HDFC Bank Ltd has again emerged as the most valuable brand in India in 2020, despite its ranking seeing an 11 per cent decline from 2019, a WPP Plc and Kantar report said. This is the seventh consecutive year when HDFC Bank remained the top-ranked brand in India.
HDFC Bank has been valued at $20.2 billion by WPP and Kantar list of most valued brands. It is followed by state-owned insurer LIC, valued at $18.2 billion, and TCS, which has been valued at $14.5 billion.
Retail and telecom brands have outperformed most other categories and seen their brand value increase in the 2020 BrandZ Top 75 Most Valuable Indian Brands ranking, the WPP and Kantar report said.
At a time of unprecedented economic challenges followed by COVID-19 pandemic-led lockdowns, the total value of the top 75 brands fell by 6 per cent in 2020, resulting in total brand value of $216 billion.
Despite the overall decline, 26 brands increased in value and five were new entrants. India's top brands also performed well against other countries where declines in total brand value were much greater, said the report.
With a 102 per cent year-on-year increase in value, Reliance Retail has been ranked as the fast-expanding brand. Mukesh Ambani-led retail company stood at 25th spot in the list of most-valued brands.
Preeti Reddy, chief executive officer - South Asia, insights division, Kantar, said that brands that focus on sustainable consumption have gained brand value this year.
"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, reported LiveMint.
After banks, the telecom sector remained the fourth-biggest in terms of brand value. Other companies in the top 10 list are Airtel with brand value worth $13.4 billion, Asian Paints $7.97 billion; Kotak Mahindra Bank $7.21 billion; Jio $6.88 billion, Flipkart $6.53 billion, Paytm $6.27 billion; and SBI $5.39 billion.
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