Tech firms power Chinese brand value
Print Edition
THE strongest Chinese brands are worth US$525.6 billion after their combined value rose 13 percent in the past year, with Tencent being the country’s most valuable brand whose value surged 24 percent to US$82.1 billion.
The sixth annual ranking saw technology companies gaining pace and contributing a combined 27 percent of the total value of the top-100 brands, up from 16 percent two years ago, said a report by market research company Millward Brown, a unit of WPP’s data investment management division Kantar.
It’s also the first time that privately held companies’ combined brand value surpassed that of state-owned companies, evidence of China embracing a market economy.
“The brands in the top-100 rankings are not immune to economic and market influences, but the strongest ones have survived and even thrived, and Chinese brands must invest more in being unique and innovative in order to continue to grow in the coming years,” said David Roth, chief executive for WPP’s retail practice in Europe, the Middle East, Africa and Asia.
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