Global
500
2015
The annual report on the world’s most valuable global brands
February 2015
Foreword.
David Haigh, CEO, Brand Finance
“The boardroom can sometimes feel
like the tower of Babel, with CMOs and
CFOs speaking mutually unintelligible
languages, damaging the prospects for
what should be their shared goals.
Brand Finance bridges the gap between
marketing and finance.”
What is the purpose of a strong brand; to
attract customers, to build loyalty, to motivate
staff? All true, but for a commercial brand at
least, the first answer must always be ‘to
make money’.
Huge investments are made in the design,
launch and ongoing promotion of brands. Given
their potential financial value, this makes sense.
Unfortunately most organisations fail to go
beyond that, missing huge opportunities to
effectively make use of what are often their most
important assets.
Monitoring of brand performance should be
the next step, but is often sporadic. Where it
does take place it frequently lacks financial
rigour and is heavily reliant on qualitative
measures poorly understood by non-marketers.
As a result, marketing teams struggle to
2.
Brand Finance Global 500 February 2015
communicate the value of their work and boards
then underestimate the significance of their
brands to the business.
Sceptical finance teams, unconvinced by what
they perceive as marketing mumbo jumbo may
fail to agree necessary investments. What
marketing spend there is can end up poorly
directed as marketers are left to operate with
insufficient financial guidance or accountability.
The end result can be a slow but steady
downward spiral of poor communication, wasted
resources and a negative impact on the bottom
line.
Brand Finance bridges the gap between the
marketing and financial worlds. Our teams have
experience across a wide range of disciplines
from market research and visual identity to tax
and accounting. We understand the importance
of design, advertising and marketing, but we
also believe that the ultimate and overriding
purpose of brands is to make money.
of Omaha certainly does extremely well from
most of his investments, but could he be doing
better?
That is why we connect brands to the bottom
line. By valuing brands we provide a mutually
intelligible language for marketers and finance
teams. Marketers then have the ability to
communicate the significance of what they do
and boards can use the information to chart a
course that maximizes profits.
It is all well and good to want a strong brand that
customers connect with, but as with any asset,
without knowing the precise, financial value, how
can you know if you are maximising your
returns? If you are intending to license a brand,
how can you know you are getting a fair price? If
you are intending to sell, how do you know what
the right time is?
Of course not all non-marketers need to be
convinced that brands are valuable. Warren
Buffet, renowned for his financial nous and stock
picking ability, is famously keen on investing in
some of the world’s biggest and best-loved
brands such as Heinz and Coca-Cola. The sage
Brand Finance has conducted hundreds of brand
and branded-business valuations to help answer
these questions. The following report is a first step
to understanding more about brands, how to
value them and how to use that information to
benefit the business. The team and I look forward
to continuing the conversation with you.
Brand Finance Global 500 February 2015
3.
About Brand Finance
Contents
About Brand Finance 3
Methodology 4
Sector Analysis 6
Understand Your Brand’s Value
18
How We Can Help 20
Contact Details
21
Appendix, Full Table 22
Brand Finance is the world’s leading
independent brand valuation and strategy
consultancy. Brand Finance was set up in 1996
with the aim of ‘bridging the gap between
marketing and finance’. For almost 20 years we
have helped companies to connect their brands
to the bottom line, building robust business cases
for brand decisions, strategies and investments.
In doing so, we have helped finance people to
evaluate marketing programmes and marketing
people to present their case in the Board Room.
Independence
Brand Finance is impartial and
independent. We assess and help to manage
brands, but we do not create or own them. We
are therefore able to give objective, unbiased
advice because we have no vested interest in
particular outcomes of a project and our
recommendations are entirely independent. We
are agency agnostic and work collaboratively
with many other agencies and consultancies.
Technical credibility
Brand Finance has high technical
standards. Our work is frequently peerreviewed by the big four audit practices and our
work has been accepted by tax authorities and
regulatory bodies around the world. We are one
of the few companies certified to provide brand
valuations that are fully compliant with ISO
10668, the global standard on monetary brand
valuations.
Transparency
There are no black boxes. Our approach is to
work openly, collaboratively and flexibly with
clients and we will always reveal the details of
our modelling and analysis. This means our
clients always understand what lies behind ‘the
number’.
Expertise
We possess a unique combination of skills
and experience. We employ functional experts
with marketing, research and financial
backgrounds, as well as ex-client-side senior
management who are used to ‘making things
happen’. This gives us the mindset to think
beyond the analysis and to consider the likely
impact on day-to-day operations. We like to think
this differentiates us because our team has real
operational experience.
For more information, please visit our website:
brandfinance.com
Brand Finance puts thousands of the world’s biggest brands to the test every year, evaluating which are
the most powerful and most valuable. This is just one of many annual reports produced by Brand Finance
covering industry sectors, national markets and more. Visit www.brandfinance.com to discover more.
Global
500
2015
The annual report on the world’s most valuable global brands
February 2015
Bridging the gap between marketing and finance
4.
Brand Finance Global 500 February 2015
Brand Finance Global 500 February 2015
5.
Methodology
Methodology
What do we mean by ‘brand’?
‘Branded
Enterprise’
E.g.
VW Group
Definitions
+Enterprise Value – the value of the
entire enterprise, made up of
multiple branded businesses
‘Branded
Business’
‘Brand’
E.g.
Bentley
Bentley
Brand
+Branded Business Value – the
value of a single branded business
operating under the subject brand
+Brand Value – the value of the
trade marks (and relating
marketing IP and ‘goodwill’
attached to it) within the branded
business
Definition of ‘Brand’
Brand Strength
In the very broadest sense, a brand is the focus
for all the expectations and opinions held by
customers, staff and other stakeholders about an
organisation and its products and services.
However when looking at brands as business
assets that can be bought, sold and licensed, a
more technical definition is required. Brand
Finance helped to craft the internationally
recognised standard on Brand Valuation, ISO
10668. That defines a brand as “a marketingrelated intangible asset including, but not limited
to, names, terms, signs, symbols, logos and
designs, or a combination of these, intended to
identify goods, services or entities, or a
combination of these, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits/value”
Brand Strength is the part of our analysis most
directly and easily influenced by those
responsible for marketing and brand
management. In order to determine the strength
of a brand we have developed the Brand
Strength Index (BSI). We analyse marketing
investment, brand equity (the goodwill
accumulated with customers, staff and other
stakeholders) and finally the impact of those on
business performance. Following this analysis,
each brand is assigned a BSI score out of 100,
which is fed into the brand value calculation.
Based on the score, each brand in the league
table is assigned a rating between AAA+ and D
in a format similar to a credit rating. AAA+
brands are exceptionally strong and well
managed while a failing brand would be
assigned a D grade.
6.
Brand Finance Global 500 February 2015
Brand strength
index
(BSI)
Brand
investment
Brand
‘Royalty rate’
Strong
brand
Weak
brand
Brand revenues
Brand value
Brand
equity
Brand
performance
Brand strength
expressed as a BSI
score out of 100.
BSI score applied to an
appropriate sector
royalty rate range.
Brand Finance calculates the values of the
brands in its league tables using the
‘Royalty Relief approach’. This approach
involves estimating the likely future sales that are
attributable to a brand and calculating a royalty
rate that would be charged for the use of the
brand, i.e. what the owner would have to pay for
the use of the brand—assuming it were not
already owned.
The steps in this process are as follows:
1Calculate brand strength on a scale of 0 to 100
based on a number of attributes such as
emotional connection, financial performance
and sustainability, among others. This score is
known as the Brand Strength Index.
2Determine the royalty rate range for the
respective brand sectors. This is done by
reviewing comparable licensing agreements
Forecast revenues
Royalty rate applied to
forecast revenues to
derive brand values.
Post-tax brand
revenues are
discounted to a net
present value (NPV)
which equals the
brand value.
sourced from Brand Finance’s extensive
database of license agreements and other
online databases.
3Calculate royalty rate. The brand strength score
is applied to the royalty rate range to arrive at a
royalty rate. For example, if the royalty rate
range in a brand’s sector is 1-5% and a brand
has a brand strength score of 80 out of 100,
then an appropriate royalty rate for the use of
this brand in the given sector will be 4.2%.
4Determine brand specific revenues estimating a
proportion of parent company revenues
attributable to a specific brand.
5Determine forecast brand specific revenues
using a function of historic revenues, equity
analyst forecasts and economic growth rates.
6Apply the royalty rate to the forecast revenues
to derive brand revenues.
7Brand revenues are discounted post tax to a
net present value which equals the brand value.
Brand Finance Global 500 February 2015
7.
Sector Analysis – Global
Global
500
1
2
3
4
5
Apple remains the world’s most valuable brand.
Detractors have been predicting the brand’s
decline for years now and last year’s brand
value results suggested a slight slowdown in
growth. Critics have suggested the company
has been relying on tweaks to what is
effectively the same mobile hardware for the
last several iterations of the iPhone. Many also
criticised the price point of the iPhone 5c,
seeing it as a missed opportunity for Apple to
exploit the explosive growth of the smartphone
market in developing economies. Without the
charismatic presence of Steve Jobs it was
suggested Apple was drifting. In 2013, Brand
Finance downgraded Apple’s brand rating (an
indication of the future potential of the brand)
from the highest possible AAA+ grade to AAA.
However in the last six months Apple has
emphatically rebutted those criticisms and Tim
8.
Brand Finance Global 500 February 2015
Cook has convincingly demonstrated that Apple’s
new product pipeline and brand can dominate
despite Steve Jobs passing. The iPhone 6 and 6
Plus have been both a critical and commercial
success. Technologically it represents a
significant step forward from the iPhone 5s,
principally because Apple has finally decided to
introduce a larger screen. Though still placed
firmly at the premium end of the market,
consumers snapped up the iPhone 6 in their
droves, helping it set a new world record for
quarterly profits for any company in history, at
$18bn.
Apple has plans to leverage its brand further in
the coming months as it moves into ‘wearable
technology’ with the launch of the muchheralded Apple Watch. Wearable tech has been
developing for a while but has yet to make a
major impact. Apple has a remarkable knack for
Rank 2015: 1 2014: 1
BV 2015: $128,303m +23%
BV 2014: $104,680m
Brand Rating: AAA
Rank 2015: 2 2014: 2
BV 2015: $81,716m +4%
BV 2014: $78,752m
Brand Rating: AAARank 2015: 3 2014: 3
BV 2015: $76,683m +12%
BV 2014: $68,620m
Brand Rating: AAA
Rank 2015: 4 2014: 4
BV 2015: $67,060m +7%
BV 2014: $62,783m
Brand Rating: AAA
Rank 2015: 5 2014: 5
BV 2015: $59,843m +12%
BV 2014: $53,466m
Brand Rating: AAA-
using its brand to popularise and hence
monetize existing technology, as it did so
successfully first with the mp3 player,
smartphone and later the tablet. The Apple
Watch will support Apple’s strategy to allow
consumers to pay for transactions using their
mobile devices, ‘Apple pay’. This poses a major
threat to financial services brands. Though the
system will initially be linked to traditional bank
accounts, it cannot be too long before Apple
extends its brand once more to become a
comprehensive financial services provider.
Consumer trust that financial information is
secure with Apple will be essential of course. The
company’s icloud system was the target of a high
profile hacking scandal in September 2014 when
the private pictures of hundreds of celebrities
were posted online. This setback contributed to
Apple’s brand rating remaining at AAA rather than
6
7
8
9
10
Rank 2015: 6 2014: 7
BV 2015: $58,820m +30%
BV 2014: $45,410m
Brand Rating: AA+
Rank 2015: 7 2014: 8
BV 2015: $56,124m +24%
BV 2014: $45,147m
Brand Rating: AAARank 2015: 8 2014: 6
BV 2015: $48,019m
BV 2014: $52,533m
Brand Rating: AA+
-9%
Rank 2015: 9 2014: 13
BV 2015: $47,916m +50%
BV 2014: $31,845m
Brand Rating: AAARank 2015: 10 2014: 9
BV 2015: $46,737m +4%
BV 2014: $44,779m
Brand Rating: AA+
rejoining the elite AAA+ group. Nevertheless
Apple’s brand (and those of rival tech firms such
as Google and Microsoft) remains stronger than
that of any bank brand. Brand strategy and
rebuilding trust will be critical to banks’ survival in
the not too distant future.
The very top of the list of the world’s most
valuable brands continues to be dominated by
now well established tech and telecoms giants.
The ranks of the top five remain unchanged.
Samsung is 2nd, Google 3rd, Microsoft 4th and
Verizon 5th, all having registered reasonable
brand value growth rates of between 4 and 12%.
Walmart is the only brand whose primary
application is not in tech or telecoms. Though it
has grown 4% this year, what was once the
world’s most valuable brand has slipped down
the rankings again; now at 10th it looks set to
drop out of the top ten next year.
Brand Finance Global 500 February 2015
9.
Sector Analysis – Global
Brand Value Change 2014-2015 ($m)
Brand Value Over Time
150
Apple
Brand value (US$bn)
120
Goggle
Amazon
90
Walmart
Twitter
Twitter
185%
18
$16,071
Baidu
Baidu
161%
16
$14,361
$14,361
146%
14
$13,409
$13,409
Facebook Facebook
Chipotle Mexican
Chipotle Mexican
124%
12
$10,977
$10,977
99%
9
$8,192
$8,192
Humana Humana
priceline.com
priceline.com
97%
9
Google
Google
China Construction
Bank
China Construction
Bank
$8,063
$8,063
Alibaba
90%
9
$7,463
$7,463
69%
6
Walt DisneyWalt Disney
Verizon
Verizon
$7,117
$7,117
65%
6
$6,377
$6,377
Lego
Lego
China Bank
Merchants Bank
China Merchants
HCL
HCL
63%
6
Apple
Apple
China Mobile
China Mobile
$23,623
$23,623
$16,071
Facebook Facebook
AT&T
AT&T
Amazon.com
Amazon.com
Baidu
Baidu
$-3,109
$-3,466
60
Coca-Cola
$-4,006
$-4,502
$-4,514
30
$-4,645
$-5,268
$-5,630
$-6,086
0
2007
2008
2009
2010
2011
The fastest rates of growth have been posted by
more recently founded tech brands. Twitter’s
brand value is up 185% to $4.4 billion. Though
user growth is slowing, it has recently
reorganised certain aspects of its presentation to
make it more accessible to those less familiar
with it such as ranking posts by popularity rather
than chronology. There is also increasing
optimism about its ability to monetise both users
and visitors who do not log in. Twitter has been
able to differentiate itself from other online
advertising platforms positioning itself as the
place to interact with consumers during major
real-time events such the Olympics, Super Bowl
and World Cup.
Facebook’s brand value is up 146% to over $24
billion. It has leapt from 122nd globally in 2014 to
30th this year. Over 200 million people joined in
2014 taking the total number of users to 1.4 billion.
10. Brand Finance Global 500 February 2015
2012
2013
2014
2015
Brand Value Change 2014-2015 (%)
$-6,607
Alibaba
Nissan
$-3,109
Nissan
$-3,466
Mitsubishi Mitsubishi
-27%
$-4,006
McDonald'sMcDonald's
$-4,502
Sony
Sony
-31%
$-4,514
General Electric
General Electric
$-4,645
Toshiba
Toshiba
-31%
$-5,268
BNP Paribas
BNP Paribas
$-5,630
Hitachi
Hitachi
-35%
$-6,086
IBM
$-6,607
Tesco
IBM
-37%
Tesco
-39%
-7000.000000
-2571.428571
1857.142857
6285.714286
10714.285714
15142.857143
19571.428571
24000.000000
-7000.000000
-2571.428571
1857.142857
6285.714286
10714.285714
15142.857143
19571.428571
24000.000000
Rival online services such as Google seem to be
struggling to maintain ad revenues as consumers
spend an increasing proportion of their time on
mobiles rather than PCs. Ad space is obviously
more limited on a smaller screen, affecting what
can be charged. Google has until recently been
the gateway to all other parts of the web,
dominating the ‘search’ market, giving it a vast,
captive audience for advertising. However when
using a mobile, Google is frequently bypassed,
with people using apps rather than a search
engine. Even if it can improve the profitability of its
mobile advertising, it faces an uphill struggle to
hold onto its position.
branding approach, bringing acquired branded
businesses under the Google brand, with a few
notable exceptions such as Youtube.
It has followed Google’s lead and making a
number of interesting acquisitions of smaller (but
nonetheless expensive) tech brands. Instagram
and Whatsapp have both been snapped up.
Google has tended to take a fairly monolithic
Chinese tech brands have burst onto the scene
this year. Baidu’s rapidly increasing revenues have
contributed to its 161% increase in brand value
from 2014. It was ranked 264th last year, but its
current $13.3 billion brand value puts it in the top
It will be interesting to see what brand architecture
approach Facebook takes with these in the longer
term. Instagram is a very powerful brand that
Facebook has chosen to keep for the meantime
but whether it seeks to rollout its master brand
eventually, or stick with a ‘house of brands’
approach will need to be a carefully calculated
decision, particularly as consumers become
increasingly nervous of the growing power of the
bigger tech companies.
-28%
-31%
-34%
-36%
Johnson Controls
-27%
Johnson Controls
Standard Chartered
-28%
Standard Chartered
-31%
Hitachi
-31%
McLane
Hitachi
-31%
Nomura
-34%
Toshiba
Nomura
McLane
Toshiba
-35%
Royal Mail Royal Mail
-36%
Sony
Sony
-37%
Tesco
-39%
Avon
Tesco
Avon
-50 -25 0 -50
25 -25
50 0
75 25
100 50
125 75
150100
175125
200150 175 200
100 for the first time, at 86th. The brand dominates
the Chinese search market and is becoming
increasingly successful at boosting mobile
revenues. To reinforce this, it is expected to invest
heavily in a range of mobile apps and location
based services such as Baidu Connect which
helps smaller business engage with customers
more effectively.
The Alibaba Group now has a significantly higher
Enterprise Value than Amazon but runs a multi
brand strategy, so that the monolithic Amazon
brand ($56 billion) remains significantly ahead of
the Alibaba brand ($11.4 billion). Alibaba Group’s
business to business portal is branded Alibaba
while it also operates various other brands
including Taobao, China’s largest consumer to
consumer portal. Following its IPO, the largest
ever seen, Alibaba has $25 billion of new capital
to challenge Amazon. There is still significant
Brand Finance Global 500 February 2015 11.
Sector Analysis – Global
Total Brand Value by Sector
Most Valuable Brands by Region
Technology
Africa
Asia Pacific
North America
US$ 4,672m
US$ 81,716m
US$ 128,303m
South America
Europe
Middle East
732
2015
2007
472
Banks
644
2015
507
2007
Telecommunications
520
2015
2007
232
Retail
396
2015
2007
269
Automobiles
292
2015
2007
0
186
100
200
300
400
500
600
700
800
US$ 12,385m US$ 33,079m
US$ 6,640m
Total Brand Value (USDbn)
scope to grow domestically with only half the
population currently online. This is rapidly
changing with ecommerce in China growing at
around 70% annually. By 2020 China’s
ecommerce market is forecast to be larger than
that of the US, UK, Japan, Germany and France
combined. As Alibaba gains ground outside
China, it could rapidly leave Amazon in the shade.
JD.com ($6.7 billion) which runs a similar model to
Ebay ($14 billion) is a new entry to Brand
Finance’s list. It too is benefitting from the Chinese
ecommerce boom. 20% of its shares were bought
by Tencent in 2014. As part of the deal JD.com will
be able to access the users of Tencent’s QQ and
Wechat brands (valued at $8.3 billion and $3.6
billion respectively), to accelerate its growth.
There are many success stories beyond the tech
sector however. Disney’s successful year
12. Brand Finance Global 500 February 2015
suggests that even the most well established
and well managed brands still have scope for
rapid growth. Disney’s AAA+ status is even
more secure following the resounding success
of ‘Frozen’, which has become the highest
grossing animated film ever. As well as taking
over $1 billion at the box office, Frozen has
driven additional visitors to Disney theme parks.
Its more nuanced portrayal of female characters
(Frozen passes the Bechdel test) has enhanced
perceptions of the Disney brand, showing it can
adapt and stay relevant in the coming decades.
The same can’t be said of Mattel, which is
struggling to maintain the popularity of its Barbie
brand, both as the trend away from gendered
toys gathers steam and as children spend more
time with tablets and other digital devices. Mattel
also lost the license to produce dolls based on
the characters from Frozen, which contributed to
its brand value falling 29% to $213m.
McDonald’s holds as iconic a place in American
culture and the branding world as Disney.
Unfortunately its brand value is heading in the
opposite direction, having fallen 15% to $22
billion. Despite the relative strength of the brand,
McDonald’s faces a battle against two trends that
it seems unable to embrace or protect itself from.
Calls for healthier eating only grow louder. As
tactics used against cigarette brands are
employed against purveyors of fast food,
McDonalds faces the threat of regulation and
curbs on advertising. Though it has improved the
nutritional content of food and has developed
healthier menu options, it has struggled to
convince consumers that it has changed. The
‘Our Food, Your Questions’ campaign is its latest
attempt to tackle concerns head on.
However it is also under threat from smaller,
more innovative competitors. ‘Fast-casual’
brands such as Chipotle Mexican have
positioned themselves as a healthier, tastier and
more ethical alternative to McDonalds. To
reinforce this message Chipotle has employed
cause-based advertising and commissioned
short films to support the idea that it is ‘food with
integrity’. The strategy is clearly paying
dividends, brand value is up 124% to $3.1 billion
making Chipotle one of the fastest growing
brands from any sector.
Lego is the world’s most powerful brand. It
scores highly on a wide variety of measures on
Brand Finance’s Brand Strength Index (BSI). The
BSI is the part of our analysis most directly and
easily influenced by those responsible for
marketing and brand management taking in
factors such familiarity, loyalty, promotion,
marketing investment, staff satisfaction and
corporate reputation.
Brand Finance Global 500 February 2015 13.
Sector Analysis – Global
The World’s Most Powerful Brands
These are the world’s 12 most powerful brands, the only ones to be awarded the top AAA+ brand
rating based on Brand Finance’s Brand Strength Index (BSI)
BSI Score 93.4
BSI Score 91.8
BSI Score 91.1
BSI Score 90.1
BSI Score 90.1
BSI Score 89.7
BSI Score 89.7
BSI Score 89.7
BSI Score 89.6
BSI Score 89.6
BSI Score 89.6
BSI Score 89.5
Lego’s appeal spans generations; as well as the
creative freedom it gives children, the brand
appeals to the nostalgia of adults. It generally
avoids gendered marketing, by appealing to boys
and girls equally Lego maximises the size of its
target demographic. That approach also pleases
parents, as concerns mount over the effect toys
may have on the outlook and ambitions of children,
and girls in particular.
However this year’s particularly strong performance
is thanks to the Lego Movie. The film was both a
critical and commercial success (it was the top
grossing film of 2014 in the UK and Ireland),
providing not just immediate revenue but also an
unrivalled marketing tool. Amateur versions of the
film’s stop-motion technique have proliferated online
to the extent that Lego could be described as an
artistic medium in its own right. Anyone attending
Nathan Sawaya’s ‘Art of Brick’ exhibition at London’s
14. Brand Finance Global 500 February 2015
2014 saw a brush with controversy when
Greenpeace protesters challenged Lego over its
partnership with Shell. Greenpeace created its own
Lego video, with a mournful version of the Lego
Movie theme song played over scenes of Shell’s
alleged destruction of the arctic. The virality of
similar videos that has been such a boon for the
brand was used against it. Lego wisely chose not
to renew its Shell partnership, diffusing the
negative publicity and reputational impact.
In the early 2000s, Lego was facing near
bankruptcy. An overextended product range and
problems with stock control had led the company
to a nadir. The downward spiral was arrested by
discontinuing unpopular ranges and making all
products compatible with the core range, both
visually and mechanically, helping to reverse the
dilution of the brand and enhance brand equity.
Since then a decade of repeated marketing and
financial successes have transformed Lego’s
fortunes and transformed it into a brand with
enduring appeal and unmatched brand strength.
Licensed partnerships have been another route to
success. The combination of Lego and Star Wars
in particular has been irresistible to the public.
‘Lego Star Wars’ has become a hugely successful
video game franchise demonstrating that Lego is
more than just a vehicle for other loved brands, its
image alone is hugely marketable.
Lego has replaced Ferrari, last year’s most
powerful brand. It remains one of the world’s most
powerful and retains its AAA+ brand strength
rating. However, the brand’s power has been ever
so slightly blunted. Ferrari’s racing team brand,
Scuderia Ferrari, has now gone several years
without an F1 title and last season struggled even
Old Truman Brewery would be inclined to agree.
to mount a challenge. The sheen of glory from its
1990s golden era is wearing slightly thin.
The road car division continues to produce some
of the world’s most desirable cars. However the
departure of Luca di Montezemolo heralds a slight
change in strategy. Montezemolo kept a strict cap
on production to maintain the exclusivity of the
brand. Since his departure, Chairman Sergio
Marchionne has suggested that this policy will be
relaxed to boost revenues. That decision may
disappoint existing owners and cause jitters ahead
of Ferrari’s forthcoming IPO. However Brand
Finance’s data suggests it is a sound one. With
minimal impact on brand strength, the value of the
Ferrari brand is up 18% to $4.7 billion. The Ferrari
brand clearly has huge untapped commercial
potential and Marchionne’s open-minded
approach bodes well for investors.
Brand Finance Global 500 February 2015 15.
Sector Analysis – Global
Telecoms
Report
2015
The annual report on the world’s most valuable telecoms brands
February 2015
Tech
100
2015
The annual report on the world’s most valuable technology & IT brands
February 2015
Auto
100 &
Tyres 10
2015
The annual report on the world’s most valuable automobile brands
February 2015
Retail
50
2015
The annual report on the world’s most valuable retail brands
February 2015
Airlines
30
2015
The annual report on the world’s most valuable airlines brands
February 2015
Brand Finance puts thousands of the world’s
biggest brands to the test every year, evaluating
which are the most powerful and most valuable.
The Global 500 covers the top 500 from all sectors
and is just one of many annual reports produced
by Brand Finance.
In the retail sector, new CEO Doug McMillan is
charting a stable course for the Walmart brand. A
wage hike for half a million employees, with an
increase in minimum pay to $9/hour ($10/hour
from February 2015), will benefit the business and
the brand. The boost to staff morale should see
improved productivity and customer service, both
of which are important inputs into Brand Finance’s
Brand Strength Index. As recently as 2010 Walmart
was the world’s most valuable brand across all
sectors but it has been gradually overtaken by the
bigger tech brands such as Microsoft, Apple and
Google. Amazon overtook it in 2014, highlighting
16. Brand Finance Global 500 February 2015
Toys
25
2015
The annual report on the world’s most valuable Toys brands
February 2015
Utilities
10
2015
The annual report on the world’s most valuable Utilities brands
February 2015
the challenge posed by new technology to
traditional retail brands.
The worst performance in the retail sector, in fact
one of the worst in any industry, came from Tesco.
Its most recent reputational issues include a huge
accounting scandal and an investigation into unfair
treatment of suppliers. Tesco will be hoping that
this year’s 37% drop in brand value brings it to a
low point from which it can now begin to recover.
Wells Fargo is the world’s most valuable banking
brand. Its $35 billion brand value sees it claim the
title for the third consecutive year. JP Morgan chief
executive Jamie Dimon recently expressed
concerns that the western banks that dominate
global banking might be superseded by Chinese
brands. This year’s results would appear to bear
Dimon’s fears out. Citi, BoA and Chase, America’s
2nd, 3rd and 4th most valuable bank brands have
been overtaken by both ICBC and China
Construction Bank (CCB). Chinese banking
brands are becoming increasingly respected in
global markets and emerging as genuine
competitors to other local brands. CCB, China
Merchants Bank and Bank of China are all now
AAA brands, making them some of the strongest
banking brands in the world.
Middle Eastern airline brands are becoming
increasingly competitive on the international stage,
a trend which has been seen across many sectors
in 2014. Extensive marketing campaigns, in
particular sports sponsorships continue to be
integral to their growth. Emirates remains the most
valuable airline brand with a 21% rise in brand
value to US$6.6 billion. Formula 1, the French
Open and most importantly football teams from
PSG to Real Madrid and Arsenal to AC Milan all
display the Emirates logo. Fellow Emirati brand
Etihad is now synonymous with Manchester City
while Qatar Airways is following this approach,
becoming Barcelona’s first commercial sponsor.
Qatar Airways is the fastest growing airline brand,
up 54%.
Toyota is the most valuable auto brand but is at
risk of being overtaken by Mercedes, BMW, and
VW. Their brand values grow 13, 14 & 15%
respectively over the last year. BMW’s brand was
bolstered by the successful launch of the i8.
BMW’s first attempt to bring the supercar into the
21st century has been met with rave reviews for its
looks, driveability and innovative hybrid
technology. Mercedes has also strengthened its
brand by reinforcing a reputation for technological
innovation. The brand’s total dominance of the
2014 F1 season vindicated the decision to stick
with the sport and was a PR and marketing coup.
Brand Finance Global 500 February 2015 17.
Understand Your Brand’s Value
A League Table Report provides a
complete breakdown of the assumptions,
data sources and calculations used to
arrive at your brand’s value. Each report
includes expert recommendations for growing
brand value to drive business performance and
offers a cost-effective way to gaining a better
understanding of your position against
competitors.
+Internal understanding of brand
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Trademark Audit
Analysis of competitor royalty rates, industry
royalty rate ranges and margin analysis used to
determine brand specific royalty rate.
Analysis of the current level of protection for the
brands word marks and trademark iconography
highlighting areas where the marks are in need
of protection.
+Transfer pricing
Brand Strength Index
A full report includes the following sections
which can also be purchased individually.
A breakdown of how the brand performed on
various metrics of brand strength, benchmarked
against competitor brands in a balanced
scorecard framework.
Brand Valuation Summary
+Brand strength tracking
Overview of the brand valuation including
executive summary, explanation of changes in
brand value and historic and peer group
comparisons.
Royalty Rates
+Brand strength analysis
+Management KPI’s
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Cost of Capital
For more information regarding our League
Table Reports, please contact:
A breakdown of the cost of capital calculation,
including risk free rates, brand debt risk
premiums and the cost of equity through CAPM.
Sean Connell
Client Services Manager, Brand Finance
+Independent view of cost of capital for internal
valuations and project appraisal exercises
s.connell@brandfinance.com
+44 (0)207 389 9400
18. Brand Finance Global 500 February 2015
Brand Finance Global 500 February 2015 19.
How we can help.
Contact details.
Contact us.
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We provide financiers and
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Brand Analytics
1. M
EA
SU
2.
M
A
RE
Brand &
Business Value
R
TO
I
N
ISE
4. M
O
20. Brand Finance Global 500 February 2015
M
XI
Improve reporting and brand performance
management by integrating market
research, investment, market and financial
metrics into a single insightful scorecard
model to track performance and inform
strategic decisions.
(Brand ROI)
3. M
A
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GE
NA
Valuations may be conducted for technical
purposes and to set a baseline against
which potential strategic brand scenarios
can be evaluated.
For league table enquiries,
please contact:
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Client Services Manager
Brand Finance
s.connell@brandfinance.com
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Our offices.
Brand Finance has produced this study
with an independent and unbiased
analysis. The values derived and
opinions produced in this study are
based only on publicly available
information and certain assumptions
that Brand Finance used where such
data was deficient or unclear . Brand
Finance accepts no responsibility and
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Brand Finance Global 500 February 2015 21.
Top 500.
Top 500.
Brand Finance
Global 500 – Full Table
Top 500 most valuable brands 1-50.
Rank Rank Brand name
2015 2014
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
1
2
3
4
5
7
8
6
13
9
12
10
11
15
17
14
19
18
27
30
26
16
20
51
24
21
29
28
25
122
35
36
37
58
22
31
23
33
47
40
38
39
61
41
54
44
48
50
52
43
Apple
Samsung
Google
Microsoft
Verizon
AT&T
Amazon.com
General Electric
China Mobile
Walmart
Coca-Cola
IBM
Toyota
Wells Fargo
BMW
T (Deutsche Telekom in Germany)
Volkswagen
Shell
Walt Disney
ICBC
Mercedes-Benz
Vodafone
HSBC
China Construction Bank
Citi
Bank of America
Intel
Chase
Home Depot
Facebook
Nike
Cisco
Oracle
Agricultural Bank Of China
Mitsubishi
Honda
McDonald's
American Express
Pepsi
Nestlé
Allianz
Siemens
Bank of China
Ford
CVS Caremark
Orange
UPS
Axa
Hyundai
Santander
* 2014 Value and rank restated
22. Brand Finance Global 500 February 2015
Top 500 most valuable brands 51-100.
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Technology
Conglomerate
Technology
Technology
Telecoms
Telecoms
Technology
Technology
Telecoms
Retail
Beverages
IT Services
Automobiles
Banks
Automobiles
Telecoms
Automobiles
Oil&Gas
Media
Banks
Automobiles
Telecoms
Banks
Banks
Banks
Banks
Technology
Banks
Retail
Technology
Apparel
Telecoms
IT Services
Banks
Conglomerate
Automobiles
Restaurants
Credit Cards
Beverages
Food
Insurance
Technology
Banks
Automobiles
Retail
Telecoms
Logistics
Insurance
Conglomerate
Banks
US
South Korea
US
US
US
US
US
US
China
US
US
US
Japan
US
Germany
Germany
Germany
Netherlands
US
China
Germany
UK
UK
China
US
US
US
US
US
US
US
US
US
China
Japan
Japan
US
US
US
Switzerland
Germany
Germany
China
US
US
France
US
France
South Korea
Spain
128,303
81,716
76,683
67,060
59,843
58,820
56,124
48,019
47,916
46,737
35,797
35,428
35,017
34,925
33,079
31,108
31,025
30,716
30,698
27,459
27,328
27,287
27,280
26,417
26,210
25,713
25,011
24,819
24,471
24,180
24,118
23,217
22,888
22,714
22,679
22,424
22,040
21,567
21,379
21,225
20,937
20,508
20,392
20,315
20,267
19,867
19,537
19,529
19,357
18,700
23%
4%
12%
7%
12%
30%
24%
-9%
50%
4%
6%
-15%
0%
15%
14%
2%
15%
7%
30%
20%
13%
-8%
2%
39%
7%
-4%
9%
7%
1%
146%
16%
12%
11%
28%
-13%
1%
-15%
2%
10%
5%
3%
1%
22%
0%
11%
0%
1%
2%
3%
-7%
104,680
78,752
68,620
62,783
53,466
45,410
45,147
52,533
31,845
44,779
33,722
41,513
34,903
30,242
28,962
30,607
27,062
28,575
23,580
22,803
24,171
29,612
26,870
18,954
24,518
26,683
22,940
23,157
24,323
9,819
20,821
20,784
20,635
17,783
26,145
22,152
26,047
21,116
19,442
20,273
20,425
20,358
16,725
20,236
18,283
19,851
19,431
19,115
18,831
20,021
AAA
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Rank Rank Brand name
2015 2014
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
53
62
49
32
46
45
64
69
63
70
68
92
57
56
70*
72
107
42
89
67
96
76
60
85
79
65
87
73
83
75
66
82
78
261
81*
86
91
71
113
New
55
110
102
112
97
136*
94
90
137
74
IKEA
ExxonMobil
Chevron
Nissan
HP
Mitsui
PetroChina
Comcast
PWC
BT
Walgreens
Sinopec
SoftBank
Target
Tata
Total
Boeing
BNP Paribas
BP
NTT
H&M
Deloitte
MUFG
Fox
Sam's Club
GDF Suez
ALDI
Barclays
eBay
China Telecom
China Unicom
FedEx
ING
Baidu
Marlboro
Generali Group
Lowe's
Airbus
au
NTT Docomo
Hitachi
L'Oréal
Royal Bank Of Canada
Bradesco
KPMG
Subway
3M
LG
NBC
J.P. Morgan
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Retail
Oil&Gas
Oil&Gas
Automobiles
Technology
Conglomerate
Oil&Gas
Media
Accounting
Telecoms
Retail
Oil&Gas
Telecoms
Retail
Conglomerate
Oil&Gas
Aero&Def
Banks
Oil&Gas
Telecoms
Retail
Accounting
Banks
Media
Retail
Utilities
Retail
Banks
Technology
Telecoms
Telecoms
Logistics
Fin. Services
Technology
Tobacco
Insurance
Retail
Aero&Def
Telecoms
Telecoms
Conglomerate
Cosmetics
Banks
Banks
Accounting
Restaurants
Technology
Conglomerate
Media
Banks
Sweden
US
US
Japan
US
Japan
China
US
US
UK
US
China
Japan
US
India
France
US
France
UK
Japan
Sweden
US
Japan
US
US
France
Germany
UK
US
China
China
US
Netherlands
China
US
Italy
US
Netherlands
Japan
Japan
Japan
France
Canada
Brazil
Netherlands
US
US
South Korea
US
US
18,540
18,242
18,163
18,085
18,068
17,596
17,521
17,514
17,330
16,175
16,157
16,135
16,039
15,381
15,378
15,203
15,199
14,939
14,743
14,734
14,715
14,694
14,511
14,503
14,453
14,331
14,301
14,179
14,070
14,064
13,791
13,672
13,415
13,284
13,112
13,002
12,790
12,744
12,677
12,641
12,612
12,480
12,473
12,385
12,332
12,246
12,212
12,112
12,004
11,958
0%
9%
-5%
-15%
-9%
-11%
6%
14%
4%
6%
5%
31%
-11%
-15%
4%
5%
39%
-26%
16%
-6%
26%
7%
-17%
10%
6%
-13%
11%
0%
5%
1%
-13%
2%
-2%
161%
-3%
-1%
1%
-12%
21%
18,471
16,706
19,171
21,194
19,824
19,838
16,526
15,329
16,623
15,261
15,350
12,356
18,008
18,084
14,781
14,514
10,943
20,206
12,682
15,697
11,678
13,755
17,561
13,227
13,667
16,399
12,917
14,166
13,379
13,887
15,851
13,467
13,674
5,092
13,476
13,163
12,629
14,559
10,506
-31%
16%
13%
17%
6%
41%
0%
4%
43%
-15%
18,242
10,766
11,060
10,600
11,596
8,661
12,191
11,689
8,417
14,039
AAAA+
AA+
AA+
AAAAAA
AA+
AAA+
AAAAA+
AA
AA
AA
AA
AA
AAA
AA
AA
AA
AA
AAA
AA
AAAAA
AA+
AAAA
AA+
AA+
AA+
AA+
AA+
AA+
AAAAAAA
AAAAA+
AA+
AAAAA+
AA
AAAAAAAAAAAAAA
AAAAA
AA+
AA
AA+
AA+
AAAA
AA
AA+
AAA+
AAAAA
A+
AA
AA
AA+
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AAAAA
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AA
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AA+
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AA+
AA
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015 23.
Top 500.
Top 500.
Brand Finance
Global 500 – Full Table
Top 500 most valuable brands 101-150.
Rank Rank Brand name
2015 2014
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
123
119
135
111
125
88
New
108
120
104
59
105
80
139
128
114
84
95
143
121*
100
115
118
175
126
127
116
130
124
101
117
164
77
121
138
109
147
239
140
146
106
168
133
131
210
162
160
136
161
103
TimeWarner
Time Warner Cable
Huawei
UBS
Ping An
Movistar
Alibaba
TD Bank
Starbucks
Accenture
Tesco
EY
Deutsche Bank
SK
CSCEC
Costco
SAP
China Life
DirecTV
UnitedHealth Group
DHL
EDF
Carrefour
Audi
Petronas
Bosch
Goldman Sachs
Capital One
E.ON
Panasonic
Credit Suisse
Ericsson
Toshiba
Itaú
Gillette
Woolworths
Morgan Stanley
China Merchants Bank
Telstra
Sky
Sberbank
Zara
Honeywell
Visa
CBS
O2
Danone
BBVA
QQ
Philips
* 2014 Value and rank restated
24. Brand Finance Global 500 February 2015
Top 500 most valuable brands 151-200.
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Media
Media
Technology
Banks
Insurance
Telecoms
Technology
Banks
Restaurants
IT Services
Retail
Accounting
Banks
Conglomerate
Engineering
Retail
Technology
Insurance
Media
Healthcare
Logistics
Utilities
Retail
Automobiles
Oil&Gas
Engineering
Banks
Banks
Utilities
Technology
Banks
Technology
Technology
Banks
Cosmetics
Retail
Banks
Banks
Telecoms
Media
Banks
Retail
Engineering
Credit Cards
Media
Telecoms
Food
Banks
Technology
Technology
US
US
China
Switzerland
China
Spain
China
Canada
US
Ireland
UK
US
Germany
South Korea
China
US
Germany
China
US
US
Germany
France
France
Germany
Malaysia
Germany
US
US
Germany
Japan
Switzerland
Sweden
Japan
Brazil
US
Australia
US
China
Australia
UK
Russia
Spain
US
US
US
UK
France
Spain
China
Netherlands
11,931
11,822
11,621
11,574
11,513
11,451
11,377
11,127
11,115
11,087
11,052
10,994
10,993
10,919
10,806
10,551
10,445
10,380
10,335
10,231
9,889
9,790
9,636
9,591
9,480
9,419
9,403
9,392
9,289
9,280
9,181
9,157
9,064
9,021
8,988
8,964
8,888
8,880
8,708
8,699
8,668
8,622
8,615
8,528
8,405
8,359
8,351
8,335
8,316
8,082
22%
18%
33%
9%
24%
-11%
90%
3%
11%
1%
-37%
0%
-19%
30%
18%
1%
-22%
-13%
26%
4%
-11%
-4%
-4%
35%
3%
3%
-7%
4%
-3%
-16%
-9%
24%
-34%
-9%
7%
-17%
10%
65%
5%
7%
-21%
18%
-4%
-6%
40%
10%
9%
-2%
9%
-27%
9,769
9,998
8,721
10,644
9,256
12,877
6,000
10,855
9,976
11,009
17,659
10,969
13,491
8,386
9,127
10,420
13,360
11,875
8,226
9,881
11,169
10,162
10,078
7,082
9,160
9,145
10,160
9,058
9,613
11,087
10,144
7,406
13,709
9,904
8,409
10,823
8,115
5,390
8,302
8,157
10,950
7,317
8,955
9,058
6,000
7,630
7,666
8,533
7,644
11,029
AA
AA+
AA
AA+
AA+
AAAAA+
AA+
AA+
AA
AA
AAAAA
AA
AAAA
AA
AA
AA+
AA
AA
AA+
AA
AA+
AA
AA+
AA+
AA
AA+
AAAA
AA+
AA
AA+
AAA
AA
AA
AAAAAAAAAAAAAAAAA+
AA+
AA+
AAAAAAAA+
AA+
AAA-
AAAA
AAAA+
AAAAAAA+
AA+
AAAAA
AA
AAAAA+
AA+
AAAA+
AA+
AAAAAA
AA
AA+
AA+
AA+
AAAAA
AA+
AA+
AAAAAA+
AA+
AA
AAAAAAAA+
AA
AA
AA+
AAAAAA
AA+
AA
AA+
AAAA+
AAAAA+
AA
AAA
Rank Rank Brand name
2015 2014
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
154
151
159
93
132
155
141
New
176
142
180
235
148
152
203
171
163
205
192
179
144
150
187
156
157
182
218
129
199
174
181
214*
184
237
153
197
189
202
New
149
166
191
167
214
169
234
165
158
188
347
Eni
ASDA
Prudential (UK)
Sony
Renault
Caterpillar
Dell
Nippon Life Insurance
Bell
Macy's
Zurich
Commonwealth Bank of Australia
TIM
Société Générale
Red Bull
Paypal
Enel
Warner Bros.
Chevrolet
Bank of Communications
Metlife
Kellogg's
Telenor
Johnson & Johnson
Scotiabank
Rabobank
ESPN
Gazprom
Union Pacific
Bank of Montreal
Hermes
Lloyds
Sprint
Shinhan Financial Group
Adidas
Mastercard
Xbox
Gucci
JD.com
Sainsbury's
Nordea
Medtronic
Cartier
ANZ
Centurylink
Emirates
Vinci
Mizuho Financial Group
AIG
State Bank of India
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Oil&Gas
Retail
Insurance
Technology
Automobiles
Engineering
Technology
Insurance
Telecoms
Retail
Insurance
Banks
Telecoms
Banks
Beverages
Technology
Utilities
Media
Automobiles
Banks
Insurance
Food
Telecoms
Cosmetics
Banks
Banks
Media
Oil&Gas
Logistics
Banks
Apparel
Banks
Telecoms
Banks
Apparel
Credit Cards
Technology
Apparel
Technology
Retail
Banks
Healthcare
Apparel
Banks
Telecoms
Airlines
Engineering
Banks
Insurance
Banks
Italy
UK
UK
Japan
France
US
US
Japan
Canada
US
Switzerland
Australia
Italy
France
Austria
US
Italy
US
US
China
US
US
Norway
US
Canada
Netherlands
US
Russia
US
Canada
France
UK
US
South Korea
Germany
US
US
Italy
China
UK
Sweden
US
Switzerland
Australia
US
Uae
France
Japan
US
India
8,037
8,031
7,877
7,851
7,849
7,781
7,767
7,713
7,638
7,620
7,554
7,520
7,515
7,415
7,389
7,265
7,231
7,168
7,150
7,124
7,119
7,082
7,047
7,033
7,028
7,016
6,966
6,961
6,933
6,930
6,914
6,895
6,866
6,848
6,812
6,790
6,766
6,712
6,698
6,694
6,692
6,691
6,674
6,664
6,664
6,640
6,625
6,603
6,587
6,563
4%
2%
2%
-36%
-13%
1%
-6%
7,727
7,838
7,688
12,353
9,010
7,726
8,295
9%
-8%
11%
37%
-7%
-5%
19%
1%
-2%
17%
11%
3%
-13%
-10%
8%
-9%
-9%
4%
19%
-24%
10%
-3%
2%
16%
3%
26%
-12%
7%
4%
6%
7,022
8,287
6,794
5,475
8,044
7,799
6,207
7,159
7,409
6,122
6,426
6,884
8,187
7,880
6,511
7,720
7,717
6,723
5,833
9,117
6,316
7,114
6,751
5,941
6,634
5,416
7,776
6,328
6,477
6,303
-16%
-9%
4%
-9%
12%
-9%
21%
-10%
-14%
2%
62%
7,968
7,376
6,429
7,319
5,926
7,316
5,481
7,376
7,690
6,481
4,063
AA
AA+
AAAAA+
AA+
AA
AAAA
AA+
AA
AA+
AAAAA+
AA+
AAA+
AA+
AAAAA
AA+
AA+
AA
AAAAA
AAA
AA+
AA+
AAAAA
AA
AA
AAA
AA+
AA
AA+
AAA
AA+
AA+
AAA
A+
AA
AA+
AA
AAA
AA+
AA
AAA
AA
AA
AAAA+
AA
AA
AA+
AA
AA
AA
A+
AAAAA
AAAA+
AA
AA+
AAA+
AA+
AA+
AA+
AA+
AA
AA+
AAAAA+
AAA
AA+
AA+
AAAAA
AA
AA+
AAA+
AA+
AA
AA+
AA+
AA
AA
AAA
AAAAAAAA
AAA
AA+
AA
AAA
AA+
AAAA
AA+
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015 25.
Top 500.
Top 500.
Brand Finance
Global 500 – Full Table
Top 500 most valuable brands 201-250.
Rank Rank Brand name
2015 2014
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
177
134
212
New
145
211
279
195
170
209
286
272
373
173
New
349
220
228
185
226
294
221
253
231
208
264
230
216
333
257
296
223
New
196
215
242
198
309
307
270
277
275
229
272*
233
271
224
206
357
225
Banco do Brasil
Sumitomo
Statoil
Land Rover
Canon
Aetna
Uniqlo
BASF
Swiss Re
Glencore Xstrata
Delta
DZ Bank
Lockheed Martin
Peugeot
Aviva
Marubeni
Louis Vuitton
Pampers
BHP Billiton
Purina
Playstation
ConocoPhillips
Fiat
Nordstrom
Kroger
BBC
Petrobras
Heinz
CPIC
Swisscom
Dai-Ichi Life
Munich Re
Booking.com
Coles
Dove
EE
Cadbury
China Minsheng Bank
Wrigley's
STC
Allstate
Westpac
Bridgestone
China Vanke
U.S. Bancorp
Johnnie Walker
Iberdrola
Jardines
Sherwin-Williams
Aeon
* 2014 Value and rank restated
26. Brand Finance Global 500 February 2015
Top 500 most valuable brands 251-300.
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Banks
Conglomerate
Oil&Gas
Automobiles
Technology
Healthcare
Retail
Chemicals
Insurance
Mining&Steel
Airlines
Banks
Aero&Def
Automobiles
Insurance
Distribution
Apparel
Baby Products
Mining&Steel
Pet Care
Technology
Oil&Gas
Automobiles
Retail
Retail
Media
Oil&Gas
Food
Insurance
Telecoms
Insurance
Insurance
Technology
Retail
Cosmetics
Telecoms
Food
Banks
Food
Telecoms
Insurance
Banks
Tyres
Real Estate
Banks
Spirits
Utilities
Various
Chemicals
Retail
Brazil
Japan
Norway
UK
Japan
US
Japan
Germany
Switzerland
Switzerland
US
Germany
US
France
UK
Japan
France
US
UK
Switzerland
Japan
US
Italy
US
US
UK
Brazil
US
China
Switzerland
Japan
Germany
US
Australia
UK
UK
UK
China
US
Saudi Arabia
US
Australia
Japan
China
US
UK
Spain
Hong Kong
US
Japan
6,549
6,534
6,528
6,521
6,494
6,425
6,419
6,416
6,360
6,359
6,336
6,318
6,307
6,210
6,194
6,193
6,132
6,113
6,107
6,076
6,075
6,062
6,060
6,012
6,010
6,006
5,945
5,909
5,899
5,883
5,876
5,866
5,864
5,828
5,821
5,807
5,800
5,781
5,779
5,695
5,687
5,673
5,670
5,666
5,644
5,603
5,567
5,507
5,506
5,499
-6%
-26%
9%
50%
-21%
7%
32%
1%
-13%
5%
34%
28%
63%
-13%
34%
53%
6%
9%
-7%
8%
32%
4%
17%
8%
-1%
19%
7%
1%
42%
14%
28%
2%
6,972
8,835
5,983
4,339
8,179
5,987
4,848
6,353
7,273
6,036
4,736
4,950
3,864
7,123
4,612
4,043
5,807
5,590
6,586
5,642
4,586
5,805
5,179
5,568
6,042
5,033
5,570
5,867
4,156
5,168
4,575
5,724
-8%
-1%
9%
-8%
32%
31%
14%
17%
16%
2%
14%
1%
13%
-3%
-10%
38%
-3%
6,335
5,885
5,344
6,323
4,375
4,423
4,975
4,875
4,901
5,571
4,977
5,565
4,966
5,710
6,098
3,976
5,656
AA+
AA
AA
AA+
AA+
AA
AAAA+
AA
AA
AAAA+
AAAAA
AA
A
AAA
AAAAA
AAAAA
AAAA
AA
AA
AAAAA+
AAAAAAA+
AA
AAAA
AA
AAAAA
AAAAA+
AA
AAAA+
AA+
AA+
AA
AA
AAA
AAAA+
AA+
A+
AA+
AAAAAA+
AA
AA+
AA
AAAAA
AA
AAAA+
AA
AA
AA
A
AAA
AA+
AA+
AA+
AA
AAAA
AA
AA
AAAAA
AA
AAAA
AAAA
AA+
AAAAA
AAAAA
AA
AAAAAA+
AA+
AA
AA
AAA
AA
A+
AA+
AA-
Rank Rank Brand name
2015 2014
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
265
249
403
New
213
186
204
222
207
370
241
217
256
172
217*
269
284
432
263
397
288
312
401
267
308
227
New
306*
493
379
266
238
392
193
377
285
New
317
274
302
293
282
291
374
350
252
268
319
255
201
Rolex
Publix
Michael Kors
E Leclerc
Thomson Reuters
UniCredit
Pantene
Groupe Casino
Nivea
Lenovo
Kia
Nescafé
Bud Light
Standard Chartered
TeliaSonera
nab
Caixa
Etisalat
Heineken
Claro
Michelin
Qualcomm
KPN
Marks & Spencer
PNC
Prudential (US)
LIC
Chanel
China CITIC Bank
United
CIBC
Unilever
AIA
Morrisons
SYSCO
Rogers
Humana
Telus
KT
Mazda
Estée Lauder
Dish Network
BNY Mellon
PICC
Ferrari
Bayer
Prada
3
Mobil
EMC
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Apparel
Retail
Apparel
Retail
Media
Banks
Cosmetics
Retail
Cosmetics
Technology
Automobiles
Food
Beer
Banks
Telecoms
Banks
Banks
Telecoms
Beer
Telecoms
Tyres
Technology
Telecoms
Retail
Banks
Insurance
Insurance
Cosmetics
Banks
Airlines
Banks
Food
Insurance
Retail
Food
Telecoms
Healthcare
Telecoms
Telecoms
Automobiles
Cosmetics
Media
Banks
Insurance
Automobiles
Pharma
Apparel
Telecoms
Oil&Gas
Technology
Switzerland
US
US
France
US
Italy
US
France
Germany
China
South Korea
Switzerland
US
UK
Sweden
Australia
Brazil
Uae
Netherlands
Mexico
France
US
Netherlands
UK
US
US
India
France
China
US
Canada
UK
China
UK
US
Canada
US
Canada
South Korea
Japan
US
US
US
China
Italy
Germany
China
Hong Kong
US
US
5,493
5,481
5,458
5,456
5,456
5,405
5,364
5,326
5,322
5,274
5,238
5,216
5,176
5,162
5,151
5,139
5,123
5,095
5,094
5,079
5,057
4,994
4,994
4,979
4,958
4,928
4,927
4,921
4,897
4,861
4,851
4,844
4,829
4,826
4,824
4,814
4,810
4,798
4,795
4,795
4,792
4,792
4,780
4,748
4,747
4,746
4,737
4,714
4,696
4,680
9%
4%
50%
0%
-9%
-18%
-13%
-8%
-12%
35%
-2%
-11%
0%
-28%
-12%
3%
8%
48%
1%
38%
9%
15%
37%
-1%
13%
-12%
20%
9%
61%
27%
-4%
-10%
30%
-25%
26%
1%
99%
13%
-2%
6%
4%
0%
4%
23%
18%
-9%
-6%
11%
-9%
-26%
5,031
5,277
3,631
5,462
5,975
6,585
6,163
5,783
6,079
3,913
5,356
5,862
5,170
7,148
5,879
4,998
4,759
3,452
5,058
3,675
4,652
4,337
3,634
5,026
4,406
5,608
4,104
4,509
3,044
3,831
5,028
5,395
3,719
6,417
3,842
4,752
2,413
4,261
4,912
4,511
4,589
4,792
4,607
3,855
4,037
5,188
5,021
4,260
5,177
6,312
AAA+
AA
AA+
AA+
AA
AA
AAA
AA
AAA
AA
AA+
AAAAA+
AA
AA
AA+
AA
AA+
AA
AAAAAAAA+
AA+
AA+
AA
AAAA+
AAAAA
AA+
AA
AAA+
AA
AAAA
AA
AAAA
AA+
AA+
AAAAA+
AA
AA+
AAA+
AAAAAAAA+
AA+
AA+
AAA+
AAAAAA+
AA+
AA
AA+
AA
AA+
AA
AA
AAAAA+
AA+
AA+
AA
AAAAAA+
AA
AA+
AAAAA
AAAAA
AA
AA+
AAA
AAAAAAA
AAA+
AAAAAA
AA
AA
AA+
AA+
AA
AA+
AA
AA+
A+
AAA+
AAA
AAA
AA
AA
AA+
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015 27.
Top 500.
Top 500.
Brand Finance
Global 500 – Full Table
Top 500 most valuable brands 301-350.
Rank Rank Brand name
2015 2014
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
245
240
324
449
281
323
303
290*
259
452
New
289
315
381
251
297
330
273
351
250
299
248
363
352
402
300
304
New
301
410
343
400
321
283
New
336
341
364
431
295
415
372
329
429
367
353
354
243
414
246
Polo Ralph Lauren
MTN
MINI
General Dynamics
Garnier
Burberry
Rolls-Royce
Saint-Gobain
Bouygues
Industrial Bank Co.
Edeka
British Gas
Magnit
Airtel
CNOOC
Metro
Moutai
CNP Assurances
Discovery
Esso
SFR
ABB
Ergo
DBS
Geico
Chow Tai Fook
John Deere
Twitter
RWE
KFC
Enbridge
Tiffany & Co.
Budweiser
ArcelorMittal
Tyson Foods
Berkshire Hathaway
Southern Company
Harley-Davidson
Roche
Rio Tinto
Adobe
Maersk
Lexus
KB Financial Group
Victoria's Secret
Express Script
Huggies
Aegon
Volvo
Yahoo!
* 2014 Value and rank restated
28. Brand Finance Global 500 February 2015
Top 500 most valuable brands 351-400.
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Apparel
Telecoms
Automobiles
Aero&Def
Cosmetics
Apparel
Aero&Def
Engineering
Engineering
Banks
Retail
Utilities
Retail
Telecoms
Oil&Gas
Retail
spirits
Insurance
Media
Oil&Gas
Media
Engineering
Insurance
Banks
Insurance
Retail
Engineering
Technology
Utilities
Restaurants
Oil&Gas
Retail
Beer
Mining&Steel
Food
Insurance
Utilities
Automobiles
Pharma
Mining&Steel
Technology
Logistics
Automobiles
Banks
Retail
Healthcare
Baby Products
Insurance
Automobiles
Technology
US
South Africa
UK
US
France
UK
UK
France
France
China
Germany
UK
Russia
India
China
Germany
China
France
US
US
France
Switzerland
Germany
Singapore
US
China
US
US
Germany
US
Canada
US
US
Luxembourg
US
US
US
US
Switzerland
UK
US
Denmark
Japan
South Korea
US
US
US
Netherlands
Sweden
US
4,674
4,672
4,672
4,671
4,630
4,612
4,594
4,564
4,564
4,546
4,538
4,531
4,526
4,524
4,523
4,504
4,483
4,480
4,475
4,471
4,466
4,450
4,428
4,416
4,399
4,395
4,368
4,366
4,348
4,344
4,340
4,331
4,322
4,311
4,305
4,291
4,272
4,257
4,251
4,229
4,223
4,223
4,217
4,216
4,202
4,202
4,193
4,171
4,154
4,148
-12%
-13%
10%
42%
-4%
9%
3%
-2%
-11%
39%
0%
-3%
5%
18%
-13%
-1%
8%
-9%
11%
-15%
-2%
-16%
12%
10%
21%
-3%
-2%
185%
-4%
21%
6%
19%
2%
-10%
5,304
5,381
4,238
3,286
4,809
4,239
4,478
4,666
5,137
3,276
4,533
4,652
4,291
3,819
5,226
4,565
4,165
4,940
4,014
5,230
4,547
5,284
3,951
4,011
3,633
4,544
4,465
1,533
4,520
3,600
4,093
3,647
4,257
4,789
4%
4%
8%
23%
-8%
20%
9%
1%
22%
7%
5%
5%
-22%
18%
-22%
4,140
4,096
3,938
3,452
4,582
3,524
3,865
4,169
3,464
3,919
4,010
3,994
5,316
3,525
5,295
AAA
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AA-
Rank Rank Brand name
2015 2014
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
New
368
331
287
376
491
290
335
355
New
219
378
289*
444
348
244
385
305
439
340
346
345
406
320
310
391
n/a
362
494
468
194
New
276
313
311
382
427
356
440*
369
260
420*
325
417
428*
232
441
428
342
New
CJ Group
McKinsey
Lufthansa
MTV
Lay's
Kraft
7-Eleven
Omega
Whole Foods
Shanghai Pudong Development Bank
McLane
Travelers
Virgin Media
Arla
Kohl's
Suzuki
MCC
Exxon
Schlumberger
Lotte
Olay
Lancôme
MTS
Sprite
Safeway
Dollar General
priceline.com
Holcim
McCain
NETFLIX
Avon
Lego
Fujitsu
Alcatel-Lucent
Emerson Electric
Western Digital
BAE Systems
Mountain Dew
Halifax
NatWest
Motorola
Porsche
Subaru
KEPCO
ADP
Nomura
Novartis
KBC
Xerox
Brookfield Asset Management
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Conglomerate
Consulting
Airlines
Media
Food
Food
Retail
Retail
Retail
Banks
Insurance
Insurance
Telecoms
Food
Retail
Automobiles
Engineering
Oil&Gas
Oil&Gas
Conglomerate
Cosmetics
Cosmetics
Telecoms
Beverages
Retail
Retail
Technology
Engineering
Food
Technology
Cosmetics
Toys
Technology
Technology
Technology
Technology
Aero&Def
Beverages
Banks
Banks
Telecoms
Automobiles
Automobiles
Utilities
IT Services
Banks
Pharma
Banks
Technology
Real Estate
South Korea
US
Germany
US
US
US
Japan
Switzerland
US
China
US
US
US
Denmark
US
Japan
China
US
US
South Korea
US
France
Russia
US
US
US
US
Switzerland
Canada
US
US
Denmark
Japan
France
US
US
UK
US
UK
UK
US
Germany
Japan
South Korea
US
Japan
Switzerland
Belgium
US
Canada
4,141
4,127
4,099
4,099
4,084
4,068
4,065
4,062
4,037
4,032
4,017
4,012
4,011
4,008
4,001
4,001
3,999
3,995
3,994
3,990
3,986
3,984
3,977
3,973
3,972
3,967
3,956
3,930
3,927
3,903
3,897
3,890
3,889
3,881
3,875
3,875
3,868
3,865
3,862
3,846
3,840
3,839
3,837
3,828
3,826
3,824
3,817
3,816
3,814
3,800
6%
-2%
-12%
6%
33%
-12%
-2%
1%
51%
-31%
4%
-15%
19%
-1%
-25%
6%
-10%
17%
-3%
-2%
-3%
10%
-7%
-9%
6%
97%
-1%
29%
23%
-39%
69%
-20%
-10%
-11%
2%
11%
-3%
13%
-1%
-25%
9%
-9%
9%
10%
-31%
12%
10%
-7%
56%
3,910
4,165
4,676
3,844
3,061
4,629
4,146
3,987
2,664
5,830
3,840
4,692
3,355
4,045
5,305
3,776
4,451
3,415
4,115
4,083
4,088
3,613
4,260
4,364
3,732
2,006
3,956
3,035
3,179
6,384
2,308
4,886
4,331
4,354
3,806
3,470
3,979
3,430
3,900
5,136
3,519
4,227
3,520
3,487
5,568
3,393
3,468
4,095
2,434
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n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015 29.
Top 500.
Top 500.
Brand Finance
Global 500 – Full Table
Top 500 most valuable brands 401-450.
Rank Rank Brand name
2015 2014
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
426*
New
359
438
338
258
440
462
New
318
New
328
327
366
358
395
306
413
360
482
New
n/a
460
New
New
398
383
New
446
450
409
New
New
New
422
New
New
236
447
386
487
New
New
421
430
New
452*
474
314
337
Otis
Xiaomi
TEPCO
Lafarge
Continental
Johnson Controls
Mckesson
Discover
Sompo Japan Nipponkoa
Citreon
Japan Post Insurance
Asahi
Auchan
RBS
Best Buy
PTT
Lukoil
Reliance
TUI
Safran
Royal Caribbean
American Airlines
Progressive
British Airways
Denso
AutoZone
Merrill Lynch
Fresenius
SSE
21st Century Fox
Johnson's
salesforce
Charter
MS&AD
Colgate
Expedia.com
Thermo Fisher Scientific
Royal Mail
Daiwa House
Activision Blizzard
WeChat
Clarins
Cognizant
Raytheon
UPC
Skol
Seagate Technology
Indian Oil
GMC
Schneider Electric
* 2014 Value and rank restated
30. Brand Finance Global 500 February 2015
Top 500 most valuable brands 451-500.
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Engineering
Technology
Utilities
Engineering
Tyres
Auto Parts
Healthcare
Credit Cards
Insurance
Automobiles
Insurance
Beer
Retail
Banks
Retail
Oil&Gas
Oil&Gas
Oil&Gas
Leisure
Aero&Def
Leisure
Airlines
Insurance
Airlines
Auto Parts
Retail
Banks
Healthcare
Utilities
Media
Personal Care
Technology
Media
Insurance
Personal Care
Technology
Technology
Logistics
Engineering
Technology
Technology
Cosmetics
IT Services
Aero&Def
Media
Beer
Technology
Oil&Gas
Automobiles
Technology
US
China
Japan
France
Germany
US
US
US
Japan
France
Japan
Japan
France
UK
US
Thailand
Russia
India
Germany
France
US
US
US
UK
Japan
US
US
Germany
UK
US
US
US
US
Japan
US
US
US
UK
Japan
US
China
France
US
US
US
Brazil
Ireland
India
US
France
3,798
3,798
3,787
3,783
3,773
3,753
3,739
3,728
3,715
3,703
3,698
3,698
3,693
3,685
3,683
3,681
3,665
3,663
3,662
3,661
3,658
3,649
3,648
3,645
3,641
3,640
3,606
3,605
3,601
3,597
3,591
3,577
3,575
3,574
3,568
3,567
3,564
3,563
3,558
3,557
3,553
3,550
3,515
3,515
3,505
3,503
3,495
3,493
3,492
3,477
9%
37%
-5%
10%
-9%
-27%
10%
16%
3,494
2,769
3,966
3,425
4,128
5,141
3,398
3,212
-13%
4,260
-12%
-12%
-6%
-7%
0%
-17%
3%
-8%
17%
23%
39%
13%
41%
4,182
4,202
3,919
3,974
3,679
4,435
3,547
3,960
3,116
2,981
2,617
3,220
2,578
-1%
-5%
21%
8%
10%
0%
40%
39%
-7%
2%
33%
36%
-35%
7%
-6%
15%
36%
24%
0%
1%
-1%
6%
11%
-19%
-16%
3,659
3,804
2,973
3,329
3,285
3,603
2,562
2,578
3,862
3,504
2,675
2,624
5,468
3,328
3,775
3,092
2,602
2,830
3,505
3,462
3,549
3,306
3,151
4,310
4,130
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Rank Rank Brand name
2015 2014
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
New
420
New
418
437
New
New
499
451
480
New
464
485
455
456
332
488
387
New
326
New
419
453
334
New
466*
380
New
375
New
n/a
469
New
473
393
470
472
463
471
New
New
424
New
New
New
412
New
New
476
486
Southwest Airline
KOGAS
Linkedin
ZTE
Carmax
Infosys
JR-Central
Valero
Next
CSX
Hennessy
ABN AMRO
Fanta
BG
Wolseley
Telcel
GS Group
Fluor
Manulife
Coach
Dow
Deutsche Post
DNB
Pfizer
Corona Extra
United Technologies
MAN
HBO
National Grid
Larsen & Toubro
Poly Real Estate
Shaw
Natura
Svenska Handelsbanken
Gas Natural
Megafon
CN
Bed Bath & Beyond
Ace
China Shenhua
CSR
Fujifilm
CRCC
Cemex
Suncor Energy
Mapfre
HCL
Chipotle Mexican
EDP
Aflac
Industry
Group
Domicile
Brand
%
Brand Brand
Brand
value ($m) change value ($m) rating rating
2015
2015 2014
2014
Airlines
Utilities
Technology
Technology
Retail
IT Services
Logistics
Oil&Gas
Retail
Logistics
Spirits
Banks
Beverages
Oil&Gas
Distribution
Telecoms
Conglomerate
Engineering
Insurance
Apparel
Chemicals
Logistics
Banks
Pharma
Beer
Aero&Def
Automobiles
Media
Utilities
Engineering
Real Estate
Media
Cosmetics
Banks
Utilities
Telecoms
Logistics
Retail
Insurance
Mining&Steel
Engineering
Technology
Engineering
Engineering
Oil&Gas
Insurance
Technology
Restaurants
Utilities
Insurance
US
South Korea
US
China
US
India
Japan
US
UK
US
France
Netherlands
US
UK
Switzerland
Mexico
South Korea
US
Canada
US
US
Germany
Norway
US
Mexico
US
Germany
US
UK
India
China
Canada
Brazil
Sweden
Spain
Russia
Canada
US
Switzerland
China
China
Japan
China
Mexico
Canada
Spain
India
US
Portugal
US
3,466
3,461
3,454
3,437
3,422
3,414
3,408
3,391
3,383
3,383
3,379
3,354
3,350
3,348
3,322
3,312
3,308
3,303
3,294
3,290
3,288
3,285
3,284
3,281
3,271
3,268
3,253
3,241
3,238
3,235
3,233
3,223
3,220
3,211
3,206
3,200
3,198
3,196
3,194
3,193
3,191
3,172
3,169
3,156
3,152
3,150
3,148
3,147
3,146
3,145
52%
-1%
61%
-2%
0%
49%
21%
12%
3%
8%
2,282
3,509
2,150
3,515
3,429
2,291
2,825
3,018
3,282
3,123
5%
8%
2%
2%
-20%
8%
-12%
11%
-22%
20%
-6%
0%
-21%
3,200
3,097
3,269
3,268
4,165
3,071
3,771
2,976
4,219
2,729
3,512
3,274
4,151
2%
3,215
3,830
2,665
3,853
2,371
2,553
3,176
2,465
3,151
3,714
3,162
3,157
3,206
3,162
2,944
2,574
3,487
2,621
16%
2,710
3,548
1,925
1,403
3,143
3,095
-15%
22%
-16%
36%
27%
1%
31%
2%
-14%
1%
1%
0%
1%
8%
24%
-9%
21%
-11%
63%
124%
0%
2%
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AA+
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n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015 31.
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