Global
500
2023

The annual report on the world's most valuable and strongest brands
January 2023

Contents.
About Brand Finance
Global Brand Equity Monitor
Foreword
Ranking Analysis
Brand Spotlights

3
7
8
10
31

ADNOC

32

Deutsche Telekom

35

Etisalat by e&

37

Infosys

41

stc

44

TCS

46

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced
Technology and ADNOC Group CEO
Ulrich Klenke, Chief Brand Officer, Deutsche Telekom
Hatem Dowidar, GCEO, e&
Sumit Virmani, CMO, Infosys
Eng. Mohammad Abalkhail, Vice President, Corporate Relations, stc
Abhinav Kumar, Chief Marketing & Communications Officer – Global Markets, TCS

Brand Value Ranking (USDm)
Insights

49
59

Why Should I Value My Brand?

60

Alex Haigh, Managing Director, Brand Finance Asia PacificCommunications in Times of Crisis67

Non-Customers Like Strong Brands

68

Importance of Selective and Effective Advertising

70

The Brand Finance Global Brand Equity Monitor (GBEM) –An industry leading brand evaluation tool

71

Brand Finance Research Finds Key Drivers for Global Media Brands

76

Sector Reputation Analysis

81

Methodology

83

Cristina Campos, Managing Director, Brand Dialogue Spain
Savio D'souza, Head of EMEA, Brand FinanceAnnie Brown, General Manager, Brand Finance

Ben Baigrie, Associate, Brand Finance

Carine Guillou, Research Director, Brand Finance
Carine Guillou, Research Director, Brand Finance

How We Value the Brands in Our Annual Rankings

87

Richard Haigh, Global Managing Director, Brand Finance

Applying Brand Tracking and Valuation Techniques to Sponsorship

91

Brand Strength IndexTM: Creating a Scorecard for Your Brand

96

Hugo Hensley, Associate Director, Brand FinanceAlex Haigh, Managing Director, Brand Finance Asia PacificOur Services
2

Brand Finance Global 500 2023

101
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About Brand Finance.
Brand Finance is the world's leading brandvaluation consultancy.
We bridge the gap between marketing and financeBrand Finance was set up in 1996 with the aim of 'bridging
the gap between marketing and finance'. For more than 25
years, we have helped companies and organisations of all
types to connect their brands to the bottom line.
We quantify the financial value of brands
We put thousands of the world’s biggest brands to thetest every year. Ranking brands across all sectors andcountries, we publish over 100 reports annually.
We offer a unique combination of expertise
Our teams have experience across a wide range of
disciplines from marketing and market research, tobrand strategy and visual identity, to tax and accounting.
We pride ourselves on technical credibility
Brand Finance is a chartered accountancy firm regulatedby the Institute of Chartered Accountants in England andWales, and the first brand valuation consultancy to join
the International Valuation Standards Council.
Our experts helped craft the internationally recognised
standards on Brand Valuation – ISO 10668 and Brand
Evaluation – ISO 20671. Our methodology has beencertified by global independent auditors – AustrianStandards – as compliant with both, and received
the official approval of the Marketing Accountability
Standards Board.

Get in Touch.
For business enquiries, please contact:
Richard Haigh
Global Managing Director
rd.haigh@brandfinance.com
For media enquiries, please contact:
Michael Josem
Associate Communications Director
m.josem@brandfinance.com
For all other enquiries:
enquiries@brandfinance.com+44 207 389 9400
www.brandfinance.com
3

Brand Finance Global 500 2023

linkedin.com/company/brand-financetwitter.com/brandfinancefacebook.com/brandfinanceyoutube.com/brandfinancebrandirectory.com/global

Request your own
Brand Value Report
A Brand Value Report provides acomplete breakdown of the assumptions,data sources, and calculations used
to arrive at your brand’s value.
Each report includes expert
recommendations for growing brandvalue to drive performance and offers
a cost-effective way to gaining a better
understanding of your position against peers.

Insight

Visit brandirectory.com/request-a-valuation

Benchmarking
Brand Valuation
Summary

Brand
Strength Tracking

ConteRoyalty Rates

s
nt

4

Brand Finance Global 500 2023

Education

nefitse
B

Strategy

or email enquiries@brandfinance.com

Cost ofCapital Analysis

Communication
Customer
Research Findings

Competitor
Benchmarking

Understanding

brandirectory.com/global

Brandirectory.com
Brandirectory is the world’s largest database of current
and historical brand values, providing easy access to
all Brand Finance rankings, reports, whitepapers, andconsumer research published since 2007.
+ Browse thousands of published brand values+ Track brand value, strength, and rating acrosspublications and over time
+ Use interactive charts to compare brand values
across countries, sectors, and global rankings+ Purchase and instantly unlock premium data,
complete brand rankings, and research
Visit brandirectory.com to find out more.

Brand Finance Group.
Brand Finance Institute
Brand Finance Institute is the educational division of
Brand Finance, whose purpose is to create and foster
a professional environment for knowledge-sharing andnetworking among practitioners and experts in themarket. BFI organises events, in-company training, andcorporate educational initiatives around the world. In thequest for marketing excellence and with the purposeto equip the brand valuation and strategy practitioners
with the necessary skills and tools, we have developed
a wide range of programmes and certifications incollaboration with the most coveted business schools,
universities and thought leaders in the field.
Brand Dialogue
Brand Dialogue is a public relations agency developing
communications strategies to create dialogue that drives
brand value. Brand Dialogue has over 25 years of experiencein delivering campaigns driven by research, measurement,
and strategic thinking for a variety of clients, with a strong
background in geographic branding, including supporting
nation brands and brands with a geographical indication(GI). Brand Dialogue manages communications activities
across Brand Finance Group's companies and network.
VI360
VI360 is a brand identity management consultancy
working for clients of all sizes on brand compliance, brandtransition, and brand identity management. VI360 provide
straightforward and practical brand management that
results in tangible benefits for your business.
5

Brand Finance Global 500 2023

brandirectory.com/global

Global Brand
Equity Monitor
Original market research on over 5,000 brands

38 countries and 31 sectors covered
More than 150,000 respondents surveyed annually
We are now in our 7th consecutive year conducting the study

Visit brandirectory.com/consumer-researchor email enquiries@brandfinance.com

6

Brand Finance Global 500 2023

brandirectory.com/global

Global Brand Equity Monitor.
Original market research in 38 countries and across 31 sectors with over
150,000 consumers rating over 5,000 brands.
ApparelAutomobiles
Luxury Automobiles
Banks

Tier 1

Cosmetics & Personal Care
Food
Insurance
Oil & Gas
Restaurants
Retail & E-Commerce
Telecoms
Utilities
Airlines
Luxury Apparel
Appliances

Brand KPIs and Diagnostics
1. Brand Funnel
Awareness
Have heard of your brand

Beers
Luxury Cosmetics

Familiarity
Know something about your brand

General Retail

Consideration
Would consider buying/using your brand

Tier 2

Healthcare Services
HotelsHousehold Products
Logistics
Media
PharmaReal EstateSoft Drinks

7

2. Brand Usage
3. Quality
4. Reputation
5. Loyalty
6. Closeness7. Recommendation (NPS)
8. Word of Mouth

Spirits & Wine

9. Brand Imagery

Technology

10. Advertising Awareness

Tyres

11. Brand Momentum

Brand Finance Global 500 2023

brandirectory.com/global

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 caninform decision-making related to marketing and branding efforts, as well as provide
a benchmark for future performance. It can also be used to help attract investors andsecure financing, as a strong brand can be a valuable asset.
Additionally, brand valuation can be useful in the event of a merger or acquisition, as
it can help determine the value of the brand being acquired. Overall, brand valuation
helps organisations understand the worth of their brand and how it fits into their overallbusiness 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 competitors and establish aunique identity in the market, which can lead to increased customer loyalty andretention. 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 brandcan provide a company with a competitive advantage and help it weather economic
downturns or industry disruptions.
This year, Brand Finance has invested more in researching and understanding
customer perception of brands across the world than ever before, with original
research taking place in dozens of jurisdictions globally. The report you are reading isbased on this extensive original research, with the findings representing a catalyst for
further conversations.
If you want to help build a stronger brand, or if you want to better understand the valueof your brand, please contact the Brand Finance team and I anytime. I look forward to
the conversation and helping to build a more profitable future for your brand.

8

Brand Finance Global 500 2023

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Tech downturn
slashes billions
from value ofworld’s mostvaluable brands.
+ Amazon reclaims position as world’s most valuable
brand, despite losing US$51 billion in value.
+ Bite taken out of Apple as it falls to be second mostvaluable commercial brand in the world.
+ Google remains third most valuable brand with 7%
growth and becomes world’s strongest brand.
+ BYD is fastest growing brand in ranking, up 57% toover US$10 billion.
+ Tech remains most valuable industry, one-sixth of top
500 value.
+ Retail sector remains above US$1 trillion threshold+ Banking sector makes up the largest number of brands
in ranking.
+ USA accounts for over 200 brands and half of total valueof ranking.

9

Brand Finance Global 500 2023

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Ranking
Analysis.

Ranking Analysis.

Amazon loses brand value, but
becomes the world’s most valuable
brand again, valued at US$299.3
billionAmazon has retaken top spot as the world’s mostvaluable brand despite its brand value falling 15%
this year from US$350.3 billion to US$299.3 billion.
Amazon was previously the world’s most valuable
brand from 2018 to 2020.
Amazon’s brand has fallen by over US$50 billion
this year, substantially in connection with its fall inbrand strength, with its rating falling from AAA+ to
AAA as consumers evaluate it more harshly in the
post-pandemic world. Brand Finance’s research has
found that customer perception of customer service
at Amazon has fallen – at the same time as delivery
11

Brand Finance Global 500 2023

times have lengthened – and in concert with this,consumers have become less likely to recommend
Amazon to others. Concurrent with the conclusionof pandemic restrictions, people are returning to
shopping in-person, slightly mitigating the need foronline retail.
At the same time, Amazon has failed to meet
expected targets, with significant cost cutting andlayoffs depressing its brand value. But despite its
fall in value this year, Amazon’s brand is still up
36% in value since the beginning of the COVID-19
pandemic, as the Amazon brand has grown tobecome a dominant player across many different
sectors of the economy: online retail brand,
cloud computing, voice/home automation, digital
streaming (in both audio and video, complementing
its electronic bookstore).
brandirectory.com/global

Ranking analysis.

Amazon has returned to the topof the global brand leader board
by overtaking Apple. Our
research has found that
Amazon’s brand value comesfrom its strong position in both
B2C and B2B sectors of theeconomy, as it is a key global
market leader in the massive
markets of both online retail andonline cloud computing services.

The Amazon brand have become integral partsof many people’s lives, building brand loyalty andreflected in its return to the top of Brand Finance’s
Global 500 ranking.

Despite already having theworld’s most valuable brand, it
is continuing to expand into newverticals such as bricks andmortar retailing, acquisition offilm studios, and payment
processing. Further, with
Amazon’s full online retailservices available in just 18
nations, there remains further
scope to expand its
geographic reach.
David Haigh
Chairman & CEO, Brand Finance

Drivers of Change - Amazon© Brand Finance Plc 2023

2022

2022 Start Value US$350.3 bn

Brand Strength

Brand strength fall - USD$41.2 bn

Business Performance

Business performance gain

External Changes

External changes - US$13.7 bn

2023 End Value US$299.3 bn

2023
$0

12

+US$3.9 bn

Brand Finance Global 500 2023

$50bn

$100bn$150bn$200bn$250bn$300bn$350bn$400bnbrandirectory.com/global

Ranking analysis.

The World's Top 25 Most Valuable Brands

12 2

11

🇺🇸 3

0 3

🇺🇸 4

04

🇺🇸 5

0 5

🇺🇸

US$299.3 bn

US$297.5 bn

US$281.4 bn

US$191.6 bn

US$113.8 bn-14.6%-16.2%

+6.8%

+4.0%

+1.7%

606

🇰🇷 7

2 8

🇨🇳 8

2 10

🇺🇸 9

2 28

🇺🇸 10

2 18

🇨🇳

US$99.7 bn

US$69.5 bn

US$67.4 bn

US$66.2 bn

US$65.7 bn

-7.1%

-7.4%

-3.2%

+43.9%+11.4%

11 2 17

🇩🇪 12

1 11

🇨🇳 13

2 20

🇺🇸 14

17

🇺🇸 15

2 16

🇨🇳

US$62.9 bn

US$62.7 bn

US$61.1 bn

US$59.0 bn

US$58.8 bn

+4.6%

-4.4%

+8.4%

-41.7%-2.2%

16 1 15

🇩🇪 17

1 14

🇨🇳 18

2 29

🇺🇸 19

1 12

🇯🇵 20

1 13

🇨🇳

US$58.8 bn

US$57.7 bn

US$53.4 bn

US$52.5 bn

US$50.2 bn

-3.2%

-7.0%

+16.9%-18.3%-19.3%

21 2 3213

🇺🇸 2© Brand Finance Plc 2023

🇨🇳 22

2 26

🇺🇸 23

1 19

🇺🇸 24

2 30

🇩🇪 25

1 23

🇬🇧

US$49.7 bn

US$49.6 bn

US$49.5 bn

US$48.4 bn

US$48.2 bn+15.9%+5.5%-13.2%

+7.0%

-3.4%

Brand Finance Global 500 2023

brandirectory.com/global

Ranking analysis.

Bite taken out of Apple as it falls tobe second most valuable brand in
the world
Apple has fallen to be the world’s second mostvaluable brand with its brand value falling 16% from
US$355.1 billion to US$297.5 billion, to move fromslightly above Amazon’s brand value to now beslightly behind Amazon’s brand value.
This year’s fall in brand value relates to a fall in
forecast revenue as a disrupted goods supply chain
and a constrained labour market are expected tolimit supply of its marquee hardware products.
Despite these challenges, Apple continues toinnovate, invest in long-term growth plans, andexpand its offering into a broader range of services.
This extension of its brand further diversifies its
suite of products beyond its most successful
product, the iPhone.
Powerful customer loyalty and a continued strong
customer response to products and services suchas the Apple Watch, AirTags and Apple Pay saw
the installed base of active Apple devices hit an alltime high in 2022.

Top 5 Growth over time by Value© Brand Finance Plc 2023

• Amazon • Apple • Google • Microsoft • Walmart
400k

300k

200k

100k

0

14

2014

2015

Brand Finance Global 500 2023

2016

2017

2018

2019

2020

2021

2022

2023

brandirectory.com/global

Ranking analysis.

Apple continued to demonstrate its understandingof the importance of brand equity, further
emphasising its ESG efforts and commitment tocustomer privacy and security.
By introducing new security measures, Apple
introduced end-to-end encryption of iCloud storage,
further mitigating the risk of user information being
accessed by third parties. Apple also doubled
down on its environmental commitments, with theambition to create carbon neutral products by 2030
and seeking to reduce the environmental impact of
its products.

Google remains third most valuable
brand
Google (brand value up 7% to US$281.4 billion)
retains its position as the world’s third most valuable
brand. With a 7% increase in brand value yearon-year, Google is valued at US$281.4 billion as it
continues to grow and expand into new products andservices over the past year.
The brand has expanded its technological capabilities
vastly over the span of the year with its existingproduct offerings including Google Wallet, Google
Pixel and Google Cloud by optimising theseproducts with new artificial intelligence and virtual
reality features.
The Google Pixel phone line in recent years has
switched to Google-designed Tensor systems-ona-chip which aspire to integrate machine learningand artificial intelligence with its consumer hardware
deployments.
In addition to rolling out new products and services,
Google continues to communicate about the brand’s
sustainability initiatives across the world. The brandhas been actively involved in working towards
tackling climate change and has launched projects
to accelerate climate action, investing effectively
in technology that enables the organization and its
customers to make sustainable choices.
For instance, Google has announced a strong
commitment to climate-conscious data centre coolingand is aiming to operate entirely on carbon freeenergy by 2030.
15

Brand Finance Global 500 2023

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Ranking analysis.

Alphabet owns world’s strongest
and second-strongest brands in
Google and YouTube
In addition to calculating brand value, Brand
Finance also determines the relative strength ofbrands through a balanced scorecard of metrics
evaluating marketing investment, stakeholder
equity, and business performance. Compliant
with ISO 20671, Brand Finance’s assessment of
stakeholder equity incorporates original market
research data from over 150,000 respondents in
38 countries and across 31 sectors.
In brand strength, Alphabet Inc, the parent
company of both Google and YouTube achieveda rare one-two ranking with the world’s strongest
brand Google earning a brand strength index scoreof just over 93, and YouTube (brand value up 24%
to US$29.7 billion) earning a brand strength index
score of just under 93. Those two brands bothearned the elite AAA+ brand rating, along with tenother brands from across the world.
16

Brand Finance Global 500 2023

YouTube's brand has strengthened this year on
account of improved familiarity, recommendationand consideration, with increasing numbers ofcustomers coming to rely on it as a source of news,
entertainment, education and information.
The YouTube brand continues to update its various
product applications with new features, although its
premium music service endures significant difficultywith low subscription rates in some markets.
YouTube is increasingly building an offline brand in
addition to its very large online presence, with events
such as the tenth iteration of the YouTube Fanfest
which was hosted recently in Singapore.
Additionally, the tech giant is constantly working
on improving the new user experience and building
interface enhancements for the mobile application.
By revising its user experience, YouTube is buildinga brand which constantly enhances its services andis responsive to the changing needs of its target
audience.
brandirectory.com/global

Ranking analysis.

The World's Top 25 Strongest Brands

🇺🇸 2

12 3

-0.1
93.2
AAA+

6 2 27

🇨🇳 7

+2.5
90.8
AAA+

11 2 1788.2

21 2 77

87.7

1 1

🇨🇳 5

2 11

17

2 28

🇺🇸 8

+0.7
90.7
AAA+
12

2 65

88.1

2 30

87.5

Brand Finance Global 500 2023

2 37

87.8

NEW

87.5

AAA
2 56

2 54

87.4
AAA

2 20

88.8

🇬🇧
🇺🇸

-0.2

AAA
2 39

87.7

🇹🇭 25
+0.7

2 14

+0.3
89.9
AAA+

🇨🇭 20
+1.3

AAA

+1.1
91.3
AAA+

🇦🇪 15

-0.1

87.8

🇫🇷 24
+2.8

AAA

89.1

🇺🇸 19
+0.1

AAA

2 18

🇺🇸

2 9

🇮🇳 10

+1.9
90.2
AAA+

🇲🇾 14

+1.7

AAA

🇺🇸 23
-0.5

AAA

2 38

89.4

🇫🇷 18

+2.3

AAA

🇮🇹 9

-0.2
90.7
AAA+

🇺🇸 13

-3.7
89.6
AAA+

AAA
17

🇨🇭 4

-1.8
91.6
AAA+

🇩🇪 22
+2.6

2 23

+2.9
91.7
AAA+

🇷🇺 17

-4.1

AAA

🇺🇸 3

-0.5
92.7
AAA+

🇨🇳 12

+0.4
89.8
AAA+

16 1 624© Brand Finance Plc 2023

🇺🇸
+0.0

AAA
2 51

87.3

🇦🇺
+0.4

AAA
brandirectory.com/global

Ranking analysis.

BYD (brand value up 57% to US$10.1 billion) is thefastest growing brand in the Brand Finance Global 500
2023 rankings, followed closely by American oil and gas
brand ConocoPhillips (brand value up 56% to US$8.9
billion) Maersk (brand value up 53% to US$7.4 billion),and LinkedIn (brand value up 49% to US$15.5 billion).
BYD’s brand value as an electric vehicle marque is
growing substantially in connection with sales in theworld’s largest electric vehicle (EV) market, China.
Despite substantial disruptions from pandemic
lockdowns, supply chain disruptions and evenelectricity shortages, BYD is dominating this market
as consumers flock to affordable BYD vehicles.
With its strong focus on the budget/economy EV
market as it no longer sells internal combustion cars,
the BYD business is launching new brands in the
Chinese market as it seeks to expand to more affluent
customers. Meanwhile, the BYD brand is expected to
expand geographically with a strong focus on growth
into Europe.

Brand Value Change 2022-2023 (%)

56%

-44%

53%

-43%

49%

-42%

46%

44%

44%

-38%

-38%

-37%

Equinor ASA
NO-4035 Stavanger
NorwayTelephone +47 51 99 0 0 0 0
www.equinor.com

42%

-33%

Energy Perspectives 20 18. COS- 180 194

57%© Brand Finance Plc 2023

42%

40%

-30%

-30%

-56%

18

Brand Finance Global 500 2023

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Ranking analysis.

BYD continues the strong
growth that has seen it as oneof the world’s fastest-growing
brands for several years now.
Ranked among the leading
electric vehicle manufacturers
on the basis of its Chinese
dominance, it is now expanding
geographically – which opens
up further room for growth.
David Haigh
Chairman & CEO, Brand Finance
ConocoPhillips is the second-fastest growing brandafter an impressive year in which it continued to meetglobal energy needs.

In the automotive sector, the American brand Tesla(brand value up 44% to US$66.2 billion) sold the mostelectric cars globally in 2022, which contributed to its
status as one of the ranking’s fastest growing brands.
Observers of Tesla’s share price over the last few
months may be surprised by its result in our table thisyear, however it remains one of the lowest brand values
in proportion to overall business value, at only 16.8%,
in comparison to Mercedes-Benz at 32.1% at time of
publication.
Other brands may be getting into gear to compete withthe pre-eminent EV producer, but the public still sees
Tesla as significantly more innovative and sustainable
in Brand Finance’s Global Brand Equity Monitor study,a fact that outweighs the latest headlines about Tesla’s
mercurial CEO.
Elsewhere, the established traditional European
automotive brands such as Renault (brand value down
33% to US$6.0 billion) and Volvo (brand value down
38% to US$8.8 billion) were amongst the fastest-fallingbrands in the ranking.

It has increased its focus on valuable energy transition
fuels, particularly concentrating on low cost-of-supply
and low greenhouse gas production, putting them in astrong position as the brand continues to move forwardin the industry.
Maersk’s brand value grew as demand for its services
remained very high this year. Ocean freight shipping
rates continued to increase, although it appears thatfreight rates have peaked and started to subside. While
supply chain congestion is likely to dissipate withprices normalising, Maersk remains in a strong position
to satisfy demand that has gone unmet with recent
heightened prices.
The fourth-fastest growing brand, LinkedIn, grew inconnection with its improved standing as a recruitment
and news advertising tool.Globally, it is building a verystrong position amongst professional white-collar users
as a dominant tool in this sector.
Other fast-growing brands were in the airline industry
with demand entirely recovered after the pandemic.
United Airlines (brand value up 42% to US$7.8
billion) and American Airlines (brand value up 36%
to US$8.5 billion) are the fastest-growing airlines in the
Global 500 ranking.
19

Brand Finance Global 500 2023

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Ranking analysis.

The biggest declines in brand value of the ranking
are Alibaba.com (brand value down 56% to US$10.0
billion) and Tmall (brand value down 44% to US$27.4
billion). Chinese e-commerce giant Alibaba.com has
lost more than half of its brand value over the year.

The e-commerce sector in China was impacted
significantly during the COVID-19 crisis due to strict
lockdown guidelines which caused major disruptions inbusiness operations nationally and internationally.
The brands also face rising competition in the sector
and thus have lost market share. Due to a fall insales, Alibaba.com also had laid off nearly 10,000
employees to reduce its expenses.

Similarly, business-to-consumer e-commerce
platform Tmall lost 44% of its brand value overthe same time span.

© Brand Finance Plc 2023

3 Year Change in Brand Value

433%
379%

264%
230%

224%
214%
167%

-48%

20

-48%

-47%

Brand Finance Global 500 2023

-47%

-45%

-42%

-39%

151%

-39%

128%

-38%

121%

-36%

brandirectory.com/global

Ranking analysis.

Tech remains most valuableindustry
The Tech sector has once again remained the mostvaluable sector in Brand Finance’s Global 500
ranking, with an overall brand value of at least US$1.2
trillion, accounting for around 15% of the total value ofthe rankings.
Further, in addition to this, a number of other brands
in other sectors such as Amazon (Retail), Google(Media), TikTok (Media), Facebook (Media), andWeChat (Media) have obvious connections to thebroader technology industry space.
Despite remaining the largest sector, the tech sector
has seen a 6% decrease in value in 2023. This reflects
widespread difficulties faced by tech brands andconcerns about their wider reputations and growthtrajectories, resulting in broad decreases in valuationsin the last year.
There was a total of 48 tech brands that featured
in the ranking, two down from the 50 in 2022, after
Snapchat and Twitter both dropped out.
This large overall sector brand value can mostly be
attributed to the three big tech players who remain

near the top of the ranking in 2023: Apple (brandvalue down 16% to US$297.5 billion), Microsoft(brand value up 4% to US$191.6 billion), andSamsung Group (brand value down 7% to US$99.7
billion). Together, their combined brand value makes
up approximately half of the tech sector.
The fourth most valuable tech brand, Huawei (brandvalue down 38% to US$44.3 billion) has lost significant
brand value in connection to a contraction in thegeographies where it can operate due to politicaland regulatory confrontations.

Brand Value by Sector

21

Brand Finance Global 500 2023

© Brand Finance Plc 2023

Sector

Brand
Value(USD bn)

% of
total

Number of
Brands

●
●
●
●
●
●

Tech

1,180.9

14.8%

48

Retail

1,059.7

13.2%

51

Banking

986.5

12.3%

71

Media

774.6

9.7%

25

Telecoms

537.5

6.7%

30

Automobiles

530.4

6.6%

27

●

Engineering &Construction

359.0

4.5%

31

●
●
●

Insurance

347.3

4.3%

29

Oil & Gas

331.1

4.1%

23

Other

1,895.8

23.7%

165

Total

8,002.8

100.0%

500

brandirectory.com/global

Ranking analysis.

However, two other tech brands, Oracle (brandvalue up 36% to US$39.6 billion) and IBM (brandvalue up 22% to US$26.2 billion) saw very rapid
brand value growth, helping the tech sector maintainits position as the most valuable sector.
Oracle’s brand value growth was connected toits diverse offering of cloud infrastructure andapplications, while IBM’s brand value increase
was connected from increased revenues from its
business customers.

Retail sector remains above US$1
trillion threshold
The retail sector was once again the second
most valuable sector in Brand Finance’s Global
500 ranking. A boom in e-commerce during the
pandemic saw the sector cross the US$1 trillion
threshold last year for the first time, a reflectionthat the pandemic has seen a transfer in retailspending from small, offline, brands to large,
online retail brands.
The sector has managed to remain above this markfor the second year running, despite facing a 9%
decrease in overall brand value from last year.
There has been a widespread reduction of brandvalue in retail brands in 2023, as with the tech sector,
following difficult operating conditions, including
high employee absenteeism, supply issues andreduced consumer confidence.
Retail giant Amazon, for example, saw a 15%
reduction in brand value, despite becoming theworld’s most valuable brand in 2023, Amazon’s still
significant brand value of US$299.3 billion makes up
more than a quarter of the overall retail sector value
in the Global 500 rankings, highlighting just how
large Amazon’s brand has become relative to otherlarge brands.
Three more retail brands from the United States,
Walmart (brand value up 2% to US$113.8 billion),Home Depot (brand value up 8% to US$61.1
billion), and Costco (brand value up 24% to US$46.6
billion) achieved strong brand value growth as it
benefited from a full year of trade substantially
unaffected by pandemic restrictions.
22

Brand Finance Global 500 2023

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Ranking analysis.

Walmart maintained its position as the 5th mostvaluable brand in the global ranking, after continuing
to increase its e-commerce capabilities, improving
customer experience, as well as growing newrevenue streams.
Costco’s brand value has now more than doubled
since the beginning of the pandemic receiving asignificant boost during the pandemic as consumer
spending increased on self-prepared food, and its
offering to consumers has becoming particularly
appealing in 2022 as consumers continue to seekout the lowest-price food due to widespread cost
increases in other sectors of the economy – especiallyindustries such as restaurants and hospitality which
are facing significant labour supply shortages.

Banking sector makes up thelargest number of brands inranking
Unlike the tech and retail sectors, the banking sector
continues to achieve growth in its overall brand value,
seeing an increase of 4% year-on-year. The sector also
has largest number of brands in the Brand Finance
Global 500 2023 ranking, increasing from 64 last year
to 72 in 2023.
After the COVID-19 pandemic, the banking sector
went through a digital transformation to serve its
customers, businesses and governments. Banking
brands have focused on branding that highlights
innovative use of technology by creating superapps in which customers can use a wide rangeof banking services.
Chinese banking brands like ICBC (brand value
down 7% to US$69.5 billion), China Construction
Bank (brand value down 4% to US$62.7 billion),
Agricultural Bank of China (brand value down 7%
to US$57.7 billion) and Bank of China (brand value
down 4% to US$47.3 billion) lead the ranking this year.
It is followed closely by its American counterparts
including Bank of America (brand value up 5% to
US$38.6 billion), Wells Fargo (brand value up 10%
to US$33.0 billion), JP Morgan (brand value up 10%
to US$31.8 billion), Chase (brand value up 4% to
US$31.3 billion) and Citi (brand value down 11%
to US$30.6 billion).
23

Brand Finance Global 500 2023

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Ranking analysis.

All but one Commercial Services
brand in the ranking see brandvalue growth

BSI score of just over 91, earning them an elite AAA+brand rating, one of only twelve brands globally whowere awarded this top score.

The Commercial Services sector has seen a healthy
21% overall increase in brand value year-on-year,
making it the 10th most valuable sector in Brand
Finance’s Global 500 ranking.

Other high performing commercial services brands
from the United States included American Express(brand value up 25% to US$34.1 billion) and VISA
(brand value up 9% to US$29.6 billion).

Out of the sixteen Commercial Services brands thatwere featured in the global ranking, all except PayPal(brand value down 15% to US$15.9 billion) saw a brandvalue increase. Thirteen of the brands were also fromthe United States, highlighting the nation’s dominancewithin the sector.

EY (brand value up 11% to US$25.7 billion) from theUnited Kingdom, was the most valuable non-Americancommercial services brand.

Deloitte is the highest ranked commercial services
brand with a brand value of US$34.5 billion, a 16%
year-on-year increase. Through tough circumstances,
Deloitte continued to look to the future andsubsequently protect value and trust amongst its
stakeholders.

The logistics sector was substantially impacted bypandemic-connected restrictions and rapid changes
in product demand. The aggregate brand value of thesector decreased by 7% this year.

Further, Deloitte increased its alliances with leading
technology providers, allowing them to navigate thechallenges faced by ongoing digital transformations,that in turn will allow them to adapt to the changing
global landscape.
Deloitte’s understanding of, and success in building
its brand strength, has been reflected in the Global 500
ranking. It was the 5th strongest brand in 2023 with a24

Brand Finance Global 500 2023

Logistics sector struggles due to
COVID-19 disruptions

Major logistics brands in the ranking are seeing arevival with new technological innovations, the ranking
is led by Japan’s JR (brand value up 12% to US$13.8
billion), American brand UPS (brand value down 8%
to US$35.4 billion) and Chinese brand SF Express(brand value up 3% to US$8.2 billion).
With the world now looking towards a post-pandemic
future, online shopping has increased significantly,
creating growth in the consumer-facing parcel delivery
sector and related logistics brands.

brandirectory.com/global

Ranking analysis.

Brand Value by Country

25

Brand Finance Global 500 2023

© Brand Finance Plc 2023

Country

Brand
Value
(USD bn)

% of
total

Number of
Brands●●●●●United States

3,981.2

49.7%

201

China

1,430.0

17.9%

79

Germany

479.6

6.0%

24

Japan

425.5

5.3%

32

France

331.2

4.1%

31

●

UnitedKingdom

264.9

3.3%

24

●
●
●
●

South Korea

195.5

2.4%

8

Canada

140.3

1.8%

15

India

108.2

1.4%

12

Other

646.3

8.1%

74

Total

8,002.8

100.0%

500

brandirectory.com/global

Regional Analysis.
United States
The United States continues to dominate the ranking,now accounting for 202 out of 500 of the brands in
Brand Finance’s Global 500 2023 and half of its overallvalue ($US4.0 trillion). China is home to the second
largest aggregate brand value of the Global 500
brands, with an overall brand value of US$1.4 trillion,
a 9% decrease year-on-year. The 78 Chinese brands
included in the ranking contributed 18% of the overall
global value.
The next nations in terms of value contribution are
Germany (24 brands, 6%), Japan (32 brands, 5%),
France (31 brands, 5%), the UK (23 brands, 3%)
and South Korea and Canada, which with 15 and 12
brands respectively contribute 2% of the value of the
ranking each.

Most Valuable and Strongest Brands per Region© Brand Finance Plc 2023

Strongest Brands
Most Valuable Brands*The telecom brand of
e& in UAE and Egypt

BSI 93.2
AAA+

BSI 91.7
AAA+

BSI 89.1
AAA

BSI 91.6
AAA+

EuropeAmericas

Asia

Middle East
& Africa

US$299.3 bn

26

Brand Finance Global 500 2023

US$62.9 bn

US$45.2 bn

US$99.7 bnbrandirectory.com/global

Regional Analysis.

EuropeTwo German brands, telecommunications giant
Deutsche Telekom (brand value up 5% to US$62.9
billion) and automotive producer Mercedes-Benz(brand value down 3% to US$58.8 billion) competed
for the position of Europe’s most valuable brand. Witha brand value of US$62.9 billion, Deutsche Telekom
has become Europe’s most valuable, with MercedesBenz following closely behind.
Both brands have felt the effect of difficult anduncertain economic conditions and disrupted supply
chains as a result of the war in Ukraine but have still
managed to remain at the top of the raking.
Deutsche Telekom is now both Europe’s mostvaluable brand and the second most valuable
telecoms brand globally. This impressive performancecomes partly as a result of the brand’s strong organic
revenue growth within European markets, withcustomer numbers growing at a steady rate acrossthe board. However, the brand’s value has grown
substantially in connection with its record customer
additions in the United States.
The American version of the same brand, T-Mobile
US, posted industry leading growth, as well as seeing
further growth in its internet access products andthe roll out of its 5G network. It is now the largest
5G network in the US and is continuing to grow andimprove its services.
Mercedes-Benz has seen a 3% decrease in brand value
in 2022 in connection with uncertain macroeconomic andgeopolitical conditions, resulting in a one position drop in
Brand Finance’s Global 500 rankings.
Despite this, Mercedes-Benz is still the second mostvaluable brand in Europe and maintains an AAA- BSI
rating. Mercedes has benefitted significantly fromincreased tax incentives on car purchases in China. As
well as this, Mercedes continued to follow the industrywide transition to electric vehicles, taking further steps
towards an all-electric future.
This saw the further development of next-generation
high-performance battery cells and modules, and theannouncement of the expansion of its partnershipwith CATL.
27

Brand Finance Global 500 2023

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Regional Analysis.

Chinese brand CATL is also the highest-placed newentrant in this year’s ranking at 135th, with a brand valueof US$14.7 billion.
This partnership will see the construction of a newbattery plant to supply European markets and is amajor part of Mercedes’ sustainably focused future
development plan.
Swiss telecommunications brand Swisscom (brandvalue up 5% to US$6.3 billion) is the strongest brandin Europe with a brand strength index score of 92,
making it the third strongest brand globally and earning
an AAA+ brand rating. Swisscom has seen a twenty
position rise in the brand strength ranking rankingsfrom last year’s position of 23rd.
Its recent announcement of its new Fixed WirelessAccess 5G service for business customers, which
provides solutions for remote buildings not covered by
the wired network expansion, is a continuation of its
pioneering work in the European 5G market.

28

Brand Finance Global 500 2023

Further, Swisscom continues to ensure that it has
physical implementations of its brand with a strong
continued commitment to physical shops in the future.
Swisscom plans to further update all its shops with newconsistent branding from online operations, creating aconsistent brand image across both online and bricks
and mortar environments.
Commercial services giant EY also maintained its
strong BSI score of 90, making it the second strongest
brand in Europe. 2022 saw significant further
investments in technology consulting, audit quality
and sustainability services and record levels of UK
growth, contributing to its high position in the ranking.
EY also continued to pursue ambitious targets aroundgender, ethnicity and black representation within
the business, with a range of targeted initiatives tosupport its goals.
These included the Launch of its first Neuro-Diverse
Centre of Excellence (NCoE) in Manchester, which it
hopes will further promote diversity and innovation at EY.

brandirectory.com/global

Regional Analysis.

Middle East
Oil and Gas brand Aramco (brand value up 4% to
US$45.2 billion) is the most valuable brand in the
Middle East region in the Brand Finance Global 500
2023 rankings.
The brand has expanded its operations significantlyin the past year and announced its commitment
to sustainability through partnerships with otherbrands. Namely, Saudi Aramco recently formed astrategic partnership with Chinese petrochemicals
brand Sinopec to promote the usage of hydrogen,renewables and carbon capture in China.
UAE-based oil and gas brand ADNOC is the second
most valuable brand in the Middle East region with abrand value of US$14.2 billion.
The brand’s value has grown by 11% over the past
year and has a corresponding Brand Strength Index(BSI) score of 79 out of 100. The brand has expanded
its areas of operations via acquisitions, recently thebrand acquired 25% stake in Borealis, a European
petrochemical brand to expand into the fast growing
petrochemicals sector.

As the telecommunicationindustry continues to struggle
with commoditisation, e& has
taken the bold and necessary
step to reposition its brandidentity to unlock newopportunities and services. The
ongoing brand evolution
enhances the ability to branchout into new services as well as
stepping up from being astrong regional player to beinga brand with global aspirations.
David Haigh
Chairman & CEO, Brand Finance

Etisalat by e&, the telecom brand of the techconglomerate e& operating in the UAE and Egypt,retains its position as the strongest brand in the region
with a Brand Strength Index (BSI) score of 89.1 outof 100. This year saw a new evolution from Etisalat
Group to e&, a brand identity change to accelerate its
transition into a tech-driven telco.
This transition has manifested in both infrastructuralchanges to the Etisalat by e& operations to enhance
its services to the customer, as well as externalfacing service offerings of the other e& divisions that
previously operated under the Etisalat brand.
This year the Etisalat by e& branded portion of thegroup is valued at US$10.5 billion, with the combined
value for all e& branded operations at US$11.7 billion(up from a combined value of US$10.1 billion in 2022).
The e& group, present across 16 countries, operates
several other branded operations and boasts the mostvaluable portfolio of telecom brands in the Middle East
and Africa, exceeding US$14 billion.
29

Brand Finance Global 500 2023

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Regional Analysis.

Asia
In the Asia Pacific region, Korean electronics brandSamsung Group (brand value down 7% to US$99.7
billion) is the most valuable brand. Since thebeginning of the COVID-19 pandemic, technology
and electronics have assumed great importance forindividuals, consumers and governments all acrossthe globe, and Samsung has been a significant
manufacturer of such items.
The increase in demand and necessity of advanced
electronic products has led to growth in the brand’s
perceptions among consumers.

Fellow Chinese brand Moutai (brand value up 16%
to US$49.7 billion) is the strongest brand within the
Asia-Pacific region in the Global 500 ranking, witha Brand Strength Index (BSI) score of 91 (AAA+).
The brand continues to lead the sector with its iconic
drink which is a unique, aspirational and marketdominating product in China. The brand has been
adept in supplying its product to Chinese customers
by leveraging its iMoutai mobile application which
has over 10 million users for online payments ande-commerce fulfilment.
The app also allows consumers to purchase the special
drink in new and engaging ways.

Most recently the brand launched its new models, theGalaxy Z Flip4 and the Galaxy Z Fold4 which are newflip and foldable models which have gained popularity
since its launch.

Telecommunications giant Chunghwa (brand value up
22% to US$5.3 billion) is the second strongest brand in
Asia with a AAA brand strength rating.

Following Samsung, Chinese banking brand ICBC
(brand value down 7% to US$69.5 billion). The brandhas been involved in upcoming new sectors including
green finance and sci-tech innovation which has led to
an increase in its performance.

The brand is leading the way with a sustainable outlook
to operations by enhancing its energy efficiency
across its 5G network performance. The brand aims toestablish a greener and digital future across the board
by providing low carbon options to its customers.

30

Brand Finance Global 500 2023

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BrandSpotlights.

🇦🇪 z

ADNOC.

Rank

138

Brand Value

2

Rank

167 2

32

Brand Finance Global 500 2023

US$14.2 bn+11.4%

Brand Strength

79.4
+0.4

brandirectory.com/global

Interview with His Excellency
Dr. Sultan Ahmed Al Jaber.
What are the successes and initiatives you can attribute to your continued
brand growth?
The continued growth in ADNOC’s brand value is testament to the wise guidanceof the UAE Leadership, the support of the ADNOC Board of Directors and the hard
work of the entire ADNOC family. Our commitment to make today’s energy cleaner,while investing in the clean energies of tomorrow, continues to strengthen our
position as a reliable and responsible global energy provider while enhancing
the strength and value of our brand.

His Excellency Dr.
Sultan Ahmed Al Jaber
UAE Minister of Industry
and Advanced
Technology and ADNOCGroup CEO

What role does ESG and sustainability play in the long term managementof ADNOC’s brand?
ADNOC is one of the least carbon intensive oil and gas producers in the world andwe continue to take steps to enable and accelerate our Net Zero by 2050 ambition.
We are committed to progressive climate action and now, more than ever, the world
needs a practical and responsible approach that is both pro-growth and pro-climate.
ADNOC has made tangible progress on both fronts.
We are the first major oil and gas company in the world to source 100% of our
onshore grid power from zero carbon nuclear and solar power. We are electrifying
our offshore operations to cut their carbon footprint in half and we are allocating$15 billion to fast-track investments in clean energy, low-carbon and decarbonization
projects. The UAE’s Founding Father, His Highness Sheikh Zayed bin Sultan
Al Nahyan, embedded sustainability and responsible production into ADNOC’s
business practices and we are determined to continue building on this proud
legacy to enable a lower-carbon future.
How do brands ensure that sustainability communication is trusted bycustomers and other stakeholders?
I think transparency is important in ensuring the credibility of our communications,and this is something that ADNOC takes very seriously. This has allowed us toattract world-class partners that are helping to maximise value from our assets andresources, including some of the world’s most notable investors. Moving forward,
we will continue to champion a more open and transparent approach to ourcommunications to drive deeper connections with our audiences and stakeholders.
Firstly, we need to put things into perspective. Our world is on its way to being home
to 9.5 billion people. To meet their needs, we will have to produce 30% more energy
than today. If the basic energy needs of billions of people across the world are notmet, economies will slow down significantly, impacting the resources which need tobe made available for the energy transition and climate action.
While meeting the energy demand the world currently relies on, we must focus on
driving down emissions and accelerating investment in new clean-energy systems.
For this, the world needs all the solutions it can get. It is not hydrocarbons or solar,
not wind or nuclear or hydrogen. It is all the above, plus the clean energies yet to
be discovered, commercialised and deployed. The world needs maximum energy
with minimum emissions. This is the approach we are taking at ADNOC.
We were the first hydrocarbon producer in the region to adopt carbon capture andstorage on an industrial scale and the first to use nuclear and solar energy to supply
100% of our electricity needs. We are building on our position as a reliable andresponsible supplier of some of the least carbon-intensive oil and gas in the world while
expanding into renewables and laying the foundations of the global hydrogen market.

33

Brand Finance Global 500 2023

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Interview with His Excellency Dr. Sultan Ahmed Al Jaber.

The energy transition will not happen at the flip of aswitch, but it is attainable if we are pragmatic, practicaland commercially focused.
Collaborating with other companies is key in thischanging world. Are there any collaborations you
are excited about?
Partnership and collaboration are integral to ADNOC’s
strategy. Since we started our transformation in 2016,
we have expanded our partnership and investmentbase and opened opportunities across our value chain
to new categories of partners from around the world.
This approach is enabling us to unlock and maximise
value and invest in growth. It is also helping us to
improve integration across our value chain andoptimise our operational and financial performance.

We will continue to develop and explore additional
investment and partnership opportunities acrossour value chain that deliver sustainable value.
As we work towards our Net Zero by 2050 ambition,
we extend an open invitation to industry andtechnology players to come and join us as we forge
cleaner energy solutions that are practical and deliver
progress for the climate and for the economy.
Dr Sultan wears many hats apart from being
the CEO of ADNOC, the United Arab Emirates’
Minister of Industry and Advanced Technology,
Chairman of Masdar, and the UAE’s special
envoy for climate change. What role can ADNOC
and the UAE play in building a consensus aroundthe goals for COP28?
The UAE approaches its role as hosts of COP 28 withgreat humility and with a great sense of responsibility.
This will be a milestone COP with the first ever Global
Stocktake, which will allow the international community
to assess progress, raise ambition and scale up action
to meet the commitments the world has made.
This will be an important outcome for the meeting.
The UAE will focus on accelerating progress on all
fronts, including adaptation, and loss and damage.
We will also advocate for serious progress on climate
finance for developing countries.
It is imperative that all countries are able to accessthe resources needed to transition to clean energy,
adapt to climate impacts and accelerate sustainableeconomic development. The UAE is ideally placed tobuild bridges to get the world where we need to be.
We have always been a trading nation at thecrossroads of the world and we do not want any
country to be left behind. We will bring together
people from government, academia, civil society andevery sector of industry in a concerted drive for greaterclimate progress.
We are also deeply committed to making COP 28 apositive platform for women, youth and indigenous
peoples, and will strive for solutions to address theneeds of the most vulnerable.
In addition, we aim to promote pragmatic, realistic
and practical solutions to the energy transition. This
includes pivoting towards clean and renewablesources, while at the same time decarbonizing
existing sources and investing in innovation.

34

Brand Finance Global 500 2023

brandirectory.com/global🇩🇪 H

Deutsche Telekom.

Rank

11

Brand Value

2

Rank

182 2

35

Brand Finance Global 500 2023

US$62.9 bn+4.6%Brand Strength

78.7
-0.8

brandirectory.com/global

Interview with Ulrich Klenke.
Deutsche Telekom has become the most valuable brand in Europe. What are thesuccesses and initiatives you can attribute to this fantastic brand achievement?
In recent years, we fundamentally strengthened the brand and its essential assets.
We implemented a consistent global brand strategy based on a common brandpositioning, a new brand design and a reworked T logo. In an increasing digitalworld, we now focus more on social responsibility, with the T as a strong symbol
for the connection of people. Internally, we started very effective customer-oriented
initiatives and created together a communication powerhouse with PR andmarketing: Agile brand management structures that enable us to make promptly
and data-driven decisions regarding current events and the sentiment of people.

Ulrich Klenke
Chief Brand Officer,
Deutsche Telekom

How does Deutsche Telekom keep innovating to stay at the top of all telecoms
companies?
I think it’s crucial to find the right composition of internal divisions, partners, andagencies. The collaboration between these parties needs to run smoothly, likea vivid ecosystem. In addition, we foster constant use of the creative power anddifferent cultural backgrounds within our global footprint. That’s the fuel for ourinnovative strength. As a benchmark for our creative excellence, we seek the steadycomparison with the best-in-class brands at leading competitions world-wide.
What role do you hope Deutsche Telekom can play in sustainability?
We take our responsibility in this area very seriously. As one of the leading driversof digitisation, we must take care of potential socio-political and environmental
implications. Our purpose, therefore, is directly linked to this responsibility: “We
won’t stop until everyone is connected.” As a company and corporate citizen, wewant to connect everyone to the infinite possibilities of the digital world. This meansthat no one should be left behind or socially excluded. That’s why improved network
access or digital education are key topics where we are especially committed topromote social cohesion. The same applies to environmental sustainability. Although
we acknowledged that it still has less weight in purchase decisions, for us it plays amajor role in product development and for investments in general.
How relevant is brand performance for attracting talent and to engage
employees worldwide?
Our T brand increasingly gains brightness and becomes a flagship on both sides of
the Atlantic: In Europe the brand is characterised by its solid heritage and reliability,
and in the USA by growth. We observe that the brand helps to convey the image of
one global company, which is attracting both employees and talents. Especially foryoung talents, the brand, together with sustainability, can be a decisive differentiatorand thus has a strong impact to become the employer of choice.

36

Brand Finance Global 500 2023

brandirectory.com/global🇦🇪 H

Etisalat by e&.

Rank

195

Brand Value

1

Rank

14

37

Brand Finance Global 500 2023

US$10.5 bn+3.5%Brand Strength

2

89.1
-0.1

brandirectory.com/global

Interview with Hatem Dowidar.
The rebrand from Etisalat Group to e& might surprise some given thestrength and heritage of Etisalat. Why was now the time for change?
It's more than just a name change. We knew we had to signal to the world, to ourstaff and to ourselves as a management team that we were becoming something
different. It was to signal the magnitude of the change. It signals that, yes, we have
our traditional telecoms business, but that a lot of other things are coming into
play, as we dive deeper into the technology and digital space, and that we are now
offering more than just traditional connectivity. The name e& reflects our ambition
to push the boundaries, to go further and to be well positioned for the future.

Hatem Dowidar
GCEO,
e&

Our transformation into e&, a global technology and investment conglomerate,
did not happen overnight. In fact, the evolution as e& was gradual, as we began
to consider what the transformation as a telco would look like to meet the growing
needs of our consumer and business customers.
In our quest to deliver on our promises to our customers, add value for ourshareholders, seek out new opportunities in the countries where we operate, tap
into new markets and accelerate the growth of the business, it was time to do things
differently by adopting a growth mindset, creating a future-ready business model,
focusing more on value creation and leveraging our customer base against the
backdrop of a rapid digital revolution in the business landscape.
Over the past 12 months, we have focused on realigning our business operations bycreating a diversified business model with strong business pillars: etisalat by e&, e&international, e& life, e& enterprise and e& capital.
While etisalat by e& continues to build on a 46-year telecom legacy, e& international
is focused on two things. One is good governance, while the other is ensuringthat we carry the best practice in different markets in areas such as commercial,technological and regulatory frameworks. We then have e& enterprise, the businesspillar focusing on enterprise solutions such as cloud business, cybersecurity, Internetof Things (IoT) and AI.
Next is e& life, a business pillar focusing on OTT (over-the-top) services to sell
directly to customers. The current push is on fintech and content, though we may
pursue other areas, such as health and education, in the future.
Our investment arm is e& capital that focuses on investing in businesses that we
don't intend to control, and it offers two distinct kinds of investments. We have aventure capital (VC) arm, which is looking into opportunities to invest in early-stage
companies, and a growth arm, where we are more focused on taking bigger, but
still minority, stakes in more established companies.
What are the primary goals of the rebrand and restructuring, and have you
seen any immediate benefits and opportunities?
e& opened a new and exciting chapter in the Group’s growth journey to createa digitally brighter future while empowering societies. As the business landscapeunderwent unprecedented changes, e& embraced a progressive outlook to seek
ways to transform into a global technology conglomerate that is customer-centric,
digital-driven and propelled by next-generation technologies. The new brand identity
leverages e&'s market-leading position with state-of-the-art infrastructure, seamless
operations and partnerships that build on years of sustainable growth and acontinued commitment to innovation.

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Brand Finance Global 500 2023

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Interview with Hatem Dowidar.

Today, we have a diversified business model withrobust business pillars. The establishment of focusedbusiness verticals has increased organisational
agility for each priority business vertical, set targets
and strategies transparently, enabled the seamless
execution of mergers and acquisitions, attracted
relevant strategic partners and investors in line with thebusiness vertical's focus, retained the desired talent perbusiness vertical and captured better synergies acrossthe Group.
The brand transformation positions us to be evenstronger than we are today; we will cater to new
customer segments and other international markets,
which will only help us grow and explore new horizons.
To continue building on the success establishedthroughout decades, e& will maintain that growth tostay digitally fit for the future. Therefore, we embarked
on an ambitious journey that encompasses somuch more than a brand change, but is an excitingtransformation towards a company that focuses on
creating technology that empowers every person
and organisation to stride into a digital future.
Your telecom division, etisalat by e&, is once
again the region’s strongest brand. How haveyou used its continued success to facilitate theGroup’s transformation?
Our telecom arm, etisalat by e&, is the mostsignificant business unit. By maintaining its strongest
brand position across all categories in the MEA
region, etisalat by e&, underlines the UAE's global

39

Brand Finance Global 500 2023

position as a leader in providing state-of-the-art
telecoms infrastructure and achieving national digitaltransformation. It also ranks among the three strongest
telecom brands in the world, confirming the group's
rich telecom heritage, reinforcing the strong telecom
network and maximising value for the different
customer segments of e&.
This progressive evolution is firmly rooted in our richtelecoms heritage from the beginning of our journey.
Under the visionary leadership of the UAE to elevate
the ICT sector, we have grown from being the firsttelecom company in the UAE from simply offering'voice' and connectivity to digitally empoweringsocieties. As e&, we are proud to become anorganisation that caters to different customer segmentsin the markets we operate in.
The Group's brand architecture is aligned with
our vision and business strategy, and our verticalbusinesses are collectively linked to the sustainablegrowth of the brand and the transition to one of theworld's largest technology players. In line with its new
strategy of ‘Grow,’ ‘Transform,’ and ‘Excel’, etisalat by
e&'s mission is to unlock shareholder value, deliver
an exceptional customer experience and optimisebusiness performance. To deliver leading-edgecore and digital services, enriching consumer value
propositions with digital services that address new
lifestyles and emerging consumer demands beyond
core telecoms services, including areas such asgaming, health and insurance. We will continue toact as a trusted partner and advisor to businesses inmeeting their connectivity needs and beyond.

brandirectory.com/global

Interview with Hatem Dowidar.

By strengthening its leading position as a digital telco,a customer champion in a hyper-connected digitalworld, etisalat by e& will pivot a new sustainable
demand in future spaces like private networks,autonomous vehicles and AI.
How do you see the role of ESG in the brandsustainable growth?
Delivering our Environmental, Social andGovernance (ESG) commitments has had asignificant positive impact during our transition.
Caring for the communities in which we operate has
been instrumental, while improving the customer
experience and maximising shareholder value
creation have been key focus areas.
More than ever, ESG is a necessity. It strongly
influences how potential customers and employees
engage and interact with us at all levels. Businessgrowth and invention discussions are now being
made on a global scale based on how companies,
organisations or any type of business is making areal effort on ESG. Whether it's sourcing services

40

Brand Finance Global 500 2023

from companies that they believe are committed to
ESG, or recruiting talent, ESG has become one of themain reasons for making these decisions globally.
While taking huge steps to strengthen our position asa global technology player, e& declared the Group's
net zero targets by 2030 at the 27th Conference of
the Parties of the UNFCCC (COP27) and became
the first private sector entity in the UAE to join the
Independent Climate Change Accelerators (UICCA).
This reaffirms the group's commitment to climatechange efforts by focusing on key initiatives toreduce our carbon footprint through improved energy
efficiency and renewable energy, among otherinitiatives.
Our participation in the upcoming 28th Conferenceof the Parties (COP 28) reaffirms the importance weplace on contributing to and building the ecosystem
in which we operate, communicate and deliver ourservices to stakeholders and customers. It has also
helped us to be a key player in exploring clean andgreen solutions, and has enabled us to keep the
ESG agenda at the heart of our business model.

brandirectory.com/global🇮🇳 G

Infosys.

Rank

150

Brand Value

2

Rank

89 2

41

Brand Finance Global 500 2023

US$13.0 bn+1.8%Brand Strength

83.4
+0.5

brandirectory.com/global

Interview with Sumit Virmani.
Infosys is celebrating its 4 decades of success, congratulations! To what
would you attribute the continued growth of the brand – over all these years?
When Infosys was first founded as a fledgling startup in India, its aspirations thencan best be described as audacious. The co-founders of the company hoped tobuild an institution that would stand shoulder to shoulder with the big boys of IT
consulting and be respected the world over.
Benchmark against the world’s best, reset those benchmarks, and build a brand that
disrupts - that was the formula the Infosys founding team landed on to realise their
aspirations. That very formula has continued to power brand Infosys over 4 decadesof excellence, across a growth path that spans more than 50 countries and scaled its
value to $75 billion in market cap.
Sumit Virmani
CMO,
InfosysWith an aspiration to disrupt the existing business models, through those early years,
Infosys instituted the world’s first-ever global deliver model for IT services, built
India’s earliest software campuses, and set new standards in corporate governance,
among many other firsts. Today, whether launching the industry’s first cloud services
brand (Infosys Cobalt) or turning carbon neutral 30 years ahead of 2050, the timeline
set by the Paris Agreement – the resetting of benchmarks, the disruption continues.
And with it the brand evolves – seeking to grow in relevance to stakeholders overchanging times.

Cooperating with other brands is key in this fragmented world. How do
you approach these collaborations, especially for brand amplification?
When it comes to collaborations for brand amplification, we have a significant
ecosystem. This includes our signature marketing partnership with the Madison
Square Garden – also making Infosys the Official Digital Innovation Partner of key
MSG properties including the New York Knicks, New York Rangers and the Madison
Square Garden Arena.

42

Brand Finance Global 500 2023

brandirectory.com/global

Interview with Sumit Virmani.

Brands that consistently act in alignment with
their stated purpose differentiate themselves
through the trust they earn in the market.
How does brand Infosys look to live anddemonstrate its purpose?
At Infosys, our purpose is to amplify human potential
and create the next opportunity for people, businesses,
and communities. We seek to internalise this purposein everything we do.
Our employees and their potential are crucial to therealisation of our purpose. To meet the challenges that
our rapidly changing world faces, that our clients face,
and that society faces, we need people who function attheir very best, creating and developing opportunities
to hurdle these challenges. The programs, policies,
and ways of working that we have instituted are all
geared to bring our purpose to life consistently –whether it is for the amplification of our clients, throughour ESG initiatives, or expressed as employee care.

In addition, as a brand, we continue to nurture highly
successful collaborations with the global Tennis
ecosystem - ATP, Roland Garros, the Australian Openand more recently the International Tennis Hall ofFame, while also forging brand partnerships withThe Economist, Financial Times, Dow Jones andBloomberg Media.
These collaborations are unified in their approach –they are not just brand or tech partnerships, they arebrand and tech collaborations. We believe that credible
brands of the future are likely to be the ones thatparticipate in creating that future.
So, instead of just marketing our technology to thedigital-first generation, we have chosen a path ofmarketing with technology - not just by talking thetalk by plastering our brand across crowded sporting
extravaganzas or media platforms, but by walking thetalk by making the brand integral to the experience
these platforms deliver. For us, this is an importantdemonstration of brand credibility.
43

Brand Finance Global 500 2023

What role does the sustainability agenda that’s
growing in importance for our world play inpowering brand Infosys?
At Infosys, we embraced the concept of sustainability
in a very fundamental way long before it was norm to
do so. Our founders were of the firm belief that successfor a company comes from living in harmony with thecontext in which it operates. Taking on responsibilities
like reducing carbon emissions, improving air quality,
optimally using water and solar power, or even helping
the underprivileged through the Infosys Foundation,
comes naturally to us, given this outlook. Today, overfour decades after first embracing these values, Infosys
continues to remain committed and strive hard to makeour context better.
Infosys’ long-standing commitment to sustainability
has now expanded to focus across core areas
including climate change, technology for good,diversity and inclusion, energising local communities,
ethics and transparency, data privacy and information
management. The outcomes of this focus are clear.
As an example, Infosys Springboard – the company’s
flagship global reskilling program democratisinglearning, with free digital content, already has 4.6
million users registered to learn digital skills that are
preparing them for a rapidly transforming talent market.
Infosys also continues to be carbon neutral for three
years now.
brandirectory.com/global

🇸🇦 H

stc.

Rank

159

Brand Value

2

Rank

28 2

44

Brand Finance Global 500 2023

US$12.3 bn+16.7%

Brand Strength

87.0
+1.3

brandirectory.com/global

Interview with
Mohammed Abaalkheil.
How significant is the stc Group strategy and what impact has it had on
business processes within the ICT sector?
We launched our “DARE" strategy – which stands for digitize stc, accelerate
performance, reinvent experience, and expand scale and scope - in 2017, followed
by a refresh in 2020. The implementing of this strategy delivered immediate results,
for instance, we doubled our brand value alongside accomplishing several othermilestones, such as developing our organizational structure, governance, operations,and overall corporate culture, thereby propelling the growth of our business. The
ambitious nature of our strategy mirrors our support of the wider ICT sector as well as
our strength as a driver of regional digital transformation.

Eng. Mohammad
Abalkhail,
Vice President,
Corporate Relations,stc

We are confident that we will achieve our strategic goals with the support of ouremployees and subsidiaries, as well as the Board of Directors. We will continue
to unlock opportunities for our employees, consumers, businesses, and wider
communities, using inclusive, innovative solutions and services to enable the easy
adoption of a digital way of life.
What are the outcomes of your strategy, and how did the group obtain thehighest evaluation?
Without a doubt, our “DARE” strategy is already creating significant positive impact on
the business and the group’s operating model. As evidence of the strategy’s success,stc Group was ranked as the fastest-growing brand in the Middle East consecutively
over the past five years in the Brand Finance Global 500 ranking, whilst increasing brandvalue by 16.7% to reach US$12.3 billion. This achievement is a testament to our focus onproviding exceptional customer experience as well as our leading role in the market.
Furthermore, to strengthen the group's position and expand in global markets, TAWAL,
one of the group's companies, fully acquired the Pakistani tower company "Awal
Telecom". In addition, "solutions by stc" acquired 89.49% of GIZA Systems Company
at a value of $158 million. The group also received a non-binding offer from the Public
Investment Fund (PIF) to buy 51% of Telecom Towers Company (TAWAL), whichis completely owned by stc, with a total value of SAR 21.94 billion. Through thesetransactions, we are constantly maintaining stakes in value-added strategic assets andbenefiting from the return on these assets in growth, expansion, optimizing capital,enhancing our ability to invest in new areas and maximize the return on equity in asustainable manner.
How do you see the future of stc Group in the short and long term?
It is crucial for us to keep pace with the sector’s rapid growth. To that end, weare continuously developing technologies by introducing new digital solutions,
local content, and supporting entrepreneurs; all in the interest of consumers andbusinesses. We are amping up our efforts to provide advanced solutions to support
the digital transformation of Saudi Arabia and the wider region, while contributing
towards the achievement of the Kingdom's Vision 2030.
Furthermore, we intend to capitalize on the region’s strategic location at thecrossroads of east and west through our international growth strategy. All in all, we
look forward to progressing upon our journey and connecting the world throughtechnology.

45

Brand Finance Global 500 2023

brandirectory.com/global

🇮🇳 m

TCS.

Brand Value

US$17.2 bn+2.4%

Brand Strength

82.3
-0.9

TCS’ new title partnership of the Jaguar TCS Racing Formula E Team46

Brand Finance Global 500 2023

*TCS is not ranked in the Brand Finance Global 500 report
as it is part of the TATA Group conglomerate. TATA Groupis ranked 69th.
brandirectory.com/global

Interview with Abhinav Kumar.
What are the successes and initiatives you can attribute to your continued
brand growth?
As always, our marketing teams look forward to Brand Finance’s annual Global
500 report launched at Davos, to see how our brand has performed on value andstrength. Last year was an instrumental year for us, with the TCS brand rising forthe first time in its history to the number 2 rank in our industry. We are very pleased
to retain that rank this year, besides adding an incremental $400 million to ourbrand’s value.

Abhinav Kumar
Chief Marketing &Communications Officer– Global Markets,
TCS

In terms of what contributes to it, there is so much which goes behind the growthof our brand. The hard-earned equity that our business teams build with our clients
every day, continuous innovation in our services and product suites, the qualityof talent which feeds our employer brand, earning respect from all stakeholders
and the community, and the ability to communicate a distinct and engaging
narrative for our brand. I couldn’t be prouder of the work that our marketing andcommunications team do every day to tell our story and those of our clients, one
tweet, one blog, one speech, one campaign or one conversation at a time. Each of
those instances add up to what the brand has evolved to. It wasn’t always this way.
I remember a couple of decades ago, one of our teams ran a brand campaign
which labelled the company as: We are probably the largest IT company, you havenever heard of. As a marketer, I hated that line. Who wants to be the company noone has heard of, far less say that with any pride. Fast forward to today, I recall
a conversation where I was talking to a C-suite leader whom I had just met at an
event fortuitously and I started talking about our company. He stopped me right in
my tracks and said, “You don’t have to tell me who TCS is. I am a runner. You guys
are the partner to the TCS New York Marathon and tons of others across the world,
I don’t just know who you are, but in fact I love your company!” In a nutshell, that
represents the growth in our brand’s awareness, preference and value over the
past decade and it is so gratifying to see. Probably one of the best brand and ad
campaigns in history is
the Avis one, where the car rental company stated, “We are number 2, we try
harder.” TCS, similarly has only one more place to go up in our industry brandrankings, we will keep investing and working on stronger marketing initiatives inthe days and years ahead. We will keep trying harder.
Cooperating with other companies is key in this fragmented world – thetheme of the World Economic Forum 2023... Are there any collaborations
you are excited about?
One hundred percent. We are living in a world of eco-systems, where nocompany, no industry nor any country can face alone the challenges that lie ahead
or implement just by themselves an agenda of progressive change. TCS has theprivilege of being in a network centrality position, wherein we are the strategic
digital partner to over 1,200 of the world’s leading companies in every sector,
working side by side on their transformation and innovation agenda. The workthat our technology teams do with these clients every day on Artificial Intelligence,
Blockchain, IoT, Biotech, Edge computing, Robotics, Climate tech and so manyother frontiers is fascinating and is literally bringing forth the future. As just one
example, a new collaboration we started in 2022 was to become the main partner
to the Jaguar TCS Racing team on the Formula E-Circuit. One of the most criticaltransitions that our planet needs to make over the coming decade is on the climate
front, decarbonising our world and moving to renewable energy. A key part of thattransition is going to be electric mobility. Our expert teams are working closely with
Jaguar Land Rover to power their transition into fully electric fleets, by leveraging
new technologies.

47

Brand Finance Global 500 2023

brandirectory.com/global

Interview with Abhinav Kumar.

By joining this team, we wanted to support a sport thatwas not just leading the way ahead in sustainability but
also has become a testbed for innovations in electric
batteries, materials recycling, and green logistics.
This has fast become one of our most exciting newpartnerships, and along with the Jaguar team, we havetoured tradeshows and events across the world lastyear, from Florida to Paris to Australia, talking about the
future innovations to come and in turn inspiring manyof our own clients.
What role do you hope TCS can play in terms ofsustainability and the climate change challenge?
Making a concerted move to a zero-carbon planet andprotecting our dwindling biodiversity, is going to be themost crucial change that our generation will be working
on. If you look at the World Economic Forum’s global
risks report, which was released this week, 50% of theTop 10 short term risks and 60% of the longer-termones are all related to the environment. We take theresponsibility we have very seriously at TCS and havepledged to be Net Zero by 2030, eliminating single use
plastics, moving to renewable sources of energy andtowards zero landfills and water waste.
Leading from the front, our Asia Pacific operations havealready attained Net Zero ahead of its 2025 target, andEurope moved to carbon neutrality last year. Besides
making the change internally, TCS is also working witha range of clients to leverage digital technologies tohelp meet their own net zero commitments. Someof our new solutions are already starting to make a
big difference.
TCS CleverEnergy™ uses AI, IoT and machinelearning to optimise the carbon footprint of commercial
buildings and factories, an area that accounts fora third of all emissions. Recently, it helped a North
American pharmacy chain to bring down emissions
across its chain of stores by 26%. TCS Envirozone™
helps organisations measure progress on the UN’s
Sustainable Development Goals (SDGs) across their
supply chain. TCS Digifleet™ is helping logistics firms
reduce fuel consumption and their emissions by betterroute planning and optimisation.
These are just some examples of the growing set
of solutions in our stables. Our marketing teams
have also worked with the Council for Responsible
Sports to create ReScore, a first of its kind app, thathelps sporting events bring down their environment
footprints. We have made this app available, for free,
to all organisations, to help create scalable impact
on this front. At Davos this year, we are highlighting
the need for collaboration on climate action, by the48

Brand Finance Global 500 2023

Sustainable Planet theme at our reception there,
which will use advanced augmented reality projection
to create sky, forest and ocean environments inharmonious balance.
TCS has built quite a portfolio of marathon
sponsorships. Can you tell us the strategy
and vision for the marathon sponsorships?
I can never overemphasise the importance that our
marathons sponsorships portfolio has on our brandand in creating a culture of wellness inside ourcompany and in our communities. We proudly partnerwith 14 running properties across the world, including
the TCS New York City Marathon, the TCS Amsterdam
marathon and many others. We further strengthened
this portfolio this year by adding in new partnerships
with the TCS London marathon and the TCS Toronto
Waterfront Marathon. These partnerships serve multiple
purposes for us. They help boost our brand at a citylevel is some of the world’s foremost business hubs,
and at a global level though direct TV broadcastsof these events which reach 2 billion households. It
strengthens our relationships with our clients, 4,000 ofwhom participate in these races, as do over 10,000 of
our own employees.
Over 200,000 of TCS colleagues are now active
runners of different distances, something which has
helped boost wellness and health in our sector, which
has historically been beset by sedentary lifestyles andall the health issues those entrail.
These events also allow us to showcase ourtechnology prowess, with most of the official marathon
mobile apps being developed by TCS and adding newfeatures every year. The TCS New York Marathon wasable to live broadcast the race through the mobile app
this year, a world first. Our teams also have activatedmany exciting showcases using augmented reality,
virtual reality, data analytics and other fronts. Given
that most of these marathons are the foremost sporting
event for the cities that host them, TCS’ long-term
support for them also helps us give back to the cities
and communities we operate in, which is so central tothe values and DNA of our group and our brand.
Ultimately, building a brand is like a marathon, youneed to have a map, a plan of action, determination,
consistency, discipline, be in it for the long haul andmost of all – you must start with a belief that you canachieve what you are setting out to do. We have madea great run over the past 10 or so years that we got into
the marathons game, but I believe there is a long run
ahead and the best is yet to come.
brandirectory.com/global

Brand Value Ranking (USDm).
The world's top 500 most valuable brands 1-50
2023 2022
Rank Rank

Brand

Country

Sector

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Rating1

2

2

AmazonUnited States

Retail$299,280-14.6%$350,273

AAA

AAA+

2

1

1

Apple

United StatesTech$297,512-16.2%$355,080

AAA-

AAA

3

3

0

GoogleUnited StatesMedia$281,382+6.8%$263,425

AAA+

AAA+

4

4

Microsoft

United States

Tech$191,574+4.0%$184,245

AAA

AAA

5

5

WalmartUnited States

Retail$113,781+1.7%$111,918

AA+

AAA-

6

6

Samsung GroupSouth Korea

Tech$99,659-7.1%$107,284

AAA-

AAA-

7

8

ICBC

China

Banking$69,545-7.4%$75,119

AAA

AAA+

8

10

VerizonUnited States

Telecoms$67,443-3.2%$69,639

AA+

AAA-

9

28

Tesla

United States

Automobiles$66,207+43.9%$46,010

AAA-

AA+

10

18

TikTok/Douyin

China

Media

$65,696+11.4%$58,980

AAA-

AA+

11

17

Deutsche Telekom

Germany

Telecoms$62,928+4.6%$60,169

AA+

AAA-

12

11

China Construction Bank

China

Banking$62,681-4.4%$65,547

AAA

AAA

13

20

Home Depot

United States

Retail$61,053+8.4%$56,312

AA+

AAA-

14

7

Facebook

United StatesMedia$58,971-41.7%$101,201

AAA-

AA+

15

16

State Grid

China

Utilities$58,846-2.2%$60,175

AAA

AAA

16

15

Mercedes-Benz

Germany

Automobiles$58,797-3.2%$60,760

AAA-

AAA-

17

14

Agricultural Bank Of China

China

Banking$57,691-7.0%$62,031

AAA-

AAA

18

29

Starbucks

United States

Restaurants$53,432+16.9%$45,699

AAA

AAA

19

12

ToyotaJapan

Automobiles$52,493-18.3%$64,283

AAA

AAA

20

13

WeChat

China

Media

$50,247-19.3%$62,303

AAA+

AAA+

21

32

Moutai

China

Spirits$49,743+15.9%$42,905

AAA+

AAA

22

26

AT&T

United States

Telecoms$49,614+5.5%$47,009

AA

AA

23

19

DisneyUnited StatesMedia$49,508-13.2%$57,059

AAA

AAA+

24

30

Allianz Group

Germany

Insurance$48,351+7.0%$45,204

AA+

AAA-

25

23

Shell

United Kingdom

Oil & Gas

$48,209-3.4%$49,925

AA+

AAA-

26

47

Instagram

United StatesMedia$47,439+41.7%$33,483

AAA+

AAA+

27

24

Bank of China

China

Banking$47,336-4.5%$49,553

AAA

AAA

28

40

CostcoUnited States

Retail$46,571+24.2%$37,501

AA+

AAA-

29

31

AramcoSaudi Arabia

Oil & Gas

$45,227+3.6%$43,637

AA+

AA

30

21

Ping An

China

Insurance$44,698-17.8%$54,354

AA+

AAA-

31

9

Huawei

China

Tech

$44,292-37.8%$71,233

AAA-

AAA-

32

34

China Mobile

China

Telecoms$43,382+6.1%$40,903

AAA-

AAA-

33

39

BMW

Germany

Automobiles$40,367+6.4%$37,945

AAA-

AAA-

34

43

accenture

United States

Tech$39,867+10.2%$36,190

AAA

AAA

35

57

OracleUnited States

Tech$39,574+35.9%$29,121

AA+

AA

36

41

Bank of America

United States

Banking$38,647+5.2%$36,719

AA+

AA+

37

27

Tencent

China

Media

$38,059-18.4%$46,653

AAA-

AAA-

38

50

UnitedHealthcare

United States

Healthcare Services$37,094+12.6%$32,946

AA+

AA+

39

36

McDonald'sUnited States

Restaurants$36,863-7.2%$39,721

AAA-

AAA

40

46

PorscheGermany

Automobiles$36,759+9.0%$33,713

AAA

AAA

41

35

NTT GroupJapan

Telecoms$36,591-10.1%$40,691

AA

AA+

42

38

UPS

United States

Logistics$35,400-8.1%$38,533

AA+

AAA-

43

37

Mitsubishi GroupJapan

Automobiles$34,962-10.8%$39,203

AA-

AA-

44

42

Marlboro

United States

Tobacco$34,741-4.2%$36,278

AA+

AA+

45

54

Deloitte

United States

Commercial Services$34,514+15.8%$29,811

AAA+

AAA+

46

63

American Express

United States

Commercial Services$34,078+25.1%$27,248

AA+

AA+

47

33

Volkswagen

Germany

Automobiles$33,958-17.3%$41,046

AA+

AAA-

48

44

Coca-Cola

United States

Soft Drinks$33,468-5.4%$35,379

AAA+

AAA+

49

53

Wells Fargo

United States

Banking$32,970+9.7%$30,054

AA

AA

50

62

CSCEC

China

Engineering & Construction$31,897+16.5%$27,386

AA+

AA

49

0
0
0
2
2
2
2
2
1
2
1
2
1
1
2
1
1
2
2
1
2
1
2
1
2
2
1
1
2
2
2
2
2
1
2
1
2
1
1
1
1
2
2
1
1
2
2

Brand Finance Global 500 2023

brandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 51-1002023 2022
Rank Rank
51

58

52

48

53

52

54

49

55

75

56

67

57

45

58

22

59

59

60

79

61

55

62

65

63

68

64

51

65

60

66

25

67

72

68

70

69

78

70

81

71

89

72

82

73

83

74

88

75

74

76

61

77

56

78

66

79

71

80

77

81

85

82

69

83

87

84

73

85

90

86

76

87

93

88

97

89

86

90

91

91

106

92

128

93

114

94

123

95

104

96

109

97

107

98

127

99

95

100

111

50

2
1
1
1
2
2
1
1
0
2
1
2
2
1
1
1
2
2
2
2
2
2
2
2
1
1
1
1
1
1
2
1
2
1
2
1
2
2
1
2
2
2
2
2
2
2
2
2
1
2

Brand

Country

Sector

2023
Brand
Value

J.P. Morgan

United States

Banking$31,807+10.1%$28,888

AA+

AAA-

Lowe'sUnited States

Retail$31,597-5.4%$33,392

AA+

AAA-

Chase

United States

Banking$31,332+3.9%$30,148

AA+

AA

Nike

United States

Apparel$31,307-5.6%$33,176

AAA-

AAA-

MitsuiJapan

Engineering & Construction$30,724+26.3%$24,329

A+

A+

CVS

United States

Retail$30,567+16.7%$26,185

AA

AA

Citi

United States

Banking$30,551-11.3%$34,443

AA+

AAA-

TaobaoChina

Retail$30,539-43.2%$53,762

AA+

AAA-

Wuliangye

China

Spirits$30,290+5.4%$28,744AAA+

AAA

YouTubeUnited StatesMedia$29,710+24.4%$23,891

AAA+

AAA+

PetroChina

China

Oil & Gas

$29,647+0.0%$29,656

AA

AA

VISA

United States

Commercial Services$29,575+9.2%$27,089

AAA-

AAA-

FedEx

United States

Logistics$28,854+10.9%$26,012AA+

AA+

Xfinity

United States

Telecoms$28,754-8.0%$31,263

AA

AA

TargetUnited States

Retail$27,599-2.6%$28,342

AAA-

AAA-

Tmall

China

Retail$27,429-44.2%$49,182AA

AA+

Hyundai GroupSouth Korea

Automobiles$27,253+9.1%$24,971AA+

AA

Sinopec

China

Oil & Gas

$27,145+7.9%$25,165

AA+

AA+

Tata Group

India

Engineering & Construction$26,381+10.3%$23,920

AAA-

AAA-

Louis Vuitton

FranceApparel$26,290+12.2%$23,426

AAA

AAA

IBM

United States

Tech$26,156+22.3%$21,383

AAA-

AA+

EY

United Kingdom

Commercial Services$25,701+10.6%$23,248

AAA+

AAA+

PWC

United States

Commercial Services$25,332+9.3%$23,171

AAA

AAA

Mastercard

United States

Commercial Services$24,847+16.0%$21,425

AAA-

AA+

China Merchants Bank

China

Banking$24,536+0.7%$24,370

AA+

AA+

Honda

Japan

Automobiles$24,219-14.2%$28,243

AAA-

AAA-

Netflix

United StatesMedia$24,150-17.9%$29,411

AAA

AAA+

Cisco

United States

Tech$23,933-10.0%$26,599

AA+

AAA-

Sumitomo GroupJapan

Trading Houses$23,884-4.7%$25,050

A+

AA-

Spectrum

United States

Telecoms$23,329-3.1%$24,083

AA

AA

Uber

United States

Mobility$23,298+2.1%$22,820

AA

AA-

Intel

United States

Tech$22,936-10.4%$25,612AA+

AA+

Dell Technologies

United States

Tech$22,612+1.8%$22,220AA

AA

SK GroupSouth Korea

Telecoms$22,539-7.7%$24,421AA

AA+

Nestlé

Switzerland

Food$22,427+7.7%$20,819

AAA-

AAA

Ford

United States

Automobiles$22,267-7.9%$24,178

AA+

AA+

TSMC

China (Taiwan)

Tech$21,564+5.3%$20,474

AA+

AAA-

Walgreens

United States

Retail$21,560+9.5%$19,686

AA+

AA+

Siemens Group

Germany

Engineering & Construction$ 21,412-4.5%$22,430

AA+

AA+

LG GroupSouth Korea

Tech$21,261+2.3%$20,792

AA+

AA+

SAP

GermanyTech$21,095+15.2%$18,309

AA

AA

TotalEnergies

FranceOil & Gas

$20,723+37.4%$15,086

AA

AA+

TD

CanadaBanking$20,404+16.5%$17,513

AAA-

AAA-

Optum

United States

Healthcare Services$20,127+26.8%$15,873

AA-

AA-

AnthemUnited States

Healthcare Services$19,883+6.8%$18,611

AA-

AA-

HSBC

United Kingdom

Banking$19,851+10.3%$18,005

AA

AA

CREC

China

Engineering & Construction$19,776+8.5%$18,232

AA+

AA

CHANELFranceApparel$19,386+27.0%$15,260

AAA-

AAA-

General Electric

United States

Engineering & Construction$19,349-1.9%$19,725

AA+

AA+

Salesforce

United States

Tech$19,125+6.7%$17,917AA

AA

Brand Finance Global 500 2023

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 101-150
2023 2022
Rank Rank
101

96

102

64

103

112

104

120

105

102

106

115

107

92

108

80

109

108

110

105

111

110

112

113

113

125

114

132

115

121

116

126

117

122

118

98

119

101

120

146

121

119

122

138

123

94

124

141

125

116

126

117

127

103

128

130

129

118

130

188

131

124

132

150

133

154

134

100

135

-

136

148

137

161

138

159

139

152

140

145

141

149

142

140

143

163

144

142

145

153

146

131

147

220

148

214

149

-

150

158

51

1
1
2
2
1
2
1
1
1
1
1
2
2
2
2
2
2
1
1
2
1
2
1
2
1
1
1
2
1
2
1
2
2
1
3
2
2
2
2
2
2
1
2
1
2
1
2
2
3
2

Brand

Country

Sector

CRCC

China

Engineering & Construction

JD.comChina

RetailBank of Communications

China

Banking

Goldman Sachs

United States

BankingOrangeFranceTelecoms

Capital One

United States

Banking

Pepsi

United States

Soft Drinks

China Life

China

Insurance

Gucci

Italy

ApparelChina Telecom

China

Telecoms

Lidl

Germany

RetailKFC

United States

Restaurants

BoeingUnited States

Aerospace & Defence

ChevronUnited States

Oil & Gas

Postal Savings Bank

China

Banking

Santander

Spain

Banking

NVIDIA

United States

Tech

Vodafone

United Kingdom

Telecoms

BP

United Kingdom

Oil & Gas

Sam's Club

United States

RetailHCA

United States

Healthcare Facilities

HumanaUnited States

Healthcare Services

Sony

Japan

Tech

PurinaUnited States

Food

IKEA

SwedenRetailAXA

FranceInsurance

PayPalUnited States

Commercial Services

AdidasGermany

ApparelBosch

Germany

Engineering & Construction

LinkedIn

United States

Media

CPIC

China

Insurance

AIA

China (Hong Kong)

Insurance

KPMG

Netherlands

Commercial Services

RBC

CanadaBanking

CATL

China

Tech

AirbusFranceAerospace & Defence

Morgan Stanley

United States

Banking

ADNOC

UAE

Oil & Gas

Tesco

United Kingdom

RetailHermèsFranceApparelGEICO

United States

Insurance

Audi

Germany

Automobiles

JR

Japan

Logistics

7-ElevenJapan

Retail

Vanke

China

Real Estate

HitachiJapan

Engineering & Construction

Christian Dior

FranceApparelEquinor

NorwayOil & Gas

ALDI Süd

Germany

RetailInfosys

India

Tech

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 151-200
2023 2022
Rank Rank
151

201

152

137

153

147

154

143

155

157

156

162

157

182

158

174

159

184

160

155

161

176

162

173

163

156

164

169

165

204

166

177

167

175

168

172

169

208

170

166

171

144

172

165

173

181

174

213

175

164

176

217

177

252

178

185

179

134

180

238

181

151

182

129

183

133

184

187

185

190

186

180

187

197

188

255

189

139

190

168

191

243

192

221

193

234

194

211

195

192

196

-

197

167

198

186

199

346

200

202

52

2
1
1
1
2
2
2
2
2
1
2
2
1
2
2
2
2
2
2
1
1
1
2
2
1
2
2
2
1
2
1
1
1
2
2
1
2
2
1
1
2
2
2
2
1
3
1
1
2
2

Brand

Country

Sector

S&P Global

United States

Commercial Services

Adobe

United States

Tech

Johnson & Johnson

United States

PharmaPetronas

Malaysia

Oil & Gas

China CITIC Bank

China

Banking

CartierFranceApparel

Yili

China

Food

Barclays

United Kingdom

Banking

stc

Saudi Arabia

Telecoms

Universal

United StatesMedia

ExxonMobil

United States

Oil & Gas

L'OréalFranceCosmetics

Sber

RussiaBanking

Scotiabank

CanadaBanking

PublixUnited States

RetailDHL

Germany

Logistics

Progressive

United States

Insurance

CarrefourFranceRetail

PICC

China

Insurance

HiltonUnited States

Hotels

Enel

Italy

Utilities

EDF

FranceUtilities

Chubb

United States

Insurance

Allstate

United States

Insurance

BNP Paribas

FranceBanking

Power China

China

Engineering & Construction

Caterpillar

United States

Engineering & Construction

Industrial Bank

China

BankingShanghai Pudong Development Bank

China

Banking

Lay's

United States

Food

ZARA

Spain

Apparel

SoftBankJapan

Telecoms

NissanJapan

Automobiles

Metlife

United States

Insurance

Woolworths

Australia

RetailCanada Life

CanadaInsurance

BMO

CanadaBanking

John Deere

United States

Engineering & Construction

au

Japan

Telecoms

NetEase

China

Media

Rolex

Switzerland

ApparelCircle K

CanadaRetailDBS

Singapore

Banking

Dollar General

United States

RetailEtisalat by e&

UAE

Telecoms

Rewe

Germany

RetailSky

United Kingdom

Telecoms

Midea

China

Tech

BYD

China

Automobiles

Fox

United States

Media

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 201-250
2023 2022
Rank Rank
201

218

202

225

203

215

204

230

205

170

206

193

207

84

208

189

209

226

210

210

211

254

212

179

213

209

214

195

215

196

216

-

217

160

218

245

219

228

220

212

221

205

222

191

223

194

224

-

225

178

226

183

227

259

228

171

229

264

230

293

231

290

232

136

233

249

234

227

235

-

236

275

237

398

238

232

239

135

240

287

241

297

242

335

243

304

244

229

245

216

246

268

247

300

248

239

249

237

250

358

53

2
2
2
2
1
1
1
1
2
0
2
1
1
1
1
3
1
2
2
1
1
1
1
3
1
1
2
1
2
2
2
1
2
1
3
2
2
1
1
2
2
2
2
1
1
2
2
1
1
2

Brand

Country

SectorHoneywell

United States

Engineering & Construction

TruistUnited States

Banking

PNC

United States

Banking

Vinci

FranceEngineering & Construction

Meituan

China

Retaileni

Italy

Oil & Gas

Alibaba.com

China

RetailChina Everbright Bank

China

Banking

Panasonic

Japan

Tech

UBS

Switzerland

Banking

CapgeminiFrance

Tech

LIC

India

Insurance

ING

Netherlands

Banking

Yahoo! Group

Japan

Tech

Lockheed Martin

United States

Aerospace & Defence

Prudential Plc

China (Hong Kong)

Insurance

H&M

SwedenApparelEngie

FranceUtilities

Travelers

United States

InsuranceNBC

United States

Media

Intesa Sanpaolo

Italy

Banking

U.S. Bank

United States

Banking

HP

United States

Tech

CHINA ENERGY

ChinaEngineering & Construction

Lexus

Japan

Automobiles

MUFG

Japan

Banking

Brookfield

CanadaBanking

Chevrolet

United States

Automobiles

DanoneFranceFood

KrogerUnited States

RetailDelta

United States

Airlines

Country Garden

China

Real Estate

CNBM

China

Engineering & Construction

ViettelVietnamTelecoms

Decathlon

FranceRetailTelstraAustralia

Telecoms

ConocoPhillips

United States

Oil & Gas

booking.com

United States

Leisure & Tourism

Volvo

SwedenAutomobiles

Asda

United Kingdom

RetailTyson

United States

Food

Itaú

BrazilBanking

Aetna

United States

Healthcare Services

CognizantUnited States

Tech

SephoraFranceRetailQualcomm

United States

Tech

Standard Chartered

United Kingdom

Banking

Generali Group

Italy

Insurance

E.Leclerc

FranceRetailAmerican Airlines

United States

Airlines

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 251-300
2023 2022
Rank Rank
251

251

252

332

253

223

254

257

255

207

256

198

257

459

258

244

259

231

260

246

261

272

262

383

263

260

264

349

265

274

266

261

267

265

268

235

269

282

270

241

271

-

272

256

273

206

274

310

275

322

276

298

277

270

278

273

279

329

280

222

281

-

282

416

283

266

284

295

285

278

286

302

287

285

288

247

289

334

290

305

291

253

292

294

293

347

294

240

295

317

296

316

297

289

298

263

299

269

300

203

54

0
2
1
2
1
1
2
1
1
1
2
2
1
2
2
1
1
1
2
1
3
1
1
2
2
2
1
1
2
1
3
2
1
2
1
2
1
1
2
2
1
2
2
1
2
2
1
1
1
1

Brand

Country

SectorUnion PacificUnited States

Logistics

Philips

Netherlands

PharmaRoche

Switzerland

PharmaLongfor Properties

China

Real Estate

UNIQLOJapan

ApparelPinduoduo

China

RetailXinghuacun Fen Wine

China

Spirits

BASF

Germany

Chemicals

TJ Maxx

United States

RetailCIBC

CanadaBanking

Merrill

United States

Banking

Kia

South Korea

Automobiles

SF Express

China

Logistics

Broadcom

United States

Tech

MCC

China

Engineering & Construction

Bell

CanadaTelecoms

Poly Development

China

Real Estate

Canon

Japan

Tech

Xbox

United States

Tech

Medtronic

United States

PharmaWhatsApp

United States

Media

Gree

China

Tech

Japan Post Holdings

Japan

Logistics

DiscoverUnited States

Banking

China Resources Land

China (Hong Kong)

Real Estate

China Overseas Land & Invest

China (Hong Kong)

Real Estate

Michelin

France

Tyres

CCCC

China

Engineering & Construction

Warner Bros

United States

Media

Nokia

Finland

Tech

Edeka

Germany

RetailUnited Airlines

United States

Airlines

Poste Italiane

Italy

Insurance

Luzhou Laojiao

China

Spirits

Cigna

United States

Healthcare Services

Enterprise

United States

Mobility

Haier

China

Tech

3M

United States

Tech

Commonwealth Bank

Australia

Banking

QNB

Qatar

Banking

Telus

CanadaTelecoms

CarMaxUnited States

RetailMovistar

Spain

Telecoms

PlayStation

Japan

Tech

Heineken

Netherlands

Beers

BNSF

United States

Logistics

Sysco

United States

Commercial Services

Sherwin-Williams

United States

Chemicals

AirtelIndia

Telecoms

China Minsheng Bank

China

Banking

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 301-350
2023 2022
Rank Rank
301

378

302

331

303

312

304

258

305

199

306

477

307

280

308

401

309

283

310

236

311

296

312

279

313

288

314

314

315

307

316

200

317

262

318

301

319

364

320

306

321

353

322

470

323

361

324

303

325

250

326

320

327

374

328

233

329

395

330

342

331

341

332

319

333

357

334

351

335

276

336

495

337

355

338

381

339

336

340

242

341

405

342

356

343

326

344

330

345

410

346

386

347

318

348

291

349

369

350

327

55

2
2
2
1
1
2
1
2
1
1
1
1
1
0
1
1
1
1
2
1
2
2
2
1
1
1
2
1
2
2
2
1
2
2
1
2
2
2
1
1
2
2
1
1
2
2
1
1
2
1

Brand

Country

SectorLego

Denmark

Toys

Tiffany & Co

United States

ApparelCorona Extra

MexicoBeers

Ferrari

Italy

Automobiles

Xiaomi

China

Tech

MaerskDenmark

Logistics

Zurich

Switzerland

Insurance

NatWestUnited Kingdom

BankingCBS

United States

Media

Reliance

India

Oil & Gas

Domino's Pizza

United States

Restaurants

State Bank of India

India

Banking

Coles

Australia

RetailKellogg's

United States

Food

Fresenius

Germany

PharmaLand RoverUnited Kingdom

Automobiles

Estée Lauder

United States

Cosmetics

QuakerUnited States

Food

Mahindra Group

India

Automobiles

SubwayUnited States

Restaurants

Taco Bell

United States

Restaurants

ADP

United States

Commercial Services

Evernorth

United States

Healthcare Services

Bridgestone

Japan

Tyres

Greenland

China

Real Estate

Red BullAustria

Soft Drinks

AMD

United States

Tech

ESPN

United States

Media

McKessonUnited States

Healthcare Services

YangheChina

Spirits

Hikvision

China

Tech

HDFC Bank

India

Banking

Monster

United States

Soft Drinks

Northrop Grumman

United States

Aerospace & Defence

Bouygues

FranceEngineering & Construction

SuzukiJapan

Automobiles

Spotify

SwedenMedia

3

United Kingdom

Telecoms

SubaruJapan

Automobiles

Baidu

China

Media

Budweiser

United States

Beers

Lloyds Bank

United Kingdom

Banking

BBVA

Spain

Banking

Nivea

Germany

Cosmetics

PTT

Thailand

Oil & Gas

Blackrock

United States

Banking

Gillette

United States

Cosmetics

CRRC

China

Engineering & Construction

HCLTech

India

Tech

Pall Mall

United States

TobaccoBrand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 351-400
2023 2022
Rank Rank
351

449

352

370

353

339

354

403

355

323

356

377

357

281

358

328

359

-

360

365

361

315

362

-

363

430

364

321

365

390

366

439

367

284

368

393

369

350

370

267

371

371

372

352

373

271

374

375

375

363

376

248

377

402

378

407

379

-

380

413

381

388

382

485

383

387

384

219

385

428

386

344

387

400

388

-

389

-

390

476

391

362

392

-

393

366

394

479

395

338

396

389

397

313

398

462

399

409

400

376

56

2
2
1
2
1
2
1
1
3
2
1
3
2
1
2
2
1
2
1
1
0
1
1
2
1
1
2
2
3
2
2
2
2
1
2
1
2
3
3
2
1
3
1
2
1
1
1
2
2
1

Brand

Country

SectorDove

United Kingdom

Cosmetics

Coupang

South Korea

RetailLenovo

China

Tech

Danaher

United States

Engineering & Construction

L&M

United States

TobaccoSwisscom

Switzerland

Telecoms

China Post

China

Logistics

HPE

United States

Tech

Hennessy

FranceSpirits

GuerlainFranceCosmetics

VMWARE

United States

Tech

LSEG

United Kingdom

Commercial Services

COACH

United States

ApparelDaiwa HouseJapan

Engineering & Construction

Munich Re

Germany

Insurance

Servicenow

United States

Tech

TIM

Italy

Telecoms

Haitian

China

Food

Wipro

India

Tech

20th Television

United States

Media

AutoZone

United States

RetailPfizerUnited States

PharmaRabobank

Netherlands

Banking

Prudential (US)United States

Insurance

DaikinJapan

Engineering & Construction

eBay

United States

RetailSaint-Gobain

FranceEngineering & Construction

Mengniu

China

Food

Tim Hortons

CanadaRestaurants

Safeway

United States

RetailHyatt

United States

HotelsWendy'sUnited States

Restaurants

Raytheon

United States

Aerospace & Defence

Renault

FranceAutomobiles

E.ON

Germany

Utilities

Nescafé

Switzerland

Soft Drinks

McKinsey

United States

Commercial Services

Burger King

United States

Restaurants

Chow Tai Fook

China (Hong Kong)

ApparelGlencore

Switzerland

Mining, Metals & Minerals

Mercadona

Spain

Retail

Bud Light

United States

Beers

FIS

United States

Tech

MSCI

United States

Commercial Services

Activision Blizzard

United StatesMedia

Pizza Hut

United States

Restaurants

Best Buy

United States

RetailBloomberg

United States

Commercial Services

CNRL

CanadaOil & Gas

Swiss Re

Switzerland

Insurance

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 401-450
2023 2022
Rank Rank
401

359

402

437

403

-

404

414

405

497

406

-

407

292

408

277

409

-

410

424

411

333

412

-

413

454

414

404

415

484

416

-

417

397

418

498

419

468

420

325

421

435

422

-

423

418

424

464

425

385

426

433

427

419

428

455

429

438

430

299

431

427

432

-

433

309

434

406

435

482

436

384

437

412

438

-

439

345

440

451

441

-

442

399

443

372

444

-

445

466

446

411

447

-

448

-

449

354

450

473

57

1
2
3
2
2
3
1
1
3
2
1
3
2
1
2
3
1
2
2
1
2
3
1
2
1
2
1
2
2
1
1
3
1
1
2
1
1
3
1
2
3
1
1
3
2
1
3
3
1
2

Brand

Country

SectorMarubeniJapan

Trading Houses

Geely

China

Automobiles

AIG

United States

Insurance

Jeep

United States

Automobiles

Merck & Co

United States

PharmaCardinal Health

United States

Healthcare Services

Manulife

CanadaInsurance

ABC

United StatesMedia

Al-Rajhi Bank

Saudi Arabia

Banking

Goertek

China

Tech

Credit Suisse

Switzerland

Banking

O'Reilly Auto Parts

United States

RetailWrigley

United States

Food

AstraZeneca

United Kingdom

Pharma

Conad

Italy

RetailAirbnb

United States

Leisure & Tourism

Crédit Agricole

FranceBanking

Centene Corporation

United States

Healthcare Services

UOB

Singapore

Banking

Gazprom

RussiaOil & Gas

O2

United Kingdom

Telecoms

Lululemon

CanadaApparelClaroMexicoTelecoms

Cummins

United States

Engineering & Construction

Fubon Financial Holdings

China (Taiwan)

Insurance

Sainsbury'sUnited Kingdom

RetailBayer

Germany

PharmaJD Sports

United Kingdom

Retail

IQVIA

United States

Healthcare Services

Aviva

United Kingdom

Insurance

CDW

United States

RetailBCG

United States

Commercial Services

CNOOC

China

Oil & GasLENNAR

United States

Engineering & Construction

OCBC Bank

Singapore

Banking

ASML

Netherlands

Tech

Marshalls

United States

RetailKBC

Belgium

Banking

Pampers

United States

Household Products

Jio

India

Telecoms

Tractor Supply

United States

RetailWhole Foods

United States

Retail

Haval

China

Automobiles

NAB

Australia

Banking

Electronic Arts

United States

Media

D.R. Horton

United States

Engineering & Construction

Chunghwa

China (Taiwan)

Telecoms

FergusonUnited States

Engineering & Construction

Micron Technology

United States

Tech

General Dynamics

United States

Aerospace & Defence

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Brand Value Ranking.

The world's top 500 most valuable brands 451-5002023 2022
Rank Rank
451

443

452

286

453

452

454

-

455

460

456

-

457

360

458

496

459

446

460

445

461

-

462

461

463

469

464

429

465

-

466

394

467

-

468

415

469

-

470

-

471

480

472

380

473

440

474

-

475

308

476

457

477

481

478

432

479

-

480

-

481

-

482

-

483

-

484

483

485

491

486

499

487

417

488

408

489

373

490

-

491

-

492

-

493

343

494

493

495

472

496

467

497

434

498

487

499

441

500

368

58

1
1
1
3
2
3
1
2
1
1
3
1
2
1
3
1
3
1
3
3
2
1
1
3
1
1
2
1
3
3
3
3
3
1
2
2
1
1
1
3
3
3
1
1
1
1
1
1
1
1

Brand

Country

SectorTide

United States

Household Products

BHP

Australia

Mining, Metals & Minerals

BAE Systems

United Kingdom

Aerospace & Defence

LancômeFranceCosmetics

CJ GroupSouth Korea

Food

Chipotle

United States

Restaurants

LukoilRussiaOil & Gas

ANZ

Australia

Banking

KauflandGermany

RetailCharles Schwab

United States

Banking

Schneider ElectricFranceEngineering & Construction

Emirates

UAE

Airlines

USPS

United States

Logistics

NordeaSwedenBanking

Bradesco

BrazilBankingBT

United Kingdom

Telecoms

Crédit MutuelFranceBanking

AbbottUnited States

PharmaThermo Fisher Scientific

United States

Tech

Dai-Ichi Life

Japan

Insurance

AmerisourceBergen

United States

Healthcare Services

Cadillac

United States

Automobiles

CITIC Securities

China

Banking

SLB

United States

Oil & Gas

RakutenJapan

RetailTokio Marine

Japan

Insurance

Société Générale

FranceBanking

Gatorade

United States

Soft Drinks

CaixaBank

Spain

BankingMizuho Financial GroupJapan

Banking

Banco do Brasil

BrazilBanking

GS GroupSouth Korea

Food

Blackstone

United States

Banking

Dunkin'United States

Restaurants

ValeroUnited States

Oil & Gas

Burberry

United Kingdom

ApparelLarsen & Toubro

India

Engineering & Construction

McLaneUnited States

Logistics

CliniqueUnited States

Cosmetics

Prada

Italy

ApparelPuma

Germany

ApparelPhillips 66

United States

Oil & Gas

Nissay/Nippon Life Insurance

Japan

Insurance

SABIC

Saudi Arabia

Chemicals

Dish Network

United States

Media

Southwest Airlines

United States

Airlines

McCainCanadaFood

Hua Xia Bank

China

Banking

ABB

Switzerland

Engineering & Construction

RepsolSpain

Oil & Gas

Brand Finance Global 500 2023

2023
Brand
Value

Brand
Value
Change

2022
Brand
Value

2023
Brand
Rating2022
Brand
Ratingbrandirectory.com/global

Insights.

Why Should I Value My Brand?
It's one of the most frequently asked brand strategy questions: when, why and how
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, frommarketing 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.

Alex HaighManaging Director,
Brand Finance Asia PacificYour 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...), andbottom-line 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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brandirectory.com/global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 are able to put a dollar
figure on the return on marketing investment from theawareness campaign.
Brand trackers then become a strong tool forcommunicating the development of the brand and its
attributes to other internal stakeholders - especially inmarketing efficacy and budget discussions.
Over 100 businesses use our in-depth reports to identify
how brand value and strength is changing and theunderlying reasons for those changes and over 300
report our valuations in their annual reports. Even more,businesses use other providers so the use of brandvaluation is endemic among marketing and branddepartments worldwide and growing in importance.

Brand Valuations are the natural extension to themore short-term Marketing Mix Models and can (read:should) be used concurrently, if data allows it.
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.
When valuing a brand portfolio you are testing eachavailable brand through the impact of their strength on
business performance. This enables you to review andtrack 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.

2. Marketing 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 orunder-allocating investment in the brand.

When working with Vodafone throughout the mid2000s, as it forged its place as the preeminent global
telecoms brand, we developed a structured approachfor each stage of the brand architecture strategy
process and have continued to develop the process up
to today.

Valuations can be used to identify what value of aninvestment is likely to be necessary to keep value
topped-up. After analysing the importance of brands
versus other assets (by comparing their relative values),
management teams can allocate the appropriate
proportion of investment to brand building activities.

This process identified how strong the benefit ofrebranding to Vodafone could be for the local brands,
which enabled a prioritisation process to take placeover which local brands to transition first.

Brands are built not only through promotion but also
through product development, availability, price,customer service and many other factors.
Therefore a strong 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 thevarious marketing channels available for promotion.
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Following this came the brand transition planning.
Brand transition strategy and brand architecture
strategy are close cousins. Indeed, more often thannot, one follows the other. For example, there may be apush 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 to weighup the brand tactics, marketing tools, investment, andtime planning that will create the biggest uplift in value.
brandirectory.com/globalWhy Should I Value My Brand?

A successful brand transition strategy is one that ensures
the transfer of the existing brand equity to the new brandwhile minimising the risk of customer value loss. A brandvaluation lens can help you model the financial impact ofthe various transition strategies.
The cost of a slow transition for the benefit ofmaintaining customer value is a consideration thatis often misunderstood or overlooked in favour ofquick action. And indeed, the opposite is also true,
sometimes a quick transition will improve businessperformance.
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 weigh up cost, time and activities(such as endorsements) to complete the mostsuccessful transition possible.
4. Sponsorship Analysis
Sponsorship evaluation is one activity that is
specifically suited to this type of analysis. Typically an
area that has focussed on size of coverage rather thaneffect, there has been a general misunderstanding
about how its benefit should be identified.
The key question to ask when evaluating sponsorshipis not "How much would it cost as advertising?" butrather "What is its benefit to our bottom line?" Theanswer to the first question is effectively useless fordetermining the ROI of the activity, while the second
gets straight to the 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 and brand value,
we gain a solid platform of insight to decide whether
to enter into - or continue with - sponsorship activities,
and how much to spend to activate them.
The ultimate benefit of this understanding is that itprovides true firepower at the negotiation table withexisting and potential sponsors, leading to better
results for less investment.
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brandirectory.com/globalWhy Should I Value My Brand?

5. Brand Positioning Decisions
Faced with a decision on a change in positioning,many businesses consider the effects only throughmanagement hypotheses or market research.

6. Franchising & Licensing Strategy
Brands are frequently licenced both internally and toother companies through franchise or brand licencing
agreements.

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.

In the late 1990s, we were approached by the UnitedStates Internal Revenue Service to provide a new
approach to setting brand royalties that was groundedin the identified commercial effects of brands, rather
than simply what had been paid for them in the past.

A brand valuation framework
enables teams to weigh up
marketing cost, time and activities,
and model the returns in real
financial terms.

Using research analysis techniques, we identify
the uplift in yearly revenue and profitability causedby brand equity. The outputs of this analysis arealways compelling, and provide a strong defense innegotiations.

Market research is useful but can be risky if you
stop there. Strong market research programs willoften include “Demand Drivers Analysis”. Demand
Drivers Analysis allows you to identify what aspects,
or “attributes”, a brand needs in order to drive brandpreference in a category.

Establishing the commercial reality of a brand’s
impact on a business rather than relying on often
conservative perceptions or non-comparable
agreements is a technique that is - and should more
often be - used in licensing.

The idea goes that the brand 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 predict togain in value.

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brandirectory.com/globalWhy Should I Value My Brand?

The following applications range from technical to applied,from marketing to finance, and everywhere in between:

and sell – this true market not existing since the common
control gives incentives to buy internally.

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.

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 andis usually covered by a licence agreement.

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. Through our rankings of
the world's most valuable brands, we have found thatbrands consistently make up 20%-25% of the value oflisted companies. This figure differs by type of business,
industry, segment, stage of life and many other factors
so it's important to analyse specific brands and on asegmented basis to glean out all the relevant information.
And it is relevant for many reasons.

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.

One principal reason is education. Many boards are
simply unaware of the benefit that brand building canmake to your business. Demonstrating these effects
can help build support for new measures to further
strengthen the positions of brands in decision-making.
Another reason is to benchmark your brand against its
competitors, and through that process gain insight into
its performance. Knowing how much your brand impacts
your business and why, and how this compares to otherbrands over time, can help guide brand management in
the direction of the most value-generating 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‘Transfer pricing’ refers to the practice of pricing transactions
between companies within a commonly controlled group.
The concept is originally a management accounting one,used by companies to ensure that individual divisions profit
maximise in the absence of a true market for what they buy
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Virgin, which owns its brand in a separate subsidiary, is aparticularly clear case in point. Virgin does not own majority
stakes in most of its companies. Instead, it operates aminority stake and brand licence model where management
identifies opportunities that will maximise royalties tothe brand-owning company, while also developing andenhancing the brand to promote its other enterprises.
It expects its licensees to invest in substantial amounts ofadvertising, 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 aproduct or service, allowing the public to clearly andprecisely the subject matter of what they are procuring
or using. They are therefore the legal manifestation ofwhat 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
brandirectory.com/globalWhy Should I Value My Brand?

to a brand might have been caused for a variety of reasons
with the following being the most common: libel, slander
and defamation; improper use of the marks in question; andconfusion created by the use of an unlawfully similar mark.
The US Trademark Act (also known as the Lanham Act),the Trade Marks Act in the UK and many other similar laws
around the world allow the damaged party recourse todamages for some combination of the defendant’s profits, thedamaged party’s lost profits and the cost of any legal action.
In order to calculate these damages, some kind of
brand valuation exercise is necessary. This might
include royalty rate analyses, lost profits analysis,
unjust enrichment calculations, corrective advertisingcalculations for example. In some cases, the businessanalyst may even need to recreate a hypotheticallicencing 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 acompany owns, yet often it is overlooked and remains anafterthought 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 wella brand is known and perceived compared to its
competitors can help buyers determine how resilientdemand will be and how much growth to expect.
- Having acquired a new brand, what would be
the implications 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 can be significant
volatility in returns depending on the quality of the rebranding
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brandirectory.com/globalWhy Should I Value My Brand?

process and the timing of the transaction. It is therefore
important to analyse trends and market research to predict
the ideal timing for transactions as well as brand transitions.
- How do we show our investment committee
potential brand uplift?
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 haveto be reviewed in case 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 theinterest of finance directors to reduce the value of identified
intangibles and increase the share of value attributable toGoodwill. It is also sometimes seen as a box-ticking exercise
by many resulting in poorly done valuations with little depthof data or analysis.The folly of treating it this way 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 tocreate massive savings by cutting back on marketing andproduct innovation since the brands were strong (whenthey 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 in corporate history.
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These are examples of where things have gone
spectacularly wrong. The problem of misinvestment
is likely hampering all business’ performance on asmaller scale. However, where done thoughtfully andregularly, brand valuation and the valuation of otherintangible assets can be a powerful tool for measuring theperformance of investments and ensuring that value ismaintained and improved.
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 valuations in their annual
reports. Even more, businesses use other providers so theuse of brand valuation is endemic among marketing andbrand departments worldwide and growing in importance.
Although there are movements that may lead to changes
in accounting rules, for the time being internally generated
intangible assets (including brands) cannot be put formally
into a company’s financial accounts. However, they can beplaced as notes to the accounts and within the backgroundinformation included in the written copy in the main body ofannual reports.
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. Withadequate information on the value of brands and otherintangible assets, investors are able to much moreclearly identify what lies underneath the overall businessvalue and justify the assumptions they are making about
future performance.
For example, Ferrari promoted Brand Finance’s brandvaluation and strength analysis in their investor prospectus
for their IPO in 2015 in order to highlight the fact that it was aluxury and lifestyle brand capable of transcending category
while maintaining demand and price for its cars. Judged bytheir price to earnings multiple and the growth in the valueof their shares, it seems to have helped their success.
Conclusions
What shouldn't be lost sight of is that the brand exists todifferentiate and elevate your business. Measuring andvaluing its performance should be done with the intentionof understanding how you can leverage one of your mostimportant assets to further your business goals, in the
short and long term.
brandirectory.com/global

Communications
in Times of Crisis.
Effective communication is critically important in times of crisis. Whether it is anatural disaster, a terrorist attack, or a public health crisis, clear and accurate
communication can mean the difference between life and death. It can also protect
the reputation and trust of a brand.
In a crisis situation, people turn to the media and other sources of information to
make decisions about their safety and well-being. If the information they receiveis unclear, conflicting, or incorrect, they may make decisions that put themselves
or others at risk. For example, during the recent COVID pandemic, some people
avoided going to hospitals because of incorrect information about the disease,which led to a delay in diagnosis and treatment.
Cristina Campos
Managing Director,
Brand Dialogue Spain

The nature of the situations that can jeopardise or compromise a brand are very
diverse and need to be taken into account when designing a crisis communication
strategy. It is also important to identify the level of risk to the brand. Finally, theagility of communications will be a key factor.
Clear and accurate communication is also important for protecting a brand's
reputation and trust. Crisis situations requires for leadership and guidance, and abrand that is seen as providing reliable and trustworthy information can enhance its
reputation and build trust with its customers and stakeholders. On the other hand,a brand that is seen as withholding information or providing inaccurate information
can damage its reputation and lose the trust of its customers and stakeholders.
One of the most famous examples of effective communication in a crisis is the
response of Johnson & Johnson to the Tylenol poisoning crisis in the 1980s. In
1982, seven people in the Chicago area died after taking Tylenol capsules that
had been laced with cyanide. Johnson & Johnson, the manufacturer of Tylenol,
immediately launched a comprehensive and transparent communication campaign
to inform the public about the situation and to ensure the safety of its products.
The company recalled all Tylenol capsules from the market, and provided clear
and accurate information to the media and the public about the steps it was taking
to address the situation. As a result of its effective communication, Johnson &Johnson was able to protect the trust and reputation of its brand and maintain theloyalty of its customers.
In conclusion, effective communication is critically important in times of crisis.
Identify the nature of the crisis situation and the level of risk for the brand is criticalto design the communications strategy.
Clear, accurate and agile communication can save lives and protect the reputationand trust of a brand. Brands that are able to provide reliable and trustworthy
information in a crisis can enhance their reputation and build trust with theircustomers and stakeholders.

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Non-Customers
Like Strong Brands.
Regulators, investors, and suppliers all have a vested interest in dealing withstrong and reliable brands:+ For regulators, strong and reliable brands are seen as a sign of a healthy andwell-functioning market, and can help to protect consumers and maintain the
integrity of the market.
+ For investors, strong and reliable brands are seen as a safe and profitable
investment, and can help to create value and generate returns.

Savio D'souza
Head of EMEA,
Brand Finance+ For suppliers, strong and reliable brands are seen as a valuable partner, andcan help to ensure a steady and profitable flow of business.
One reason why regulators like to deal with strong and reliable brands is thatthey are seen as a sign of a healthy and well-functioning market. Regulators
are responsible for ensuring that markets operate efficiently and fairly, and that
consumers are protected from fraudulent or deceptive practices.
Strong and reliable brands are an important part of this, as they help to create
trust and confidence in the market, and can provide consumers with a degree ofprotection against unscrupulous or unreliable companies.
For example, regulators often look to companies with strong and reliable brands
when approving new products or services. Companies with strong and reliablebrands are seen as more likely to comply with regulations and to provide highquality products and services. This can help to protect consumers from fraudulent
or deceptive practices, and can help to maintain the integrity of the market.
Another reason why regulators like to deal with strong and reliable brands isthat they can help to prevent market failures. Market failures can occur whencompanies with weak or unreliable brands are able to enter the market and takeadvantage of consumers. This can lead to a lack of competition, higher prices,and lower quality products and services. Strong and reliable brands, on the other
hand, can help to create a competitive and dynamic market, and can help toprevent market failures.

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Non-Customers Like Strong Brands.

For investors, strong and reliable brands are also
seen as a safe and profitable investment. Investors
are looking for companies that are able to generateconsistent and sustainable returns, and strong
and reliable brands are an important part of this.
Companies with strong and reliable brands are able toattract and retain customers, and can generate higher
levels of sales and profit. This can help to create value
and generate returns for investors.
For example, investors often look to companies withstrong and reliable brands when making investment
decisions. Companies with strong and reliable brands
are seen as more likely to be successful in the longterm, and can provide investors with a degree ofprotection against risk. This can help to create astable and profitable investment environment, and canhelp to generate returns for investors.
Another reason why investors like to deal withstrong and reliable brands is that they can help tocreate value through brand equity. Brand equity isthe value that a brand adds to a company, and canbe measured by factors such as customer loyalty,
customer satisfaction, and customer trust.Strong andreliable brands are able to create high levels of brandequity, which can help to create value for investors.
For suppliers, strong and reliable brands are also
seen as a valuable partner. Suppliers are looking
for companies that are able to provide a steady andprofitable flow of business, and strong and reliablebrands are an important part of this.
Companies with strong and reliable brands are able
to attract and retain customers, and can generatehigher levels of sales and profit. This can help tocreate a stable and profitable business environment
for suppliers.
For example, suppliers often look to companies
with strong and reliable brands when entering into
partnerships or contracts. Companies with strong
and reliable brands are seen as more likely to be
successful in the long term, and can provide supplierswith a degree of protection against risk. This can help
to create a stable and profitable business environment
for suppliers, and can help to generate returns forboth parties.

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Importance of Selectiveand Effective Advertising.
The importance of maintaining advertising during economic downturns cannot be
overstated. Advertising helps to build strong brands, and strong brands are criticalto the success of any business, especially in times of economic uncertainty. Strong
brands can attract and retain customers, generate higher levels of sales and profit,and create value for investors. However, strong brands must carefully select theiradvertising target and message to best benefit their business.

Annie Brown
General Manager,
Brand FinanceAdvertising should be viewed as a long-term project. Due to consumer pricesensitivity, brands may be tempted to focus on promotions and activation spend
during economic downturn, in desperation to stay in the black. Thanks to Binet andField, we know that brand building should represent 60% of marketing spend inany year. In our recent report, Why Brands Matter 2022, Brand Finance found thatstronger brands deliver superior share price returns and helps businesses securelower interest rates on loans. Effective advertising can help to build strong brands
by creating awareness, generating interest, and building trust and loyalty amongcustomers. Strong brands can attract and retain customers, and can generate wordof mouth and ultimately, higher levels of sales and profit.
For example, companies that continue to advertise during economic downturns
can maintain or even increase their market share and can differentiate themselvesfrom competitors who are cutting back on advertising. This can help to build strong
brands and can provide a competitive advantage in times of economic uncertainty,
and during recovery. Why Brands Matter 2022 also discusses how strongly
branded companies recover faster from economic crises and retain that stronger
performance going forwards
A well-known example of this is Procter & Gamble's response to the 2008 financial
crisis. Rather than cutting back on advertising, Procter & Gamble increased its
advertising budget, and continued to promote its well-known and trusted brands,
such as Tide and Crest. This helped to maintain the company's market share and toprotect its reputation and contributed to the company's long-term success.
Despite the known benefits of investing in advertising, many readers will be facing
budget cuts this year and potentially next year too. We often hear of tension
between marketing and finance, as marketers struggle to demonstrate an expected
return on investment for the budget they seek, and financers must be accountable
for any funds leaving the tightly strung purse. But there is a new way of working:marketers need to collaborate with their CFOs and marketing directors.
Particularly in the current economic climate, we advise marketers to empathisewith the real issues their business and finance teams are facing. Marketing teams
should understand the business model, including sources of value and cost, in
detail. They then must understand who the key stakeholders are in this issue, andwhich stakeholders should be targeted with marketing. If advertising to consumers
is the solution, then plough ahead. But sometimes, this process may reveal that
other stakeholders are more important: building your brand among trade partners,
suppliers or regulators could have a more tangible financial benefit to the business.
Understanding the dynamics of your business and the levers where brand can add
value is at the core of Brand Finance’s client services, where we help to bridge thegap between marketing and finance.

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The Brand Finance Global Brand Equity
Monitor (GBEM) – an industry leading
brand evaluation tool.
The Brand Finance Global Brand Equity Monitor (GBEM) – an industry leading
brand evaluation tool.
A product or service offering without a distinguishable brand will likely fail toinfluence long-term consumer decision making. Whilst a strong product cango a long way in driving customer satisfaction, without the identification andassociations of a brand, it may fail to have a meaningful impact on consumer
preference.

Ben Baigrie
Associate,
Brand FinanceAs the role of brand has become increasingly recognised as a fundamental
asset and tool for any business, measuring a brand’s strength is an important
next step for any brand guardian. Brand Finance has developed an insightsdriven brand evaluation framework to assess the current state of your brand,
but also help nurture and grow your brand, to understand its identity andpositioning, and learn what drives consumer choice in your industry.
Since starting in 2017, Brand Finance’s Global Brand Equity Monitor now covers
31 sectors and 38 markets. As part of this, our coverage now covers thousandsof brands globally, creating a highly impactful and informative benchmarking
tool which can be unpacked into various strategic insights.
The GBEM serves as a diagnostic tool which we strive to develop and improveeach year, tapping into our ever-growing knowledge base of insights, strategy,
and marketing expertise.

38

Countries

31

Sectors

4,000+
Brands71

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150,000+

Respondents Surveyed

brandirectory.com/global

The Brand Finance Global Brand Equity Monitor (GBEM) – an industry leading brand evaluation tool.

Due to a lack of data, many consultants and brandguardians base their insights on top performing
brands in developed markets like the United States
and then apply that model globally.
Brand Finance understands that insights and successdiffer by industry and market, and there is no onesize-fits-all approach to brand building - for thisreason Brand Finance built one of the most diverse,
detailed and complete data sets of top brands fromaround the world. Five years of historic brand tracking
data also allows us to draw key insights over time.
The daunting task is making sense of all this data –but don’t worry, that’s where we step in. Our researchdelivers key insights offering several possible
applications and at Brand Finance, we broadly
categorise these into three areas:

1.Diagnostics: Where are we now?
Our research alongside other data from trusted
sources informs our Brand Strength Index – a custom
ISO compliant brand evaluation tool which can be
tailored to meet specific sector and brand needs. We
continuously improve and develop our framework inline with industry best-practice and the ever-changing
environment in which brands operate.
Our research and Brand Strength Index framework
allow brand guardians to:• Understand the brand funnel from awareness down
to usage;• Diagnose brand strengths and weakness whilst
highlighting potential growth areas;• Multifaceted approach – monitor a wide range ofmeasures to ensure a 360-degree view;• Measure profiles of emerging brands and thestrongest brands in the market;• We also examine other financial and non-researchmeasures to paint a complete picture of brandinvestment, equity and performance.
In summary, we measure your brands strength as it
currently stands and assess what it takes to maintain72

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The Brand Finance Global Brand Equity Monitor (GBEM) – an industry leading brand evaluation tool.

Vodafone Brand Funnel Across 10 Markets
100%

99%

© Brand Finance Plc 2023

• Awareness • Familiarity • Consideration • Claimed Usage
98%

97%

98%

98%

97%

97%

97%

96%

97%

80%

91%

89%

91%

91%

88%
88%

60%

73%

64%

63%

93%

84%

75%

71%

69%

61%

51%

40%

20%

46%

69%

44%
48%

43%

44%
29%

42%

42%

49%

41%
21%

21%

UK

Spain

23%

0
Romania

Egypt

TurkeyItaly

Portugal

Germany

Netherlands

India* respondents from different countries tend to respond to surveys differently which can impact cross-market comparisons.

and grow it so that it is future proofed and continuously
adding value to your business.
The below example illustrates the brand funnel for
Vodafone across 10 markets (ranked by awareness).
Initial observations reveal the brand is extremely wellknown in each market, but as we move down the
funnel towards consideration to purchase, numbers
differ significantly which likely implies differing levelsof market share/competition.

2. Benchmarking - competitor andindustry review (where are we
relative to others?)
Benchmarks are key to the success of any business andwithout them, one cannot truly ascertain performance.
With such a wealth of data at our fingertips and 25 yearsof experience to go with it, we are able to establish
meaningful benchmarks for your business.Thesebenchmarks are both internal (how did we perform
relative to ourselves) and external (how did we perform
relative to others).
Examples may include:• What are the key trends across your industry - docustomers want innovation, good service, reliability,
or something else?
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The Brand Finance Global Brand Equity Monitor (GBEM) – an industry leading brand evaluation tool.

• How have my brand KPI’s changed over time –has awareness increased following a period of highmarketing investment?
• How do my brand KPI’s compare acrossstakeholders – does my brand have a similar profile
between retail and business consumers?
• How does your brand strength compare to that ofyour peers and the best in the market – am I a market
leader or below average?
• What brand targets should I be setting and how do I
achieve these?
The below example examines reputation and quality
for car brands in Singapore. The trendline and highR-Square value indicates strong correlation between
the two variables or in simpler terms, that they can beused to predict one another with reasonable accuracy.
For example both Mercedes and BMW exhibit thehighest quality ratings of 4.0 and 4.1 respectively
whilst also leading in terms of overall reputation.

3. Strategy & Applications
Whilst measurement is step one and of utmost
importance, it is essential to remember what can bemeasured can be improved (Lord Kelvin).
Many brand guardians fall into trap of only using
brand research to help gauge past performance andwhether KPI’s have increased over time. Whilst this isincredibly valuable, the data can also be used to draw
key insights to guide future strategy and decision
making. Extracting these insights can be challenging
but that’s why we’re here to help.
For example, analysis can be done to determine what
drives customer acquisition, reputation or loyalty or brandpositioning work can be done to better understand how
your brand is profiled in the minds of consumers.
Better yet, this can all be tied back to your brand,marketing or even overarching corporate strategy
to enhance decision making. Data can also be
segmented to observe difference in perceptions andbehaviours of different consumer groups.

Reputation versus Quality - Singapore Automobiles© Brand Finance Plc 2023

8.2
8.0

Reputation (0 - 10)

7.8
7.6
7.4
7.2
7.0
6.8
6.6
3.4

3.5

3.6

3.7

3.8

3.9

4.0

4.1

Quality (0 - 5)
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The Brand Finance Global Brand Equity Monitor (GBEM) – an industry leading brand evaluation tool.

The below example looks at Tesla’s performanceon several attributes whilst also exhibiting derived
importance in terms of what drives purchaseconsideration. The plot tells us that perceptions ofcool are strong and is also the most important. Despite
being what most would perceive as luxury cars, value
for money is also shown to be important but there isperhaps room for improvement on this measure.

consideration to purchase/use between football fansand non-fans in the respective club’s home markets,
we observe more favourable results among fans – thiswould suggest the sponsorship is having a positive
impact in each market and may prompt us to explore
more complex questions such as the ROI and whether
the net spend justifies these increases.
In summary, the GBEM and our brand evaluationand valuation frameworks allow us to provide acomprehensive brand management tool kit andmeasurement system to help guide decision making
and generate value for your business.

Some areas we like and encourage our clients to
explore are around:• Marketing strategy – how well do you know youraudience?
• Drivers’ analysis (example above)– do you knowwhat shifts the needle on the KPI’s you measure?
• Acquisition strategies to attract new customers• Retention strategies to reduce churn• Brand positioning and architecture assessment• Linking KPI’s back to value-based outcomes – how dothese measures influence brand and business value?
The below example looks at Emirates who sponsor
three prolific football clubs: Real Madrid, Arsenal and
AC Milan in Spain, the UK, and Italy respectively.
Whilst there can be several motivations behind
investing in high-profile sponsorships, brand exposure
and positive associations are usually high up on
the list. When we compare brand familiarity and

0

20

40

60
58%

Italy

80

0

51%

37%
33%

62%

Brand Finance Global 500 2023

60

45%

Spain

45%

• Fans • Non-Fans

40
33%

49%

UnitedKingdom

20

Italy

43%

Spain

75

Emirates Brand Consideration

52%

UnitedKingdom

41%• Fans • Non-Fansbrandirectory.com/global© Brand Finance Plc 2023

Emirates Brand Familiarity

Deep dive: Brand Finance Research
Finds Key Drivers for Global Media Brands.
Brand Finance’s Global Brand Equity Monitor (GBEM) study into the media
sector spans 60+ brands across 16 countries and 3 continents. The media sector
includes some of the world’s best known and most valuable brands, with thestrongest media brands no longer being single-channel operators but becoming
entire platforms for delivering many millions of hours of content daily. But what
drives customer choices in where they will spend their precious early waking
minutes and late nights doomscrolling? Brand Finance’s research has found thatthe dominant answer is Fun.

Media brands with highest brand familiarity
Carine Guillou,
Research Director,
Brand Finance

Google91%

YouTube88%

Facebook

84%

NETFLIX

78%

Disney77%© Brand Finance Plc 2023

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Deep dive: Brand Finance Research Finds Key Drivers for Global Media Brands.

In the GBEM study, respondents are asked to rate brands on various image attributes. For the media sector,
these brand image attributes can be loosely categorized into the following buckets:
Excellent website & apps

Practical

Great value for money
Widely available
Offer something different
Innovative
Cool

Emotional

Fun
ModernTrustworthy
Committed to supporting communities and wider society

Environmental Social Responsibility

Committed to protecting the natural environment

Is professionally, ethically, and responsibly managed

Running key driver analysis with these attributes against consideration to use the brand, we can see how eachbrand image attribute contributes to driving consideration.

Drivers of 'Overall Reputation'© Brand Finance Plc 2023
Fun

16.1

Widely available

13.2

Trustworthy

12.8

Excellent website & apps

10.9

Great value for money

9.2

Cool

7.7

Modern7.4

Innovative

6.3

Genuinely offer something different

6.2

Commited to supporting communities and wider society

4.0

Is professionally, ethically, and responsibly managed

3.8

Commited to protecting the natural environment

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Brand Finance Global 500 2023

2.8
brandirectory.com/global

Deep dive: Brand Finance Research Finds Key Drivers for Global Media Brands.

In the media sector Fun is the most important
attribute in driving consideration to use that brand.
Being Widely available and Trustworthy compete
for second place with Widely available pulling throughjust ahead. Being perceived as fun is 5 times more
important, on average, to a media sector brand thanany other sector within the GBEM research.
Meanwhile the least important attributes in driving
consideration are the environmental and social
responsibility attributes – it appears that whenchoosing amongst video and audio platforms,
consumers do not consider this issue.
Generational Differences: The top 3 drivers ofconsideration and how they differ by age groups.

Most Fun brands in the media sector
YouTube55%

Disney53%

TikTok49%

NETFLIX

48%

Instagram

45%© Brand Finance Plc 2023

Most Widely available brands in the
media sector
Google54%

YouTube50%

NETFLIX

43%

Facebook

43%

Spotify41%© Brand Finance Plc 2023

Most Trustworthy brands in the
media sector
GoogleLinkedIn

45%
36%

Spotify

34%

NETFLIX

33%

YouTube32%© Brand Finance Plc 2023

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Deep dive: Brand Finance Research Finds Key Drivers for Global Media Brands.

Of the top 3 drivers, Fun is still the most important
attribute for Gen Z, Millennials, and Gen X while
Widely available is most important for Boomers.
Curiously, out of all the generations, Millennials place
the lowest importance on Fun in their media platformchoices while Gen X place the highest.
The only group with a different top 3 is Gen Z where
Trustworthy and Widely available fall to 5th and 6thplace while Cool and Excellent websites and appstake 2ND and 3rd.
Cultural Differences: The top 3 drivers ofconsideration and how they differ by country.

Drivers of Consideration by Generation• Fun© Brand Finance Plc 2023

• Widely available• Trustworthy

23.3

17.6

17.2
13.2

17.2
15.4

14.0
11.4

14.8

11.6

9.8

8.7

Gen Z

Millennials

Gen X

Boomers

Drivers of Consideration in Media among Gen Zers

© Brand Finance Plc 2023

Fun

17.6

Cool

14.7

Excellent website & apps

13.2

Modern10.2

Trustworthy

9.8

Widely available

8.7

Great value for money

8.1

Innovative

4.9

Genuinely offer something different

4.8

Committed to supporting communities and wider society

2.9

Is professionally, ethically, and responsibily managed

2.8

Commited to protecting the natural environment

2.4

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Deep dive: Brand Finance Research Finds Key Drivers for Global Media Brands.

The US, China, Japan, and the Netherlands hold Funin high importance when considering their media
platforms, meanwhile in the UK Fun doesn’t evenmake the top 5.

• Fun

In the UK, Excellent websites & apps,
Trustworthy, and Widely available are far more
important in driving consideration than Fun.

USA

Drivers of Consideration by Countryidely• Wavailable

xcellent• Trustworthy • Ewebsite& apps

17.7
16.6
11.6

A moment of silence for Twitter

8.6
16.8

UK

Much of the shenanigans following the acquisitionof Twitter really kicked off in October 2022 andunfortunately the GBEM study was conductedshortly before this, so the full effects are not yet
reflected in data.

18.0

19.0
10.2

China

Despite this, we are already seeing quite a strong
impact on Twitter’s brand reputation among USA
respondents between 2021 and 2022.

12.7

30.2

In 2021, Twitter had a reputation score of 6.5/10 in linewith the likes of Facebook, MTV and just below Fox.

30.4

Japan
18.3

However, in 2022 the reputation dropped nearly a fullpoint and is currently 5.6/10. It will be very curious
to see how this saga further develops and how it will
be reflected in the research data in the next annual
GBEM wave in 2023.

22.8
11.0

NL

14.9

Drivers of Consideration in Media in the UK© Brand Finance Plc 2023

Excellent website & apps

17.6

Trustworthy

14.7

Widely available

13.2

Great value for money

10.2

Cool

9.8

Fun

8.7

Modern8.1

Committed to supporting communities and wider society

4.9

Is professionally, ethically, and responsibily managed

80

4.8

Genuinely offer something different

2.9

Innovative

2.8

Commited to protecting the natural environment

2.4

Brand Finance Global 500 2023

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Sector Reputation Analysis.
Benchmarking against the very best
Brand Finance’s brand evaluations are designed to facilitate broader comparisonswith brands across markets, both within and across industries. This provides
a more rounded assessment of brand strength. This perspective is particularly
important as brand categories converge, with new technologies enabling
disruption and brands seeking tactical entry into complementary categories.
Brands with a strong reputation also have licensing opportunities in new sectors.
This year’s global sector reputation rankings from our B2C research included two
new product categories.

Carine Guillou,
Research Director,
Brand Finance

For many sectors, reputation rankings have fallen
Brand reputation scores are down across many industries because previous
needs linked to the pandemic have given way to new consumer expectations.
The pandemic has had a profound impact and other challenges are now on thehorizon: A potential recession and an increasingly challenging climate crisis. This
new focus, coupled with accelerated digital transformation, has impacted therelevance of brands in various sectors.
Resilience of the luxury market
Luxury brands are still performing exceptionally well, demonstrating that the desire
for high-quality and aspirational products is here to stay.
Improved reputation of apparel brands
The improved reputation of brands in the clothing industry is driven by brands
such as Zara, Next, New Look, H&M, Bershka, Nike, Adidas and Converse
which target younger consumers. Growing online presence for this sector ispotentially driving this uplift.
Supermarkets, household, and drinks brands suffer a dip from previous year
During the pandemic, the response from supermarkets benefited their reputation.
As consumer shopping behaviour reverts to pre-covid patterns, the trend isreversed. A similar dynamic is impacting household products. Given healthconcerns and months spent at home, their prominence increased during Covid 19.
However, as the need to fight germs is giving way to other needs (e.g. convenienceor sustainability), consumers are now reassessing the market. This is negatively
impacting the reputation of brands like Dettol, Lysol or Kleenex.

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Sector Reputation Analysis.

Sectors ranked by reputation© Brand Finance Plc 2023

82

Luxury Apparel

7.9

Luxury Cosmetics

7.7

Luxury Automotive

7.7

Food

7.6

Cosmetics/ Personal Care

7.6

Tyres

7.5

Apparel

7.5

Corporate

7.5

Leisure & Tourism

7.5

Car Rental Services

7.5

Hotels

7.4

Automotive

7.3

Household Products

7.3

Wines & Spirits

7.3

Logistics

7.3

General retail & e-Commerce

7.2

Supermarkets

7.2

Oil & Gas

7.2

Appliances

7.1

Technology

7.1

Soft Drinks

7.1

Airlines

7.0

Beer

7.0

Restaurants

6.9

Media

6.9

Banks

6.9

Insurance

6.8

Telecoms

6.6

Brand Finance Global 500 2023

The drink sector is also experiencing a dip after theindustry initially benefited from a boost recovery when
consumers went back to in-person socialising. As thebeer market is dealing with increasing competition
from alternative drinks, the reputation of big brands like
Heineken, Guinness and Stella Artois is weakening.
Food and cosmetic brands retain outstanding
reputation
Many major cosmetics and food brands maintain highreputations, on average; a reminder of the enduring value ofa strong brand. This brand strength is built upon generationsof performance: some of the top performers are over a
century old. The positive reputations of global giants suchas Johnson’s, Dove, Kellogg’s and (in some markets)
Nestlé have been nurtured and refreshed over long periods.
Local favourites, such as Bimbo (Mexico) and Amul (India),show that they can match their global counterparts.
A risk factor for the food sector is the eroding and more
‘average’ reputation that some of the big brands have ina number of developed markets, such as the UK. Here,supermarkets have perhaps squeezed the big food brands
somewhat: smaller premium brands are attracting highend segments of the market, while in-house commodity
brands are attracting budget-conscious consumers.
Leisure and tourism brands have a strong
reputation while airlines struggle to recover
The tourism industry took one of the largest plunges
during the pandemic. With fewer restrictions and the return
to in-person events, travel and leisure are now back. This iscontributing to high reputation score for most brands.
However, airline brands are taking longer to recoverfrom disruption, and this is weighing on the reputationof brands such as Lufthansa, British Airways and
Air France. Some airlines are still unable to offer precovid levels of services with constrained labour andinfrastructure bottlenecks causing significant brandchallenges. In addition, high fuel costs and inflation arelikely to drive prices upwards.
Banks and telecoms struggle to improvetheir standing
Banking and telecoms brands rank lowest of all in manymarkets for reputation. As with other sectors, many brands
have arguably served customers well in difficult times (withconnectivity even more vital in the case of telecoms) but
this has not helped erode distrust appreciably.
brandirectory.com/global

Methodology.

Definitions.
Brand Value+ Enterprise Value
The value of the entire enterprise, madeup of multiple branded businesses.
[Alphabet]Enterpr
ise
Val
ue

ue
al

Brand
ed B
us
ine
ss
V
Bran
dC
on
tri
b

Where a company has a purely monobranded architecture, the ‘enterprise value’is the same as ‘branded business value’.

+ Branded Business Value
The value of a single branded business
operating under the subject brand.
[Google]niout

A brand should be viewed in the context
of the business in which it operates.
Brand Finance always conducts a brandedbusiness valuation as part of any brandvaluation. We evaluate the full brand value
chain in order to understand the links
between marketing investment, brandtracking data, and stakeholder behaviour.

+ Brand Contribution

Brand
Value
[Google]The overall uplift in shareholder valuethat the business derives from owning
the brand rather than operatinga 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[Google]The value of the trade markand associated marketing 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
or entities, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits.

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Brand Valuation Methodology.
Definition of Brand

1

Brand Impact
 e review what brands already pay in royalty
W
agreements. This is augmented by an analysis
of how brands impact profitability in the sector
versus generic brands.

Brand is defined as a marketing-related intangible
asset including, but not limited to, names, terms,
signs, symbols, logos, and designs, intended
to identify goods, services, or entities, creating
distinctive images and associations in the mindsof stakeholders, thereby generating economic
benefits.

This results in a range of possible royalties that
could be charged in the sector for brands (forexample a range of 0% to 2% of revenue)

Brand Value
Brand value refers to the present value of
earnings specifically related to brand reputation.
Organisations own and control these earnings byowning trademark rights.
All brand valuation methodologies are essentiallytrying to identify this, although the approach andassumptions differ. As a result published brandvalues can be different.

Brand Strength
We adjust the rate higher or lower for brands byanalysing Brand Strength. We analyse brandstrength by looking at three core pillars: “Inputs”
which are activities supporting the future strengthof the brand; “Equity” which are real current
perceptions sourced from our market research andother data partners; “Output” which are brand-related
performance measures such as market share.

These differences are similar to the way equity
analysts provide business valuations that are different
to one another. The only way you find out the “real”
value is by looking at what people really pay.

Each brand is assigned a Brand Strength Index(BSI) score out of 100, which feeds into the brandvalue calculation. Based on the score, each brandis assigned a corresponding Brand Rating up to
AAA+ in a format similar to a credit rating.

As a result, Brand Finance always incorporates
a review of what users of brands actually pay forthe use of brands in the form of brand royalty
agreements, which are found in more or less every
sector in the world.

3

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 we always
augment it with a real understanding of people’s
perceptions and their effects on demand – fromour database of market research on over 3000
brands in over 30 markets.
Disclaimer
Brand Finance has produced this study with an independent and unbiased analysis. The
values derived and opinions produced in this study are based only on publicly available
information and certain assumptions that Brand Finance used where such data was deficientor unclear. Brand Finance accepts no responsibility and will not be liable in the event that the
publicly available information relied upon is subsequently found to be inaccurate. The
opinions and financial analysis expressed in the report are not to be construed as providing
investment or business advice. Brand Finance does not intend the report to be relied upon for
any reason and excludes all liability to any body, government or organisation.

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2

Brand Impact × Brand Strength
The BSI score is applied to the royalty range toarrive 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%.

Forecast Brand Value Calculation

4

We determine brand-specific revenues as aproportion of parent company revenues attributable
to the brand in question and forecast thoserevenues 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, posttax present value which equals the brand value.
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Brand Strength.
Analytical rigour and transparency are at the heart of ourapproach to brand measurement at Brand Finance. Therefore,
in order to adequately understand the strength of brands we
conduct a structured, quantitative review of data that reflectthe ‘Brand Value Chain’ of brand-building activities, leading tobrand awareness, perceptions and onwards to brand-influenced
customer behaviour.
To manage the ‘Brand Value Chain’ process effectively we create
and use the “Brand Strength Index” (BSI). This index is essentiallya modified Balanced Scorecard split between the three core pillarsof the ‘Brand Value Chain’: Brand Inputs, Brand Equity and
Brand Performance.

Brand Strength Index

Brand Strength
Marketing
Investment

Widely recognised factors deployedby marketers to create brand loyalty
and market share.

Perceptions of the brand among
Stakeholder different stakeholder groups, with
Equitycustomers being the most important.

Business
Performance

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

Attribute Selection and Weighting

1

Although we follow a general structure incorporating the three pillars (Brand Inputs, Brand Equity and Brand
Performance), the attributes included are different depending on the sector. A brand strength index for a luxury
apparel brand will differ in structure from an index designed for a telecommunications brand. An index for luxury
apparel brand may emphasize the exclusiveness, word of mouth recommendation, and price premium, whereas
an index for a telecommunications company may emphasis customer service and ARPU as important metrics.
These attributes are weighted according to their perceived importance in driving the following pillar: Brand
Investment measures in driving Brand Equity; Brand Equity measures for Brand-Related Business Performancemeasures; and finally the relevance of Brand-Related Business Performance measures for driving business value.

2

Data Collection
Brand’s ability to influence purchase depends primarily on people’s perceptions. Therefore, the majority of
the Brand Strength Index is derived from Brand Finance’s proprietary Global Brand Equity Research Monitor
research, a quantitative study of a sample of over 150,000 people from the general public on their perceptionsof over 5,000 brands in over 31 sectors and 38 countries.
However, at Brand Finance we also believe that there are other measures that can be used to fill gaps that survey
research may not capture. These include total investment levels – for example in marketing, R&D, innovation
expenditure, that can a better guide to future performance than surveys. They also include online measures –such as ratings by review sites and social media engagement that can give a more granular understanding ofmarketing effectiveness. Finally they also include real behaviour – for example net additions, customer churn andmarket share, to overcome the tendency for surveys to incorporate intended behaviour rather than real.
Over a period of 3 to 4 months each year, we collect all this data across all the brands in our study in order toaccurately measure their comparative strength.

Benchmarking and Final Scoring
In order to convert raw data in to scores out of 10 that are comparable between attributes within the scorecard,
we then have to benchmark each attribute. We do this by reviewing the distribution of the underlying data andcreating a floor and ceiling based on that distribution.

3
86

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value
calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar
to a credit rating.
Analysing the three brand strength measures helps inform managers of a brand’s potential for future success.

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How We Value the Brandsin 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 for thebrand, how increased consideration leads to stakeholder behavioural change,
ultimately leading to a favourable financial uplift effect.
Richard Haigh
Global Managing Director,
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 throughthe nuances and applications of brand valuation. For now, though, we want to tackle someof the most common questions we asked around our annual 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.

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How We Value the Brands in Our Annual Rankings.

This is how we can perform robust valuations forbrands that have never been valued as part of anauditing or balance sheet exercise.

marketing into finance, and vice versa. which informs
the principle of our strapline – ‘Bridging the gap
between marketing and finance’.

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 Brand Strength

Measuring a brand’s strength is a key aspect of any
brand valuation calculation. It is also probably the stage
most familiar to brand, marketing, and insights teams.
Everyone in some way or another is measuring thestrength of their brand and tracking the changes of thosestrength 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 then include 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 brandis impacting overall business performance. Throughmeasuring and benchmarking brand strength within
a competitive set, we can identify the impact brand ishaving on the bottom line. From there it is relatively
straightforward to then understand how much value thebrand is bringing to the overall business.
In our valuations we are essentially combining the two
disciplines of marketing and finance. We are translating

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One of the key questions that inevitably evolves fromestablishing a measure of brand strength is: whatbrand attributes should be included in my brandstrength scorecard? The answer is quite straightforward
in principle, 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 bringvalue to the business?
Exactly how these three questions are answered will
differ from industry to industry and even brand to
brand.

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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 the nameroyalty relief.
The steps in this process are as follows:
1. Calculate brand strength on a scale of 0 to 100
based using a balanced scorecard of a number of
relevant attributes such as emotional connection,
financial performance and sustainability, among
others. This score is known as the Brand Strength
Index.
2. Determine the royalty rate range for the respective
brand sectors. This is done by reviewing
comparable licensing agreements sourced fromour own extensive database of real world license
agreements, as well as and other online databases.
3. Calculate royalty rate. The brand strength score isapplied to the royalty rate range to arrive at aroyalty rate. For example, if the royalty rate range ina brand’s sector is 0-5% and a brand has a brand89

Brand Finance Global 500 2023

strength 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. Determine brand specific revenues estimating a
proportion of parent company revenues attributableto each specific brand and industry sector.
5. Determine forecast brand specific revenues using afunction of historic revenues, equity analyst
forecasts and economic growth rates.
6. Apply the royalty rate to the forecast revenues toderive the implied royalty charge for use of thebrand.
7. The forecast royalties are discounted post-tax to a
net present value which represents current value ofthe 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 thirdparty transactions.
It can also be done based on publicly available
financial information, and it is compliant with therequirement under the International Valuation
Standards Authority and ISO 10668 to determine
the fair market value of brands. For these reasons,the royalty relief method is used in over 80% of all
brand valuations.

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How We Value the Brands in Our Annual Rankings.

The role of brand research in ourvaluations
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 afinancial 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.
+ Stakeholder Impact: We need to understand andpredict how stakeholder opinion will drive demandand other economic and financial benefits
underpinning the valuation.

Conclusion
Brand Valuation is ultimately a financial discipline,
but unlike all other financial disciplines, it requires
an intuitive and well-researched understanding ofstakeholder perceptions, motivations, and behaviours.
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 and help them work better for
all their Stakeholders.

+ Transparency: we have always felt that all
assumptions in the valuation need to be disclosed
in full 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 have always considered stakeholder research,
particularly customer and consumer research to be acentral 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 insighthas 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.
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Applying Brand Tracking
and Valuation Techniques
to Sponsorship.
Why is tracking corporate sponsorship a criticalmanagement practice?
Brand Finance defines sponsorship as “the financial, or similar support, of any
individual, company, team, activity, or event which is used primarily to achieve
specific business goals through association with the rights holder. For a brand, thesegoals typically include building awareness and equity through positive association”

Hugo Hensley
Associate Director,
Brand Finance

Whilst sponsorship is by no means limited to sporting ventures, according toMarketWatch, the sports sponsorship market alone was estimated to exceed to
US$63.1bn in 2021 and is forecast to grow to US$109.1bn by 2030. To help instil
confidence, and provide clear and concise structure to sponsorship tracking, Brand
Finance has created a robust framework which links sponsorship activities to brandand business performance and identifies how sponsorship activities effect customer
perception, acquisition and loyalty – and critically it assesses both non-financial andfinancial performance to provide a 360-degree view.

Setting up a sponsorship evaluation framework
Step one is to identify the core brand objectives and whether sponsorship can help
achieve those objectives. Typically, this is done through mapping these objectives tobrand equity measures so that performance can be tracked over time.
For example, if brand awareness is the objective, putting your brand name on an
NFL stadium or a player endorsement would certainly contribute to this result (butat what cost?). Secondly, it’s important to have a base-line evaluation taken prior
to key sponsorship activations so that there is a clear benchmark from which future
performance and tracking can be measured. Market research among the appropriate
stakeholders can be used to assess successful activations and highlight where
activation strategy can be adjusted to achieve the desired results. Through this,rights-holders can provide feedback to their brand partners to:91

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Precision and structure in Sponsorship Evaluation – Best Practice.

+ Exhibit the impact of the brand partnership on fan
perceptions of the partner+ Understand how sponsorship exposure affects
different audiences+ Measure past activations and assist in planning andstrategy for future activations+ Compare to the market and understand what works
and what doesn’t
The below example examines the difference in brandconsideration for the airline Emirates, a brand that has
been and remains associated with some of the biggest
clubs in European Soccer.
The results from our research exhibits higher levels of
consideration in 28/29 markets for the airline amongsoccer fans than non-soccer fans.
This analysis also allows brand owners and sponsorshipmanagers to see the difference across other key brandperceptions or attributes which are often identified as key
drivers of customer acquisition and loyalty.
The below example exhibits more favourable results ineach attribute for a corporate brand which sits on thefront of the shirt of a top-division team covered in our
research.

Emirates Consideration by Market & Soccer Following

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© Brand Finance Plc 2023

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Precision and structure in Sponsorship Evaluation – Best Practice.

Sponsorship uplift and return on
investment

The next level of sponsorship analysis is to determine
the financial return and uplift to business metrics

Brand Image Perceptions: Sponsorship Impact© Brand Finance Plc 2023

More trustworthy than others
50

Actively involved inyour community

Charges fair prices for the
benefits you get

40
30
20
10

Products andservices offer
good value for money

Are excellent at
what they do

Easy to deal with

Recognises and rewards loyalty

Aware of sponsors

resulting from the investment, and to be able to express
this in a way that allows a brand team to communicate
the partnership benefits to the CFO, CEO and Board.
This requires determining the bottom-line effect, andasking the questions that would be asked if investing in
a new factory or machinery asset:+ How does this investment pay back over the shortand long term?
+ Has this investment increased the value of thebusiness for the shareholders?
+ Are we getting good value for money?
A valuation-based approach to sponsorship evaluation
provides a practical, logical, and commercially driven
basis for assessment.

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Not aware

Through an approach that establishes linkages
between changes in brand equity, stakeholder
behaviour and ultimately business and brand value,
it provides a solid platform of insight to inform futuresponsorship decision making.

There are typically two sides to thisanalysis:
1. Return on historic sponsorship
The return on historic sponsorship is calculated bydetermining whether the sponsorship has had asignificant effect on consumer perceptions of the brand.
The perception changes are then used to estimate what
the future customer numbers and costs would look like
if the sponsorship had never taken place, all else being
equal.
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Precision and structure in Sponsorship Evaluation – Best Practice.

This can then be used to adjust the business valuation
model of the partner to see how much more valuable
the business is, having conducted the activities. Thisdifference is the return on investment.
2. Future return on sponsorship renewal
Forecast customer numbers and revenue growth canbe applied to a valuation model to reflect heightened
consideration and perceptions associated with thesponsorship continuing.
The difference in business value with and without thesponsorship shows the future return on investment of
renewing the sponsorship contract.

Sponsorship ROI - Partner Business Value© Brand Finance Plc 2023

2
Renew?

1Pre
Sponsorship
Past
Continue Sponsorship

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Sponsorship
Begins2009

Renewal Decision
Stop Sponsorship

FutureNever Sponsorshipbrandirectory.com/global

Precision and structure in Sponsorship Evaluation – Best Practice.

Building an appealing prospectus
For rights owners, packaging these key benefits
derived from sponsorship into a prospectus offers ahighly impactful toolkit which can be used to:+ Inform and impress existing sponsors+ Justify past and future investment+ Attract new sponsors.

impact revenue and business value?
In summary, without appropriate methodologies forsponsorship evaluation and valuation, properties
are undersold by clubs, leagues and competitions,and brands are unable to appreciate the full suite ofbenefits that are possible from an engagement.
Brand Finance has developed methodologies to express
the return on sponsorship investment in a way thatmakes sense to both brand and financial audiences.

To achieve this, Brand Finance focusses on the two key
areas:+ Brand Evaluation – Communicating the unique
attributes and brand strengths that complement thevision of a brand - How the sponsorship will
improve important brand attributes.
+ Value potential analysis – Quantifying the financial
benefit possible from partnership – how will thisSpeak to us today to find out more: enquiries@brandfinance.com
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Brand Strength IndexTM:
Creating a Scorecard forYour Brand.
Our version of a brand strength scorecard is what we call the Brand Strength
IndexTM. The Brand Strength Index is a scorecard of metrics that underpin abrand's strength. These metrics can include but are not limited to: marketing
spend, awareness, consideration, reputation, NPS, acquisition, retention,market share, volume, and price premium. This allows us to understand therelative strength of the brand in the market, which plays a crucial role in turn incalculating the value of a brand.

Brand Strength Index™ benefits, and its roots in thebrand value chain
Alex HaighManaging Director,
Brand Finance Asia PacificAnalytical rigour and transparency are at the heart of our approach to brandmeasurement at Brand Finance. This demands responsiveness to key bestpractices and empirical evidence, which we pull from academic theory. In thespirit of academia, we also open our doors to peer review. We do use specificmethods in our measurement, but we don’t restrict others from using themeither. It also means we never have black boxes in our approach, and instead
rely on the quality of our research data, and the skill of our team, to identify andimprove brand value.
One area of academic theory that we have both influenced and been influenced
by has been the idea of the ‘Brand Value Chain’. As with any good idea, it was
influenced by previous theories and it was in practice already at the time, including inour own approach – Brand Finance having been set up in 1996.
We have visualised the ‘Brand Value Chain’ as we have interpolated for our own use:

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Brand Strength IndexTM: Creating a Scorecard for Your Brand.

This process starts with:
1. Strong, well-managed investment leading tochanges in 2. Customer perceptions, which in turn lead to
improved 3. Business performance and therefore shareholder
value.
In the Brand Strength Index™ model we call thesestages:
1. Inputs or Brand Investment
2. Brand Equity
3. Outputs Brand Performance
The structure of the Brand Strength Index™ is designed
to mirror the brand-building process. It naturally follows,that if you invest in your brand, you expect to seea return in brand equity, and ultimately an uptick inbusiness performance. What's more, by maximising theperformance across the chain, the owner or manager ofa brand can maximise its positive impact on businessperformance and therefore its overall brand value.

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Creating a Brand Strength
Scorecard from the ‘Brand Value
Chain’: The Brand Strength Index
To manage the ‘Brand Value Chain’ process effectively
we suggest creating and using a “Brand Strength
Index”. This index is essentially a modified Balanced
Scorecard split between the three core pillars of the‘Brand Value Chain’: Brand Inputs, Brand Equity and
Brand Performance.
Brand evaluation using a Brand Strength Index, isprimarily a quantitative analysis, where scores for the
independent measures are informed by market research(functional and emotional drivers), and financial data
(marketing investment, price premium, revenue growth).
However, it is important to incorporate qualitative
research and interviews to ensure that the brandstrength index is capturing the relevant metrics thatdrive a brands strength. A brand strength index fora luxury apparel brand will differ in structure from anindex designed for a telecommunications brand.
An index for luxury apparel brand may emphasize thebrand funnel, and price premium, whereas an index
for a telecommunications company may emphasis
customer service and ARPU as important metrics.
The number of metrics needed in the index depends
on the requirements of the business, including thesophistication of marketing as a discipline, as well as
the ability to source relevant data in a timely manner.

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Brand Strength IndexTM: Creating a Scorecard for Your Brand.

How do you choose what attributes
should be included under thepillars?
Brand Strength Index: Brand Outputs
Creating an index, we start with Brand Performancesince the purpose of the index is to understandhow brands and marketing impact financial value.
Selection should be based on proximity to corefinancial performance driving value (cash flow) but also
responsiveness to changes in branding or marketing.
Traditionally useful measures include:+ Number of leads+ New customer additions+ Customer churn/retention+ Volume and price premiums+ Product margins+ Price elasticity+ Market share
The measures used depend on sector and data
availability and should represent a mixture ofboth current performance and growth potential.
Crucially, these attributes should be establishedwith input from a company’s financial forecastingteam and weighted according to their importancein driving profitable growth. This will ensure that
financial, and financially minded, audiences will
buy into how you are measuring a brand’s effecton the bottom line.
Brand Strength Index: Brand Equity
In our BrandBeta study, Brand Finance’s extensive
statistical analysis of research data in over 27
sectors in 39 countries identifies that brands impact
customer choice as a result of their familiarity andtheir relevance. Our analysis shows that together,familiarity and relevance, accurately predict market
share growth in the ratio of approximately 65%
importance for familiarity and 35% for relevance.

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Brand Reputation attributes, which can explain
differences in relevance, are also relevant measuresat this stage. Recommendation and NPS can also
be useful given their impact on both familiarity
and relevance. The views of other stakeholders(for example staff, investors, media) can also be
incorporated. These other stakeholders might
include:+ Staff+ Investors+ Media+ Regulators+ General Public
Attribute selection and weighting should be basedon relative importance for driving brand performanceand completed in collaboration with a company´sbrand insights team.
Brand Strength Index: Brand Inputs
Brand Inputs are generally the final step in thecreation of a Brand Strength Index since they are
selected on the basis of impact on Brand Equity. The
attributes included need to represent all of the levers
that a business can pull in order to influence brandequity. These may include:+ Advertising spend+ Sponsorship spend+ Earned media coverage(including word of mouth and social media)+ CSR spend+ Visual identity quality+ Customer service quality+ Product investment and innovation

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Brand Strength IndexTM: Creating a Scorecard for Your Brand.

+ Distribution quality+ Value for money.
These attributes should be decided incollaboration with the company’s marketing
team. The attributes should be grouped between
their impact on familiarity versus relevance
improvements and each group should be weighted
according to the importance of each side of thebrand equity pillar.

The Brand Strength Index as a
Measurement Tool
We typically advise that these models can be pointin-time – giving a snapshot, perhaps biannually, ofbrand strength – or they can be dynamic scorecards– regularly updated to give real-time results fromchanges in spend or strategy.
In all cases, it is usually good practice to provide
summary results as an average over a longer
period in order to provide a view of long-term brandstrength rather than reveal fleeting changes that havelittle long-term effect on the business.

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The core reasons for using Brand Strength Index as ameasurement tool are:1. Summarising brand KPIs: Many teams have large
numbers of data points that they struggle to bringthem together to see whether things are getting
better or worse. By summarising as a coherent
single figure, the BSI allows brands to do that.
2. Clearly comparing competitors: It is important tobenchmarking how you are performing against
your competitors along the same key measures.
Our database of over 5,000 brands yearly also
allows comparison within category and without. A
clear structure enables new brands to beincorporated too as necessary.
3. Tracking over time: Whether there is a big change
to strategy or simply a need to monitor
performance, setting a Brand Strength baseline
and tracking from that can help management takedecisive action.
4. Diagnosing issues in the Brand Value Chain:
The Brand Strength Index scorecard benchmarks
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Brand Strength IndexTM: Creating a Scorecard for Your Brand.

standardise units of measurement across them.
As a result, underperformance of certain
attributes both against competitors and against
other of the brand’s own scores can be identified
and addressed.

The Brand Strength Dashboard
By having this dashboard, trackable over time, against
competitors and against different business-relevant
attributes, business managers can use the Brand
Strength Index to manage their brands more effectively.
To do this, it is important to make sure that thesescorecards are made at as granular a level as possible.
For example, focussing on a business division withina country or even at a customer segment level. This
provides the specificity to align marketing, service
and other actions with the attributes within the Brand
Strength Index.
As a result – and after reviewing current capabilities,
staff resources and marketing investment available– management teams can make reasonable targets
for different attributes matched with specific actions.

100 Brand Finance Global 500 2023

For example, these actions might include changing
marketing mix, new communications activities, productimprovements or other types of investments or
strategies.
These targets can be made even more relevant andreasonable by comparing against the performanceof similar brands in our database of over 5,000
brand values a year and calibrating a growth ratethat seems reasonable.
Provided that the attributes are well selected andweighted according to their importance, the effectsof these changes in attributes on financial value canbe found and an ROI calculated.
However, it is not only incremental changes toactivities that can be tracked or planned for. Similarly,changes in strategy like removing a brand andchanging brand architecture or updating a brand’s
positioning can be reviewed through a brand strength
framework. This identifies potential improvementsin performance and value compared against a basecase explaining whether it is worthwhile to pursue thechange in strategy.

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Our Services.

Consulting Services.
Make branding decisions using hard data
Brand Research
What gets measured
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
way to manage it effectively.

Brand Valuation
Make your brand's business
case
Brand valuations are used for avariety 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.

Brand Strategy

Make branding decisions
with your eyes wide open
Once you understand the value of
your brand, you can use it as tool
to understand the business impactsof strategic branding decisions interms of real financial returns.

102 Brand Finance Global 500 2023

+ Brand Audits+ Primary Research+ Syndicated Studies+ Brand Scorecards+ Brand Drivers & Conjoint Analysis+ Soft Power+ Are we building our brands’ strength effectively?
+ How do I track and develop my brand equity?
+ How strong are my competitors’ brands?
+ Are there any holes in my existing brand tracker?
+ What do different stakeholders think of my brand?

+ Brand Impact Analysis+ Tax & Transfer Pricing+ Litigation Support+ M&A Due Diligence+ Fair Value Exercises+ Investor Reporting+ How much is my brand worth?
+ How much should I invest in marketing?
+ How much damage does brand misuse cause?
+ Am I tax compliant with the latest transfer pricing?
+ How do I unlock value in a brand acquisition?

+ Brand Positioning+ Brand Architecture+ Franchising & Licensing+ Brand Transition+ Marketing Mix Modelling+ Sponsorship Strategy+Which brand positioning do customers value most?
+What are our best brand extension opportunities
in other categories and markets?
+Am I licensing my brand effectively?
+Have I fully optimised my brand portfolio?
+Am I carrying dead weight?
+Should I transfer my brand immediately?
+Is a Masterbrand strategy the right choice for my business?

brandirectory.com/global

Brand Evaluation Services.
How are brands perceived
in my category?
Brand Finance tracks brand fame and perceptions
across over 38 markets in 31 consumer categories.
Clear, insightful signals of brand performance, withdata mining options for those who want to dig deeper –all at an accessible price.

What if I need more depth
or coverage of a more
specialised sector?
Our bespoke brand scorecards help with market
planning and can be designed to track multiple brands
over time, against competitors, between market
segments and against budgets. Our 38-country
database of brand KPIs enables us to benchmark
performance appropriately.

Do I have the right brandarchitecture or strategy in place?
Research is conducted in addition to strategic
analysis to provide a robust understandingof the current positioning. The effectivenessof alternative architectures is tested
through drivers analysis, to determine which option(s)will stimulate the most favourable customer behaviourand financial results.

How can I improve returnon marketing investment?
Using sophisticated analytics, we have a proven trackrecord of developing comprehensive brand scorecard
and brand investment frameworks to improve return onmarketing investment.

What about the social dimension?
Does my brand get talked about?
Social interactions have a proven commercial impact
on brands. We measure actual brand conversation andadvocacy, both real-world word of mouth and online
buzz and sentiment, by combining traditional survey
measures with best-in-class social listening.

103 Brand Finance Global 500 2023

brandirectory.com/globalWith strategic planning and creative thinking, we develop communications plans to create dialogue
with stakeholders that drives brand value.
Our approach is integrated, employing tailored solutions for our clients across PR and marketing
activations, to deliver strategic campaigns, helping us to establish and sustain strong client
relationships. We also have a specific focus on geographic branding, including supporting nation
brands and brands with a geographical indication (GI).
Brand Dialogue Limited is a member of the Brand Finance Plc Group

Research, Strategy& Measurement

Public Relations& Communications

Marketing& Events

Content
Creation

Strategic
Communications

Brand& Communications
Strategy

Media Relations

Promotional Events

Press Trips & Events

ConferenceManagement

BespokePublications, Blogs &Newsletters

CrisisCommunications

Campaign Planning
Market Research& Insights

Strategic Partnerships& Influencer OutreachMedia Analysis

104 Brand Finance Global 500 2023

Social MediaManagement

Native Advertising
Retail Marketing

Press Releases
Marketing Collateral
DesignSocial Media Content

Brand Positioning &Reputation
Geographic Branding
Corporate Social
Responsibility (CSR)

brandirectory.com/global

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

CanadaAlexandre St-Amoura.amour@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

Indonesia

Sutan Banuaras.banuara@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

VietnamAlex Haigha.haigh@brandfinance.com

105 Brand Finance Global 500 2023

brandirectory.com/global

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

106 Brand Finance Global 500 2023

brandirectory.com/global