HDFC Bank Ltd retained its top position as the country’s most valuable brand for the seventh straight year in 2020 despite an 11% decline from the previous year, benefiting from innovation and expansion, according to a report by WPP Plc and Kantar.
HDFC Bank, which is now valued at $20.2 billion, was followed by Life Insurance Corporation of India (LIC) and Tata Consultancy Services in the list of the 75 most valuable companies.
The 2020 edition of the ranking was worth $216 billion in brand value, a 6% decline from 2019, driven largely by a fall in the brand value of banks and automotive companies. Despite the overall decline in value, 26 brands increased their value, and there were five new entrants.
Most notable among these 26 was Reliance Retail Ltd, a subsidiary of Reliance Industries Ltd, which doubled its brand value to become the fastest riser this year at No. 25 ($2.3 billion), up 30 places.
The challenging economic and social conditions created by the pandemic and a pre-covid-19 slowdown in the Indian economy led to an erosion of the brand value of Indian companies.
More than half the brands on the BrandZ Top 75 Most Valuable Indian brands list declined in value. Only 11 managed to grow consistently in the past five years.
Preeti Reddy, chief executive officer - South Asia, insights division, Kantar, said that the performance of retail, telecom and fast-moving consumer goods brands has shown that being agile in times of crisis is critical for growth.
“The post-covid world will also offer brands opportunities around sustainable consumption because it is at the top of mind of consumers. A sense of purpose, trust and responsibility have become crucial. The data shows that brands that deliver on these parameters have gained brand value and will continue to do so," she added.
Retail (33%), personal care (32%) and telcos (25%) emerged as the fastest-growing categories as their brand value increased due to value creation and a pivot to digital, which helped customers during the lockdown.
E-commerce firm Flipkart (No. 8, $6.5 billion) made its debut in the top 10 with a 40% jump in brand value.
D-Mart (No. 16, $3.3 billion), with a 38% jump, also saw its brand value increase significantly, while instant food brand Maggi had one of the highest brand value growth figures at 46%.
Despite the paints industry struggling, Asian Paints grew its brand value by 14% by focusing on meaningful difference, communications and innovation.
Sandip Ginodia , CEO
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