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October 19, 2021

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Domestic brands post big gains

Chinese brands once again reaffirmed their resilience as top performers, recording a 57 percent jump in total brand value to a combined US$1.56 trillion, according to the latest BrandZ China Top 100 list.

Tencent eclipsed Alibaba with US$280 billion of value — a whopping 85 percent increase. Alibaba and Moutai took the other spots in the top three.

“High quality and sustainable development will be the core of brand-building in the future, along with the shift of focus from high speed when it comes to economic and social development,” said Kantar China President and Global Chair of BrandZ Doreen Wang.

Short-video sites Douyin and Kuaishou are new arrivals in the top 10 as consumer technology has effected profound changes in work and life.

The sites are among a total of 17 newcomers to the list.

Others include food & beverage brands Nongfu Spring and Haitian.

Over one-fifth of the top 100 performers more than doubled their brand equity amid strong rebound growth across the board thanks to a post-pandemic explosive jump in consumer spending, especially in digital services.

The BrandZ report assessed brands by how they contribute to the companies’ financial performance coupled with their market value.

The ranking was compiled according to data as of April.

Fashion retailers in areas including beauty, jewelry, and apparel posted much stronger revenues as domestic demand showed strength in the consumer goods sector, the report found.

Local fashion chain retailers enhanced their positions and occupied six of the top 20 positions, compared to only four a year ago.

The top 100 domestic fashion retailers grossed 782.1 billion yuan, up 6.7 percent, reporting three consecutive years of sales growth, according to a latest survey by the China Chain Store & Franchise Association.

“Products with Chinese-specific cultural specialties and features contributed to the strong performance of fashion retailers,” said deputy president of the China Chain Store & Franchise Association Wu Ruiling.

She pointed out, however, that most of the fashion retailers are still relatively small, with annual sales between 100 million yuan and 190 million yuan.

And that requires them to further enhance brand development in the long run.

Beauty and skincare brands make up half of the 10 fastest-growing brands by sales.

An aspiration for higher quality of life has driven up spending, she said.


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