
209
196
1
Amadeus
Spain
Tech
210
214
2
Free
France
Telecoms
211
223
2
BayWa
Germany
Food
212
231
2
Neste
Finland
Oil & Gas
213
195
1
Marks & Spencer
United Kingdom
Retail
214
243
2
Virgin Media
United Kingdom
Telecoms
215
202
1
Scania
Sweden
Automobiles
216
304
2
Céline
France
Apparel
217
234
2
Bentley
United Kingdom
Automobiles
218
239
2
Ferrovie dello Stato Italiane
Italy
Logistics
219
-
3
Nespresso
Switzerland
Soft Drinks
220
199
1
UnipolSai
Italy
Insurance
221
407
2
AkerBP
Norway
Oil & Gas
222
-
3
Rosneft
Russia
Oil & Gas
223
200
1
Rolls-Royce (Aerospace & Defence)
United Kingdom
Aerospace & Defence
224
213
1
dpd
France
Logistics
225
212
1
Clarins
France
Cosmetics
226
282
2
CIC
France
Banking
227
204
1
Adecco
Switzerland
Commercial Services
228
290
2
UniCredit
Italy
Banking
229
207
1
Swedbank
Sweden
Banking
230
236
2
TAG Heuer
Switzerland
Apparel
231
260
2
Atlas Copco
Sweden
Engineering & Construction
232
217
1
Peugeot
France
Automobiles
233
208
1
Halifax
United Kingdom
Banking
234
148
1
Legal & General
United Kingdom
Insurance
235
237
2
Knorr
Germany
Food
236
203
1
Ericsson
Sweden
Tech
237
274
2
Sika
Switzerland
Engineering & Construction
238
233
1
Esselunga
Italy
Retail
239
-
3
Pyaterochka
Russia
Retail
240
-
3
Smirnoff
Russia
Spirits
241
219
1
WTW
United Kingdom
Commercial Services
242
256
2
Prèsident
France
Food
243
-
3
Magnit
Russia
Retail
244
198
1
Skanska
Sweden
Engineering & Construction
245
209
1
EDP
Portugal
Utilities
246
264
2
Guinness
Ireland
Beers
247
216
1
Kinder
Italy
Food
248
193
1
Hochtief
Germany
Engineering & Construction
249
-
3
Axpo
Switzerland
Utilities
250
267
2
The Co-operative
United Kingdom
Retail

Brand Finance Europe 500 2023
brandirectory.com/europe   21
Brand Value Ranking.
Top 500 most valuable European brands 251-300
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
251
211
1
Persil
Germany
Conglomerates
252
276
2
Ryanair
Ireland
Airlines
253
244
1
Colas
France
Engineering & Construction
254
308
2
Union Investment
Germany
Banking
255
277
2
Cepsa
Spain
Oil & Gas
256
158
1
ITV
United Kingdom
Media
257
268
2
PKO Bank Polski
Poland
Banking
258
247
1
Lufthansa
Germany
Airlines
259
339
2
Van Cleef & Arpels
France
Apparel
260
335
2
Ørsted
Denmark
Utilities
261
285
2
STMicroelectronics
Switzerland
Tech
262
259
1
Valeo
France
Auto Components
263
235
1
Yves Rocher
France
Cosmetics
264
500
2
RWE
Germany
Utilities
265
225
1
BUPA
United Kingdom
Insurance
266
242
1
TE Connectivity
Switzerland
Tech
267
240
1
SEB
Sweden
Banking
268
197
1
Bulgari
Italy
Apparel
269
245
1
Openreach
United Kingdom
Telecoms
270
228
1
Endesa
Spain
Utilities
271
-
3
MTS
Russia
Telecoms
272
210
1
Svenska Handelsbanken
Sweden
Banking
273
250
1
Naturgy
Spain
Utilities
274
271
1
AB InBev
Belgium
Beers
275
310
2
K Group
Finland
Retail
276
272
1
British Airways
United Kingdom
Airlines
277
262
1
Metro
Germany
Retail
278
229
1
A1
Austria
Telecoms
279
129
1
Just Eat Takeaway.com
Netherlands
Logistics
280
266
1
Primark / Penney's
Ireland
Apparel
281
187
1
Atos
France
Tech
282
-
3
Polestar
Sweden
Automobiles
283
238
1
Versicherungskammer
Germany
Insurance
284
265
1
Danske Bank
Denmark
Banking
285
279
1
IONOS
Germany
Tech
286
289
2
NXP
Netherlands
Tech
287
232
1
Sandvik
Sweden
Engineering & Construction
288
191
1
Skoda
Czech Republic
Automobiles
289
-
3
Novatek
Russia
Oil & Gas
290
344
2
Galp Energia
Portugal
Oil & Gas
291
293
2
Wolters Kluwer 
Netherlands
Commercial Services
292
302
2
Netto
Germany
Retail
293
350
2
Turkish Airlines
Turkey
Airlines
294
292
1
Rexel
France
Tech
295
278
1
DZ Bank
Germany
Banking
296
299
2
Anglo American
United Kingdom
Mining, Metals & Minerals
297
280
1
Enedis
France
Utilities
298
252
1
Kone
Finland
Engineering & Construction
299
371
2
Teleperformance
France
Commercial Services
300
340
2
Helvetia
Switzerland
Insurance

Brand Finance Europe 500 2023
brandirectory.com/europe   22
Brand Value Ranking.
Top 500 most valuable European brands 301-350
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
301
281
1
Schindler
Switzerland
Engineering & Construction
302
318
2
Smurfit Kappa
Ireland
Engineering & Construction
303
383
2
Eurofins Scientific
Luxembourg
Healthcare Facilities
304
394
2
Jumbo
Netherlands
Retail
305
248
1
Scottish Widows
United Kingdom
Insurance
306
412
2
bol.com
Netherlands
Retail
307
303
1
B&M
United Kingdom
Retail
308
348
2
Loewe
Spain
Apparel
309
389
2
Rolls- Royce
United Kingdom
Automobiles
310
257
1
ThyssenKrupp
Germany
Mining, Metals & Minerals
311
484
2
a2a
Italy
Utilities
312
286
1
Fiat
Italy
Automobiles
313
296
1
Merck KGaA
Germany
Pharma
314
287
1
Pandora
Denmark
Apparel
315
347
2
Air France
France
Airlines
316
254
1
Raiffeisen Bank international
Austria
Banking
317
322
2
Bottega Veneta
Italy
Apparel
318
341
2
L'Occitane
France
Cosmetics
319
255
1
Wind Tre
Italy
Telecoms
320
307
1
Deliveroo
United Kingdom
Logistics
321
408
2
Maggi
Switzerland
Food
322
378
2
ICA
Sweden
Retail
323
497
2
Sunrise
Switzerland
Telecoms
324
300
1
Schwarzkopf
Germany
Cosmetics
325
352
2
John Lewis
United Kingdom
Retail
326
309
1
Lafarge
France
Engineering & Construction
327
366
2
Commerzbank
Germany
Banking
328
317
1
National Grid
United Kingdom
Utilities
329
226
1
Jaguar
United Kingdom
Automobiles
330
324
1
LexisNexis
United Kingdom
Commercial Services
331
400
2
Penguin
United Kingdom
Media
332
357
2
PZU
Poland
Insurance
333
327
1
Scor
France
Insurance
334
489
2
Albert Heijn
Netherlands
Retail
335
403
2
PGNiG
Poland
Oil & Gas
336
365
2
Bank Leumi
Israel
Banking
337
301
1
Leonardo
Italy
Aerospace & Defence
338
358
2
Logitech
Switzerland
Tech
339
325
1
Boss
Germany
Apparel
340
387
2
SGS
Switzerland
Commercial Services
341
333
1
Proximus
Belgium
Telecoms
342
334
1
Geberit
Switzerland
Engineering & Construction
343
326
1
Axe/Lynx/Ego
France
Cosmetics
344
338
1
Seb
France
Tech
345
-
3
Milka
Germany
Food
346
330
1
Julius Baer
Switzerland
Banking
347
270
1
MAN
Germany
Automobiles
348
311
1
Carlsberg
Denmark
Beers
349
430
2
Bank Hapoalim
Israel
Banking
350
-
3
Yandex
Russia
Media

Brand Finance Europe 500 2023
brandirectory.com/europe   23
Brand Value Ranking.
Top 500 most valuable European brands 351-400
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
351
295
1
Nutella
Italy
Food
352
258
1
Natixis
France
Banking
353
413
2
Twinings
United Kingdom
Soft Drinks
354
379
2
Aptamil
Germany
Food
355
428
2
Air Liquide
France
Chemicals
356
355
1
Bunzl
United Kingdom
Logistics
357
298
1
Penny/Penny Market
Germany
Retail
358
447
2
Aptiv
Ireland
Auto Components
359
294
1
OMV
Austria
Oil & Gas
360
375
2
Heidelberg Materials
Germany
Engineering & Construction
361
288
1
Faurecia
France
Auto Components
362
337
1
Smith & Nephew
United Kingdom
Pharma
363
431
2
Danfoss
Denmark
Engineering & Construction
364
319
1
Legrand
France
Engineering & Construction
365
360
1
Covestro
Germany
Chemicals
366
-
3
PGE
Poland
Utilities
367
168
1
MINI
United Kingdom
Automobiles
368
-
3
Tatneft
Russia
Oil & Gas
369
-
3
ZF
Germany
Auto Components
370
273
1
Next
United Kingdom
Apparel
371
460
2
Bank of Ireland
Ireland
Banking
372
380
2
Spie
France
Engineering & Construction
373
354
1
Hanson
United Kingdom
Engineering & Construction
374
331
1
Dufry
Switzerland
Retail
375
336
1
1&1
Germany
Telecoms
376
329
1
ISS
Denmark
Commercial Services
377
367
1
Pirelli
Italy
Tyres
378
297
1
BrewDog
United Kingdom
Beers
379
384
2
Arçelik
Turkey
Tech
380
479
2
Dettol
United Kingdom
Household Products
381
369
1
Valio
Finland
Food
382
-
3
Pearson
United Kingdom
Media
383
356
1
Jaeger-LeCoultre
Switzerland
Apparel
384
418
2
Easyjet
United Kingdom
Airlines
385
361
1
If
Sweden
Insurance
386
241
1
Auchan
France
Retail
387
314
1
SKF
Sweden
Engineering & Construction
388
372
1
Stella Artois
Belgium
Beers
389
415
2
Europcar
France
Car Rental Services
390
416
2
Sixt
Germany
Car Rental Services
391
440
2
Canal+
France
Media
392
391
1
Evonik
Germany
Chemicals
393
405
2
Telefonica
Spain
Telecoms
394
315
1
Colruyt
Belgium
Retail
395
312
1
MediaMarktSaturn
Germany
Retail
396
396
0
Elsève/Elvive
France
Cosmetics
397
390
1
Schaeffler
Germany
Auto Components
398
436
2
Kingspan
Ireland
Engineering & Construction
399
402
2
Elisa
Finland
Telecoms
400
346
1
Acciona
Spain
Engineering & Construction

Brand Finance Europe 500 2023
brandirectory.com/europe   24
Brand Value Ranking.
Top 500 most valuable European brands 401-450
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
401
363
1
VIG
Austria
Insurance
402
382
1
ASR
Netherlands
Insurance
403
462
2
Maserati
Italy
Automobiles
404
373
1
Valentino
Italy
Apparel
405
374
1
INEOS
United Kingdom
Chemicals
406
-
3
Rémy Martin
France
Spirits
407
-
3
Syngenta
Switzerland
Chemicals
408
399
1
Bureau Veritas
France
Commercial Services
409
368
1
Grey Goose
France
Spirits
410
429
2
ÖBB
Austria
Logistics
411
414
2
Dolce & Gabbana
Italy
Apparel
412
381
1
Lavazza
Italy
Soft Drinks
413
328
1
Ferrero Rocher
Italy
Food
414
-
3
Willys
Sweden
Retail
415
345
1
Tele2
Sweden
Telecoms
416
410
1
Elsevier
United Kingdom
Commercial Services
417
406
1
Lux
United Kingdom
Cosmetics
418
443
2
William Hill
United Kingdom
Leisure & Tourism
419
468
2
Dulux
United Kingdom
Conglomerates
420
-
3
KLP 
Norway
Insurance
421
486
2
Rentokil
United Kingdom
Commercial Services
422
466
2
Salvatore Ferragamo
Italy
Apparel
423
464
2
Banco BPM
Italy
Banking
424
420
1
Lagardère
France
Media
425
455
2
Baileys
Ireland
Spirits
426
392
1
RTL
Germany
Media
427
445
2
Absolut
Sweden
Spirits
428
458
2
UPM
Finland
Engineering & Construction
429
441
2
SNCF
France
Logistics
430
-
3
Martell
France
Spirits
431
488
2
Brenntag
Germany
Chemicals
432
395
1
Moët & Chandon
France
#N/A
433
-
3
Zegna
Italy
Apparel
434
-
3
Plenitude
Italy
Utilities
435
351
1
Tate & Lyle
United Kingdom
Food
436
386
1
RSA
United Kingdom
Insurance
437
-
3
Billa
Austria
Retail
438
359
1
Travis Perkins
United Kingdom
Retail
439
459
2
Hapag-Lloyd
Germany
Logistics
440
493
2
Essity
Sweden
Household Products
441
-
3
Sabadell
Spain
Banking
442
316
1
Opel
Germany
Automobiles
443
480
2
Worldline
France
Commercial Services
444
343
1
Costa
United Kingdom
Restaurants
445
-
3
Pingo Doce
Portugal
Retail
446
473
2
Stora Enso
Finland
Engineering & Construction
447
377
1
Sports Direct
United Kingdom
Retail
448
450
2
Saipem
Italy
Oil & Gas
449
-
3
UNIQA
Austria
Insurance
450
284
1
ASOS
United Kingdom
Retail

Brand Finance Europe 500 2023
brandirectory.com/europe   25
Brand Value Ranking.
Top 500 most valuable European brands 451-500
2023 
Rank
2022 
Rank
Brand
Country
Sector
2023  
Brand  
Value
Brand  
Value  
Change
2022  
Brand 
Value
2023 
Brand 
Rating
2022  
Brand  
Rating
451
385
1
Intercontinental
United Kingdom
Hotels
452
411
1
B&Q
United Kingdom
Retail
453
-
3
Zürcher Kantonalbank
Switzerland
Banking
454
453
1
Basler
Switzerland
Insurance
455
404
1
AkzoNobel
Netherlands
Chemicals
456
482
2
Informa
United Kingdom
Commercial Services
457
-
3
Casino
France
Retail
458
444
1
Veepee
France
Retail
459
-
3
Eventim
Germany
Leisure & Tourism
460
-
3
Swiss Post
Switzerland
Logistics
461
313
1
Allied Irish Banks (AIB)
Ireland
Banking
462
427
1
Peab
Sweden
Engineering & Construction
463
-
3
Andritz
Austria
Engineering & Construction
464
457
1
LCL
France
Banking
465
398
1
Otto
Germany
Retail
466
426
1
Bershka
Spain
Apparel
467
477
2
Hexagon
Sweden
Tech
468
306
1
Iveco
Italy
Automobiles
469
417
1
Telenet
Belgium
Telecoms
470
-
3
Mizrahi-Tefahot Bank
Israel
Banking
471
469
1
Jacobs
Germany
Soft Drinks
472
494
2
DS Smith
United Kingdom
Engineering & Construction
473
342
1
Belfius
Belgium
Banking
474
349
1
Citroën
France
Automobiles
475
465
1
Barratt Developments
United Kingdom
Engineering & Construction
476
438
1
AG Insurance
Belgium
Insurance
477
481
2
Jameson
Ireland
Spirits
478
496
2
Magnum
Belgium
Food
479
421
1
GrandVision
Netherlands
Retail
480
332
1
Barry Callebaut
Switzerland
Food
481
422
1
Vodafone ziggo
Netherlands
Telecoms
482
463
1
Dr Oetker
Germany
Food
483
-
3
RAI
Italy
Media
484
434
1
Asseco Group
Poland
Tech
485
-
3
Tissot
Switzerland
Apparel
486
-
3
Megafon
Russia
Telecoms
487
-
3
Rheinmetall
Germany
Aerospace & Defence
488
-
3
KLM
Netherlands
Airlines
489
487
1
sonova
Switzerland
Pharma
490
-
3
Prudential
United Kingdom
Insurance
491
401
1
Schroders
United Kingdom
Banking
492
-
3
Dacia
Romania
Automobiles
493
451
1
SIGNIFY
Netherlands
Tech
494
448
1
STRABAG
Austria
Engineering & Construction
495
-
3
mBank
Poland
Banking
496
370
1
ProSieben
Germany
Media
497
499
2
Coop Danmark
Denmark
Retail
498
471
1
Pull & Bear
Spain
Apparel
499
-
3
Ardagh Group
Ireland
Engineering & Construction
500
483
1
Fastweb
Italy
Telecoms

Brand Finance Europe 500 2023
brandirectory.com/europe   26
Germany
Germany has the highest aggregate brand value of 
all European countries included in this year’s ranking, 
at almost EUR589.7 billion. This year’s top three 
most valuable brands are German, with German 
insurance powerhouse Allianz Group entering the 
top three. Germany continues to excel in the European 
automobile sector, with this year’s top five European 
automobile brands (Mercedes-Benz, BMW, 
Porsche, Volkswagen, and Audi) being German.  
A combination of high-quality engineering, continuous 
research, innovation, and globally iconic names 
associated with luxury, quality, and performance have 
all bolstered Germany’s reputation as a global leader in 
the automobile sector – and with the coming challenge 
of electric vehicles, it will be challenging for German 
manufacturers to maintain this brand image against 
Chinese-based challengers. German automakers 
are also increasingly being perceived as embracing 
sustainability, reflected in this year’s Sustainability 
Perceptions Value (SPV) ranking. Porsche and 
Mercedes-Benz are ranked first and second among  
all European brands, while BMW and Volkswagen  
also make the top 10. 
France
20% of all brand value in this year’s Europe 500  
table is attributed to French brands, worth just under 
a combined sum of EUR451.7 billion. Given its long-
standing history and reputation as a European fashion 
hub, it is unsurprising that France holds the most value 
in the European apparel sector, with five of this year’s 
top 10 European apparel brands (Louis Vuitton, 
Chanel, Hermès, Dior, and Cartier) being French. 
Country Performances.
Known for their exceptional quality and timeless appeal, 
these brands have demonstrated impressive resilience 
in challenging economic conditions and continue to 
enjoy immense global familiarity and prestige. France 
is also home to some of the most well-known luxury 
cosmetic brands and is the most dominant nation in the 
European cosmetics sector. With its enormous brand 
portfolio, L’Oréal (brand value up 20% to EUR11.6 
billion) continues to lead the way, while luxury brands 
Lancôme (brand value up 27% to EUR5 billion) and 
Yves Rocher (brand value up 1% to EUR2.2 billion) 
are also strong performers, with the latter ranked 
third amongst all European brands this year for its 
Sustainability Perceptions Score (SPS), at 5.87/10. 
United Kingdom
UK brands collectively account for nearly EUR394.8 
billion in this year's ranking making up 18% of the top 
500 brands. Amongst these, we have UK oil and gas 
giant Shell as the fourth-most valuable European 
brand. Also holding onto its top 10 rank this year is UK 
commercial services brand EY (brand value up 24% to 
EUR24.8 billion), while KPMG (brand value up 28% to 
EUR14.3 billion) is the second-most valuable European 
commercial services brand. UK banking brands have 
also increased their brand values, with HSBC (brand 
value up 23% to EUR19.1 billion) and Barclays (brand 
value up 23% to EUR11.9 billion) standing as the first 
and third most valuable European banking brands. 
These banking brands have enjoyed strong revenue 
growth thanks to improved economic forecasts post-
pandemic. While expecting higher costs due to  
inflation and increased investments, rising interest rates 
has helped major UK banks to offset these effects and 
maintain their competitive edge in the European market.

Brand Finance Europe 500 2023
brandirectory.com/europe   27
Country Performances.
Switzerland
Coming in behind the UK we have Switzerland,  
with Swiss brands amounting to a collective sum  
of EUR153.7 billion in this year’s table. Swiss brands  
have seen a bigger leap in relative brand value than  
the top three European nations this year, at 22%,  
ahead of Germany and France which both achieved 
13% in brand value growth amongst the brands 
included in the ranking. This increase can be attributed 
to substantial brand value increases across various 
sectors, notably across the food and drink sector. 
Nestlé’s (brand value up 21% to EUR21.6 billion) 
brand value is more than two and a half times higher 
than that of the second-most valuable European food 
brand Danone (brand value up 27% to EUR8.6 billion). 
Italy
42 Italian brands comprise 7% of the top 500  
European brands this year, worth a combined sum 
of EUR151.2 billion. Italian utilities brands are also 
performing strongly: Enel (brand value down 3%  
to EUR11.3 billion) is the most valuable European 
utilities brand, while A2A (brand value up 92% to 
EUR1.8 billion) also makes the ranking of the top 10 
fastest-growing European brands, having bolstered its 
brand image and reputation across Europe. 
With a rich history and heritage in luxury fashion, Italy 
also excels in the apparel sector. Iconic label Gucci 
(brand value up 10% to EUR17.2 billion) comes in 
behind Chanel as the third-most valuable European 
apparel brand, while Prada (brand value up 50% to 
EUR4.6 billion) and Armani (brand value up 36% 
to EUR 3.6 billion) are strong contenders, jumping 
up the overall ranking this year. These iconic brands 
have experienced strong growth as demand for luxury 
goods has increased post-pandemic. Moreover, their 
enhanced brand strength (both earning AAA- ratings) 
exemplifies their ongoing commitment to meeting 
shifting consumer preferences, all while preserving 
their iconic heritages and distinctive brand identities. 
Nordics 
Sweden has the most brand value of all Nordic  
nations in the Europe 500 table, at almost EUR88 
billion, representing 4% of the total. However,  
Swedish brands have experienced slower growth 
in contrast to Norway and Denmark, which have 
witnessed a remarkable 46% and 27% increase, 
respectively, in the cumulative value of their brands. 
Norwegian oil and gas brands have substantially 
increased their brand values, with Equinor (brand 
value up 57% to EUR12.6 billion) impressing as the 
fourth-most valuable European oil and gas brand,  
while AkerBP (brand value up 130% to EUR2.7 billion) 
is the fourth-fastest growing European brand overall. 
Further, Denmark demonstrates strong growth in the 
logistics sector, with MAERSK (brand value up 71%  
to EUR7.1 billion) standing as the second-most 
valuable European logistics brand behind German 
giant DHL (brand value up 20% to EUR11.4 billion) 
thanks to acquisition and increasing expansion.

Global Soft 
Power Index.

Brand Finance Europe 500 2023
brandirectory.com/europe   29
Global Soft Power Index 2023.
© Brand Finance Plc 2023
The world’s top 50 Soft Power nations, scored out of 100
Score  74.8 +4.1
1
0
UNITED 
STATES
2
0
UNITED 
KINGDOM
Score  67.3 +2.4
3
0
GERMANY
Score  65.8 +1.2
5
2
JAPAN
Score  65.2 +1.7
4
1
CHINA
Score  65.0 +0.8
6
0
FRANCE
Score  62.4 +1.8
7
0
CANADA
Score  60.7 +1.2
8
0
SWITZERLAND
Score  58.5 +2.0
10
2
Score  56.6 +1.8
15
2
UNITED ARAB 
EMIRATES
Score  55.2 +3.2
14
2
SWEDEN
Score  55.1 +2.8
11
1
SPAIN
Score  54.9 +1.8
9
1
RUSSIA
Score  54.8 -1.3
13
1
AUSTRALIA
Score  54.6 +1.9
12
1
SOUTH 
KOREA
Score  53.9 +1.0
16
0
NETHERLANDS
Score  53.7 +3.1
17
0
NORWAY
Score  52.6 +2.9
18
0
DENMARK
Score  51.8 +3.0
24
2
SAUDI 
ARABIA
Score  51.3 +4.1
19
1
BELGIUM
Score  51.2 +2.8
20
1
SINGAPORE
Score  51.0 +2.6
25
2
FINLAND
Score  50.7 +3.5
22
1
TÜRKIYE
Score  50.4 +2.6
26
2
QATAR
Score  49.9 +4.1
27
2
AUSTRIA
Score  49.9 +6.5
ITALY
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🇪
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🇺
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🇱
🇴
🇰
🇦
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🇷
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2
3
4
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Brand Finance Europe 500 2023
brandirectory.com/europe   30
The world’s top 50 Soft Power nations, scored out of 100
© Brand Finance Plc 2023
Global Soft Power Index 2023.
21
1
NEW ZEALAND
Score  49.8 +1.4
23
1
ISRAEL
Score  48.4 +0.9
29
2
INDIA
Score  47.0 +3.8
30
2
IRELAND
Score  46.7 +4.8
32
2
PORTUGAL
Score  46.6 +5.6
28
1
BRAZIL
Score  46.2 +2.9
41
2
LUXEMBOURG
Score  45.3 +7.7
40
2
POLAND
Score  45.1 +6.9
37
2
ICELAND
Score  44.7 +6.2
36
2
KUWAIT
Score  44.3 +5.2
33
1
GREECE
Score  44.3 +3.9
51
2
UKRAINE
Score  44.3 +10.1
31
1
EGYPT
Score  43.0 +1.5
39
0
MALAYSIA
Score  42.6 +4.1
34
1
SOUTH 
AFRICA
Score  42.5 +2.3
35
1
THAILAND
Score  42.4 +2.2
38
1
ARGENTINA
Score  42.2 +3.7
44
2
CZECHIA
Score  42.0 +6.7
42
1
MEXICO
Score  41.0 +3.4
47
2
INDONESIA
Score  40.9 +6.2
49
2
OMAN
Score  40.7 +6.1
43
1
CROATIA
Score  40.7 +5.3
45
1
HUNGARY
Score  40.5 +5.3
57
2
GEORGIA
Score  40.0 +6.6
68
2
BAHRAIN
Score  40.0 +8.0
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Brand Finance Europe 500 2023
brandirectory.com/europe   31
Andrew Pike 
Director,  
GREAT Campaign
How has the UK government leveraged 
Brand Britain to promote the country’s 
soft power and attract tourism, talent, 
trade, and investment, and what 
specific strategies has it employed to 
achieve these goals?
Established just before the 2012 
London Olympics and Paralympics, 
GREAT represents one of the UK’s most 
successful deployments of soft power. It 
is designed to maximise immediate and 
longer-term benefits for all parts of the 
UK by building positive global profile, 
reputation and soft power influence.
The campaign has gone from strength 
to strength, and in the last year alone 
GREAT attracted over £60 million 
of foreign direct investment, helped 
to generate over £400 million from 
international students, and has a further 
£600 million of export, investment, and 
tourism returns currently being assessed. 
I would say that GREAT’s ability to work 
cross-government and provide a clear, 
single voice from the UK to the world, 
has been key to its success. But in terms 
of soft power, our ability to work with the 
country’s leading brands and individuals, 
from the BBC and the Premier League, 
to Gordon Ramsay and Katherine 
Jenkins, gives us a special advantage.
With the rise of digital diplomacy and 
social media, how is GREAT utilising 
these platforms to project soft power 
and showcase Brand Britain to a 
global audience, and what challenges 
and opportunities does this present?
We still see a place for in-person events. 
They help to engage key stakeholders 
and drive reputation, but digital platforms 
are a crucial tool in reaching diverse and 
dispersed audiences globally across 
different languages. Our research shows 
they play a key role in the inspiration 
phase of the customer journey.
GREAT is very much a ‘digital first’ 
campaign and we are always looking 
for innovative ways to utilise the latest 
technologies. For example, our partner 
VisitBritain is just about to launch an 
exciting new campaign that will invite 
consumers to take part in an accent 
challenge game using machine learning. 
People from a variety of regions across 
the UK, will invite users to try their hand 
at local accents, while educating them 
about that region and its tourism offer. 
The campaign is a world first for using 
voice technology in this way and I 
cannot wait to see the results. 
The UK performs particularly well 
within the Education & Science 
pillar, specifically linked to “strong 
educational system”. What role does 
science and education play in the 
future growth of the UK and how do 
you communicate this abroad?
It is fantastic that our world-leading 
education and science credentials  
have been recognised in this report. 
The UK is home to some of the greatest 
universities on the planet and more 
global leaders have been tutored in the 
UK than anywhere else on earth. We know 
the quality of our education system is a 
key attraction for prospective students, 
and GREAT’s StudyUK programme, 
in partnership with the British Council, 
continues to promote the country as a 
first-class study destination all over the 
world. The Prime Minister has a clear 
mission. That we are the most innovative 
economy in the world and that we cement 
this country as a science and technology 
superpower. This will be the driving force 
behind the government’s commitment to 
boosting the economy through stronger 
growth, better jobs and careers - and 
new discoveries that advance the health 
and prosperity of society whilst ensuring 
we are secure as a nation.
🇧
Rank  #2 0 #2
Score  67.3/100+ 2.4
Interview with Andrew Pike from the GREAT Campaign.
United Kingdom

Brand Finance Europe 500 2023
brandirectory.com/europe   32
In last year’s edition of the Global 
Soft Power Index, I discussed the 
significant political changes happening 
in Germany. This included Germany’s 
handling of the Covid pandemic, the end 
of Angela Merkel's 16-year reign, and the 
start of the Russian war of aggression  
in Ukraine, which is only 1,500 km  
away from the German border. 
However, this year’s Global Soft 
Power Index shows that Germany 
has demonstrated high resilience and 
stability, and continues to be perceived 
very well. Germany has maintained its 
third-place position in the Global Soft 
Power Index, increasing its absolute 
score by 1.2 points. 
The nation achieved the highest 
score in the new pillar "Sustainability 
Future", while Germany's scores in the 
"Governance" pillar have improved, and 
Germany’s score on people & values 
increased from 4.2 to 4.8.
The results show that Germany is the 
most well regarded nation in the areas 
of sustainability and governance. It is 
also among the top three countries in 
"International Relations" and "Media  
and Communication". Germany is  
the fourth highest country in terms  
of reputation and "business & trade",  
and fifth best in the key metric of  
overall influence.
Overall, Germany's position in the GSPI 
Index 2023 is impressive and reflects 
its ability to maintain its stability despite 
the challenges it has faced. The nation's 
focus on sustainability and good 
governance has helped it to become  
a leader in these areas. Germany's  
high ranking in other pillars of the  
GSPI 2023 also reflects its strong 
reputation, economy, and influence.
Germany's ability to maintain its high 
Soft Power influence despite the 
challenges it has faced demonstrates 
its reliability and stability as a nation. In 
comparison to other top nations such 
as the USA, China, Japan, and the UK, 
which may react more unpredictably 
during times of crisis, Germany 
has proven to be a consistent and 
dependable leader in the Soft Power 
arena. Germany's performance in the 
GSPI Index 2023 reinforces its status as 
one of the most stable and esteemed 
Soft Power nations in the world.
Ulf-Brün Drechsel 
Managing Director, 
Brand Finance DACH
Germany 🇪
Rank  #3 0 #3
Score  65.8/100 +1.2

Brand Finance Europe 500 2023
brandirectory.com/europe   33
In 2022, the triple threat of fuel supply disruption, 
goods supply disruption and labour supply disruption, 
and the ongoing war in Ukraine, triggered a series of 
crises that many industrial nations, including Germany, 
will have to face. As the strongest economy in Europe, 
a leading political power, and a major world trading 
partner, Germany faces several specific challenges.
Firstly, there is an energy crisis caused by the 
immediate exit from dependence on Russian oil  
and gas, while simultaneously transitioning away  
from coal and nuclear towards renewables. This 
presents a significant challenge for Germany.
Secondly, an economic crisis is emerging due  
to rising inflation, sanctions against Russia, and 
sanctions against China. Additionally, the refugee 
crisis, caused by the admission of over a million 
Ukrainian war refugees within a few months, coupled 
with the continuing challenges of the integration of  
over a million refugees and migrants from 2015 and 
2016, is increasingly burdening society, the state,  
and municipalities.
Moreover, there is a significant housing shortage 
with 700,000 social housing units missing, and a 
demographically induced labour shortage, which  
is impeding economic growth and exacerbating  
social conflicts. Rising inflation, rent and energy  
costs, and daily consumption are exacerbating  
the impoverishment of the lower working class  
and even spreading to the middle class.
Furthermore, along with the US and the UK, Germany 
is providing significant military support and arms 
supplies to Ukraine and has initiated a massive 
militarisation. All these factors will gradually make 
Germany a hard power nation again in the medium 
term. The era of cross-bloc moderating and passive 
neutrality has come to an end for Germany.
Global Soft Power Index 2023 - Germany.

Brand Finance Europe 500 2023
brandirectory.com/europe   34
France is ranked 6th in the Global Soft 
Power Index 2023, and its overall index 
score has improved by 1.8 points 
to reach 62.4 out of 100. Although 
China remains ahead of France, it is 
regressing, while Germany and Japan 
are growing less, and the UK and US  
are outpacing France in GSPI growth.
France's reputation score is stable 
this year, thanks to the re-election of 
President Macron in April 2022, which 
has brought continuity and confidence 
from abroad. However, the country 
is facing ongoing challenges and 
oppositions at the local level, especially 
concerning modernization and reforms 
like the pension system.
Despite this, France is perceived as 
politically stable and well-governed, 
and with perception of the leadership 
of Emmanuel Macron increasing from 
4.2 points in 2022 to 5.2 points for 
'internationally admired leaders,'  
which is crucial to sustain France’s 
global reputation.
However, France's Familiarity score 
has remained steady, and its Overall 
Influence score has fallen by 0.1 points. 
Although France is still well-known and 
comes after the USA and UK in terms of 
familiarity, its presence is being diluted by 
increasing news coverage of other nations 
like Ukraine and Qatar. The Paris 2024 
Olympic Games could help increase 
familiarity if they are managed properly.
Although France's Culture and Heritage 
backgrounds and components still give 
it leading influence, its overall influence 
is decreasing. This is due to a lower 
influence in diplomatic circles and a 
lack of vision and leadership in Europe 
and beyond, leading to polarization. 
While France's Soft Power is growing 
more than Germany's, it is still less than 
the UK's, and the gap between them 
remains significant.
France is also still not seen as an easy 
country to do business with, although  
its Business and Trade score has 
improved from 6.3 to 6.8. Although  
France is making progress as a  
leader in technology and innovation,  
its Education & Science score has 
dropped from 5.5 to 4.7.
France receives high scores for overall 
familiarity, international relations, and 
Culture & Heritage, ranking 2nd in Arts  
& Entertainment, Food, and Tourism. 
The country’s attractive lifestyle and 
inspiring culture are embodied by 
leading luxury brands.
However, France faces barriers to 
change and transformational objectives 
both nationally and internationally, which 
may affect its Soft Power influence. 
Despite this, France is becoming more 
attractive to foreign investors, with 
initiatives from Bpifrance, Business 
France, and Atout France.
The country ranked first in the 2020 EY 
Attractiveness Barometer for the most 
attractive country for foreign investors 
in Europe, with 1,197 projects, up 
17% year-on-year. However, France's 
Business & Trade score in the 2023 
Global Soft Power Index is slightly  
down, indicating a need for 
improvement in this area.
France's reputation remains stable,  
but its influence is declining, and it  
faces challenges in mobilizing other 
nations to tackle the fundamentals of 
a sustainable world. While France is 
standing up for climate issues, there is 
a need to push for better perceptions in 
Business & Trade to avoid losing its Soft 
Power advantage in the future.
Bertrand Chovet 
Managing Director, 
Brand Finance France
France 🇷
Rank  #6 0 #6
Score  62.4/100 +1.8

Brand Finance Europe 500 2023
brandirectory.com/europe   35
Massimo Pizzo 
Managing Director, 
Brand Finance Italy
Italy has been ranked ninth in the  
2023 Brand Finance Global Soft Power 
ranking, thanks to its strengthening 
position and Russia's fall. Italy's success 
can be attributed to its reputation, 
influence, and familiarity with people 
around the world. Additionally, Italy's 
cultural heritage is highly regarded, 
placing it third in the world, behind 
Greece and Egypt. Its cuisine is also 
popular, with Italian food being the  
most loved globally, followed by  
French and Mexican cuisine. 
From a tourism perspective, Italy is 
among the top four most attractive 
countries, only surpassed by the 
Maldives, Switzerland, and France.  
When it comes to arts and entertainment, 
Italy performs exceptionally well, ranking 
fourth globally, after the USA, France, and 
the UK. Although Italy's lifestyle is viewed 
positively, it falls short of that of nine other 
countries, including Switzerland, Canada, 
and the USA. 
Italian people are highly regarded for 
their fun, sociability, and generosity, 
but they lose points when it comes to 
trust and tolerance & inclusiveness. In 
terms of business and trade efficiency, 
Italy performs well, thanks to its popular 
products and brands, which are only 
surpassed by those of the USA and 
Japan. However, Italy struggles in 
terms of ease of doing business, with a 
relatively weak and unstable economy 
and poor growth potential. In fact, 
Italy ranks on par with France and is 
surpassed by many other nations. 
Italy's international relations are viewed 
positively, particularly with other 
countries, where it ranks among the 
top three along with Switzerland and 
Canada. While interest in Italian affairs 
is quite high, trust in the Italian media 
is relatively low, despite its perceived 
influence. 
Italy's perceived weaknesses lie in 
governance, education & science,  
and sustainability, all of which present 
opportunities for improvement.  
However, Italy also boasts strengths  
in areas such as culture & heritage  
and people & values that are difficult  
for other countries to surpass. 
This suggests that Italy has significant 
potential for growth in governance and 
education & science, where progress 
is more achievable. In contrast, some 
countries have already reached their 
maximum potential, leaving little room 
for further improvement. 
Italy 🇹
Rank  #9 2 #10
Score  56.6/100+ 1.8

Brand Finance Europe 500 2023
brandirectory.com/europe   36
Giovanni Sacchi 
Director, Italian Trade 
Agency London
Italy has the leading number of 
protected foods among all European 
countries with consortiums set up to 
regulate these protected foods. What 
role does the authenticity of these 
PDO products have in increasing 
Italy’s value as a nation brand? 
There is widespread confidence that 
products associated with a geographical 
area have now become a key factor 
for the development of the local 
culture, economy, and agriculture. 
The characteristics that are linked to 
products from these geographical 
locations offer consumers the guarantee 
that they are buying authentic 
products that have a rich heritage, 
as well as enhancing the work of the 
local producers and protecting the 
product against imitations and unfair 
competition. 
The PDO status is awarded to products 
of excellence that express a close tie to 
its territory of origin and follow specific 
production regulations to create quality. 
Italian PDO products play a huge role 
in Italy’s value as a nation brand, as it 
has the most amount of GI and PDO 
products in Europe. Italy has 842 
products with a Geographical Indication 
status, and 581 that have been awarded 
with Protected Designation of Origin 
status. These products contribute 
to 21% of exports in the Italian food-
farming industry – a historical record in 
exports in 2021.As a nation brand, Italy 
is perceived as a country with strong 
affiliations with its ancient culinary 
culture that has continuously inspired 
gastronomical trends around the world. 
This reputation has been built over a 
long period of time. More than ever, we 
are more aware about sustainability and 
the sourcing of our food. Consumers are 
willing to look for the best and sieve out 
what is good for them.
Made in Italy continues to be a 
guarantee of quality in the food and wine 
industries, as it showcases the passion 
and expertise that is so often associated 
with Italy. Products such as Prosciutto 
di Parma, Parmigiano Reggiano, and 
Mozzarella di Bufala, all of which have 
PDO status, have not changed their 
production methods for generations and 
therefore have contributed to creating 
and shaping the image of Italian cuisine 
and its nation brand status. This goes 
to show that PDO products are key to 
enhancing Italy as an influential and 
familiar nation.
Italy has a rich tradition of food 
production, and in recent years 
has seen a boom in innovation as 
the demand for a more sustainable 
approach to agriculture has increased. 
What leverage will sustainability in 
Italian agribusiness have on building 
Italy’s reputation and what is the ITA 
doing to help promote this? 
The impact of climate change has 
brought the value of agribusiness to the 
forefront of international discussions - 
and Italy is spearheading conversations 
around sustainability and innovation. 
Currently, Italy leads the way in circular 
economy and champions efficiency 
on green matters and quality. Italy’s 
favourable climate and agronomic 
conditions provide a rich biodiversity  
to deliver high-quality fruits and 
vegetables globally. The country has 
long been known as a leader in organic 
agriculture and has one of the highest 
levels of eco-labels and EMAS in the 
EU, giving sustainability an enormous 
amount of leverage on the country’s 
reputation. The ITA have just launched 
a new campaign in the UK, ‘La Verde 
Vita’ which will focus on the promotion 
of sustainability in Italian Food and Wine 
products within the UK. 
Interview with Giovanni Sacchi the from the Italian Trade Agency.
Italy - Interview with Giovanni Sacchi the from the Italian Trade Agency.

Brand Finance Europe 500 2023
brandirectory.com/europe   37
Our aim will be to showcase Italian products as 
examples of the value and quality that Italian 
agribusiness confers upon these products. This  
value is highlighted not only in the rigorous standards 
relating to production methods, inspections, and 
protected products, but also in the increase in value 
of Italian cultural heritage, in the promotion of the 
diversity, tradition, and uniqueness of agricultural 
production, and in the maintenance of rural spaces – 
all of which lead towards sustainability. We hope that 
this campaign will bring awareness to how crucial 
sustainability will be in the progression of Italy as a 
leading nation brand.
Italy is a nation that prides itself on being a leader 
in creating high quality food and wine products. 
Do you think food being a major contributor to the 
global carbon footprint could jeopardise Italy’s 
reputation as a leading nation brand?
For a long time, Italy has prided itself on being a  
nation that has been highly responsive towards the 
global climate crisis and has taken significant steps 
to stop its contribution to the global carbon footprint 
which has helped stabilise its reputation as a leading 
nation brand. Over the recent years, Italy has shown 
great improvements and leadership in achieving its 
goals towards sustainability. As a nation we have taken 
significant steps to increase renewable resources in 
supply chains, reduce carbon emissions, and pay 
greater attention to the issue of consumption. 
In Italy’s’ national recovery and resilience plan, there 
is €62 billion (of which €41 billion from the Recovery 
and Resilience Facility) earmarked for infrastructure 
projects under the Italian Ministry of Environment and 
Energy security supervision, including investments in 
rail infrastructure and low-emission public transport, 
digitalisation, and housing. Acting sustainably and 
being seen to do so is imperative for all Italian food 
and wine brands, which contributes to Italy’s overall 
reputation. Italy is well known for its traditional 
production methods and foods that are sustainably 
grown and developed, with recipes being handed 
down through generations of passion and love for 
food. Reducing food waste and reusing food has  
long been common practice in Italy. 
Although there are still improvements to be made, Italy 
has laid out the right steps in order to achieve a high 
sustainability status, built from its deep-rooted respect 
for authentic productions and local, organic farming.
Italy - Interview with Giovanni Sacchi the from the Italian Trade Agency.

Brand Finance Europe 500 2023
brandirectory.com/europe   38
Anna Brolin 
Managing Director, 
Brand Finance Nordics
Sweden is a nation that has made 
significant strides in both hard and  
Soft Power over the years. With a long-
standing reputation for neutrality, the 
country has often found itself in a  
unique position in global politics. 
In recent times, the nation has been 
making headlines due to its political 
and economic changes, including its 
application to join NATO and the shift  
in government in 2022.
After much debate across society  
and with large parliamentary majorities 
supporting the decision, both Finland 
and Sweden handed their official letters 
of application to join NATO in May. 
The process for both nations joining 
NATO is currently underway, with all 
member countries required to ratify the 
amended NATO treaty before Finland 
and Sweden can officially become  
NATO members. This decision reflects  
a shift in Sweden's political stance, 
moving away from neutrality and 
towards a more proactive approach  
to international security.
The 2022 general elections in Sweden 
resulted in a change of government.  
The new government has announced 
that combating rising crime will be 
among its top priorities, as crime and 
violence rose to new record highs in the 
previous year. This shift in focus reflects 
Sweden's commitment to ensuring the 
safety and security of its citizens, an 
essential component of Soft Power.
Additionally, Sweden holds the 
Presidency of the Council of the 
European Union during the first half 
of 2023. This position will allow the 
country to showcase its diplomatic 
and leadership skills on a global stage, 
possibly further boosting its Soft Power.
Despite market turmoil caused by 
increased mortgage rates, record-high 
energy prices, and inflation, many of 
Sweden's strongest brands have proven 
resilient to the economic downturn. 
Sweden 
Rank  #11 2 #14
Score  55.1/100+ 2.8
🇪

Brand Finance Europe 500 2023
brandirectory.com/europe   39
IKEA, H&M, Volvo, and Spotify have kept their 
positions as Sweden's most valuable brands, 
contributing to the nation's economic success. This 
resilience and success are reflected in Sweden's Top 
50 company brands having collectively grown by an 
impressive 12% over the previous year. 
Sweden's Soft Power has been recognized globally, 
with the country's Global Soft Power score increasing 
by 2.8 points in 2023, resulting in the nation climbing 
up the ranking by 3 spots to the 11th rank. Sweden 
retains its position as the most highly ranked Nordic 
Soft Power, followed by Norway (rank 17). 
Whereas safety and security aspects is now a major 
topic of debate in Sweden, outside perceptions 
towards being politically stable and well-governed, 
having high ethical standards/low corruption, and 
being safe and secure remain particularly strong.
This reflects Sweden's long-lasting commitment to 
democracy, transparency, and accountability.
Sweden ranks 3rd globally in the “Sustainable Future” 
pillar, a new addition into the Global Soft Power Index, 
falling behind only Germany and Japan. The nation 
ranks among the top 5 across all four individual 
metrics making up the “Sustainable Future” pillar.  
This reflects the nation's efforts towards environmental 
sustainability, which is increasingly turning into an 
important aspect of Soft Power.
Finally, global perceptions towards Sweden having 
a strong and stable economy have resulted in score 
improvements also in the business and trade pillar. 
This reflects that Sweden remains an attractive 
destination for businesses and investors alike. 
In conclusion, as a relatively small nation Sweden 
continues to push way above its weight as a Soft 
Power nation. In the eyes of the world Sweden 
certainly remains a success story and particularly  
so in relation to environmental sustainability, 
governance and economic performance. So again, 
the nation has climbed up the ranks in the Global 
Soft Power Index. It will be interesting to see if today’s 
highly uncharacteristic domestic challenges will make 
a dent during 2023 or perhaps be outweighed by 
possible perception benefits relating to Sweden’s 
presidency of the Council of the European Union as 
well as Sweden’s efforts to become a NATO member.
Global Soft Power Index 2023 - Sweden.

Brand Finance Europe 500 2023
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This year we have introduced a new 
pillar, Sustainable Future, to enhance 
our measurement of environmental 
sustainability. Sweden grabs 3rd place 
worldwide. What do you believe are 
the key actions behind Sweden’s 
success in this field and what does  
it mean for Sweden’s brand story?
Sustainability has long been a key 
feature in the Sweden brand story – and 
of the Swedish society. Climate change 
is perceived to be one of the main global 
challenges among the general public 
in Sweden, and Sweden has for a long 
time been engaged in finding innovative 
solutions. Together with ambitious 
climate policies, we think this has led to 
high credibility and a strong reputation 
in the sustainability area. Today different 
parts of the Swedish society: politicians, 
companies, and people, continue 
to contribute to a sustainable future. 
It is acknowledged that sustainable 
change can only be realised with the 
participation of different stakeholders, 
and together with other countries. We 
also know that action speaks louder 
than words. This way Sweden can 
maintain its strong and positive image.
When we asked people around the 
globe if Sweden enjoys a strong and 
positive reputation the answer was a 
resounding yes. Sweden now ranks 
as the world’s 6th most reputable 
nation, which is also an improvement 
compared to last year. What, in your 
opinion, explains Sweden’s excellent 
reputation and what storytelling efforts 
have contributed to the success?
Even though Sweden is a small country, 
we have a strong nation brand, or 
brand identity, that has been built over a 
long period of time. Reputation cannot 
be built in one day. Today Sweden’s 
identity – or reputation - mainly consists 
of positive attributes, such as good 
governance, sustainability, and stability. 
Sweden is also perceived to be a 
country that contributes positively to 
common global challenges. The nation 
brand of Sweden builds both on how the 
Swedish society is perceived, and on 
how Sweden’s actions are perceived. To 
have a positive reputation, you need to 
be considered a country contributing to 
the common good. We also know that 
Sweden’s reputation builds on attributes 
such as equality and high quality of life. 
Interview with Cecilia Andrae from the Swedish Institute.
Cecilia Andrae 
Senior Adviser,  
Swedish Institute
Sweden - Interview with Cecilia Andrae from the Swedish Institute.

Brand Finance Europe 500 2023
brandirectory.com/europe   41
In a world where many want a more balanced life these 
aspects are attractive to, for example, international 
talent. To remain attractive, and attract new target 
groups, it will be important to increase the knowledge 
about Sweden. 
All Nordic countries tend to perform very well 
within the People & Values pillar, with Sweden 
in the lead. Why do you think Sweden performs 
particularly well when measuring “soft” values, 
such as generosity, trustworthiness, and  
tolerance and inclusiveness?
Universal values such as equality and democracy  
have long been part of Sweden’s identity, nationally 
and internationally. And we know that these values  
are very attractive to many target groups in different 
parts of the world. This is also true for “soft” values 
such as tolerance and inclusiveness, that are also key 
parts of Sweden’s society and identity. 
Promoting these aspects abroad is central in Sweden’s 
official communications, something that seems more 
important than ever, considering the democratic 
backsliding in the world. At the same time, we know 
that it is crucial to listen, and have a dialogue-based 
communication. This is Sweden’s approach along  
with being open and building on interest and curiosity 
for Sweden. Being an innovative society that wants to 
try new ways and solutions, we see that there is a lot 
to be curious about in Sweden. This is a good starting 
point for communication. 
Sweden - Interview with Cecilia Andrae from the Swedish Institute.

Brand Finance Europe 500 2023
brandirectory.com/europe   42
The Republic of Ireland is a small 
country with a population of just over 
five million. But it has a diaspora of 
80 million people with Irish heritage 
scattered across the globe, particularly 
concentrated in the United Kingdom, 
Australia, United States of America, 
Canada, New Zealand, Argentina,  
Brazil, South Africa and across Europe.
Soon after our 2023 Global Soft Power 
Summit is St Patrick’s Day. Tourism 
Ireland, with the support of Ireland’s 
Department of Foreign Affairs, helps  
to turn the world green on March 17  
every year. Ireland’s ministers take 
part in a long-held Irish custom - they 
are sent to all corners of the globe to 
evangelise Ireland on the world stage – 
a perfect opportunity for global reach. 
Several hundred buildings in dozens of 
countries are illuminated in the green of 
Ireland on this special day for Ireland. 
While overseas, Ireland’s ministers  
will engage with their diaspora and  
host functions for the travel trade –  
all of which helps to amplify Ireland’s 
story and exercises the Soft Power of 
Ireland. This also gives the whole world 
a chance to stop and think all things 
Ireland and the Irish – not an unpleasant 
opportunity, with Brand Finance’s Soft 
Power research finding that the people 
of Ireland are considered to be among 
the most charitable, generous and fun.
As we said in our 2022 Global Soft 
Power Index:  
 
“Ireland has a long history of global  
flows of people, knowledge and 
money. There are thousands of Irish 
organisations around the world 
connecting back to Ireland while  
enabling cross-cultural interchanges. 
Ireland constantly develops relationships 
around the world whether it be for 
business, sport, culture, education, 
tourism or other activity. Ireland is seen 
as a world leader in these spaces.”
It is no surprise that Ireland has 
consolidated its position in the  
top 30 of national Soft Power  
rankings, rising one places to 29tt  
place this year. Given the current global 
geo-political challenges, Ireland’s 
role as a global leader for diaspora 
engagement and cross-cultural co-
operation remains clear and extremely 
strong. Ireland’s Soft Power continues to 
be seen as a benchmark Soft Power for 
diaspora engagement and better cultural 
understanding. The world loves to turn 
green on March 17 each year.
Simon Haigh 
Agent, 
Brand Finance Ireland
Ireland 🇪
Rank  #29 2 #30
Score  46.7/100+ 4.8

Methodology.

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brandirectory.com/europe   44
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Definitions. 
[Meta]
[Facebook]
[Facebook]
[Facebook]
Brand Value
+ Enterprise Value 
The value of the entire enterprise, made 
up of multiple branded businesses. 
Where a company has a purely mono- 
branded architecture, the ‘enterprise value’ 
is the same as ‘branded business value’.
+ Branded Business Value  
The value of a single branded business 
operating under the subject brand. 
A brand should be viewed in the context  
of the business in which it operates.  
Brand Finance always conducts a branded 
business valuation as part of any brand 
valuation. We evaluate the full brand value 
chain in order to understand the links 
between marketing investment, brand-
tracking data, and stakeholder behaviour.
+ Brand Contribution 
The overall uplift in shareholder value 
that the business derives from owning 
the brand rather than operating  
a generic brand.
The brand values contained in our league 
tables are those of the potentially 
transferable brand assets only, making 
‘brand contribution’ a wider concept.  
An assessment of overall ‘brand contribution’ 
to a business provides additional insights  
to help optimise performance.
+ Brand Value 
The value of the trade mark  
and associated marketing IP within  
the branded business. 
Brand Finance helped to craft the 
internationally recognised standard on 
Brand Valuation – ISO 10668. It defines 
brand as a marketing-related intangible 
asset including, but not limited to, names, 
terms, signs, symbols, logos, and designs, 
intended to identify goods, services  
or entities, creating distinctive images  
and associations in the minds of stakeholders, 
thereby generating economic benefits.
Brand 
Value

Brand Finance Europe 500 2023
brandirectory.com/europe   45
Brand Valuation Methodology.
1
3
2
4
Definition of Brand
Brand is defined as a bundle of trademarks 
and associated IP which can be used to take 
advantage of the perceptions of all stakeholders to 
provide a variety of economic benefits to the entity.
Brand Value
Brand value refers to the present value of 
earnings specifically related to brand reputation. 
Organisations own and control these earnings by 
owning trademark rights.
All brand valuation methodologies are essentially 
trying to identify this, although the approach and 
assumptions differ. As a result published brand 
values can be different.
These differences are similar to the way equity 
analysts provide business valuations that are different 
to one another. The only way you find out the “real” 
value is by looking at what people really pay.
As a result, Brand Finance always incorporates 
a review of what users of brands actually pay for 
the use of brands in the form of brand royalty 
agreements, which are found in more or less every 
sector in the world.
This is sometimes known as the “Royalty Relief” 
methodology and is by far the most widely used 
approach for brand valuations since it is grounded 
in reality.
It is the basis for a public rankings but we always 
augment it with a real understanding of people’s 
perceptions and their effects on demand – from 
our database of market research on over 3000 
brands in over 30 markets.
Disclaimer
Brand Finance has produced this study with an independent and unbiased analysis. The 
values derived and opinions produced in this study are based only on publicly available 
information and certain assumptions that Brand Finance used where such data was deficient 
or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the 
publicly available information relied upon is subsequently found to be inaccurate. The 
opinions and financial analysis expressed in the report are not to be construed as providing 
investment or business advice. Brand Finance does not intend the report to be relied upon for 
any reason and excludes all liability to any body, government or organisation.
We review what brands already pay in royalty 
agreements. This is augmented by an analysis 
of how brands impact profitability in the sector 
versus generic brands. 
This results in a range of possible royalties that 
could be charged in the sector for brands (for 
example a range of 0% to 2% of revenue)
The BSI score is applied to the royalty range to 
arrive at a royalty rate. For example, if the royalty 
range in a sector is 0-5% and a brand has a BSI 
score of 80 out of 100, then an appropriate royalty 
rate for the use of this brand in the given sector 
will be 4%.
We adjust the rate higher or lower for brands by 
analysing Brand Strength. We analyse brand 
strength by looking at three core pillars: “Inputs” 
which are activities supporting the future strength 
of the brand; “Equity” which are real current 
perceptions sourced from our market research and 
other data partners; “Output” which are brand-related 
performance measures such as market share.
Each brand is assigned a Brand Strength Index 
(BSI) score out of 100, which feeds into the brand 
value calculation. Based on the score, each brand 
is assigned a corresponding Brand Rating up to 
AAA+ in a format similar to a credit rating.
We determine brand-specific revenues as a 
proportion of parent company revenues attributable 
to the brand in question and forecast those 
revenues by analysing historic revenues, equity 
analyst forecasts, and economic growth rates.
We then apply the royalty rate to the forecast revenues 
to derive brand revenues and apply the relevant 
valuation assumptions to arrive at a discounted, post-
tax present value which equals the brand value.
Brand Impact
Brand Impact × Brand Strength
Brand Strength
Forecast Brand Value Calculation

Brand Finance Europe 500 2023
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Brand Strength
Analytical rigour and transparency are at the heart of our 
approach to brand measurement at Brand Finance. Therefore, 
in order to adequately understand the strength of brands we 
conduct a structured, quantitative review of data that reflect 
the ‘Brand Value Chain’ of brand-building activities, leading to 
brand awareness, perceptions and onwards to brand-influenced 
customer behaviour.
To manage the ‘Brand Value Chain’ process effectively we create 
and use the “Brand Strength Index” (BSI). This index is essentially 
a modified Balanced Scorecard split between the three core pillars 
of the ‘Brand Value Chain’: Brand Inputs, Brand Equity and 
Brand Performance.
Brand Strength Index
Widely recognised factors deployed 
by marketers to create brand loyalty 
and market share. 
Perceptions of the brand among 
different stakeholder groups, with 
customers being the most important.
Quantitative market and financial 
measures representing the success 
of the brand in achieving price and 
volume premium.
Stakeholder 
Equity
Business 
Performance
Marketing 
Investment
Brand Strength.
1
3
2
Although we follow a general structure incorporating the three pillars (Brand Inputs, Brand Equity and Brand 
Performance), the attributes included are different depending on the sector. A brand strength index for a luxury 
apparel brand will differ in structure from an index designed for a telecommunications brand. An index for luxury 
apparel brand may emphasize the exclusiveness, word of mouth recommendation, and price premium, whereas 
an index for a telecommunications company may emphasis customer service and ARPU as important metrics.
These attributes are weighted according to their perceived importance in driving the following pillar: Brand 
Investment measures in driving Brand Equity; Brand Equity measures for Brand-Related Business Performance 
measures; and finally the relevance of Brand-Related Business Performance measures for driving business value.
Attribute Selection and Weighting
Brand’s ability to influence purchase depends primarily on people’s perceptions. Therefore, the majority of 
the Brand Strength Index is derived from Brand Finance’s proprietary Global Brand Equity Research Monitor 
research, a quantitative study of a sample of over 100,000 people from the general public on their perceptions  
of over 4,000 brands in over 25 sectors and 37 countries. 
However, at Brand Finance we also believe that there are other measures that can be used to fill gaps that survey 
research may not capture. These include total investment levels – for example in marketing, R&D, innovation 
expenditure, that can a better guide to future performance than surveys. They also include online measures – 
such as ratings by review sites and social media engagement that can give a more granular understanding of 
marketing effectiveness. Finally they also include real behaviour – for example net additions, customer churn and 
market share, to overcome the tendency for surveys to incorporate intended behaviour rather than real. 
Over a period of 3 to 4 months each year, we collect all this data across all the brands in our study in order to 
accurately measure their comparative strength.
Data Collection
In order to convert raw data in to scores out of 10 that are comparable between attributes within the scorecard, 
we then have to benchmark each attribute. We do this by reviewing the distribution of the underlying data and 
creating a floor and ceiling based on that distribution.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value 
calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar 
to a credit rating. 
Analysing the three brand strength measures helps inform managers of a brand’s potential for future success.
Benchmarking and Final Scoring

Brand Finance Europe 500 2023
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Global Brand Equity Monitor.
Original market research in 38 countries and across 31 sectors with over 150,000 
consumers rating over 5,000 brands.
Brand KPIs and Diagnostics
1. Brand Funnel
2. Brand Usage
3. Quality
4. Reputation
5. Loyalty
6. Closeness
9. Brand Imagery
7. Recommendation (NPS)
10. Advertising Awareness
8. Word of Mouth
11. Brand Momentum
Awareness
Have heard of your brand
Familiarity
Know something about your brand
Consideration
Would consider buying/using your brand
Apparel
Automobiles
Luxury Automobiles
Banks
Cosmetics & Personal Care
Food
Insurance
Oil & Gas
Restaurants
Retail & E-Commerce
Telecoms
Utilities
Airlines
Luxury Apparel
Appliances
Beers
Luxury Cosmetics
General Retail
Healthcare Services
Hotels
Household Products
Logistics
Media
Pharma
Real Estate
Soft Drinks
Spirits & Wine
Technology
Tyres
Tier 1
Tier 2

Our Services.

Brand Finance Europe 500 2023
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Consulting Services.
Brand Valuation
Make your brand's business 
case 
Brand valuations are used for a 
variety of purposes, including tax, 
finance, and marketing. Being the 
interpreter between the language of 
marketers and finance teams they 
provide structure for both to work 
together to maximise returns.
Brand Strategy
Make branding decisions  
with your eyes wide open 
Once you understand the value of 
your brand, you can use it as tool 
to understand the business impacts 
of strategic branding decisions in 
terms of real financial returns.
Make branding decisions using hard data
Brand Research
What gets measured 
Brand evaluations are essential for 
understanding the strength of your 
brand against your competitors. 
Brand Strength is a key indicator of 
future brand value growth whether 
identifying the drivers of value or 
avoiding the areas of weakness, 
measuring your brand is the only 
way to manage it effectively.
	
+ Brand Audits
	
+ Primary Research
	
+ Syndicated Studies
	
+ Brand Scorecards
	
+ Brand Drivers & Conjoint Analysis
	
+ Soft Power
	
+ Brand Impact Analysis
	
+ Tax & Transfer Pricing
	
+ Litigation Support
	
+ M&A Due Diligence
	
+ Fair Value Exercises
	
+ Investor Reporting
	
+ Brand Positioning 
	
+ Brand Architecture
	
+ Franchising & Licensing 
	
+ Brand Transition
	
+ Marketing Mix Modelling 
	
+ Sponsorship Strategy
	
+ Are we building our brands’ strength effectively?
	
+ How do I track and develop my brand equity?
	
+ How strong are my competitors’ brands?
	
+ Are there any holes in my existing brand tracker?
	
+ What do different stakeholders think of my brand?
	
+ How much is my brand worth?
	
+ How much should I invest in marketing?
	
+ How much damage does brand misuse cause?
	
+ Am I tax compliant with the latest transfer pricing?
	
+ How do I unlock value in a brand acquisition?
	
+Which brand positioning do customers value most?
	
+What are our best brand extension opportunities  
in other categories and markets?
	
+Am I licensing my brand effectively?
	
+Have I fully optimised my brand portfolio? 
	
+Am I carrying dead weight?
	
+Should I transfer my brand immediately?
	
+Is a Masterbrand strategy the right choice for my business?

Brand Finance Europe 500 2023
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Brand Evaluation Services.
How are brands perceived  
in my category?
Brand Finance tracks brand fame and perceptions 
across over 38 markets in 31 consumer categories. 
Clear, insightful signals of brand performance, with  
data mining options for those who want to dig  
deeper – all at an accessible price.
What if I need more depth  
or coverage of a more  
specialised sector?
Our bespoke brand scorecards help with market 
planning and can be designed to track multiple brands 
over time, against competitors, between market 
segments and against budgets. Our 30-country 
database of brand KPIs enables us to benchmark 
performance appropriately.
Do I have the right brand 
architecture or strategy in place?
Research is conducted in addition to strategic 
analysis to provide a robust understanding 
of the current positioning. The effectiveness 
of alternative architectures is tested 
through drivers analysis, to determine which option(s) 
will stimulate the most favourable customer behaviour 
and financial results.
How can I improve return  
on marketing investment?
Using sophisticated analytics, we have a proven track 
record of developing comprehensive brand scorecard 
and brand investment frameworks to improve return on 
marketing investment.
What about the social dimension? 
Does my brand get talked about?
Social interactions have a proven commercial impact 
on brands. We measure actual brand conversation and 
advocacy, both real-world word of mouth and online 
buzz and sentiment, by combining traditional survey 
measures with best-in-class social listening.

With strategic planning and creative thinking, we develop communications plans to create dialogue 
with stakeholders that drives brand value.
Our approach is integrated, employing tailored solutions for our clients across PR and marketing 
activations, to deliver strategic campaigns, helping us to establish and sustain strong client 
relationships. We also have a specific focus on geographic branding, including supporting nation 
brands and brands with a geographical indication (GI).
Brand Dialogue Limited is a member of the Brand Finance Plc Group
Research, Strategy 
& Measurement
 Brand  
& Communications 
Strategy
Campaign Planning
Market Research  
& Insights
Media Analysis
Public Relations 
& Communications
Media Relations
Press Trips & Events
Strategic Partnerships 
& Influencer Outreach
Social Media 
Management
Marketing  
& Events
Promotional Events
Conference 
Management
Native Advertising
Retail Marketing
Content  
Creation
Bespoke 
Publications, Blogs & 
Newsletters
Press Releases
Marketing Collateral 
Design
Social Media Content
Strategic 
Communications 
Crisis 
Communications
Brand Positioning & 
Reputation
Geographic Branding
Corporate Social 
Responsibility (CSR)

Brand Finance Europe 500 2023
brandirectory.com/europe   52
Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative:
Market 
Contact
Email
Africa
Jeremy Sampson
j.sampson@brandfi nance.com
Asia Pacifi c
Alex Haigh
a.haigh@brandfi nance.com
Australia
Mark Crowe
m.crowe@brandfi nance.com
Brazil
Eduardo Chaves
e.chaves@brandfi nance.com
Canada
Laurence Newell
l.newell@brandfi nance.com
China 
Scott Chen
s.chen@brandfi nance.com
East Africa 
Walter Serem
w.serem@brandfi nance.com
France
Bertrand Chovet
b.chovet@brandfi nance.com 
Germany/Austria/Switzerland
Ulf-Brun Drechsel
u.drechsel@brandfi nance.com
India
Ajimon Francis
a.francis@brandfi nance.com
Ireland
Declan Ahern
d.ahern@brandfi nance.com
Italy
Massimo Pizzo
m.pizzo@brandfi nance.com
Mexico
Laurence Newell
l.newell@brandfi nance.com
Middle East
Andrew Campbell
a.campbell@brandfi nance.com
Nigeria
Tunde Odumeru
t.odumeru@brandfi nance.com
Poland
Konrad Jagodzinski
k.jagodzinski@brandfi nance.com
Portugal
Pilar Alonso Ulloa
p.alonso@brandfi nance.com
Romania
Mihai Bogdan
m.bogdan@brandfi nance.com
South America
Pilar Alonso Ulloa
p.alonso@brandfi nance.com
Spain
Pilar Alonso Ulloa
p.alonso@brandfi nance.com
Sri Lanka
Aliakber Alihussain
a.hussain@brandfi nance.com
Sweden
Anna Brolin
a.brolin@brandfi nance.com
Turkey
Muhterem Ilgüner
m.ilguner@brandfi nance.com
United Kingdom
Annie Brown
a.brown@brandfi nance.com
USA
Laurence Newell
l.newell@brandfi nance.com
Vietnam
Quyen Luong
q.luong@brandfi nance.com

Contact us.
The World’s Leading Brand Valuation Consultancy
T:	 +44 (0)20 7389 9400
E:	enquiries@brandfinance.com
	
www.brandfinance.com