Global
500
2024

The annual report on the world's most valuable and strongest brands
January 2024

Contents
About Brand Finance
Foreword 

3
4

Ranking Analysis

7David Haigh, Chairman & CEO, Brand FinanceBrand Value Ranking (USDm)

22

Brand Spotlight

32

ADNOC Interview with Alexander Richmond Burnett,
Chief Communications Officer, ADNOC33

BNP Paribas
Interview with Elise Hermant, Head of Group
Communications, BNP Paribas

36

Deloitte Interview with Vimi Grewal-Carr, Global Chief
Growth Officer, Deloitte

39

Deutsche Telekom Interview with Ulrich Klenke, Chief Brand Officer,
Deutsche Telekom

42

etisalat by e& 45
Interview with Hatem Dowidar, GCEO, e&
Infosys Interview with Sumit Virmani, CMO, Infosys

50

Insights53
Why should I Value My Brand? Interview with Mike Rocha, Chief Commercial Officer,
Brand Finance54

How We Value the Brands in Our Annual Rankings Interview with Thulith Perera, Head of Ranking Production,
Brand Finance64

Sustainability – The Driving Force behind Brand Value Interview with Robert Haigh, Strategy & Sustainability
Director, Brand Finance

68

Methodology72
Our Services81© 2024 All rights reserved. Brand Finance Plc.
Brand Finance Global 500 2024

brandirectory.com/global

2AboutBrand FinanceBridging the gap between
Marketing and FinanceBrand Finance was set up in 1996 withthe aim of 'bridging the gap between
marketing and finance'. For more than 25
years, we have helped companies andorganisations of all types to connect
their brands to the bottom line.

Quantifying 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.

The world's
leading brandvaluation
consultancy.
For business enquiries, please contact:

Richard HaighManaging Director
rd.haigh@brandfinance.com

For media enquiries, please contact:

Penny Erricker

Global Press Enquires
p.erricker@brandfinance.com

For all other enquiries:
enquiries@brandfinance.com+44 207 389 9400
www.brandfinance.com

Unique combinationof 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.

Priding ourselves
on technical credibility
Brand Finance, a chartered accountancy
firm regulated by the Institute ofChartered Accountants in England andWales, is the first brand valuation
consultancy to join the International
Valuation Standards Council. Our experts
crafted standards (ISO 10668 and ISO
20671) and our methodology, certified byAustrian Standards, is officially approvedby the Marketing Accountability
Standards Board.

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
providing 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, brandvaluation helps organisations understand the worth of their brand and how
it fits into their overall business strategy.

David Haigh
Chairman & CEO,
Brand FinanceA strong brand can lead to improved business returns in several ways.
First, a strong brand can help a company differentiate itself from its competitorsand 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 arereading 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 understandthe 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 futurefor your brand.

Brand Finance Global 500 2024

brandirectory.com/global

4Gain Insight

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Brand Value
ReportBrand Finance's Brand Value Reportprovides a complete breakdown of
the assumptions, data sources, andcalculations used to determine yourbrand’s value, as well as brandequity research.
Each report includes expert
recommendations for growing
brand value, driving performance,and gaining insights into yourposition against peers.

Leverage strategic insights toenhance your brand's financial
standing.

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enquiries@brandfinance.com

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Get Full
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our Global
Data
Brand Finance's Global Brand
Equity Monitor Research utilises
a comprehensive framework to
track and measure the core building
blocks that underpin strong brands,
while delivering nuanced insights that
direct strategy for understanding,maintaining and building brandstrength.
Brands, and customer relationshipwith brands, are complex. As suchthey require attention, direction andmeasured support if they’re to fulfil
their potential. Our brand equity
reports deliver expert insight andrecommendations to power yourbrand strategies and valuation.

enquiries@brandfinance.com

Original market researchon global, market and sector
leading brands.

41 countries
Comprehensive coveragefor market specific learnings
that inform decision making.

31 sectors
Benchmark your brand against
competitors and leverage industry
level insights to empower yourstrategy.

+150,000 respondents
Robust market representation
for a global perspective.

8th consecutive year
Take a longer view to track and learn
from fast growing brands, market
disrupters, and market leaders.

Strategic InsightUnderstand your brands standing
in the market, what it’s known for
relative to the competition, and what
drives customer decision making
so you can create a roadmap
for success.

Ranking
Analysis

Apple clinches
top spot as world’s
most valuable brand,
outshining Amazon,
Google, andMicrosoft.
+ Apple achieves remarkable 74% growth in brand value,
reclaiming its title as the world’s most valuable brandby huge margin+ Artificial intelligence sector booms as Microsoft
becomes the world’s second most valuable brand,
NVIDIA’s brand value surges 163%
+ Google sits in third for brand value and brand strength+ Europe’s most valuable brand, Deutsche Telekom,
secures the world's top telecom position and aspot in the global top 10+ Tesla drops out of top 10, falling to 18th
+ Consumer cutbacks challenge high street brands+ WeChat named world’s strongest brand+ USA accounts for over 200 brands and halfof total value of ranking

Ranking Analysis

Apple’s brand value grows by 74%,
becoming the world’s most valuable
brand again by a huge margin
Apple has achieved truly exceptional brand value
growth this year, with its brand value increasing by
USD219 billion in a single year to USD516.6 billion. This
year’s growth is approximately equal to the total valueof Starbucks’s, Mercedes-Benz’s, Tesla’s, and Porsche’s
brands combined, marking an unprecedented milestone
in Brand Finance’s extensive history of valuing theworld’s most valuable and strongest brands.
Apple has achieved a remarkable brand value increase,even as iPhone volume share has largely plateaued,as its strategy of finding new markets, expanding
its ecosystem, and encouraging upgrades to highervalue iPhones has been highly effective. Apple has
maintained its position as the dominant player in thepremium smartphone market, with 71% value share.
Brand Finance’s research finds that Apple’s brandremains strong, with a brand strength index score of
86.5 out of 100 and an associated brand strength ratingof AAA, an improvement from last year’s AAA- rating.
Brand Finance Global 500 2024

Apple is one of the world’s most recognised brands,
illustrated by its high brand awareness, averaging 96%
across the 17 countries researched by Brand Finance.
In the US, Apple’s home market and biggest in terms ofrevenue, the brand ranks highest among tech brands inperceptions of product quality.

Apple has grown its brand value
through strategic diversification andpremiumisation, moving away fromheavy reliance on iPhone sales towards
ventures into wearables and services
such as Apple TV subscriptions.
According to our research, more than
50% of respondents recognised Appleas expensive, but worth the price,reinforcing the brand’s ability
to demand a price premium.
David Haigh
Chairman and CEO, Brand Financebrandirectory.com/global

9

Ranking Analysis

The World’s 25 Most Valuable Brands 2024

1

2

+1

$516.6 bn
+74%

6

-15%

🇺🇸

🇺🇸

🇨🇳

$71.1 bn
+21%

$59.4 bn+1%

Brand Finance Global 500 2024

$50.5 bn+7%

$75.7 bn+28%

🇨🇳$70.4 bn
+48%

🇺🇸

-12%

🇺🇸

+4%

+17%

$65.6 bn+5%

🇩🇪$53.1 bn
+34%

🇨🇳

+1%

+3%

🇨🇳

$60.7 bn
+14%

🇺🇸

20
-7

🇺🇸

$52.8 bn

-14%

🇺🇸

25

-3

$50.1 bn

$71.8 bn

+3

24

🇬🇧

🇰🇷

15

+16

🇺🇸

-0%

-3

19

+2

$50.3 bn

$73.3 bn

$99.4 bn

10

-2

23

🇨🇳

🇺🇸

14

-9

$58.3 bn

+3%

+2

18

🇩🇪

$308.9 bn

+1

9

+13

+5

🇯🇵

🇺🇸

13

22

-2

+0%

🇨🇳

-1

21

$52.7 bn

+28%

+19%

+6

17

+1

+5%

$84.2 bn

$333.4 bn

5

-3

8

+3

16

$60.4 bn

🇺🇸

12

-3

+6%

+78%

+3

11

$71.8 bn

$340.4 bn

4

0

7

-1

$96.8 bn

3

+2

🇺🇸

© Brand Finance Plc. 2024-3

$49.3 bn🇺🇸brandirectory.com/global

10

🇨🇳

-1%

Ranking Analysis

Artificial intelligence sector booms as
Microsoft becomes the world’s second
most valuable brand, NVIDIA’s brandvalue surges 163%
A key highlight of this year's report is the strong gainsof businesses that have invested heavily in AI. Brand
Finance research finds very large increases in brandvalue amongst sectoral leaders such as Microsoft
and NVIDIA. Microsoft's brand value rose by 78% to
USD340.4 billion, jumping two spots in the ranking to
2nd. NVIDIA, a key supplier of chips in the AI space,achieved a brand value rise of 163% to USD44.5
billion, making it the fastest growing brand this year.
Microsoft's investment in AI integration acrossplatforms enhances market competitiveness,positioning it as a top technology innovator. Brand
Finance’s original market research highlights
Microsoft's strong reputation for innovation,
modernity, and trustworthiness.
According to Brand Finance research, NVIDIA isperceived as highly innovative while familiarity,
consideration and recommendation levels all increased
year-on-year too. This overall performance firmly
positions NVIDIA as a front-runner in the AI chipmarket, demonstrating that their innovative products
are being adopted by the market.

Google sits in third for brand value
and brand strength
Google has retained third position, recording a 19%
increase in brand value to USD333.4 billion. The
company has demonstrated good overall revenue
growth, largely attributed to its narrative around AI,
improved margins, and overall positive financial
performance.
That said, Google has navigated several shifts in its
business landscape, marked by a 6% reduction in
the workforce, indicative of the strategic cost-cutting
measures amid a digital advertising slowdown. Google
faces further challenges stemming from a lawsuit
alleging unauthorised use of user data to train AI tools,
potentially impacting its brand perception negatively.
As one of the four US tech brands in the top 10 mostvaluable brands this year, Google falls behind Silicon
Brand Finance Global 500 2024

brandirectory.com/global

11

Ranking Analysis

Valley peers Apple and Microsoft in value but securesthe 3rd position globally in brand strength, trailing only
China's messaging giant, WeChat, and fellow Alphabet
brand YouTube.
Google's brand demonstrates exceptionally high levels offamiliarity, usage, and customer satisfaction, positioning
itself in the top 10th percentile for overall reputation.

Amazon falls from first to become world’s
fourth most valuable brandAmazon, the world’s most valuable brand in 2023, has
dropped to 4th position, with its brand value growing by
3% to USD308.9 billion. A challenging consumer market
over the past 12 months, influenced by high-interest
rates, inflation, and a cost-of-living crisis have hurt
Amazon’s prospects.
While other online retailers grapple with impending
changes to online advertising, Amazon is capitalisingon the shift to streaming TV by offering interactive
advertising opportunities. Additionally, the company
invests in retail media networks to expand its digitalmarketing footprint.
In response to traditional tracking methods like cookies
losing efficacy, Amazon aims to enhance ad relevanceand authenticity using a combination of first-party
brand and retailer insights.
Despite little movement in brand value, Amazon has
retained its AAA brand strength rating. Some of the
key ingredients driving Amazon’s brand strength arehigh levels of brand consideration coupled with strong
loyalty among existing customers.

TikTok jumps from world’s 10th mostvaluable brand to 7th with 28% brandvalue growth
TikTok/Douyin continues its fast rise in brand value,with an increase of 28% to USD84.2 billion. In the West,
TikTok has built an outstanding peer-to-peer marketing
engine which allows consumers to easily share content
to people who do not have TikTok accounts, serving as
an effective form of user acquisition.
Douyin (the Chinese-facing brand name known as
TikTok to Western audiences) has transformed beyond
a media channel to establish a robust ecommerce
platform, akin to Amazon’s in the west.
According to Brand Finance’s research, TikTok also
boasts very high levels of awareness, averaging 91%
awareness levels globally in market research.

Brand Value Change 2023-2024 (%)

163%

136%

Brand Finance Global 500 2024

102%

89%

© Brand Finance Plc. 2024

78%

74%

67%

66%

64%

53%

brandirectory.com/global

12

Ranking Analysis

The World’s 25 Strongest Brands 2024

1

2

+3

94.3
+2.7

6

-0.7

🇺🇸

🇨🇳

🇯🇵

89.8
+3.4

88.9
-1.3

Brand Finance Global 500 2024

88.3
+2.1

90.2
+4.3

🇨🇳

89.4
+0.3

🇺🇸

+2.1

🇦🇪

+2.9

90.2
+2.3

89.4
+4.2

88.9
+5.5

🇨🇭

+2.3

90.0
-0.7

🇮🇹

-12

🇻🇳

89.3
-2.4

🇨🇭

20

+11

🇫🇷

88.6
+1.6

🇨🇳

25

+22

88.3

🇨🇳

15

24

🇮🇳

+0.9

-2

+72

🇨🇳

90.7

10

19

+33

88.3

🇸🇬

+45

23

🇨🇳

+5.0

14

+15

88.9

91.8

+10

18

🇮🇳

+6

9

+1

+16

🇬🇧

🇺🇸

13

22

-11

-1.6

🇺🇸

-8

21

88.4

+0.8

-0.8

8

17

+25

+2.9

90.4

92.5

5

3

+40

+23

16

89.0

🇺🇸

12

-5

-0.9

+0.0

+5

11

89.9

92.7

4

-2

7

-1

90.6

3

0

🇨🇳

© Brand Finance Plc. 2024

-18

🇮🇳

88.2
-2.5

brandirectory.com/global🇺🇸13

Ranking Analysis

WeChat named world’s strongest brandIn addition to calculating brand value, Brand Financealso determines the relative strength of brands
through a balanced scorecard of metrics evaluating
marketing investment, stakeholder equity, andbusiness performance. Compliant with ISO 20671,
Brand Finance’s assessment of stakeholder equity
incorporates original market research data fromover 150,000 respondents in 38 countries andacross 41 sectors.
According to this analysis, WeChat is the strongest
brand in the world, earning a brand strength index scoreof 94.3 out of 100, and the associated brand strength
rating of AAA+. Just eleven other brands in the Global
500 ranking earn the coveted AAA+ brand strength
rating: YouTube, Google, Marina Bay Sands, Wuliangye,
Deloitte, Coca-Cola, Netflix, Rolex, Ferrari, Moutai,
and ICBC.

Brand Finance Global 500 2024

WeChat's exceptional brand strength is underpinned
by its essential, familiar, and trusted status in China,
its dominant market. This unparalleled connection has
solidified WeChat's position as an integral part of daily
life for millions of users.
According to our latest brand tracking data, 81% of
respondents surveyed in China are current users of
the brand. The brand also secured the top spot in
China for perceptions of 'meeting customer needs',
contributing to the brand attaining the highest Net
Promoter Score across the entire Brand Finance
Global 500 study.
Like other Chinese brands, however, WeChat must
contend with China’s continued economic slowdown
predicted this year and beyond, ultimately limiting its
financial potential and, consequently, its overall brandvalue. This year, WeChat’s brand value decreased by
17% to USD41.8 billion.

brandirectory.com/global

14Regional Analysis
Most Valuable & Strongest World Brands Per Region 2024

© Brand Finance Plc. 2024

BSI 89.4
BSI 90.2

BSI 92.7

BSI 94.3

Americas

EuropeAsia

Middle East
& Africa

Brand Value$516.6 bn
Brand Value$41.6 bn

Most Valuable Brands
Strongest Brands

BSI Brand Strength Index(xx.x/100)

Brand Value$73.3 bn

Americas
The United States continues to dominate the ranking,now accounting for 201 out of 500 of the brands in
Brand Finance’s Global 500 2024 and over half of
its overall value (total brand value up 14% to USD4.5
trillion). China is home to the second largest aggregate
brand value of the Global 500 brands, with an overall
brand value of USD1.4 trillion, a 5% decrease year-onyear. The 72 Chinese brands included in the ranking
contribute 16% of the overall global value.
This year, the United States is home to the top fourmost valuable brands in the world, with South Korea’s
Samsung Group clinching 5th spot with a brand valueof USD99.4 billion.
Brand Finance Global 500 2024

Brand Value$99.4 bn

TD retains its position as the most valuable Canadianbrand and is the 100th most valuable brand in the world,with a brand value of USD19.0 billion.
Despite having gone from 93 to 100 in the Global 500
ranking this year, TD exhibits robust performance in
Brand Finance's latest consumer research especiallyaround consideration and familiarity.
TD stands out as the most recognised banking brandin the country, enjoying familiarity from 72%
of respondents. 31% of individuals claimed to be
currently using TD's services, making it the most
preferred banking brand in Canada. This steadymarket presence speaks to TD's enduring appeal
in the industry.
brandirectory.com/global

15Regional Analysis

RBC (brand value up 11% to USD16.4 billion) andCanada Life (brand value up 7% to USD11.6 billion)
round off the top 3 Canadian brands, sitting in 119thand 178th positions, respectively.

with brand investment falling. Although footballsponsorship by Itaú maintains high awareness, Brand
Finance research found that customers were less likely
to recommend the brand to others than in prior years.

This year, Corona Extra has emerged as the mostvaluable brand from Latin America. Its brand value
surged by 40% to reach an impressive USD10.4 billion,
overtaking Itaú. Brand Finance research found asignificant increase in brand strength globally, driven
by an increase in consideration, reputation, andsustainability perceptions by consumers. This built
upon a 19% increase in sales outside of Mexico as
consumers increasingly perceive Corona as apremium product.

Banco do Brasil is the strongest brand from Brazil
in the Global 500 ranking. Its brand value has
increased by 11% to USD5.5 billion, complemented
by a high brand strength index of 79.1 and an AA+
brand rating.

Itaú is the second most valuable brand from Latin
America, having suffered a minor decrease in brandvalue of 4% to USD8.3 billion. The fall in brand value
was substantially caused by a fall in brand strength

Brand Finance Global 500 2024

Modelo Especial, the second-strongest brand from theregion, also obtained significant growth with a 24%
increase in brand value to USD5.2 billion.
Its brand strength index of 78.9 and AA+ brand ratingreflects Brand Finance’s research finding an increasein customers recommending it to others, with Modelo
Especial benefiting from consumers switching awayfrom Bud Light in the North American market.

brandirectory.com/global

16

Regional Analysis

Middle East
Aramco, the most valuable Middle Eastern brand,
has experienced a brand value decline this year, falling
to USD41.6 billion. This decrease, though primarily
revenue-driven was also linked to a fall in Aramco’s
perceived quality and reliability. With American andEuropean production increasing in response to
sanctions on Russia, and Chinese demand falling,
Aramco faces a brand positioning challenge, giventhat domestic and regional users of oil represent a
relatively small market.
The brand value of ADNOC, the second most valuable
Middle Eastern brand, has grown by 7% over the past
year to USD15.2 billion, driven by a 1-point improvement
in its BSI to 80.2 and is now an AAA- rated brand.

e& group’s telecom vertical, etisalat by e&, has retained
its position as strongest brand in the Middle East andAfrica as well as the strongest telecom brand in theworld with a score of 89.4 in the Brand Strength Index.
The telecom operator has benefited from being partof a larger technology group, e&. Since the launch of
the e& brand, the group has been branching out into
new territories with its Partner Market scheme as wellas undertaking some high-profile acquisitions andinvestments such as Careem, Vodafone, El Grocer
and StarzPlay to provide new services to customers
and returns for its investors.

ADNOC has diversified its operations and grown its
brand internationally through acquisitions, recently
making a strategic investment in Storegga, a company
that focuses on the development of global carbon
capture and storage projects.

In addition, etisalat by e& and the e& group at large,
have been investing heavily in a communication
campaign around the launch of the e& brand. Boththe communication investment and group activities
have resulted in improvements in the brand investment
measure in the Brand Finance Brand Equity Monitor
research, as well as feeding through into higher
consideration and ultimately the highest BSI in
the region.

ADNOC's brand strength has also improved due toits commitment to decarbonisation; it is one of
50 founding signatories of the Oil and Gas
Decarbonisation Charter (OGDC) that is a global
commitment to speed up climate action acrossthe industry, which was launched at COP28.

Various activities contributed to this success, such asits continued activation of the Manchester City Football
Club partnership, network leadership in 5G, innovative
customer experience initiatives, and participation in
global events including the Formula 1 Grand Prix in
Abu Dhabi and COP28.

Brand Finance Global 500 2024

brandirectory.com/global

17

Regional Analysis

stc has shown impressive growth with its brand value
increasing by 12% to USD13.9 billion and entering the
top 150 within the Global 500 ranking this year. This
achievement makes stc the first consumer brand in
the Middle East to enter the 150 most valuable brands
globally.
stc has taken significant strides in its expansion
strategy in both size and scope, creating an integrated
system of subsidiaries specialised across digital
infrastructure, the Internet of Things, cloud computing,cybersecurity, business outsourcing services, inaddition to telecommunications and recent extensionsof the brand into fintech with stc Pay/Bank andentertainment with stc TV and stc Play.
stc’s acquisition of an interest in Telefonica, one thelargest telecommunications companies in the world
marks a key milestone in stc’s growth journey in 2023.
The stc brand has strengthened further this year,
playing an important part in enabling stc's commitment
to ongoing growth and diversification.

EuropeDeutsche Telekom (brand value up 17% to USD73.3
billion) has claimed the title as the world's most valuable
telecoms brand, surpassing Verizon. Ranked 9th globally,it also leads as the most valuable European brand.
Deutsche Telekom's customer momentum, driven by
network strength, has boosted group service revenues,
while successful fibre deployment in Europe, alongside
5G leadership in the US, have enhanced connectivity
perceptions. Brand Finance research highlights
Deutsche Telekom's leadership in customer
satisfaction metrics, driving a Brand Strength
Index increase to 83.0.
This consistent global brand delivery is reinforced by
the introduction of Deutsche Telekom’s unified global
claim, "connecting your world," completing its Global
Brand Strategy with heightened international focus
and customer perspective.
Mercedes-Benz follows closely as the second mostvaluable European brand, with a 1% increase in brandvalue this year to USD59.4 billion. Brand Finance’s
research found that Mercedes-Benz has achieved asubstantial enhancement in brand strength, with research
identifying a notable rise in customer service scores.
Brand Finance Global 500 2024

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18

Regional Analysis

There have been significant uplifts across nearly allbrand investment pillars, which will be essential todefend the brand’s leading position from competitionin electric vehicles.
Luxury Swiss watch maker Rolex stands as thestrongest European brand with a brand strength index
of 90.2, accompanied by an AAA+ brand rating. The
brand has stood apart from much of the high-end
watch industry by managing to maintain its strong
brand reputation for consistent quality, while
managing to scale up production.
Ferrari is the second-strongest European brand,
maintaining its iconic brand status with a Brand
Strength Index of 90.0, and a brand value up
43% to USD10.6 billion this year.
This brand value increase correlates with the brand’s
profitability increasing substantially over the last two
years with global exports of Ferrari vehicles benefitingfrom COVID-era redirection of luxury spending fromexperiences to goods.

China
TikTok/Douyin, a global phenomenon in the social
media space, emerges as the most valuable brand from
China. Its brand value has surged by an impressive 28%
to USD84.2 billion.
This substantial growth is a testament to the platform's
ability to extract more revenue in China, where it
has become a major ecommerce platform. This isleveraging the huge amount of attention it gains fromusers into a format which is monetizable.
The Industrial and Commercial Bank of China (ICBC),
one of the largest banks in the world, stands as thesecond most valuable brand from China with a 3%
increase in brand value this year, reaching USD71.8
billion.
This growth, though modest, signifies ICBC's strong
financial position, and is connected with Brand Financeresearch finding increased familiarity with the brand.
WeChat, the all-encompassing social media andmessaging app, is not only the strongest brandfrom China but also holds the title of the world's
strongest brand.
Brand Finance Global 500 2024

brandirectory.com/global

19Regional Analysis

Despite a 17% decrease in brand value to USD41.8
billion, its brand strength index is an impressive 94.3,
with an AAA+ brand rating. This high brand strength
index score reflects WeChat's integral role in thedaily lives of its vast user base in China, where users
positively love the brand.
Wuliangye, a premium baijiu manufacturer, ranks as
the second-strongest brand from China despite adecrease in brand value by 15% to USD25.9 billion
due to concerns about future growth prospects forthe brand. Wuliangye, has significant international
expansion potential driven by its esteemed reputation.
Despite challenges associated with the unique nature ofits brand and products, focused efforts are essential topromote Baijiu beyond China, adapting to diverse global
tastes and preferences for gaining global traction.
Within China, its brand strength index stands at aremarkable 90.1. Accompanied by an AAA+ brandrating, its brand strength score is a reflection of its
rich brand heritage, which plays a significant role in
Chinese culture.

Asia (excluding China)
Samsung, headquartered in South Korea, stands as themost valuable non-Chinese brand from East Asia. Its
brand value witnessed a marginal dip from USD99.7
billion to USD99.4 billion.
Despite this slight decrease, Samsung's retains avery high brand strength index of 85.0. This increased
markedly from last year as a result of Brand Financeresearch finding improved performance on familiarity,
consideration and recommendation metrics, reflecting
its robust position in the consumer electronics andtechnology sectors.
Viettel, representing the Telecoms sector, emerges as thesecond-strongest East Asian brand from outside China,
with a 0.2% increase in brand value to USD8.9 billion.
Its brand strength index is an impressive 89.4, alongwith an AAA brand rating. This high brand strength
index score highlights Viettel’s strong resonance with
its audiences on its digitalisation and sustainability
commitments with increased customer evaluations forinnovation, environment and community metrics in its
primary domestic market of Vietnam.
Brand Finance Global 500 2024

brandirectory.com/global

20Regional Analysis

Tata Group, a conglomerate with a diverse portfolio,(notable companies include Tata Steel, Tata Motors,
Tata Consultancy Services (TCS), and Taj Hotels)
stands as the most valuable brand from South Asia.
It has seen an 8.5% increase in its brand value, now
standing at USD28.6 billion. The group's rise in brandvalue underscores its strategic initiatives in innovation,
global expansion, and strategic partnerships.
In 2023, the conglomerate has consistently invested inresearch and development, as seen in Tata Consultancy
Services (TCS) being a leading global IT services brand.
Tata Group has also continued to leverage strategic
partnerships.
For example, Jaguar Land Rover has collaborated withTata Technologies to propel the digital transformationof its industrial operations, further cementing therelationship between the UK automaker and thewider Tata group.

Brand Finance Global 500 2024

The Tata conglomerate also continues to sustain
a widely positive reputation for its commitment tosustainable and responsible business practices,navigating challenges while maintaining acommitment to long-term growth.
Jio, a relatively newer entrant in the telecommunications
sector, emerges as the strongest brand with anotable 14% increase in brand value to USD6.1 billion,
alongside a high brand strength index score of 89.0 andassociated AAA brand rating.
Jio's meteoric rise in the telecom industry is benefitingfrom substantial brand investment by the RelianceIndustries conglomerate, delivering rapid customer
base growth and revenue growth.
The brand's high brand strength index andAAA rating are reflected in its rapid customer
base growth, market innovation, and strong
brand perception.

brandirectory.com/global

21

Brand Value Ranking (USDm)
Top 500 most valuable brands 1-50
2024
Rank

2023
Rank

Brand

Country

Sector

2024
Brand
Value

Brand
2023
Value
Brand
Change Value

2024
Brand
Rating2023
Brand
Rating

1

2

2

Apple

United States

Electronics$516,582+73.6%$297,512

AAA

AAA-

2

4

2

Microsoft

United States

Internet & Software$340,442+77.7%$191,574

AAA

AAA

3

3

0

GoogleUnited StatesMedia$333,441+18.5%$281,382

AAA+

AAA+

4

1

1

AmazonUnited States

Retail$308,926+3.2%$299,280

AAA

AAA

5

6

2

Samsung GroupSouth Korea

Diversified$99,365-0.3%$99,659

AAA

AAA-

6

5

1

WalmartUnited States

Retail$96,842-14.9%$113,781

AA+

AA+

7

10

2

TikTok/Douyin

China

Media

$84,199+28.2%$65,696

AAA-

AAA-

8

14

2

Facebook

United StatesMedia$75,716+28.4%$58,971

AAA-

AAA-

9

11

2

Deutsche Telekom

Germany

Telecoms$73,321+16.5%$62,928

AAA-

AA+

10

7

1

ICBC

China

Banking$71,828+3.3%$69,545

AAA+

AAA

11

8

1

VerizonUnited States

Telecoms$71,754+6.4%$67,443

AAA-

AA+

12

15

2

State Grid Corporation of China

China

Utilities$71,145+20.9%$58,846

AAA

AAA

13

26

2

Instagram

United StatesMedia$70,443+48.5%$47,439

AAA

AAA+

14

12

1

China Construction Bank

China

Banking$65,604+4.7%$62,681

AAA

AAA

15

18

2

Starbucks

United States

Restaurants$60,669+13.5%$53,432

AAA-

AAA

16

17

2

Agricultural Bank Of China

China

Banking$60,398+4.7%$57,691

AAA

AAA-

17

16

1

Mercedes-Benz

Germany

Automobiles$59,436+1.1%$58,797

AAA

AAA-

18

9

1

Tesla

United States

Automobiles$58,272-12.0%$66,207

AAA-

AAA-

19

35

2

OracleUnited States

Internet & Software$53,099+34.2%$39,574

AAA-

AA+

20

13

1

Home Depot

United States

Retail$52,768-13.6%$61,053

AA+

AA+

21

19

1

ToyotaJapan

Automobiles$52,673+0.3%$52,493

AAA

AAA

22

27

2

Bank of China

China

Banking$50,469+6.6%$47,336

AAA

AAA

23

25

2

Shell

United Kingdom

Oil & Gas

$50,302+4.3%$48,209

AA

AA+

24

21

1

Moutai

China

Spirits$50,095+0.7%$49,743

AAA+

AAA+

25

22

1

AT&T

United States

Telecoms$49,253-0.7%$49,614

AA

AA

26

28

2

CostcoUnited States

Retail

$48,380+3.9%$46,571

AA+

AA+

27

38

2

UnitedHealthcare

United States

Healthcare Services$47,632+28.4%$37,094

AA+

AA+

28

24

1

Allianz Group

Germany

Insurance$46,889-3.0%$48,351

AA+

AA+

29

23

1

DisneyUnited StatesMedia$46,717-5.6%$49,508

AAA-

AAA

30

117

2

NVIDIA

United States

Semiconductors$44,488+162.9%$16,922

AAA-

AA+

31

30

1

Ping An

China

Insurance$44,369-0.7%$44,698

AAA-

AA+

32

32

0

China Mobile

China

Telecoms$44,238+2.0%$43,382

AAA

AAA-

33

40

2

PorscheGermany

Automobiles$43,117+17.3%$36,759

AAA

AAA

34

20

1

WeChat

China

Media

$41,794-16.8%$50,247

AAA+

AAA+

35

45

2

Deloitte

United States

Commercial Services$41,752+21.0%$34,514

AAA+

AAA+

36

29

1

AramcoSaudi Arabia

Oil & Gas

$41,562-8.1%$45,227

AA

AA+

37

33

1

BMW

Germany

Automobiles$40,987+1.5%$40,367

AAA

AAA-

38

34

1

accenture

Ireland

IT Services$40,502+1.6%$39,867

AAA

AAA

39

39

0

McDonald'sUnited States

Restaurants$37,993+3.1%$36,863

AAA-

AAA-

40

36

1

Bank of America

United States

Banking$37,256-3.6%$38,647

AA

AA+

41

67

2

Hyundai GroupSouth Korea

Diversified$36,962+35.6%$27,253

AA+

AA+

42

46

2

American Express

United States

Commercial Services$36,475+7.0%$34,078

AAA-

AA+

43

37

1

Tencent

China

Media

$36,055-5.3%$38,059

AAA

AAA-

44

49

2

Wells Fargo

United States

Banking$35,807+8.6%$32,970

AA

AA

45

53

2

Chase

United States

Banking$35,807+14.3%$31,332

AA

AA+

46

43

1

Mitsubishi GroupJapan

Diversified$35,547+1.7%$34,962

AA-

AA-

47

48

2

Coca-Cola

United States

Soft Drinks$35,022+4.6%$33,468

AAA+

AAA+

48

42

1

UPS

United States

Logistics$34,552-2.4%$35,400

AAA-

AA+

49

47

1

Volkswagen

Germany

Automobiles$33,791-0.5%$33,958

AAA-

AA+

50

44

1

Marlboro

United States

Tobacco$32,555-6.3%$34,741AA+

AA+

Brand Finance Global 500 2024

brandirectory.com/global

22

Brand Value Ranking (USDm)

Top 500 most valuable ﻿brands 51-100
2024
Rank

2023
Rank

Brand

Country

Sector

2024
Brand
Value

Brand
2023
Value
Brand
Change Value

2024
Brand
Rating2023
Brand
Rating51

55

2

MitsuiJapan

Diversified$32,491+5.8%$30,724

AA-

A+

52

70

2

Louis Vuitton

FranceApparel$32,235+22.6%$26,290

AAA

AAA

53

60

2

YouTubeUnited StatesMedia$31,721+6.8%$29,710

AAA+

AAA+

54

57

2

Citi

United States

Banking$31,401+2.8%$30,551

AA+

AA+

55

31

1

Huawei

China

Electronics$31,097-29.8%$44,292

AAA-

AAA-

56

41

1

NTT GroupJapan

Telecoms$31,061-15.1%$36,591

AA

AA

57

72

2

EY

United Kingdom

Commercial Services$30,845+20.0%$25,701

AAA

AAA+

58

51

1

J.P. Morgan

United States

Banking$30,762-3.3%$31,807

AAA-

AA+

59

56

1

CVS

United States

Retail$30,218-1.1%$30,567

AA

AA

60

64

2

Xfinity

United States

Telecoms$30,046+4.5%$28,754

AA

AA

61

50

1

CSCEC

China

Engineering & Construction$29,962-6.1%$31,897

AAA-

AA+

62

54

1

Nike

United States

Apparel$29,873-4.6%$31,307

AAA-

AAA-

63

81

2

Uber

United States

Mobility$29,736+27.6%$23,298

AA

AA

64

69

2

Tata Group

India

Diversified$28,634+8.5%$26,381

AAA-

AAA-

65

63

1

FedEx

United States

Logistics$28,556-1.0%$28,854

AA+

AA+

66

61

1

PetroChina

China

Oil & Gas

$28,500-3.9%$29,647

AA-

AA

67

68

2

Sinopec Group

China

Oil & Gas

$28,480+4.9%$27,145

AA+

AA+

68

62

1

VISA

United States

Commercial Services$27,973-5.4%$29,575

AAA-

AAA-

69

80

2

Spectrum

United States

Telecoms$27,482+17.8%$23,329

AA-

AA

70

75

2

China Merchants Bank

China

Banking$26,644+8.6%$24,536

AAA-

AA+

71

71

0

IBM Group

United States

IT Services$26,381+0.9%$26,156

AAA-

AAA-

72

65

1

TargetUnited States

Retail$26,355-4.5%$27,599

AA+

AAA-

73

98

2

ChanelFranceApparel$26,068+34.5%$19,386

AAA

AAA-

74

76

2

Honda

Japan

Automobiles$25,947+7.1%$24,219

AAA

AAA-

75

59

1

Wuliangye

China

Spirits$25,895-14.5%$30,290

AAA+

AAA+

76

95

2

Elevance Health

United States

Healthcare Services$25,529+28.4%$19,883

AA-

AA-

77

91

2

SAP

Germany

Internet & Software$25,165+19.3%$21,095

AA+

AA

78

87

2

TSMC

China (Taiwan)

Semiconductors$25,052+16.2%$21,564

AAA-

AA+

79

52

1

Lowe'sUnited States

Retail$25,014-20.8%$31,597

AA+

AA+

80

73

1

PWC

United States

Commercial Services$24,672-2.6%$25,332

AAA

AAA

81

89

2

Siemens Group

Germany

Diversified$24,396+13.9%$21,413

AAA-

AA+

82

84

2

SK GroupSouth Korea

Diversified$23,097+2.5%$22,539

AA-

AA

83

90

2

LG GroupSouth Korea

Diversified$22,892+7.7%$21,261

AA+

AA+

84

77

1

Netflix

United StatesMedia$22,815-5.5%$24,150

AAA+

AAA

85

78

1

Cisco

United States

Electronics$22,793-4.8%$23,933

AA+

AA+

86

79

1

Sumitomo GroupJapan

Diversified$22,475-5.9%$23,884

A+

A+

87

74

1

Mastercard

United States

Commercial Services$21,818-12.2%$24,847

AA+

AAA-

88

83

1

Dell Technologies

United States

Electronics$21,437-5.2%$22,612

AA+

AA

89

82

1

Intel

United States

Semiconductors$21,260-7.3%$22,936

AAA-

AA+

90

122

2

HumanaUnited States

Healthcare Services$20,963+27.1%$16,497

AA+

AA

91

86

1

Ford

United States

Automobiles$20,902-6.1%$22,267

AA+

AA+

92

85

1

Nestlé

Switzerland

Food$20,769-7.4%$22,427

AAA-

AAA-

93

94

2

Optum

United States

Healthcare Services$20,376+1.2%$20,127

AA-

AA-

94

105

2

OrangeFranceTelecoms$20,276+10.2%$18,404

AA+

AA+

95

107

2

Pepsi

United States

Soft Drinks$20,209+10.2%$18,335

AAA-

AAA-

96

58

1

TaobaoChina

Retail$20,147-34.0%$30,539

AA+

AA+

97

96

1

HSBC

United Kingdom

Banking$20,047+1.0%$19,851

AA

AA

98

99

2

General Electric

United States

Engineering & Construction$19,783+2.2%$19,349

AAA

AA+

99

135

2

CATL

China

Electronics$19,036+29.4%$14,706

AA+

AA-

100

93

1

TD

CanadaBanking$18,961-7.1%$20,404

AA+

AAA-

Brand Finance Global 500 2024

brandirectory.com/global

23

Brand Value Ranking (USDm)

Top 500 most valuable ﻿brands 101-150
2024
Rank

2023
Rank

101

116

102

130

103

Brand

Country

Sector2

Santander

Spain

Banking

2

LinkedIn

United States

Media

66

1

Tmall

China

Retail

104

119

2

BP

United Kingdom

Oil & Gas

105

121

2

HCA

United States

Healthcare Facilities

106

115

2

Postal Savings Bank

China

Banking

107

103

1

Bank of Communications

China

Banking

108

100

1

Salesforce

United States

Internet & Software

109

108

1

China Life

China

Insurance

110

104

1

Goldman Sachs

United States

Banking

111

102

1

JD.comChina

Retail

112

97

1

CRECG

China

Engineering & Construction

113

101

1

CRCC

China

Engineering & Construction

114

92

1

TotalEnergies

FranceOil & Gas

115

106

1

Capital One

United States

Banking

116

148

2

Equinor

NorwayOil & Gas

117

140

2

HermèsFranceApparel

118

126

2

AXA

FranceInsurance

119

134

2

RBC

CanadaBanking

120

181

2

Zara

Spain

Apparel

121

113

1

BoeingUnited States

Aerospace & Defence

122

136

2

AirbusFranceAerospace & Defence

123

124

2

PurinaUnited States

Food

124

125

2

IKEA

SwedenRetail

125

111

1

Lidl

Germany

Retail

126

131

2

CPIC

China

Insurance

127

88

1

Walgreens

United States

Retail

128

138

2

ADNOC

UAE

Oil & Gas

129

109

1

Gucci

Italy

Apparel

130

152

2

Adobe

United States

Internet & Software

131

114

1

ChevronUnited States

Oil & Gas

132

127

1

PayPalUnited States

Commercial Services

133

149

2

Aldi Süd

Germany

Retail

134

177

2

Caterpillar

United States

Engineering & Construction

135

120

1

Sam's Club

United States

Retail

136

147

2

Dior

FranceApparel

137

129

1

Bosch

Germany

Auto Components

138

118

1

Vodafone

United Kingdom

Telecoms

139

141

2

GEICO

United States

Insurance

140

154

2

PETRONAS

Malaysia

Oil & Gas

141

128

1

AdidasGermany

Apparel

142

142

0

Audi

Germany

Automobiles

143

172

2

EDF

FranceUtilities

144

123

1

Sony

Japan

Electronics

145

150

2

InfosysIndia

IT Services

146

110

1

China Telecom

China

Telecoms

147

133

1

KPMG

United Kingdom

Commercial Services

148

112

1

KFC

United States

Restaurants

149

159

2

stc

Saudi Arabia

Telecoms

150

191

2

Rolex

Switzerland

ApparelBrand Finance Global 500 2024

2024
Brand
Value

Brand
2023
Value
Brand
Change Value

2024
Brand
Rating2023
Brand
Ratingbrandirectory.com/global

24Brand Value Ranking (USDm)

Top 500 most valuable brands 151-200
2024
Rank

2023
Rank

151

165

152

139

153

Brand

Country

Sector2

PublixUnited States

Retail1

Tesco

United Kingdom

Retail156

2

CartierFranceApparel

154

162

2

L'OréalFranceCosmetics & Personal Care

155

151

1

S&P Global

United States

Commercial Services

156

153

1

Johnson & Johnson

United States

Pharma

157

155

1

China CITIC Bank

China

Banking

158

137

1

Morgan Stanley

United States

Banking

159

158

1

Barclays

United Kingdom

Banking

160

169

2

PICC

China

Insurance

161

132

1

AIA

China (Hong Kong) Insurance

162

190

2

NetEase

China

Media

163

286

2

Enterprise

United States

Mobility

164

160

1

Universal

United States

Media

165

146

1

HitachiJapan

Engineering & Construction

166

184

2

Metlife

United States

Insurance

167

167

0

Progressive

United States

Insurance

168

175

2

BNP Paribas

FranceBanking

169

210

2

UBS

United States

Banking

170

166

1

DHL

Germany

Logistics

171

460

2

Charles Schwab

United States

Banking

172

199

2

BYD

China

Automobiles

173

180

2

Lay's

United States

Food

174

143

1

JR

Japan

Logistics

175

183

2

NissanJapan

Automobiles

176

239

2

Volvo

SwedenAutomobiles

177

195

2

etisalat by e&

UAE

Telecoms

178

186

2

Canada Life

CanadaInsurance

179

157

1

Yili

China

Food

180

168

1

CarrefourFranceRetail

181

248

2

Generali Group

Italy

Insurance

182

170

1

HiltonUnited States

Hotels

183

227

2

Brookfield

CanadaBanking

184

174

1

Allstate

United States

Insurance

185

173

1

Chubb

United States

Insurance

186

192

2

Circle K

CanadaRetail

187

188

2

John Deere

United States

Engineering & Construction

188

161

1

ExxonMobil

United States

Oil & Gas

189

204

2

Vinci

FranceEngineering & Construction

190

219

2

Travelers

United States

Insurance

191

171

1

Enel

Italy

Utilities

192

224

2

CEEC

China

Engineering & Construction

193

193

0

DBS

Singapore

Banking

194

189

1

au

Japan

Telecoms

195-

3 Fidelity

United States

Banking

196

231

2

Delta

United States

Airlines

197

144

1

7-ElevenJapan

Retail

198

187

1

BMO

CanadaBanking

199

178

1

Industrial Bank

China

Banking

200

304

2

Ferrari

Italy

Automobiles

Brand Finance Global 500 2024

2024
Brand
Value

Brand
2023
Value
Brand
Change Value

2024
Brand
Rating2023
Brand
Ratingbrandirectory.com/global

25

Brand Value Ranking (USDm)

Top 500 most valuable brands 201-250
2024
Rank

2023
Rank

201

164

202

243

203

Brand

Country

Sector1

Scotiabank

CanadaBanking2

Aetna

United States

Healthcare Services

228

2

Chevrolet

United States

Automobiles

204

182

1

SoftBankJapan

Telecoms

205

145

1

Vanke

China

Real Estate

206

238

2

booking.com

United States

Leisure & Tourism

207

303

2

Corona Extra

Mexico

Beers

208

271

2

WhatsApp

United States

Media

209

285

2

Cigna

United States

Healthcare Services

210

216

2

Prudential Plc

China (Hong Kong) Insurance

211

201

1

Honeywell

United States

Engineering & Construction

212

176

1

Power China

China

Engineering & Construction

213

250

2

American Airlines

United States

Airlines

214

211

1

CapgeminiFranceIT Services

215

213

1

ING

Netherlands

Banking

216

307

2

Zurich

Switzerland

Insurance

217

194

1

Dollar General

United States

Retail

218

196

1

Rewe

Germany

Retail

219

179

1

Shanghai Pudong Development Bank China

Banking

220

185

1

Woolworths

Australia

Retail

221

259

2

TJ Maxx

United States

Retail

222

212

1

LIC

India

Insurance

223

222

1

U.S. Bank

United States

Banking

224

218

1

Engie

FranceUtilities

225

322

2

ADP

United States

Commercial Services

226

215

1

Lockheed Martin

United States

Aerospace & Defence

227

226

1

MUFG

Japan

Banking

228

332

2

HDFC Bank

India

Banking

229

203

1

PNC

United States

Banking

230

235

2

Decathlon

FranceRetail

231

283

2

Poste Italiane

Italy

Insurance

232

258

2

BASF

Germany

Chemicals

233

209

1

Panasonic

Japan

Electronics

234

297

2

Sysco

United States

Commercial Services

235

255

2

UNIQLOJapan

Apparel

236

198

1

Midea

China

Electronics

237

245

2

SephoraFranceRetail

238

233

1

CNBM

China

Engineering & Construction

239

262

2

Kia

South Korea

Automobiles

240

295

2

Heineken

Netherlands

Beers

241

234

1

ViettelVietnamTelecoms

242

225

1

Lexus

Japan

Automobiles

243

230

1

KrogerUnited States

Retail

244

327

2

AMD

United States

Semiconductors

245

329

2

McKessonUnited States

Healthcare Services

246

264

2

Broadcom

United States

Semiconductors

247

249

2

E.Leclerc

FranceRetail

248

253

2

Roche

Switzerland

Pharma

249

223

1

HP

United States

Electronics

250

202

1

TruistUnited States

Banking

Brand Finance Global 500 2024

2024
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26

Brand Value Ranking (USDm)

Top 500 most valuable ﻿brands 251-300
2024
Rank

2023
Rank

251

237

252

282

253

Brand

Country

Sector1

ConocoPhillips

United States

Oil & Gas

2

United Airlines

United States

Airlines244

1

CognizantUnited States

IT Services

254

291

2

Telus

CanadaTelecoms

255

208

1

China Everbright Bank

China

Banking

256

217

1

H&M

SwedenApparel

257

302

2

Tiffany & Co

United States

Apparel

258

205

1

Meituan

China

Retail

259

290

2

QNB

Qatar

Banking

260

326

2

Red BullAustria

Soft Drinks

261

310

2

Reliance Group

India

Diversified

262

197

1

Sky

United Kingdom

Telecoms

263

242

1

Itaú

BrazilBanking

264

206

1

Eni

Italy

Oil & Gas

265

236

1

TelstraAustralia

Telecoms

266

582

2

Nongfu Spring

China

Soft Drinks

267

345

2

PTT

Thailand

Oil & Gas

268

241

1

Tyson

United States

Food

269

269

0

Xbox

United States

Electronics

270

284

2

Luzhou Laojiao

China

Spirits

271

252

1

Philips

Netherlands

Pharma

272

220

1

NBC

United States

Media

273

323

2

Evernorth

United States

Healthcare Services

274

247

1

Standard Chartered

United Kingdom

Banking

275

280

2

Nokia

Finland

Electronics

276

229

1

DanoneFrance

Food

277

251

1

Union PacificUnited States

Logistics

278

221

1

Intesa Sanpaolo

Italy

Banking

279

266

1

Bell

CanadaTelecoms

280

274

1

DiscoverUnited States

Banking

281

288

2

3M

United States

Electronics

282

301

2

Lego

Denmark

Toys

283

207

1

Alibaba.com

China

Retail

284

277

1

Michelin

France

Tyres

285

273

1

Japan Post Holdings

Japan

Diversified

286

260

1

CIBC

CanadaBanking

287

446

2

D.R. Horton

United States

Engineering & Construction

288

362

2

LSEG

United Kingdom

Commercial Services

289

279

1

Warner Bros

United States

Media

290

293

2

Movistar

Spain

Telecoms

291

315

2

Fresenius

Germany

Pharma

292

299

2

AirtelIndia

Telecoms

293

300

2

China Minsheng Bank

China

Banking

294

256

1

Pinduoduo

China

Retail

295

361

2

VMWARE

United States

Internet & Software

296

214

1

Yahoo! Group

Japan

Media

297

324

2

Bridgestone

Japan

Tyres

298

365

2

Munich Re

Germany

Insurance

299

278

1

CCCC

China

Engineering & Construction

300

349

2

HCLTechIndia

IT Services

Brand Finance Global 500 2024

2024
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27

Brand Value Ranking (USDm)

Top 500 most valuable ﻿brands 301-350
2024
Rank

2023
Rank

301

298

302

318

303

Brand

Country

Sector1

Sherwin-Williams

United States

Paints2

QuakerUnited States

Food

406

2

Cardinal Health

United States

Healthcare Services

304

387

2

McKinsey & Co

United States

Commercial Services

305

366

2

Servicenow

United States

Internet & Software

306

333

2

Monster

United States

Soft Drinks

307

347

2

Gillette

United States

Cosmetics & Personal Care

308

200

1

Fox

United States

Media

309

341

2

Budweiser

United States

Beers

310

308

1

NatWestUnited Kingdom

Banking

311

275

1

China Resources Land

China (Hong Kong) Real Estate

312

270

1

Medtronic

Ireland

Pharma

313

257

1

Xinghuacun Fen Wine

China

Spirits

314

320

2

SubwayUnited States

Restaurants

315

352

2

Coupang

South Korea

Retail

316

343

2

BBVA

Spain

Banking

317

412

2

O'Reilly Auto Parts

United States

Retail

318

246

1

Qualcomm

United States

Semiconductors

319

398

2

Bloomberg L.P.

United States

Commercial Services

320

415

2

Conad

Italy

Retail

321

321

0

Taco Bell

United States

Restaurants

322

371

2

AutoZone

United States

Retail

323

337

2

Spotify

Sweden

Media

324

240

1

Asda

United Kingdom

Retail

325

294

1

PlayStation

Japan

Electronics

326

395

2

Activision Blizzard

United States

Media

327

339

2

SubaruJapan

Automobiles

328

335

2

Bouygues

FranceDiversified

329

424

2

Cummins

United States

Engineering & Construction

330

312

1

State Bank of India

India

Banking

331

328

1

ESPN

United States

Media

332

436

2

ASML

Netherlands

Semiconductors

333

334

2

Northrop Grumman

United States

Aerospace & Defence

334

416

2

Airbnb

United States

Leisure & Tourism

335

384

2

Renault

FranceAutomobiles

336

375

2

DaikinJapan

Engineering & Construction

337

289

1

Commonwealth Bank

Australia

Banking

338

344

2

Nivea

Germany

Cosmetics & Personal Care

339

342

2

Lloyds Bank

United Kingdom

Banking

340

268

1

Canon

Japan

Electronics

341

356

2

Swisscom

Switzerland

Telecoms

342

358

2

HPE

United States

Tech

343

292

1

CarMaxUnited States

Retail

344

462

2

Emirates

UAE

Airlines

345

319

1

Mahindra Group

India

Diversified

346

287

1

Haier

China

Diversified

347

373

2

Rabobank

Netherlands

Banking

348-

3 Wipro Group

India

Diversified

349

417

2

Crédit Agricole

FranceBanking

350

374

2

Prudential (US)United States

Insurance

Brand Finance Global 500 2024

2024
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2023
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28

Brand Value Ranking (USDm)

Top 500 most valuable ﻿brands 351-400
2024
Rank

2023
Rank

351

281

352

455

353

Brand

Country

Sector1

Edeka

Germany

Retail2

CJ GroupSouth Korea

Diversified

296

1

BNSF

United States

Logistics

354

409

2

Al-Rajhi Bank

Saudi Arabia

Banking

355

267

1

Poly Development

China

Real Estate

356

434

2

LENNAR

United States

Engineering & Construction

357

437

2

Marshalls

United States

Retail

358

330

1

YangheChina

Spirits

359

313

1

Coles

Australia

Retail

360

305

1

Xiaomi

China

Electronics

361

360

1

GuerlainFranceCosmetics & Personal Care

362

261

1

Merrill

United States

Banking

363

461

2

Schneider ElectricFranceEngineering & Construction

364

355

1

L&M

United States

Tobacco

365

442

2

Whole Foods

United States

Retail

366

735

2

Marina Bay Sands

Singapore

Leisure & Tourism

367

467

2

Crédit MutuelFranceBanking

368

440

2

Jio

India

Telecoms

369

438

2

KBC

Belgium

Banking

370

517

2

GMC

United States

Automobiles

371

372

2

PfizerUnited States

Pharma

372

405

2

Merck & Co

United States

Pharma

373

311

1

Domino's Pizza

United States

Restaurants

374

452

2

BHP

Australia

Mining, Iron & Steel

375

314

1

Kellogg's

United States

Food

376

364

1

Daiwa HouseJapan

Engineering & Construction

377

399

2

CNRL

CanadaOil & Gas

378

380

2

Safeway

United States

Retail

379

449

2

Micron Technology

United States

Semiconductors

380

381

2

Hyatt

United States

Hotels

381

413

2

Wrigley

United States

Food

382

422

2

Lululemon

CanadaApparel

383

490

2

Prada

Italy

Apparel

384

474

2

SLB

United States

Oil & Gas

385

471

2

CencoraUnited States

Healthcare Services386-

3 Vanguard

United States

Banking

387

385

1

Germany

Utilities

388-

3 Continental Group

Germany

Diversified

389

472

2

Cadillac

United States

Automobiles

390

379

1

Tim Hortons

CanadaRestaurants

391

272

1

Gree

China

Electronics

392

350

1

Pall Mall

United States

Tobacco

393

621

2

Lilly

United States

Pharma

394

390

1

Glencore

Switzerland

Mining, Iron & Steel

395

391

1

Mercadona

Spain

Retail

396

263

1

SF Express

China

Logistics

397

403

2

AIG

United States

Insurance

398

265

1

MCC

China

Engineering & Construction

399

587

2

EnBW

Germany

Utilities

400

400

0

Swiss Re

Switzerland

Insurance

E.ON

Brand Finance Global 500 2024

2024
Brand
Value

Brand
2023
Value
Brand
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29

Brand Value Ranking (USDm)

Top 500 most valuable brands 401-450
2024
Rank

2023
Rank

401

527

402

459

403

Brand

Country

Sector2

RogersCanadaTelecoms

2

KauflandGermany

Retail407

2

Manulife

CanadaInsurance

404

479

2

CaixaBank

Spain

Banking

405

432

2

BCG

United States

Commercial Services

406

414

2

AstraZeneca

United Kingdom

Pharma

407

232

1

Country Garden

China

Real Estate

408

404

1

Jeep

United States

Automobiles

409

408

1

ABC

United States

Media

410

419

2

UOB

Singapore

Banking

411

348

1

CRRC

China

Engineering & Construction

412

502

2

ENEOS

Japan

Oil & Gas

413

715

2

FanduelUnited States

Leisure & Tourism

414

377

1

Saint-Gobain

FranceEngineering & Construction

415

458

2

ANZ

Australia

Banking

416

353

1

LenovoChina

Electronics

417

501

2

Posco

South Korea

Mining, Iron & Steel

418

376

1

eBay

United States

Retail

419

499

2

ABB

Switzerland

Engineering & Construction

420

526

2

Applied Materials

United States

Tech

421

514

2

Texas Instruments

United States

Semiconductors

422

454

2

LancômeFranceCosmetics & Personal Care

423

468

2

AbbottUnited States

Pharma

424

433

2

CNOOC

China

Oil & Gas

425

430

2

Aviva

United Kingdom

Insurance

426

439

2

Pampers

United States

Household Products

427

357

1

China Post

China

Logistics

428

427

1

Bayer

Germany

Pharma

429

477

2

Société Générale

FranceBanking

430

559

2

BUICK

United States

Automobiles

431

481

2

Banco do Brasil

BrazilBanking

432

478

2

Gatorade

United States

Soft Drinks

433

317

1

Estée Lauder

United States

Cosmetics & Personal Care

434

418

1

Centene Corporation

United States

Healthcare Services

435

392

1

Bud Light

United States

Beers

436

463

2

USPS

United States

Logistics

437

336

1

SuzukiJapan

Automobiles

438

378

1

Mengniu

China

Food

439

542

2

Deutsche Bank

Germany

Banking

440

508

2

KB Financial GroupSouth Korea

Banking

441

370

1

20th Television

United States

Media

442

351

1

Dove

United States

Cosmetics & Personal Care

443

448

2

FergusonUnited States

Engineering & Construction

444

496

2

Southwest Airlines

United States

Airlines

445

453

2

BAE Systems

United Kingdom

Aerospace & Defence

446

557

2

BRI

Indonesia

Banking

447

563

2

Nintendo

Japan

Electronics

448

530

2

Enbridge

CanadaOil & Gas

449

482

2

GS GroupSouth Korea

Diversified

450

504

2

Marathon Petroleum

United States

Oil & Gas

Brand Finance Global 500 2024

2024
Brand
Value

Brand
2023
Value
Brand
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30Brand Value Ranking (USDm)

Top 500 most valuable﻿brands 451-500
2024
Rank

2023
Rank

451

309

452

589

453

Brand

Country

Sector1

CBS

United States

Media

2

Red HatUnited States

Internet & Software

565

2

Iberdrola

Spain

Utilities

454

512

2

QuickBooks

United States

Internet & Software

455

560

2

Modelo Especial

Mexico

Beers

456

487

2

Larsen & Toubro

India

Engineering & Construction

457

383

1

Raytheon

United States

Aerospace & Defence

458

397

1

Best Buy

United States

Retail

459

575

2

Carrier

United States

Engineering & Construction

460

388

1

Burger King

CanadaRestaurants

461

276

1

China Overseas Land & Investment China (Hong Kong) Real Estate

462

359

1

Hennessy

FranceSpirits

463

470

2

Dai-Ichi Life

Japan

Insurance

464

367

1

TIM

Italy

Telecoms

465

445

1

Electronic Arts

United States

Media

466

571

2

Dollar Tree

United States

Retail

467

476

2

Tokio Marine

Japan

Insurance

468

570

2

Ray-Ban

Italy

Apparel

469

511

2

Energy Transfer

United States

Oil & Gas

470

775

2

Novo Nordisk

DenmarkPharma

471

551

2

Ross Dress For Less

United States

Retail

472

451

1

Tide

United States

Household Products

473

396

1

Pizza Hut

United States

Restaurants

474

586

2

Indian Oil

India

Oil & Gas

475

421

1

O2

United Kingdom

Telecoms

476

464

1

NordeaSwedenBanking

477

465

1

Bradesco

BrazilBanking

478

428

1

JD Sports

United Kingdom

Retail

479

491

2

Puma

Germany

Apparel

480

426

1

Sainsbury'sUnited Kingdom

Retail

481

480

1

Mizuho Financial GroupJapan

Banking

482

331

1

Hikvision

China

Electronics

483

435

1

OCBC Bank

Singapore

Banking

484

389

1

Chow Tai Fook

China (Hong Kong) Apparel

485

545

2

VeoliaFranceUtilities

486

441

1

Tractor Supply

United States

Retail

487

529

2

Denso

Japan

Auto Components

488

518

2

Aldi Nord

Germany

Retail

489

503

2

Bank of Jiangsu

China

Banking

490

524

2

Cathay Life Insurance

China (Taiwan)

Insurance

491

494

2

SABIC

Saudi Arabia

Chemicals

492

456

1

Chipotle

United States

Restaurants

493

581

2

Bajaj Group

India

Automobiles

494

484

1

Dunkin' Donuts

United States

Restaurants

495

475

1

RakutenJapan

Retail

496

498

2

Hua Xia Bank

China

Banking

497

596

2

Armani

Italy

Apparel

498

630

2

Eiffage

FranceEngineering & Construction

499

393

1

FIS

United States

Internet & Software

500

507

2

PanteneUnited States

Cosmetics & Personal Care

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2024
Brand
Value

Brand
2023
Value
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2024
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31BrandSpotlight

🇦🇪 z

ADNOC

Brand Value#128
USD15.2 bn+7.2%Brand Strength#17080.2 +0.7

Brand Finance Global 500 2024

brandirectory.com/global

33

Interview with
Alexander Richmond Burnett
What are the key learnings and opportunities for energy brands as a resultof the recently concluded COP28 in UAE?
COP28 demonstrated the value of a more comprehensive and inclusive approach
to climate action and recognized that all stakeholders have an important role toplay. In particular, it underscored the need to decarbonize both the demand andsupply side of the energy system in line with net zero 2050 goals to keep 1.5 degrees
within reach. It also reinforced the importance of transparency, accountability, andcollaboration in meeting global climate goals.

Alexander Richmond
Burnett
Chief Communications
Officer, ADNOC

The resulting UAE Consensus delivered an historic agreement for a just, orderly
and responsible transition away from fossil fuels, and called for the tripling of
renewable energy capacity while doubling energy efficiency by 2030.
All brands must recognise their role in delivering on the commitments of theConsensus, while realizing the exciting economic opportunity that the energy
transition presents.
Moving forward, energy brands must help fulfil growing global energy demand,
while driving down emissions, and ensuring their own net-zero and sustainability
goals are achieved.
What role do you hope ADNOC can play in terms of sustainability and theclimate change challenge?
Energy is pivotal to progress, and global demand continues to grow. At the sametime, the global challenge of climate change requires urgent, game-changing
solutions to eliminate emissions.
At ADNOC, we believe there's a way to meet growing energy demand while protecting
our planet, to hold back emissions, not progress. Our twofold strategy remains; rapidly
decarbonizing today's energy system, while investing in lower-carbon solutions, newenergies and value chains that will shape the energy system of tomorrow.

Brand Finance Global 500 2024

brandirectory.com/global

34

Brand Spotlight ADNOC | Interview with Alexander Richmond Burnett

In 2023, we demonstrated our commitment tothese goals and made significant strides towards
achieving them.
We brought-forward our commitment to achieving
net zero to 2045, while more than doubling our plans
to expand carbon capture capacity. Additionally,
we became a founding member of the Oil and Gas
Decarbonization Charter, an initiative of the COP28
Presidency, which is dedicated to zeroing out methane
emissions by 2030 and aligning with net zero emissions
by or before 2050.
We are making tangible progress towards our goals.
We are prioritizing reducing our carbon intensity by
25% by 2030 through energy efficiency, the deploymentof carbon capture and storage technology, and theelectrification of our operations. Our low level of
upstream GHG carbon intensity is industry leading.
We generate 100% of our onshore grid electricity
from emission-free solar and nuclear energy sources.
Through our investment in Masdar, we are growing ourlower carbon solutions and accelerating the delivery ofclean energy projects in the UAE and around the world.
Looking ahead, what future plans and strategies
does ADNOC have in place to further strengthen its
brand and continue the growth of its brand value?
As this year's Brand Finance Global 500 Reportdemonstrates, ADNOC, and the ADNOC brand, goesfrom strength-to-strength as we continue on ourjourney to transform, decarbonize and future-proof ourcompany and reinforce our position as a progressive,
diversified, and responsible global energy brand.
Moving forward, you can expect our business and brandgrowth to continue at pace, as we deliver on plans to
expand and diversify domestically and internationally,
with investment in every segment of our business,
including new partnerships and potential acquisitions.
We will also continue to leverage our track record ofglobal cross-industry and cross-border partnerships,
operational capabilities, and relationships with cuttingedge technology providers to develop and commercialize
the practical solutions and cutting-edge innovations thatwill help secure a net zero-energy future.
We recognise the need to ensure we continue to deliveron our promises; providing Energy for Life, rapidly
reducing emissions, and ensuring a responsible energy
transition that leaves nobody behind.
Brand Finance Global 500 2024

brandirectory.com/global

35

🇫🇷

BNP Paribas

Brand Value#168
USD12.3 bn

Brand Finance Global 500 2024

+9.4%

brandirectory.com/global

36

Interview with Elise Hermant
Can you share with us, what is your secret for driving brand growth?
The development of a brand’s image is linked to how its actions are perceived andcomprehended by both, customers, and stakeholders. It must be acknowledgedthat the financial sector struggles to emerge and has long suffered from a
conservative image.
However, in my daily experience, I witness a bank that is rapidly transforming,an innovative tech-company working with vast volumes of highly sensitive data,
revolutionizing payments, and the daily management of budgets.

Elise Hermant
Head of Group
Communications,
BNP Paribas

Brand Finance Global 500 2024

A bank guiding people in acquiring or renovating their homes, preparing for
retirement, and offering innovative mobility solutions. A bank, accompanying
businesses in their development, both in France and internationally, supporting
everyone, from aspiring students entrepreneurs to major corporations.
A bank acting as a supporter for the reindustrialization, for the redefinition of supplychains, and the ecological transition: these topics require substantial investments,that banks have the responsibility and the capacity to mobilize.

brandirectory.com/global

37

Brand Spotlight BNP Paribas | Interview with Elise Hermant

The year 2023, had its share of significant events, thathighlighted our purpose: early in the year, we announced
the shift in our financing towards renewable energy
sources, predominantly focused on low-carbon energies
since 2022, and that will comprise no more than 20%
fossil fuels by 2030.
Our #UnexpectedJobs program at BNP Paribas, has
strengthened our attractiveness as an employer,
simply by empowering our colleagues to share theirexperiences.
This initiative allowed them to explain their roles intheir own words and with a sense of humor, whether
they go by “InData Jones”, “BodyGuard Digital”, or“Guardian of the Financial Galaxy”. It stands as a rare
and successful example of User Generated Content,with thousands of spontaneously created pieces andtens of millions of views.
And this belief, that seriousness and creativity
can coexist, has also manifested in the advertising
campaigns of our commercial brands: from a secretagent struggling to break the window-glass at BNPParibas in France, to a stress-relieving masseur atCetelem, or an equestrian costume at Hello Bank!
Finally, just before last summer, we celebrated 50 yearsof the loyalty and commitment that unites BNP Paribas
and Tennis. An exceptional edition of Roland Garros
was marked by our desire to share the excitement of
Tennis with as many people as possible.

How do you intend to further enhance the valueof the BNP Paribas brand?
The era of purely top-down approaches is over. Ourcommunication approach increasingly relies on theability to persuade the right people with the rightarguments, thereby achieving more precise andeffective targeting.
When our digital services receive the top ratings indigital rankings, or when our Nickel brand surpasses themilestone of three million clients in Europe, it resonateswith both, our existing clients and potential customers.
When we rank as the world’s leading bank for green
bonds, but at the bottom in fossil tied to fuels bonds,
it’s a wake-up call for anyone who cares about theenvironmental crisis.
When we internally reinforce the guiding principles
of our code of conduct, it resonates with everyone
committed to eliminating homophobia, racism,
antisemitism, and all forms of discriminationfrom their workplace.
Being the bank for a changing world means
embracing, promoting, and accelerating all thesetransformations.This approach of dialogue andrational argumentation demands effort andcommitment. Within BNP Paribas, we all become
both, actors of transformation and ambassadors of ourcompany, it is truly exciting!

CREDIT: Ooshot - Xavier-Alexandre Pons
Brand Finance Global 500 2024

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🇺🇸 k

Deloitte

Brand Value#35
USD41.8 bn+21.0%

Brand Strength#690.6 -0.7

Brand Finance Global 500 2024

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Interview with Vimi Grewal-Carr
What factors does Deloitte attribute to its brand success?
The enduring strength and success of Deloitte’s brand is rooted in many factors,
but at our core is Purpose. Our shared Purpose, “to make an impact that matters,”
is at the heart of everything we do. It's not just an aspirational message but acommitment we live daily. We firmly believe our commitment to our Purpose
distinguishes us in serving Deloitte clients, attracting top talent, and effecting
positive change.

Vimi Grewal-Carr
Global Chief Growth
Officer, Deloitte

Additionally, a focus on building and keeping trust has helped Deloitte’s brandstand the test of time for over 178 years. Since William Welch Deloitte opened our
first office, our commitment to our Shared Values has set us apart. While we havecertainly grown and transformed, the constant has been our unwavering dedication
to fostering robust, responsible growth and cultivating trust among our clients, ourpeople, and the communities we serve.
Collaboration and partnerships have become crucial elements in today's
interconnected world. How has Deloitte fostered strategic alliances, andwhat role have these partnerships played in driving brand value growth?
Our strategic alliances are an invaluable part of our success story. Our globalorganization thrives on collaboration, leveraging our multidisciplinary skillsets
and insights to drive positive and impactful outcomes for our clients. This
collaborative approach is foundational to how we help our clients as theyseek broad, transformative solutions in today’s complex business environment.

Brand Finance Global 500 2024

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40Brand Spotlight Deloitte | Interview with Vimi Grewal-Carr

Across our clients’ journeys, from advising to
implementing to operating, we are able to harness thepower of the relationships we have with many of theworld’s leading technology providers. These alliances
fortify our ability to deliver value-centric solutions at
every turn, including digital transformation, AI offerings,
cloud migration, and workforce initiatives. In essence,
exceptional work is born from exceptional partners. Our
collaborations with our ecosystem partners continually
showcase the best of our brand’s reach and impact.
Employee engagement can significantly impact
brand perception. How does Deloitte involve
employees in contributing to and aligning with thebrand's values and goals?
Our people truly are our greatest asset. We have
457,000 brand ambassadors at Deloitte who contributeworld-class skills and insights with a passion thatsustains and fuels our brand’s strength year after year.
We want to foster a culture where all our people canthrive, so we prioritize their well-being and success byoffering flexible work arrangements, promoting workBrand Finance Global 500 2024

life balance, diversifying work assignments, facilitating
innovative learning and development initiatives, andstrengthening leadership capabilities and upskilling
opportunities. Our continued investment in our Deloitte
Universities builds on our commitment to leadershipdevelopment and technical training for Deloitte
people worldwide.
Our Purpose to make an impact that matters is also
key to attracting the best talent. We empower ourpeople to champion causes important to them, suchas advocating for LGBT+ rights and climate change.
Our people are also integral to Deloitte’s WorldClass
ambition to impact 100 million people by 2030 throughprograms and collaborations with some of the world’s
leading education and skills building organizations.
It’s a personal point of pride for me that so many ofour people actively volunteer their expertise, working
with clients, governments, innovators, universities,
and nonprofits to support millions of students andeducation leaders worldwide. Since 2017, our efforts
have helped propel 57 million individuals forward.
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🇩🇪 H

Deutsche
Telekom

Brand Value#9
USD73.3 bn+16.5%

Brand Strength#112
83.0 +4.3

Brand Finance Global 500 2024

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Interview with Ulrich Klenke
In Brand Finance's rankings, T has become the most valuable German brandof all time. What do you think have been the key contributing factors to thisincredible achievement?
The amazing results confirm the importance of our work, and that Deutsche Telekom
is on the right track. In recent years we not only implemented a consistent global
brand strategy but also relentlessly invested in our network quality and crucial
customer-oriented initiatives. It seems like now, it has all come together. In 2023,
for the first time ever, nine out of our ten markets in Europe have achieved the number
one position in customer satisfaction. In addition, our emerging leadership in network
performance throughout Europe and the US, significantly contribute to bolstering
brand perceptions.
Ulrich Klenke
Chief Brand Officer,
Deutsche Telekom

Brand Finance Global 500 2024

Beyond our commitment to excellence, I think people have now noticed that in an
increasingly digital world, the company is willing to take active responsibility for both
our customers and the society as a whole. We are proud that the T is increasingly
perceived as a strong symbol for the connection of people, because in the end, it’s allabout the infinite opportunities and the social togetherness connectivity can provide.

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43Brand Spotlight Deutsche Telekom | Interview with Ulrich KlenkeThis year, you introduced the inauguralunified global claim for the group: "Connecting
your world." How will this unified global claim
be implemented in day-to-day operations
to surpass competitors and ignite additional
growth?
For us the brand claim, above all, is a powerful tool tosupport our global brand approach “One company.
One brand”.
For the very first time, every country organization showscommitment to one common brand concept by using
the same tagline, in the same language. This brings us
closer to our goal of creating one global voice for thedigitalization of private and business customers.
Beyond this, the brand claim is easy to understand andcovers both the human and the technological side ofconnectivity. In daily operations it suits all different
contexts and offerings of our multi-layered company.
But what I like most about it, is that “Connecting yourworld.” places the primary focus on our customers andthus puts their requirements and expectations at theheart of our activities.
Brand Finance Global 500 2024

Looking ahead, what future plans and strategies
does T have in place to further strengthen the T
brand and continue the growth of its brand value?
We know that we can still improve in terms of
implementation of our global brand approach andcross-national business and communication activities.
Examples like the successful Europe-wide Christmas
campaign, or the fantastic spill overs from the Formula
1 engagement of our US colleagues last year in
Las Vegas, show the huge potential of international
collaboration and present Deutsche Telekom as atrue global player. In addition, we won’t stop further
integrating our subsidiaries under the T brand umbrella
to constantly strengthen brand consistency and to
expand our geographical footprint.
A digital world knows no borders and industry
boundaries are increasingly disappearing. Global
customer experience and requirements will continue
to grow. We understand that we have to transform
ourselves towards a “digital telco” – platform driven,
with highly scalable, cross-national propositions. A
strong global brand can help to make this change
visible and provide guidance beyond national borders.
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🇦🇪 H

etisalatby e&Brand Value#177
USD11.7 bn+11.8%

Brand Strength#1389.4 +0.3

Brand Finance Global 500 2024

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Interview with Hatem Dowidar
Collaboration and partnerships have become crucial elements in today's
interconnected world. How has e& fostered strategic alliances, and whatrole have these partnerships played in driving brand value growth?
We believe in harnessing the power of collaboration and building ecosystems withpartners whose synergy aligns with our growth vision to stay nimble, adaptable andfuture-ready.
Through partnerships with private and public sectors and investments in startups,
we have brought diverse perspectives and expertise to every area of our businessgrowth, from leveraging new-gen technologies to driving sustainability. Together, weare co-creating solutions that drive innovation.
Hatem Dowidar
GCEO,
e&

In 2023, we broadened our horizons with investments in Vodafone, followed by thebinding agreement to acquire a majority stake in PPF Telecom expanding into Central
and Eastern Europe. Most recently, we expanded our operations in Pakistan with the
100% acquisition of Norwegian telecoms company Telenor’s local unit to serve thegrowing South Asian telecoms market. This combined the strengths of PTCL and
Telenor Pakistan, creating synergies for innovation, market strength, and broader
customer reach, accelerating their digital transformation journey.
Additionally, the $400 million investment in Careem expanded our range ofservices and digital offerings for consumers while propelling our transformation
into a global technology group.

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Brand Spotlight e& | Interview with Hatem Dowidar

Further acquisitions of elGrocer, Smartworld, and amerger with Khazna, highlight expansion beyond thetelecoms sector, while the acquisition of STARZPLAY's
reinforced our commitment to international expansion
in the entertainment and financial technology domains.
We are also strengthening our presence in fintech,entertainment, and SuperApps, shaping the future of
personalised digital experiences worldwide. Leading
the digital transformation journey across the businesssector, e& enterprise made considerable achievementswith acquisitions and strategic partnerships.
e& enterprise acquired a majority stake in Beehive,
MENA’s leading peer-to-peer digital platform, tapping
into opportunities in the Small and Medium Enterprise(SME) lending market. Marking the next step in e&enterprise’s expansion, this showcased its commitment
to opening new avenues of growth across the UAE
and wider region, while enabling Beehive to scale its
business and offerings.

Brand Finance Global 500 2024

Our venture capital arm, e& capital, led the investment
in companies like almentor, which excels in Arabic
content for video learning, and Ikigai Labs, focused on
democratizing and enhancing accessibility to AI.
Another collaboration focus for e& is sustainability andgreen technologies. We recently launch the 'Innovation
Hub' in partnership with the GCC Sustainability Alliance.
This is a central ecosystem to lead the efforts
in decarbonising the telecom industry. We alsocollaborated with Huawei to deploy the region’s first netzero 5G Massive MIMO site across the Expo City Green
Zone, powered entirely by renewable energy.
As part of our Environmental, Social and Governance(ESG) standards, our collaboration with the globalorganisation Code.org aims to promote computerscience and software education in markets where ourgroup operates across the Middle East, Asia,
and Africa.

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Brand Spotlight e& | Interview with Hatem Dowidar

Employee engagement can significantly impact
brand perception. How does e& involve employees
in contributing to and aligning with the brand'svalues and goals?

vision, modernising our HR technology portfolio withblockchain and introduced AI-powered solutions,chatbots and blockchain-powered HR credentials,
focusing on a technology-leading employee experience.

With people at the heart of our success, e&’s humancapital and talent are core drivers focused on creating
a purpose-driven culture with a competent, engaged
and diverse workforce at every level. This aligns with
our human capital vision to transcend the organisation
to enable a healthy and agile culture that drives
accelerated performance.

Our commitment to diversity, equality and inclusion
principles has produced tangible results, with a 50%
increase in women in senior management positions at
the VP level and above. In addition, 65% of management
positions are now held by UAE nationals.

The future will be transformational, with a dual focus on‘performing and transforming’ by allocating equal time,energy and resources to both. More importantly, e&will keep digital at its core by embracing breakthroughtechnologies.
We recognise the central role that our employees play
as change agents in our business transformation.
We have brought their efforts closer to e&'s global
Brand Finance Global 500 2024

We have also introduced flexibility and inclusivity
benefits such as the 'Work from Anywhere' programme.
Recently we also announced a four-day workweek trial
across three departments in etisalat by e&.
Our initiatives to train staff in Emirati sign languageand develop web extensions for those with autism
also underlines our commitment to being inclusive andglobally responsive. We are modernising our workplacestrategies, and with that, our employees’ contribution to
the future of our business.
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Brand Spotlight e& | Interview with Hatem Dowidar

Given the rapidly evolving tech landscape, which
technology trends will have the most significant
impact on customers and their behaviour in thenear future? What is e&’s strategic approach tostay ahead of emerging trends?
For telecom providers, opportunities for the future lie inmoving from connectivity to providing comprehensive
solutions. This has been the foundation of e&’s
evolution from a telco to a technology company.
As digital technologies such as AI, IoT and cloud
take centre stage, we believe that there is a lot ofroom to extend our remit in several directions.
For example, we are harnessing the power of digitaltechnologies such as 5G, Internet of Things (IoT), andArtificial Intelligence (AI). In line with our ambitions
and transformation journey is the recent creation of theGroup AI & Data department at e&. This will accelerate
AI and Data Analytics strategies across the group to
become an AI first organisation revolutionising both theway we operate internally, as well as how we solve theevolving needs and demands of our customers.

Brand Finance Global 500 2024

This department will integrate AI into all aspects of e&
operations, leveraging its full potential through agility
and innovation.
It will achieve this by forging impactful alliances while
simultaneously fostering the next generation of data
scientists to lead and execute these AI initiatives.
At e&, we are in a unique position to reshape theindustry’s future, and we are investing in thesetechnologies to develop new products and services thatleverage them.
Building a more sustainable future remains our priority.
We have followed the UAE’s sustainability ambitions,
resulting in e&’s commitment to a net-zero emissions
mandate for its UAE and global operations by 2040.
Through collaborations with industry leaders, notonly do we aim to reshape the sector, but we also
want to inspire others to embrace the dynamicchanges within the telecom landscape and evolve
profitably and sustainably.

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🇮🇳 u

Infosys

Brand Value©2007 Infosys Technologies Limited, Bangalore, India. Infosys believes the information in this publication is accurate as of its publication date; such information is subject to change
without notice. Infosys acknowledges the proprietary rights of the trademarks and product names of other companies mentioned in this document.

#145

USD14.2 bn +9.2%

Brand Strength#98
83.5 +0.1

Brand Finance Global 500 2024

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50Interview with Sumit Virmani
Congratulations to Infosys on being the fastest growing IT Services brand in
the Global 500 over the last five years. What made this growth possible?
A deep commitment to purpose and an aspiration to continuously evolve and stay
relevant to the changing needs of our stakeholders – that’s the secret sauce. Today,
delivering on the Infosys brand promise, we are helping our stakeholders to navigate
and thrive in an AI-first world. The core purpose of our brand remains unchanged to amplify human potential and create the next opportunity for everyone. With theevolution in the technology landscape, we remain committed to leveraging its
shifting capabilities to move people, businesses and communities forward.

Sumit Virmani
CMO,
Infosys

What bets has Infosys placed in generative AI and cloud technologies thatcan serve to build and strengthen the Infosys brand?
For brand Infosys, the aspiration is to be the digital innovation partner of choice forour clients. To credibly own that position, we know we must continuously differentiate
ourselves across markets. With cloud computing and artificial intelligence - especiallygenerative AI - driving business transformation, we saw the opportunity to reset
benchmarks early on.
We have launched the industry’s first cloud services brand - Infosys Cobalt. Infosys
has also, for a long time, been making investments in the AI space. We are leveraging
generative AI to deliver business solutions as well as integrating it into many of ourofferings to accelerate productivity. Infosys Topaz - our brand of AI-first services,
solutions and platforms using generative AI capabilities – was launched a few
months ago to help our clients accelerate their journey towards building an AI-firstenterprise. In combination with Infosys Cobalt, it is helping brand Infosys build a
credible digital-first, cloud-first and AI-first positioning within the marketplace.

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Brand Spotlight Infosys | Interview with Sumit Virmani

The economic slowdown is creating pressure
on companies to scale back investments in
ESG. How has Infosys responded?
The somewhat prolonged economic uncertainty has
certainly driven many skeptical investors to question
the overall efficiency of firms incorporating ESG
considerations into investment decisions.
However, at Infosys, our commitment to ESG stems fromour very purpose. In fact, our co-founders have always
advocated perusing what’s ‘better for all of us’, even at atime when ESG was rarely part of the corporate lexicon.
The core belief at Infosys is, and always has been, thatsociety provides customers, employees, and investors
for a company, and businesses cannot thrive in failingsocieties. Therefore, Infosys maintains that it is uponbusinesses to create the next opportunity for all.
From announcing our ESG Vision 2030 and embracing
the aspirational goals, even as the pandemic raged,
to realizing it in tangible and measurable terms today,
Infosys has set a positive example – enabling 8.5
million learners with digital skills, being carbon
neutral 4 years in a row, and being recognized among
the world’s most ethical companies 3 years in a row.
Brand Finance Global 500 2024

Brand budgets can often be cut during a downturn,which provides opportunities to those willing tocontinue to invest for the long term. What is yourpoint of view on this and what actions has Infosys
been taking to continue to invest in its brand?
In a downturn, growth is the overriding business priority
and likely hardest to reach. Well-hedged marketing andbranding bets are a must-have in such an environment
to ensure that businesses are well positioned to garnermarket share at the other end of the downturn.
These need to be hand-picked strategic programs that
don’t just support the growth engine in the near-term but
also amplify positive perception and set the brand up fora head start for when the markets revive.
A good example of Infosys continuing to invest throughthe recent economic reality has been the launch of our‘Champions Evolve’ campaign along with our brandambassadors Rafael Nadal and Iga Swiatek. Research
has shown, with adequate data points over multiple
recessions, that brand strength is integral for long termbusiness growth and marketers can make a material
contribution to business health by making strategic
brand moves to prepare the business well for
economic recovery.
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52

Insights

Why Should I Value My Brand?
It's one of the most frequently asked brand strategy questions: when, why andhow should I value a brand?
We love to answer this question, because it gets to the heart of why brand valuation
is important and the difference that brand value can make to your business.
There is a multitude of reasons to value a brand, ranging from technical to applied,from marketing to finance, and everywhere in between. Regardless of the discipline,
it is crucial to centre the conversation and base any strategic branding decisions on
hard data.

Mike Rocha
Chief Commercial Officer,
Brand FinanceYour brand exists to differentiate and elevate your business. Measuring and valuing
its performance should be done with the intention of understanding how you canleverage one of your most important assets to further your business goals, in the
short and long term. In this article, we are going to explore six of the most common
brand valuation applications for brand strategy.
1. Brand Tracking
It is essential for any brand manager to identify the period-to-period performance of
their brands. The identification of changes in brand equity and brand value allows forquick action that can correct or improve performance.
Most companies will track the performance of their brands in one way or another.
One of the most commonly tracked metrics is 'Net Promoter Score' (NPS). On topof this, brand managers will often be monitoring a whole host of other brand equity
measures (awareness, familiarity, consideration, recommendation etc...), and bottomline performance.
To effectively track all of a brand's attributes requires expert ability in market
research, communications, finance, HR, insights and analytics. Brand Valuation
combines data on all of these areas, prioritises them, and provides financial numbers
which are intelligible across the business. Indeed, this principle is how we arrived at
our strapline "Bridging the Gap between Marketing and Finance".

"Many senior managers have noticed a paradox in how
firms perceive marketing. On the one hand, every chief
executive and mission statement puts marketing at thevery top of the agenda … At the same time, marketing
professionals, marketing departments and marketing
education are not highly regarded … The paradox will
never be resolved until marketing professionals justify
marketing strategies in relevant financial terms."
Peter Doyle
Former Professor of Marketing at Warwick University

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Insight | Why Should I Value My Brand?

Period-to-period tracking helps to expose the brandattributes that are under or overperforming. Usingbrand valuation, you can start to expose the real
financial impact of changes to key brand attributes.
For example, between tracking periods, a company
may invest in an advertising campaign to address
shortcomings in brand awareness. When the brand isassessed and valued again, awareness has improved,
and brand value has also improved.
By measuring the brand value difference we areable to put a dollar figure on the return on marketinginvestment from the awareness campaign. Brand
trackers then become a strong tool for communicating
the development of the brand and its attributes to otherinternal stakeholders - especially in marketing efficacy
and budget discussions.
Over 100 businesses use our in-depth reports to
identify how brand value and strength is changing andthe underlying reasons for those changes and over
300 report our valuations in their annual reports. Even
more, businesses use other providers so the use ofbrand valuation is endemic among marketing and branddepartments worldwide and growing in importance.
2. M arketing Budget Allocation and Return on
Marketing Investment (ROMI)
When you are able to demonstrate how much value you
are generating through your current branding initiatives,
you can determine if you are either over or underallocating investment in the brand. Valuations can beused to identify what value of an investment is likely tobe necessary to keep value topped-up. After analysing
the importance of brands versus other assets (bycomparing their relative values), management teams
can allocate the appropriate proportion of investment tobrand building activities.
Brands are built not only through promotion but also
through product development, availability, price,customer service and many other factors.Therefore astrong brand valuation approach is one which identifies
the relative importance of these activities, allowing
for appropriate segmentation of spend; between
these different levers as well as the various marketing
channels available for promotion. Brand Valuations
are the natural extension to the more short-termMarketing Mix Models and can (read: should) be
used concurrently, if data allows it.
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Insight | Why Should I Value My Brand?

Conducting scenario analysis on the assumptions ina valuation can be used as a dynamic tool to identify
the return on investment of specific activities such as
improving the customer journey experience, updating
visual identity or improving brand management
processes.
3. Brand Architecture and Brand Transition Strategy
Brand Valuation also helps identify and inform whether
you should increase or decrease the number of brands
you use, often referred to as a brand portfolio. Whenvaluing a brand portfolio you are testing each available
brand through the impact of their strength on businessperformance. This enables you to review and track the
impact of individual brands on the wider portfolio.
As well as the effects of brand equity, the analysis
allows you to understand what brand-building activities
are driving awareness to and brand perceptions of theoverall group.When working with Vodafone throughout
the mid-2000s, as it forged its place as the preeminent
global telecoms brand, we developed a structured
approach for each stage of the brand architecture
strategy process and have continued to develop theprocess up to today.
This process identified how strong the benefit ofrebranding to Vodafone could be for the local brands,
which enabled a prioritisation process to take place overwhich local brands to transition first. Following this camethe brand transition planning. Brand transition strategy
and brand architecture strategy are close cousins.
Indeed, more often than not, one follows the other. For
example, there may be a push from upper management
to follow a 'Masterbrand' strategy, which entails that any
dud or acquired brands will need to be transferred.
With any brand transition strategy, you will need toweigh up the brand tactics, marketing tools, investment,
and time planning that will create the biggest uplift invalue. A successful brand transition strategy is one that
ensures the transfer of the existing brand equity to thenew brand while minimising the risk of customer value
loss. A brand valuation lens can help you model thefinancial impact of the various transition strategies.
The cost of a slow transition for the benefit ofmaintaining customer value is a consideration that isoften misunderstood or overlooked in favour of quick
action. And indeed, the opposite is also true, sometimes
a quick transition will improve business performance.
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Insight | Why Should I Value My Brand?

So do you proceed with an overnight transition? Do
you adopt interim brand endorsements? How muchadditional investment will be required to effectivelytransfer brand equity?
A brand valuation framework enables teams to weighup cost, time and activities (such as endorsements) tocomplete the most successful transition possible.
4. Sponsorship Analysis
Sponsorship evaluation is one activity that is
specifically suited to this type of analysis. Typicallyan area that has focussed on size of coverage rather
than effect, there has been a general misunderstanding
about how its benefit should be identified.
The key question to ask when evaluating sponsorship is
not "How much would it cost as advertising?" but rather"What is its benefit to our bottom line?" The answer tothe first question is effectively useless for determining
the ROI of the activity, while the second gets straight tothe point.
A valuation-based approach to sponsorship evaluation
provides a practical, logical and commercially driven
basis for assessment. By following an approach that
establishes links between changes in brand equity,
stakeholder behaviour and ultimately business andbrand value, we gain a solid platform of insightto decide whether to enter into - or continue with- sponsorship activities, and how much to spend
to activate them. The ultimate benefit of thisunderstanding is that it provides true firepower at thenegotiation table with existing and potential sponsors,leading to better results for less investment.
5. Brand Positioning Decisions
Faced with a decision on a change in positioning,many businesses consider the effects only throughmanagement hypotheses or market research.
Management hypotheses on the effects of a change
in positioning are high level and untested, but due
to hierarchies of power and experience, most brandmanagers accept these hypotheses at face value.

A brand valuation framework enables
teams to weigh up marketing cost, timeand activities, and model the returns inreal financial terms.
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Insight | Why Should I Value My Brand?

Market research is useful but can be risky if you stop
there. Strong market research programs will often
include “Demand Drivers Analysis”.
Demand Drivers Analysis allows you to identify what
aspects, or “attributes”, a brand needs in order to drive
brand preference in a category. The idea goes that thebrand positioning which maximises performance on
the most important attributes should be the option
selected. Demand Drivers Analysis is a fantastic start,
but it is an exercise that needs to be performed at asegment level.
If you take a large multi-service bank, for example, thefactors that drive individual consumers to buy a credit
card will not be the same as those for a mortgage nor
will they be the same for a corporate customer trying tofind the provider for a new loan.
So if the positioning changes perceptions in different
ways in different segments, how do you decide which
segment to prioritise? Ultimately, this must be done
by weighing up the overall financial implication to
the business.
Most importantly, and fundamental to the discipline,
brand valuation enables you to identify what you
should be willing to spend on the change, knowingthat you should never spend more than you predictto gain in value.
6. Franchising & Licensing Strategy
Brands are frequently licenced both internally andto other companies through franchise or brand licencing
agreements. In the late 1990s, we were approached by
the United States Internal Revenue Service to provide
a new approach to setting brand royalties that was
grounded in the identified commercial effects ofbrands, rather than simply what had been paid
for them in the past.
Using research analysis techniques, we identify the upliftin yearly revenue and profitability caused by brand equity.
The outputs of this analysis are always compelling, andprovide a strong defense in negotiations.
Establishing the commercial reality of a brand’s impact
on a business rather than relying on often conservative
perceptions or non-comparable agreements is atechnique that is - and should more often be used in licensing.

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Insight | Why Should I Value My Brand?

The following applications range from technical toapplied, from marketing to finance, and everywhere
in between:
1. Brand Impact Analysis
The most fundamental reason to conduct a valuation
analysis is to find out how brands - that is, trademarks
and their associated intellectual property - improve thefinancial performance of a business.
Brands do this by impacting the perceptions that
customers, employees and other relevant stakeholders.
Finding out how brands contribute to revenue and profit
and how their value stacks up in comparison to otherassets is a fundamentally important piece of knowledge
to glean for various reasons.

Another reason is to benchmark your brand against
its competitors, and through that process gain
insight into its performance. Knowing how much yourbrand impacts your business and why, and how thiscompares to other brands over time, can help guidebrand management in the direction of the most valuegenerating activities.
The final reason is for income allocation and investment
planning. Knowing how much a brand is contributing toa business and from where enables the internal brandteam to be compensated adequately for their work. This
team will then be in a much better position to reinvest in
segments, countries and products that will generate thehighest return in the future, maximising brand value.
2. Tax & Transfer Pricing

Through our rankings of the world's most valuable
brands, we have found that brands consistently makeup 20%-25% of the value of listed companies. This
figure differs by type of business, industry, segment,
stage of life and many other factors so it's importantto analyse specific brands and on a segmented basis
to glean out all the relevant information.And it isrelevant for many reasons.

‘Transfer pricing’ refers to the practice of pricing
transactions between companies within a commonly
controlled group. The concept is originally amanagement accounting one, used by companies toensure that individual divisions profit maximise in theabsence of a true market for what they buy and sell –this true market not existing since the common control
gives incentives to buy internally.

One principal reason is education. Many boards are
simply unaware of the benefit that brand building canmake to your business.

Brands and other IP are assets that one party owns,
and another uses. In any third-party transaction, theuser would usually be expected to pay the owner forthe privilege of use. Internally, the use by one groupcompany of IP owned by another group company would
therefore be a transaction just like any other and isusually covered by a licence agreement.

Demonstrating these effects can help build support for
new measures to further strengthen the positions ofbrands in decision-making.

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Insight | Why Should I Value My Brand?

A profit-seeking brand owner and its profit-seeking
brand user counterpart would both aim to maximise
the return they receive from the deal partly throughforceful negotiation but also through the professional
management of processes for developing, protecting
and exploiting the value inherent in its brand.
Virgin, which owns its brand in a separate subsidiary,
is a particularly clear case in point. Virgin does not
own majority stakes in most of its companies. Instead,
it operates a minority stake and brand licence model
where management identifies opportunities that will
maximise royalties to the brand-owning company, while
also developing and enhancing the brand to promote its
other enterprises.
It expects its licensees to invest in substantial
amounts of advertising, PR and other types of promotion
but keeps strategic control of the brand’s positioning
and direction firmly under the remit of its brand owning
subsidiary.
Tax authorities are increasingly recognising these
obvious value dynamics for brands and the need tocapture the value they create for the benefit of theirtreasury. Valuing brands to take account of this new
fiscal compliance is therefore often essential.
3. Brand Damages & Litigation Support
As will generally be known, Trade Marks (orTrademarks, depending on which side of the Atlantic
you reside) relate to the signs, symbols, words, shapes,
colours and other signifiers that identify a product orservice, allowing the public to clearly and precisely the
subject matter of what they are procuring or using.
They are therefore the legal manifestation of what
would generally be called “brands”.
Across the world, there acts prohibit the infringement oftrademarks, their unfair damage and their dilution (i.e.
acts which negatively impact on their distinctiveness).
Damage to a brand might have been caused for avariety of reasons with the following being the mostcommon: libel, slander and defamation; improper use of
the marks in question; and confusion created by the useof an unlawfully similar mark.
The US Trademark Act (also known as the LanhamAct), the Trade Marks Act in the UK and many othersimilar laws around the world allow the damaged party
recourse to damages for some combination of theBrand Finance Global 500 2024

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Insight | Why Should I Value My Brand?

defendant’s profits, the damaged party’s lost profits
and the cost of any legal action. In order to calculatethese damages, some kind of brand valuation exercise
is necessary.
This might include royalty rate analyses, lost profits
analysis, unjust enrichment calculations, corrective
advertising calculations for example. In some cases,
the business analyst may even need to recreate ahypothetical licencing or business structures to justify
the "what-if" scenario without the damaging behaviour.
4. M&A Due Diligence
Many companies boast impressive track records in
M&As, however, precedence is almost always given to
the “hard” factors, which relate to the financial, legal
and economic features of the deal.
The brand is one of the most valuable strategic assets
a company owns, yet often it is overlooked and remains
an afterthought in deal situations, even in the world's
biggest companies.
However, examining and analysing brands for due
diligence can provide comfort to organisationsacquiring companies brands and other intangibles byanswering some of the following questions:- Are we buying a good brand?
A brand evaluation process, identifying how well a brandis known and perceived compared to its competitors
can help buyers determine how resilient demand will
be and how much growth to expect.
- Having acquired a new brand, what would be theimplications of rebranding it?
It can be important to quantify the strength and valueof the brand being acquired to assess both the positive
and negative implications of integrating, merging or
rebranding a target brand.
In fact, Brand Finance’s Global Rebrand and Architecture
Tracker (GReAT) report highlights that there canbe significant volatility in returns depending on thequality of the rebranding process and the timing of thetransaction. It is therefore important to analyse trends
and market research to predict the ideal timing fortransactions as well as brand transitions.
- How do we show our investment committee potential
brand uplift?
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Insight | Why Should I Value My Brand?

Valuations can also help identify any uplift in value andpotential licensing and extension opportunities, given
the strength of perceptions of the brand and its legal
protection in potential categories and markets.
5. Fair Value Exercises
Under the accounting standard IFRS3, in force since2003, companies using IFRS (which includes all publicly
traded European companies) are compelled to value allof the intangible assets of any company they acquire –including brands.
Every year, the acquired assets have to be reviewed incase there should be an impairment to their value. In
the US and other jurisdictions, the rules are also very
similar in function.
Unfortunately, general practice has often been to
misvalue intangible assets under this standard. It is
usually in the interest of finance directors to reduce thevalue of identified intangibles and increase the share ofvalue attributable to Goodwill.
It is also sometimes seen as a box-ticking exercise
by many resulting in poorly done valuations with little
depth of data or analysis.The folly of treating it thisway is shown well with the cases of both Carillion –an outsourcing firm – and Kraft Heinz – a consumer
goods firm.
For Carillion, inappropriate determination of the valueof acquired intangible assets and a reluctance toimpair them led to a total misrepresentation of theirperformance, and ultimately bankruptcy.
When Kraft Heinz was purchased by the private equity
firm 3G, the acquirer took the view – as it has on anumber of other occasions – that the primary area to
add value would be through cost synergies.
3G expected to create massive savings by cutting backon marketing and product innovation since the brands
were strong (when they were bought) and in a stable
market.
As the winds of the industry changed and it became
more competitive, Kraft Heinz’s brands have weakened
and been outcompeted by new entrants. Not valuing its
brands properly led to misinvestment which has now
led to massive loss of business value – in this case,a $15bn impairment, the biggest impairment incorporate history.
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Insight | Why Should I Value My Brand?

These are examples of where things have gone
spectacularly wrong. The problem of misinvestment
is likely hampering all business’ performance on asmaller scale.

Survey after survey of finance, marketing and investor
research professionals, we have found that there isstrong demand for more information to be provided
on the strength and value of intangible assets.

However, where done thoughtfully and regularly, brandvaluation and the valuation of other intangible assets
can be a powerful tool for measuring the performanceof investments and ensuring thatvalue is maintained and improved.

With adequate information on the value of brands andother intangible assets, investors are able to much
more clearly identify what lies underneath the overallbusiness value and justify the assumptions they aremaking about future performance.

6. Investor Reporting
Over 100 businesses use our in-depth reports
every year to identify how brand value and strength
is changing, and over 300 brands report our valuationsin their annual reports. Even more, businesses use
other providers so the use of brand valuation isendemic among marketing and brand departments
worldwide and growing in importance.
Although there are movements that may lead tochanges in accounting rules, for the time being internallygenerated intangible assets (including brands) cannot
be put formally into a company’s financial accounts.
However, they can be placed as notes to the accounts
and within the background information included in thewritten copy in the main body of annual reports.

Brand Finance Global 500 2024

For example, Ferrari promoted Brand Finance’s brandvaluation and strength analysis in their investor
prospectus for their IPO in 2015 in order to highlightthe fact that it was a luxury and lifestyle brand capableof transcending category while maintaining demandand price for its cars. Judged by their price to earnings
multiple and the growth in the value of their shares, it
seems to have helped their success.
Conclusions
What shouldn't be lost sight of is that the brand exists
to differentiate and elevate your business. Measuring
and valuing its performance should be done with theintention of understanding how you can leverage oneof your most important assets to further your businessgoals, in the short and long term.

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How We Value the Brands in
Our Annual Rankings
Every year we value over 5,000 of the world's biggest and strongest brands. It is thelargest and most comprehensive study of its kind. This is how we do it.
If we zoom out here, in general terms all our valuations follow a process flow. This
process flow indicates how specific actions, taken by marketing and other corporate
managers, result in changes to a brand's attributes (i.e. quality, availability, price,
positioning, personality, etc.).
We then measure how much these actions affect the level of consideration forthe brand, how increased consideration leads to stakeholder behavioural change,
ultimately leading to a favourable financial uplift effect.
Thulith Perera
Head of Ranking
Production,
Brand Finance

The process flow can be used in both directions. In one direction it explains thevalue of the subject brand. In the other, it explains what actions need to be taken
by marketing and corporate managers to strengthen brands and add value. So,
the process is both a comprehensive summary of the performance of marketing
activities to this point and a highly actionable tool for brand guardians.
This is a very broad explanation, and we would be happy to spend all day talking
through the nuances and applications of brand valuation. For now, though, wewant to tackle some of the most common questions we asked around ourannual valuation study.
How do we value brands that have not been bought, sold, or licensed?
We are lucky because there are real-world market examples of businesses buying,selling, and licensing brands. By using these real-world examples, we can build an
accurate spectrum of what brands of certain sizes and strengths, within specificgeographies, and sectors, are worth.
Through this process, we can then start to value brands (that have not been valued
before) based on assumptions that are proven to exist in commercial reality.
This is how we can perform robust valuations for brands that have never been valued
as part of an auditing or balance sheet exercise.

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Insight | How We Value the Brands in Our Annual Rankings

To understand where to place a brand within thisspectrum we look at two key areas: We look at thefinancial performance (revenues) of the business
operating under a brand, and we also look at brandstrength measures. It is very easy to compare revenues,
it is a lot harder to measure one brand’s strength
against another.
Measuring a brand’s strength is a key aspect of any
brand valuation calculation. It is also probably thestage most familiar to brand, marketing, and insights
teams. Everyone in some way or another is measuring
the strength of their brand and tracking the changes of
those strength metrics over time.
For our valuations we conduct our Global Brand Equity
Monitor to measure consumer perceptions of 5,000
brands in 30 countries across 14 industries and theninclude this in the Brand Strength.
Once we have conducted a ‘Brand Strength
Assessment’ of brands with a sector, we then start tobuild out a relative understanding of how much brand is
impacting overall business performance.
Through measuring and benchmarking brand strength
within a competitive set, we can identify the impact
brand is having on the bottom line. From there it isrelatively straightforward to then understand how muchvalue the brand is bringing to the overall business. In
our valuations we are essentially combining the two
disciplines of marketing and finance.

We are translating marketing into finance, and viceversa which informs the principle of our strapline –‘Bridging the gap between marketing and finance’.
Measuring Brand Strength
One of the key questions that inevitably evolves fromestablishing a measure of brand strength is: what brandattributes should be included in my brand strength
scorecard? The answer is quite straightforward inprinciple, but difficult in practice: a brand strength
scorecard should aim to capture as many trackablebrand attributes as necessary, but as few as possible.
We split our measurement of Brand Strength into threefundamental pillars: Brand Investment, Brand Equity,and Brand Performance.
We chose these pillars because they ask what any
brand manager, owner, or potential licensee, should beconsidering when assessing the quality of a brand:
Is management working to invest in the brand to growand maintain it into the future?
How does a variety of relevant stakeholders currently
perceive the brand?
Is the brand doing what it should be doing to bring value
to the business?
Exactly how these three questions are answered will
differ from industry to industry and even brand to brand.

Marketing Investment

Stakeholder Equity

Widely recognised
factors deployed bymarketers to create
brand loyalty andmarket share.

Perceptions of thebrand among different
stakeholder groups, withcustomers being themost important.

Brand Finance Global 500 2024

Business Performance

Quantitative market
and financial measures
representing the successof the brand in achieving
price and volume
premium.

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Insight | How We Value the Brands in Our Annual Rankings

How we value brands in our annual rankings
In the case of our rankings, we use the real-world
examples of licensing agreements as a basis for ourvaluations, using a methodology called the Royalty
Relief Methodology, or Relief from Royalty Method.
The method determines the value a company would be
willing to pay to license its brand as if it did not own it.
This approach involves estimating the future revenue
attributable to a brand and calculating a royalty ratethat would be charged for the use of the brand.
As this is purely hypothetical, and for the most partthe brands in our Global 500 are owned, rather thanlicensed, these brands are relieved from paying
these royalties on their revenues. Hence thename royalty relief.
The steps in this process are as follows:
Calculate brand strength on a scale of 0 to 100 basedusing a balanced scorecard of a number of relevant
attributes such as emotional connection, financial
performance and sustainability, among others. Thisscore is known as the Brand Strength Index.
Determine the royalty rate range for the respective
brand sectors. This is done by reviewing comparable
licensing agreements sourced from our own extensive
database of real world license agreements, as well as
and other online databases.
Calculate royalty rate. The brand strength score isapplied to the royalty rate range to arrive at a royalty
rate. For example, if the royalty rate range in a brand’s
sector is 0-5% and a brand has a brand strength scoreof 80 out of 100, then an appropriate royalty rate
for the use of this brand in the given sector will be
4%. Determine brand specific revenues estimating a
Brand Finance Global 500 2024

proportion of parent company revenues attributable toeach specific brand and industry sector.
Determine forecast brand specific revenues using afunction of historic revenues, equity analyst forecasts
and economic growth rates. Apply the royalty rate to
the forecast revenues to derive the implied royalty
charge for use of the brand. The forecast royalties
are discounted post-tax to a net present value
which represents current value of the future income
attributable to the brand asset.
Brand Valuation Calculation Visualisation
The Royalty Relief Method is not our own proprietary
methodology; it is just one of many that are outlined in
ISO:10668. The reason why we use the method, is that
it is favoured by tax authorities and the courts because
it calculates brand values by reference to documented
third-party transactions.
It can also be done based on publicly available financial
information, and it is compliant with the requirement
under the International Valuation Standards Authority
and ISO 10668 to determine the fair market value ofbrands. For these reasons, the royalty relief method isused in over 80% of all brand valuations.
The role of brand research in our valuations
The thing which we have stressed most over the 25
years is that to value a brand well is a holistic exercise.
It is not just a financial spreadsheet which spits out
a financial number. We practice this by following four
principles:+ Context: Our financial brand valuation opinions
must be driven by high quality insight and analytics
of the sector trends driving the markets in which
the brands operate.
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Insight | How We Value the Brands in Our Annual Rankings+ Stakeholder Impact: We need to understandand predict how stakeholder opinion will drive
demand and other economic and financial benefits
underpinning the valuation.
+ Transparency: we have always felt that all
assumptions in the valuation need to be disclosed infull so that they can be challenged.
+ Due Diligence: We always apply financial sensitivity
analysis so that we can evaluate brand value
scenarios.
Holistic connection is baked into our approach. We havealways considered stakeholder research, particularly
customer and consumer research to be a central
requirement of high-quality brand valuations.
Brand Finance has occasionally been characterised as
purely financial, with no understanding of demand andof brand value drivers. However, stakeholder insight has
been part of our DNA since inception in 1996.
Since 1996 we have commissioned original researchor reused existing client research in client brandvaluations. But as we have grown to become theleading global provider of brand valuations produced
speculatively each year, using publicly available data,
we have commissioned our own global research tounderpin our brand valuation tables.
We now conduct research in 38 countries and over 31
sectors. Our research includes brand funnel measures
such as Awareness, Familiarity, Consideration, Trial,
Loyalty, and Recommendation. We also research key
attributes which drive the funnel measures. Taken
together we are able to use statistical analysis topredict customer and consumer behaviour leading into
the forecast demand and revenue in our models.
Conclusion
Brand Valuation is ultimately a financial discipline,
but unlike all other financial disciplines, it requires
an intuitive and well-researched understandingof stakeholder perceptions, motivations, andbehaviours.
Nowadays this is often referred to as Behavioural
Economics by many marketers. But really this iswhat we referred to when we coined the term Brand
Economics back in 1999. More than ever before, Brand
Finance can help brands understand how they tick andhelp them work better for all their Stakeholders.
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Sustainability – The Driving
Force behind Brand Value
Expectations for corporate sustainability action continue to build. Brand Finance’s
Sustainability Perceptions Index quantifies the value of sustainability perceptions
and the gap between those perceptions and actual performance.
To do this, we derive the relative importance of sustainability-related attributes
in driving consumer consideration. We continue to measure sustainability as acomposite of environmental, social, and governance (ESG) attributes, now
drawing from two years of data.
Purpose-driven Brands Resonate with Stakeholders

Robert Haigh
Strategy &Sustainability Director,
Brand FinanceThis year’s sustainability study goes further than the last by capturing consumer
sentiments on brand purpose. Purpose-driven brands not only lead with theirvalues, but they communicate them well. In this way, stakeholders can makeinformed decisions about how aligned the brand is with their own values,
expectations, and interests.
In assessing purpose, we ask respondents to state whether they feel that a brandsupports the causes respondents care about. Our research finds a clear correlation
between this attribute and reputation.

© Brand Finance Plc 2024

Relationship between brand purpose and reputation
9.5
9
8.5

'Reputation (mean score /10)

Sofia Liszka
Senior Strategy &Sustainability Consultant,
Brand Finance

8
7.5
7
6.5
6
5.5
5
0%

5%

10%

15%

20%

25%

30%

35%

40%

This brand supports causes I care about (% agreeing)
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68Insight | Sustainability - The Driving Force behind Brand Value

Role of Sustainability in Driving Consumer Consideration (%)

23.8

Luxury Auto
12.2

Luxury Apparel
Auto

11.5

Luxury Cosmetics

11.4

Supermarkets

11.1
10.7

Spirits
Apparel

9.6

Hotels9.3

Oil & Gas

8.6

Beers

8.5

Telecoms

7.8

Insurance

7.7

Banks

6.8

Technology

6.6

Airlines

6.5

Food

6.5

Restaurants

5.9

The top sector sustainability driver scores are presented
above, based on two years of data. We find a varying
relative importance of sustainability to customer
choice across sectors. For example, a lower role forsustainability in consideration is observed in Airlines
and Technology, where attributes like trustworthinessand customer service are more important.
In contrast, in sectors like Supermarkets and Apparel,
there isa more significant role for sustainability.
Further, our research indicates a significantly enhancedrole for sustainability in driving choice in the luxury /premium market segment. This was evaluated in theAuto, Apparel, and Cosmetics sectors. In the luxury
segments of these industries, sustainability driverscores are over 1.5 times higher than for the sector
as a whole.
How to explain this? There may be multiple effects
at play, and when examining the implications ofsustainability for your brand, exploring each canbe important.
Brand Finance Global 500 2024

© Brand Finance Plc 2024

A brand’s sustainability commitments may imply
a slight cost increase that necessitates a more
premium positioning.
Premium-segment consumers have a lower pricesensitivity, choosing to deprioritize low prices inexchange for improvements on other attributes,
including sustainability.
It is possible that the desire to purchase sustainable
brands is similar across economic groups, but that
more affluent consumers are more able to express
this via purchase habits. However there may be othersituations in which affluence is correlated with greaterawareness of and concern for sustainability related
issues and how these map onto their purchases.
Further, at the premium / luxury end of many markets,brands increasingly become more than just a guarantee
of attributes to the consumer, also acting as an
expression of the purchaser’s status, taste, identity,or ethics to others. This is particularly true in luxury
apparel and luxury auto.
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Insight | Sustainability - The Driving Force behind Brand Value

Assessing the Components of ESG
As well as the distinction between proactive, purposeled sustainability and damage mitigation, sustainability
can also be broken down by thematic topic area. Our
Global Brand Equity Monitor allows us to determine therelative importance of the environmental, social andgovernance (ESG) aspects of sustainability.
This reveals significant variations from one sector toanother. For example, as one might expect, the growing
urgency of calls for action on climate change, and longer
standing concerns about spillage (such as during the
Deepwater Horizon event), mean that the environmental
dimension is the most important contributor to thesustainability driver in Oil & Gas, whereas in Insurance,
where fair dealing and prudent management are valued,‘governance’ is the more important.
Despite a spectrum of values for all ESG attributes,
social sustainability was had the smallest effect on
consumer consideration across all sectors this year.
The urgent necessity for action on climate change has
meant the ESG efforts and hiring practices of manybusinesses have been focused strongly in that direction,
to the point where many business stakeholders regard
sustainability as exclusively environmental (despite the
UN Sustainable Development Goals clearly spanningmany social and governance topics).
Governance, to combat financial misdeeds in particular,
has been a priority for many years, arguably long before
sustainability became a recognized term.
The emergence of generative AI and its potential
for misuse creates even more urgency. The resulting‘crowding out’ of social sustainability is a concernof both sustainability professionals and communityrelated stakeholder groups.
Sustainability Drives CEO Reputation
In addition to capturing consumer views andsentiments, Brand Finance also consults an expert
analyst and journalist community for their views onbrands and the CEOs that lead them.
Amongst this well-informed stakeholder set, an evenmore powerful role for sustainability is apparent. Ourlatest Brand Guardianship Index, netting perceptionsof leading CEOs, found that sustainability was the top
driver of CEO reputation.
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Insight | Sustainability - The Driving Force behind Brand Value

Strongest Drivers of CEO Reputation (%)© Brand Finance Plc 2024
14.0

Is a sustainability champion
Trustworthy

12.5

Strong strategy and vision

12.3
11.6

Genuinely cares about employees

11.0

Focuses on long term value
Inspires positive change

10.3

Recognized globally

10.2

Many CEOs assume the role of sustainability
champions for their organizations, utilizing theirplatform to drive change on select causes.

Last year’s Brand Finance Sustainability Perceptions
Index found that Microsoft’s sustainability performanceexceeded its perceptions.

In this vein, Microsoft CEO Satya Nadella fared well in
the Index for net positive media coverage and perceived
reputability, a position he’s built in part based on his
advocacy for sustainability topics like accessible
technology and mobilizing AI towards climate action.

This means there is significant room for Microsoft tocommunicate more clearly and consistently about thegood progress it has made to add value.

The brand overall is seen as visionary for its ESG
leadership and quiet, consistent, progressive
achievement.

Brand Finance Global 500 2024

Our full sustainability insights on corporate brands,
covering perceptions and their gap with truesustainability performance, will be available when our
2024 Sustainability Perceptions Index launches on
February 19th.

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Methodology

Definitions
Brand Value+ Enterprise Value[Meta]The value of the entire enterprise, madeup of multiple branded businesses.
Where a company has a purely monobranded architecture, the ‘enterprise value’is the same as ‘branded business value’.

Enterpri
se V
alu
e

+ Branded Business Value[Facebook]

on

Brand
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 businessvaluation as part of any brand valuation. We
evaluate the full brand value chain in order tounderstand the links between marketinginvestment, brand-tracking data, andstakeholder behaviour.

eBrande
d Bu
sin
es
sV
al
u
Brand C
ont
rib
ut
i

+ Brand Contribution[Facebook]The overall uplift in shareholder value thatthe business derives from owning the brandrather than operating a generic brand.
The brand values contained in our
league tables are those of the potentiallytransferable 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[Facebook]

The value of the trade mark and associatedmarketing IP within the branded business.
Brand Finance helped to craft theinternationally 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 orentities, creating distinctive images andassociations in the minds of stakeholders,
thereby generating economic benefits.

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73Brand Valuation Methodology
What is Brand Value?

Brand is defined
as a bundle oftrademarks andassociated IP which
can be used to takeadvantage of theperceptions of all
stakeholders toprovide a variety of
economic benefits
to the entity.

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 theapproach 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 findout 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 lessevery sector in the world.
This is sometimes known as the “Royalty Relief”
methodology and is by far the most widely usedapproach for brand valuations since it is grounded
in reality.
It is the basis for a public rankings but wealways augment it with a real understandingof people’s perceptions and their effects on
demand – from our database of market researchon 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 asproviding investment or business advice. Brand Finance does not intend thereport to be relied upon for any reason and excludes all liability to any body,government or organisation.

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Brand Valuation Methodology

1. Brand Impact
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).

2. Brand Strength
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 realcurrent perceptions sourced from our market researchand 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.

3. Brand Impact x Brand Strength
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%.

4. Forecast Brand Value Calculation credibility
We determine brand-specific revenues as a proportionof parent company revenues attributable to the brand inquestion 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.
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75Brand Strength Methodology
Analytical rigour andtransparency are at theheart of our approach
to brand measurement
at Brand Finance.
Therefore, in order to adequately understandthe 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’ processeffectively we create and use the “Brand Strength
Index” (BSI). This index is essentially a modified
Balanced Scorecard split between the three corepillars of the ‘Brand Value Chain’: Brand Inputs,
Brand Equity and Brand Performance.

Brand Strength Index
Marketing Investment

Stakeholder Equity

Widely recognised
factors deployed bymarketers to create
brand loyalty andmarket share.

Perceptions of thebrand among different
stakeholder groups, withcustomers being themost important.

Brand Finance Global 500 2024

Business Performance

Quantitative market
and financial measures
representing the successof the brand in achieving
price and volume
premium.

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76Brand Strength Methodology

1. Attribute Selection and Weighting
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 structurefrom an index designed for atelecommunications brand. An index
for luxury apparel brand mayemphasize the exclusiveness, wordof mouth recommendation, and pricepremium, whereas an index for atelecommunications company mayemphasis 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; andfinally the relevance of Brand-Related
Business Performance measures fordriving business value.

2. Data Collection
Brand’s ability to influence purchasedepends primarily on people’s
perceptions. Therefore, the majority of
the Brand Strength Index is derived fromBrand Finance’s proprietary Global Brand
Equity Research Monitor research, aquantitative 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 measuresthat can be used to fill gaps that survey
research may not capture. These include
total investment levels – for example inmarketing, 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 moregranular understanding of marketing
effectiveness. Finally they also include
real behaviour – for example net
additions, customer churn and market
share, to overcome the tendency forsurveys to incorporate intended
behaviour rather than real.
Over a period of 3 to 4 months each year,
we collect all this data across all thebrands in our study in order to accurately
measure their comparative strength.

3. Benchmarking and Final Scoring
In order to convert raw data in to scoresout of 10 that are comparable between
attributes within the scorecard, we thenhave to benchmark each attribute. We do
this by reviewing the distribution of theunderlying data and creating a floor andceiling based on that distribution. Eachbrand is assigned a Brand Strength Index
Brand Finance Global 500 2024

(BSI) score out of 100, which feeds into
the brand value calculation. Based on thescore, each brand is assigned acorresponding rating up to AAA+ in aformat similar to a credit rating.
Analysing the three brand strength
measures helps inform managers ofa brand’s potential for future success.
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77Brand Research Methodology
For brands that specialize in B2B relationships and transactions, it’s important to understand Brand
Equity amongst their relevant target audience to have a holistic view of brand value and empowerbrand strategies through actionable insights and the monitoring of market trends. Our B2B practicehave initiated a global study on the IT services market, conducting a structured quantitative assessment
amongst a global network of senior business transformation and IT decision makers. The insightsfrom the study will enable B2B brands to have actionable insights to grow their brand and business.
Brands included in the study: Accenture, Atos, Capgemini, CGI, CI&T, Cognizant, Deloitte, Dextra, DTI, DXC
Technology, EPAM, EY, Fujitsu, Globant, HCLTech, Hexaware Technologies, HPE, IBM Consulting, Infosys,
Ioasis, KPMG, Kyndryl, LTIMindtree, NTT Data, Persistent Systems, PwC, Reply, Sopra Steria, Stefanini, TCS,
Tech Mahindra, Thoughtworks, TietoEvry, Tivit, Wipro, Xerox, Zup.

Brand KPIs and Diagnostics​
Brand Funnel

Brand Image & Personality​+ Knowledge+ Reputation, Strategy, Quality+ Consideration+ Functional Image drivers (24)​+ Usage• Value+ Loyalty• Innovation+ Recommendation• Culture+ Emotional connection​

Respondent Profile​

Gender+ Role, Seniority, Location,
Responsibilities+ Male - 72%+ Female - 28%+ Interests & Sponsorship
Engagement​+ Recognised Industry Trends

Regions

Sample Size

North America

354

Asia-Pacific (APAC)

216

Europe291

Latin America (LATAM)

101

Brand Finance Global 500 2024

Country

Sample by Country

United States

292

CanadaSingapore
Japan
India
Australia
Spain
SwedenGermany
France
Italy
United Kingdom
BrazilMexico

62
50
51
85
30
16
8
70
36
38
109
51
50
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Brand Research Methodology

Brand Research Respondent Profile
Which of the following job titles isthe closest match for your current role?
7%
9%

25%

10%
12%

21%
16%

Which of the following job titles isthe closest match for your current role?
5%• DirectorC-suite•  (CEO/CXO)• Senior
 Managers
Manager• General• Senior
 VP• Senior VP• Other• Sole decision makerof a team• Memberthat makes the16%

decisionspending• Authorize(and have input)
influence• Significant


63%

17%

Average digital transformation services/IT consulting order sanctioned/
approved by you/your team
30%

25%

25%

22%
19%

20%

16%

15%

12%

10%
5%
0

5%

< $5m

$5 - $10m$10 - $25m

$25 - $50m

$50 - $100m> $100m

8%

8%$5bn – $9.9bn$10bn +

Company’s annual revenue (operating budget if public sector)
70%

65%

60%
50%
40%
30%

19%

20%
10%
0

0%
<$500mBrand Finance Global 500 2024

$500-$999m$1bn – $4.9bn

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79Brand Research Methodology

Key Survey Questions​
Questions
How familiar are you with the below firm’s digital transformation services/IT consulting?​
Which of these options best describes your likelihood to consider using/purchasing the following
brand(s) digital transformation services/IT consulting in the future?
Have you or your company purchased digital transformation services/IT consulting from this firmin the last two years?​
How good, in your opinion, is the overall reputation of the companies listed below?​
On a scale of 0-10, with 0 being very poorly and 10 being very strongly, how would you rate
this brand on the following attributes: meet my needs, a brand I trust, a brand I admire.
Please select which statement you agree more with regarding the price for the service offeredby this brand: So cheap I doubt its quality, cheap but bargain for the price, average price, expensive
but worth the price, too expensive for what you get.
On a scale on 0 to 10, how likely are you to recommend the following brands?
How would you rate the quality of these companies’ services compared to others?
How would you rate the sustainability of these companies in terms of its actions to protect
the environment and in supporting communities and wider society?
Thinking about the past 30 days, have you had any kind of conversation or exchange of views
about the brands listed below. Please think about conversations in person, on the phone,messaging apps, online forums, social media post, etc.
Which of the below brands to you remember seeing, hearing or reading about in advertising,communications or media (including sponsorship, events, industry publications etc.)?
Which of the below channel(s) / platform (s) do you remember seeing this <BRAND>
communicating and being active on?
How would you rate the AI vision and capabilities of these companies?
- To what extent do you agree or disagree that the following brand is…? ​- Committed to the environmental aspects of sustainability (e.g., climate change, avoiding
waste/pollution, preservation of wildlife etc.).​- Committed to the social aspects of sustainability (e.g., Women in Tech, equality, diversity
and inclusion, education, etc.)​- Well managed and governed (e.g., has a competent, diverse, and experienced leadership,treats customers and suppliers fairly, not corrupt etc.).

Demographics
What is your current age?
Which gender do you identify as?
A quick question about sports and interests. Which of these things do you follow, in-person,
on TV or online? Please select all that apply

Brand Finance Global 500 2024

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80Our Services

Consulting Services

Make branding decisions using hard data

Brand

Research
What gets measured.

Questions we
can help answer:
Are we building our brands’
strength effectively?

Brand Evaluations are essential forunderstanding the strength of yourbrand 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

How do I track and develop
my brand equity?
How strong are mycompetitors’ brands?
Are there any holes in
my existing brand tracker?

way to manage it effectively.

+ Brand Audits+ Primary Research

What do different
stakeholders think of
my brand?

+ Syndicated Studies+ Brand Scorecards+ Research Analytics+ Soft Power

Brand Finance Global 500 2024

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Consulting Services

Brand

Insights
Make your brand's
business case.
Benchmarking
In-depth externalbenchmarking – comparisons against
direct competitors across key KPI’s
through the Brand Strength Index
framework.

Drivers Analysis
Statistical correlation analysis
to understand what is important in driving
Brand Consideration, Reputation,
Brand Strength and Value.

Brand Associations& Market Positioning
Diagnose Brand Strengths & Weaknesses– What is my brand known, and not known
for? How do I leverage or optimize mybrand position to grow brand value?

Brand Finance Global 500 2024

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Consulting Services

Brand

Valuation

Questions we
can help answer:

Make your brand's
business case.

How much is
my brand worth?

Brand Valuations are used for a

How much should
I invest in marketing?

variety of purposes, including tax,
finance, and marketing. Being theinterpreter between the language ofmarketers and finance teams they
provide structure for both to work
together to maximise returns.

How much damage doesbrand misuse cause?
Am I tax compliant withthe latest transfer pricing?
How do I unlock value
in a brand acquisition?

+ Brand Impact Analysis+ Tax & Transfer Pricing+ Litigation Support+ M&A Due Diligence+ Fair Value Exercises+ Investor Reporting

Brand Finance Global 500 2024

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84

Consulting Services

Brand

Strategy

Questions we
can help answer:

Make branding decisions
with your eyes wide open.

Which brand positioning
do customers value most?

Once you understand the valueof your brand, you can use it as tool
to understand the business impactsof strategic branding decisions

What are our best brandextension opportunities
in other categories
and markets?

in terms of real financial returns.

Am I licensing
my brand effectively?

+ Brand Positioning

Have I fully optimised
my brand portfolio?

+ Brand Architecture+ Franchising & Licensing+ Brand Transition+ Marketing Mix Modelling+ Sponsorship Strategy

Brand Finance Global 500 2024

Am I carrying dead weight?
Should I transfer my brand
immediately?
Is a masterbrand strategy
the right choice formy business?

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Consulting Services

Brand

Sustainability
Understand perceptions
and align them with performance.
Sustainability and ESG have neverbeen more important considerations
for marketers, finance professionals,
and the brands they serve. Oursustainability services bring clarity,
allowing you to make the rightdecisions to add value, protect
yourself from risk, and do theQuestions we
can help answer:
How importantis sustainability in driving
the choices of customers,
employees, and investors?
Which sustainability
issues are most relevant
to my brand?
How sustainable is mybrand perceived to be
versus competitors?

right thing.

What is the potential valueof enhancing perceptions?

+ Perceptions Evaluation
and Tracking

Could value be at risk?
If so, how much?

+ Sustainability ROI Analysis+ Competitor Insights andPositioning Recommendations+ Materiality Exercises+ Stakeholder Engagement
and Workshops

How do I secure investment
or budget allocation?
How do I improve
performanceand perceptions?

+ Sustainability Reportingand Disclosure Support

Brand Finance Global 500 2024

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Consulting Services

Sponsorship
Services

Questions we
can help answer:

Maximise value fromyour sponsorships.

Can I develop
a sponsorship strategy
to match commercial
objectives?

Sponsorships are often amongst themost extensive, influential, and expensive
brand building activities a company canundertake. We use the same techniquesapplied in brand valuation, such as research,financial modelling, and strategic analysis.
This approach helps marketing and financemanagers to understand the effectivenessof sponsorships and maximise ROI.
Advertising equivalency, and traditional
research interpretation of sponsorships, fails
to adequately address key questions aroundbrand building and value creation. Brand
Finance takes a broader view to understandsponsorships in the context of achieving
brand and business objectives.

+ Sponsorship Strategy+ Partnership Opportunity Analysis+ Return on Investment Analysis+ Partnership Tracking+ Sports Investment Due Diligence+ Sponsorship Prospectus building

Is the partnershipa good fit?
What is the short-term
impact on businessperformance?
What impacts there
on long-term brandbuilding metrics?
What is my financial
return from thesponsorship investment?
Should the partnershipbe renewed, and if so,
at what price?
How does my sports
partnership compare
to the market?

+ Activation Measurement & Strategy
Brand Finance Global 500 2024

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87Research, Strategy& Measurement+ Brand & Communications
Strategy

Brand
Dialogue
Services+ Campaign Planning+ Market Research & Insights+ Media Analysis

Public Relations& Communications+ Media Relations+ Press Trips & Events

With strategic planning andcreative thinking, we develop
communications plans to create
dialogue with stakeholders thatdrives brand value.

+ Strategic Partnerships& Influencer Outreach+ Social Media Management

Marking & Events+ Promotional Events+ Conference Management

Our approach is integrated,
employing tailored solutions
for our clients across PR andmarketing activations, to deliver
strategic campaigns, helping us
to establish and sustain strong
client relationships. We also havea specific focus on geographic
branding, including supporting
nation brands and brands witha geographical indication (GI).

+ Native Advertising+ Retail Marketing

Content Creation+ Press Releases+ Bespoke Publications, Blogs& Newsletters+ Marketing Collateral Design+ Social Media Content

Strategic Communications+ Crisis Communications+ Brand Positioning & Reputation+ Corporate Social Responsibility+ Geographic Branding

Brand Dialogue Limited is a memberof the Brand Finance Plc Group.

Brand Finance Network
For further information on our services and valuation experience, please contact your local representative:
MarketContact

Email

AfricaJeremy Sampson

j.sampson@brandfinance.com

Asia PacificAlex Haigha.haigh@brandfinance.com

Australia

Mark Crowe

m.crowe@brandfinance.com

BrazilEduardo Chavese.chaves@brandfinance.com

CanadaLaurence Newelll.newell@brandfinance.com

China

Scott Chens.chen@brandfinance.com

East Africa

Walter Seremw.serem@brandfinance.com

FranceBertrand Chovet

b.chovet@brandfinance.com

Germany/Austria/Switzerland

Ulf-Brun Drechsel

u.drechsel@brandfinance.com

India

Ajimon Francis

a.francis@brandfinance.com

IrelandDeclan Ahern

d.ahern@brandfinance.com

Italy

Massimo Pizzo

m.pizzo@brandfinance.com

MexicoLaurence Newelll.newell@brandfinance.com

Middle East

Andrew Campbell

a.campbell@brandfinance.com

Nigeria

Tunde Odumeru

t.odumeru@brandfinance.com

PolandKonrad Jagodzinski

k.jagodzinski@brandfinance.com

Portugal

Pilar Alonso Ulloa

p.alonso@brandfinance.com

Romania

Mihai Bogdan

m.bogdan@brandfinance.com

South America

Pilar Alonso Ulloa

p.alonso@brandfinance.com

Spain

Pilar Alonso Ulloa

p.alonso@brandfinance.com

Sri Lanka

Aliakber Alihussain

a.hussain@brandfinance.com

SwedenAnna Brolina.brolin@brandfinance.com

TurkeyMuhterem Ilgüner

m.ilguner@brandfinance.com

United Kingdom

Annie Browna.brown@brandfinance.com

USA

Laurence Newelll.newell@brandfinance.com

VietnamQuyen Luongq.luong@brandfinance.com

Brand Finance Global 500 2024

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89

Contact us
T: +44 (0)20 7389 9400
E: enquiries@brandfinance.com
W: brandfinance.com