Global
500
2015
The annual report on the world’s most valuable global brands
February 2015
Brand Finance Global 500 February 2015
3.
Brand Finance Global 500 February 2015
2.
Foreword.
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
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.
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.
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
of Omaha certainly does extremely well from
most of his investments, but could he be doing
better?
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?
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.
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.”
Brand Finance Global 500 February 2015
5.
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
Contents
Brand Finance Global 500 February 2015
4.
About Brand Finance
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.
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 peer-
reviewed 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
Global
500
2015
The annual report on the world’s most valuable global brands
February 2015
Bridging the gap between marketing and finance
Brand Finance Global 500 February 2015
7.
Brand Finance Global 500 February 2015
6.
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.
Methodology
Brand strength
expressed as a BSI
score out of 100.
BSI score applied to an
appropriate sector
royalty rate range.
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.
The steps in this process are as follows:
1 Calculate 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.
2 Determine the royalty rate range for the
respective brand sectors. This is done by
reviewing comparable licensing agreements
Definition of ‘Brand’
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 marketing-
related 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”
Strong brand
Weak brand
Brand strength
index
(BSI)
Brand
‘Royalty rate’
Brand revenues
Brand value
Forecast revenues
Brand
investment
Brand
equity
Brand
performance
Methodology
Brand Strength
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.
sourced from Brand Finance’s extensive
database of license agreements and other
online databases.
3 Calculate 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%.
4 Determine brand specific revenues estimating a
proportion of parent company revenues
attributable to a specific brand.
5 Determine forecast brand specific revenues
using a function of historic revenues, equity
analyst forecasts and economic growth rates.
6 Apply the royalty rate to the forecast revenues
to derive brand revenues.
7 Brand revenues are discounted post tax to a
net present value which equals the brand value.
Definitions
+ Enterprise Value – the value of the
entire enterprise, made up of
multiple branded businesses
+ 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
What do we mean by ‘brand’?
‘Brand’
‘Branded
Business’
‘Branded
Enterprise’
E.g.
VW Group
Bentley
Brand
E.g.
Bentley
Brand Finance Global 500 February 2015
9.
Brand Finance Global 500 February 2015
8.

Sector Analysis – Global
Rank 2015: 1 2014: 1
BV 2015: $128,303m
BV 2014: $104,680m
Brand Rating: AAA
Rank 2015: 2 2014: 2
BV 2015: $81,716m
BV 2014: $78,752m
Brand Rating: AAA-
Rank 2015: 3 2014: 3
BV 2015: $76,683m
BV 2014: $68,620m
Brand Rating: AAA
Rank 2015: 4 2014: 4
BV 2015: $67,060m
BV 2014: $62,783m
Brand Rating: AAA
Rank 2015: 5 2014: 5
BV 2015: $59,843m
BV 2014: $53,466m
Brand Rating: AAA-
1
2
3
4
5
+23%
+4%
+12%
+7%
+12%
Rank 2015: 6 2014: 7
BV 2015: $58,820m
BV 2014: $45,410m
Brand Rating: AA+
Rank 2015: 7 2014: 8
BV 2015: $56,124m
BV 2014: $45,147m
Brand Rating: AAA-
Rank 2015: 8 2014: 6
BV 2015: $48,019m
BV 2014: $52,533m
Brand Rating: AA+
Rank 2015: 9 2014: 13
BV 2015: $47,916m
BV 2014: $31,845m
Brand Rating: AAA-
Rank 2015: 10 2014: 9
BV 2015: $46,737m
BV 2014: $44,779m
Brand Rating: AA+
6
7
8
9
10
+30%
+24%
-9%
+50%
+4%
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
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 much-
heralded Apple Watch. Wearable tech has been
developing for a while but has yet to make a
major impact. Apple has a remarkable knack for
Global
500
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
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
11.
Brand Finance Global 500 February 2015
10.
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.
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.
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

Sector Analysis – Global
0
30
60
90
120
150
Apple
Goggle
Amazon
Walmart
Coca-Cola
2015
2014
2013
2012
2011
2010
2009
2008
2007
B
ra
n
d
v
al
u
e
(U
S
$b
n
)
Brand Value Over Time
branding approach, bringing acquired branded
businesses under the Google brand, with a few
notable exceptions such as Youtube.
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.
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
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
-7000.000000
-2571.428571
1857.142857
6285. 14286
10714.285714
15142.857143
9
.428571
2 000.000000
Tesco
IBM
Hitachi
BNP Paribas
Toshiba
General Electric
Sony
McDonald's
Mitsubishi
Nissan
Verizon
Walt Disney
China Construction Bank
Google
Baidu
Amazon.com
AT&T
Facebook
China Mobile
Apple
$-3,109
$-3,466
$-4,006
$-4,502
$-4,514
$-4,645
$-5,268
$-5,630
$-6,086
$-6,607
$23,623
$16,071
$14,361
$13,409
$10,977
$8,192
$8,063
$7,463
$7,117
$6,377
-50 -25 0 25 50 75 100 125 150 175 200
Avon
Tesco
Sony
Royal Mail
Toshiba
Nomura
McLane
Hitachi
Standard Chartered
Johnson Controls
HCL
China Merchants Bank
Lego
Alibaba
priceline.com
Humana
Chipotle Mexican
Facebook
Baidu
Twitter
-27%
-28%
-31%
-31%
-31%
-34%
-35%
-36%
-37%
-39%
185%
161%
146%
124%
99%
97%
90%
69%
65%
63%
Brand Value Change 2014-2015 ($m)
Brand Value Change 2014-2015 (%)
-7000.000000
-2571.428571
1857.142857
6285. 14286
10714.285714
15142.857143
9
.428571
2 000.000000
Tesco
IBM
Hitachi
BNP Paribas
Toshiba
General Electric
Sony
McDonald's
Mitsubishi
Nissan
Verizon
Walt Disney
China Construction Bank
Google
Baidu
Amazon.com
AT&T
Facebook
China Mobile
Apple
$-3,109
$-3,466
$-4,006
$-4,502
$-4,514
$-4,645
$-5,268
$-5,630
$-6,086
$-6,607
$23,623
$16,071
$14,361
$13,409
$10,977
$8,192
$8,063
$7,463
$7,117
$6,377
-50 -25 0 25 50 75 100 125 150 175 200
Avon
Tesco
Sony
Royal Mail
Toshiba
Nomura
McLane
Hitachi
Standard Chartered
Johnson Controls
HCL
China Merchants Bank
Lego
Alibaba
priceline.com
Humana
Chipotle Mexican
Facebook
Baidu
Twitter
-27%
-28%
-31%
-31%
-31%
-34%
-35%
-36%
-37%
-39%
185%
161%
146%
124%
99%
97%
90%
69%
65%
63%
Brand Finance Global 500 February 2015
13.
Brand Finance Global 500 February 2015
12.
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.
Most Valuable Brands by Region
Total Brand Value by Sector

Sector Analysis – Global
Africa
Asia Pacific
North America
South America
Europe
Middle East
US$ 4,672m
US$ 81,716m US$ 128,303m
US$ 6,640m
US$ 33,079m
US$ 12,385m
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
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.
0
100
200
300
400
500
600
700
800
2015
2007
2015
2007
2015
2007
2015
2007
2015
2007
732
472
644
507
520
232
396
269
292
186
Technology
Banks
Telecommunications
Retail
Automobiles
Total Brand Value (USDbn)
Brand Finance Global 500 February 2015
15.
Brand Finance Global 500 February 2015
14.
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
Old Truman Brewery would be inclined to agree.
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.
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.

Sector Analysis – Global
The World’s Most Powerful Brands
BSI Score 89.7
BSI Score 89.7
BSI Score 89.6
BSI Score 89.5
BSI Score 89.6
BSI Score 89.6
BSI Score 93.4
BSI Score 91.8
BSI Score 91.1
BSI Score 89.7
BSI Score 90.1
BSI Score 90.1
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.
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
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.
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)
Brand Finance Global 500 February 2015
17.
Brand Finance Global 500 February 2015
16.

Sector Analysis – Global
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
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.
The annual report on the world’s most valuable retail brands
February 2015
Retail
50
2015
Telecoms
Report
2015
The annual report on the world’s most valuable telecoms brands
February 2015
Airlines
30
2015
The annual report on the world���s most valuable airlines brands
February 2015
Tech
100
2015
The annual report on the world’s most valuable technology & IT brands
February 2015
Toys
25
2015
The annual report on the world’s most valuable Toys brands
February 2015
Auto
100 &
Tyres 10
2015
The annual report on the world’s most valuable automobile brands
February 2015
Utilities
10
2015
The annual report on the world’s most valuable Utilities brands
February 2015
Brand Finance Global 500 February 2015
19.
Brand Finance Global 500 February 2015
18.
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.
A full report includes the following sections
which can also be purchased individually.
Brand Valuation Summary

Overview of the brand valuation including
executive summary, explanation of changes in
brand value and historic and peer group
comparisons.
Royalty Rates
Analysis of competitor royalty rates, industry
royalty rate ranges and margin analysis used to
determine brand specific royalty rate.
+ Transfer pricing
+ Licensing/ franchising negotiation
+ International licensing
+ Competitor benchmarking
Cost of Capital
A breakdown of the cost of capital calculation,
including risk free rates, brand debt risk
premiums and the cost of equity through CAPM.
+ Independent view of cost of capital for internal
valuations and project appraisal exercises
Trademark Audit
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.
+ Highlight unprotected marks
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For more information regarding our League
Table Reports, please contact:
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Client Services Manager, Brand Finance
s.connell@brandfinance.com
+44 (0)207 389 9400
+ Internal understanding of brand
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+ Historical brand value
Brand Strength Index
A breakdown of how the brand performed on
various metrics of brand strength, benchmarked
against competitor brands in a balanced
scorecard framework.
+ Brand strength tracking
+ Brand strength analysis
+ Management KPI’s
+ Competitor benchmarking
Brand Finance Global 500 February 2015
21.
Brand Finance Global 500 February 2015
20.
How we can help.
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FINANCE
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We help marketers to connect
their brands to business
performance by evaluating the
financial impact of brand based
decisions and strategies.
+ Brand Valuation
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Experience Audit
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Portfolio Evaluation
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We provide financiers and
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assessment on all forms of
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/ FAS 141)
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Reviews (IAS 36 / FAS 142)
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and Management
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Target-setting
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Licensing
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and Management
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We help clients to enforce and
exploit their intellectual
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2. MANAG
E
3
. M
AX
IM
ISE
4
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O
N
IT
O
R
1.
M
EA
SU
RE
Brand Monitoring
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
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Brand Valuation
Valuations may be conducted for technical
purposes and to set a baseline against
which potential strategic brand scenarios
can be evaluated.
Brand Analytics
Analytical services help to uncover drivers of
demand and insights. Identifying the factors
which drive consumer behaviour allow an
understanding of how brands create
bottom-line impact.
Brand Strategy
Strategic marketing services enable brands
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Scenario modelling will identify the best
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allocated to those activities which have the
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Brand &
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Contact us.
For league table enquiries,
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Contact
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Mark Crowe
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Gilson Nunes
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Canada
Edgar Baum
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Caribbean
Nigel Cooper
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Central America
Rajesh Ingle
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East Africa
Jawad Jaffer
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Germany
Dr. Holger Mühlbauer
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Greece
Ioannis Lionis
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Holland
Marc Cloosterman
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India
Ramesh Saraph
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Michel Budi
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Jai Basrur
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Russia
Alex Eremenko
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Singapore
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UK
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USA
Edgar Baum
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Contact details.
Our offices.
Disclaimer.
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
will not be liable in the event that the
publicly available information relied
upon is subsequently found to be
inaccurate.
The opinions and financial analysis
expressed in the report are not to be
construed as providing investment or
business advice. Brand Finance does
not intend the report to be relied upon
for any reason and excludes all liability
to any body, government or
organisation.
Brand Finance Global 500 February 2015
23.
Brand Finance Global 500 February 2015
22.
Brand Finance
Global 500 – Full Table
Top 500.
Top 500 most valuable brands 1-50.
Top 500.
Top 500 most valuable brands 51-100.
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
1
1
Apple
Technology
US
128,303
23%
104,680
AAA
AAA
2
2
Samsung
Conglomerate South Korea 81,716
4%
78,752
AAA-
AAA
3
3
Google
Technology
US
76,683
12%
68,620
AAA
AAA+
4
4
Microsoft
Technology
US
67,060
7%
62,783
AAA
AAA
5
5
Verizon
Telecoms
US
59,843
12%
53,466
AAA-
AAA-
6
7
AT&T
Telecoms
US
58,820
30%
45,410
AA+
AA
7
8
Amazon.com
Technology
US
56,124
24%
45,147
AAA-
AAA-
8
6
General Electric
Technology
US
48,019
-9%
52,533
AA+
AA+
9
13
China Mobile
Telecoms
China
47,916
50%
31,845
AAA-
AA+
10
9
Walmart
Retail
US
46,737
4%
44,779
AA+
AA+
11
12
Coca-Cola
Beverages
US
35,797
6%
33,722
AAA+ AAA+
12
10
IBM
IT Services
US
35,428
-15%
41,513
AA+
AA+
13
11
Toyota
Automobiles
Japan
35,017
0%
34,903
AAA-
AAA-
14
15
Wells Fargo
Banks
US
34,925
15%
30,242
AAA-
AAA-
15
17
BMW
Automobiles
Germany
33,079
14%
28,962
AAA
AAA
16
14
T (Deutsche Telekom in Germany)
Telecoms
Germany
31,108
2%
30,607
AA+
AA
17
19
Volkswagen
Automobiles
Germany
31,025
15%
27,062
AAA-
AAA-
18
18
Shell
Oil&Gas
Netherlands 30,716
7%
28,575
AAA-
AA+
19
27
Walt Disney
Media
US
30,698
30%
23,580
AAA+ AAA+
20
30
ICBC
Banks
China
27,459
20%
22,803
AA+
AA+
21
26
Mercedes-Benz
Automobiles
Germany
27,328
13%
24,171
AAA
AAA-
22
16
Vodafone
Telecoms
UK
27,287
-8%
29,612
AA+
AAA-
23
20
HSBC
Banks
UK
27,280
2%
26,870
AAA
AAA
24
51
China Construction Bank
Banks
China
26,417
39%
18,954
AAA-
AA+
25
24
Citi
Banks
US
26,210
7%
24,518
AA+
AA+
26
21
Bank of America
Banks
US
25,713
-4%
26,683
AA+
AA+
27
29
Intel
Technology
US
25,011
9%
22,940
AAA-
AA
28
28
Chase
Banks
US
24,819
7%
23,157
AA
AA+
29
25
Home Depot
Retail
US
24,471
1%
24,323
AA+
AA-
30
122
Facebook
Technology
US
24,180
146%
9,819
AAA-
AA+
31
35
Nike
Apparel
US
24,118
16%
20,821
AAA+ AAA
32
36
Cisco
Telecoms
US
23,217
12%
20,784
AAA-
AAA
33
37
Oracle
IT Services
US
22,888
11%
20,635
AA+
AA
34
58
Agricultural Bank Of China
Banks
China
22,714
28%
17,783
AA+
AA+
35
22
Mitsubishi
Conglomerate Japan
22,679
-13%
26,145
AA
AA
36
31
Honda
Automobiles
Japan
22,424
1%
22,152
AAA-
AA+
37
23
McDonald's
Restaurants
US
22,040
-15%
26,047
AAA-
AAA-
38
33
American Express
Credit Cards
US
21,567
2%
21,116
AAA-
AAA-
39
47
Pepsi
Beverages
US
21,379
10%
19,442
AAA-
AAA-
40
40
Nestlé
Food
Switzerland
21,225
5%
20,273
AAA
AAA
41
38
Allianz
Insurance
Germany
20,937
3%
20,425
AA+
AA+
42
39
Siemens
Technology
Germany
20,508
1%
20,358
AA+
AA+
43
61
Bank of China
Banks
China
20,392
22%
16,725
AAA-
AA+
44
41
Ford
Automobiles
US
20,315
0%
20,236
AA+
AAA-
45
54
CVS Caremark
Retail
US
20,267
11%
18,283
AA+
AA
46
44
Orange
Telecoms
France
19,867
0%
19,851
AA+
AA
47
48
UPS
Logistics
US
19,537
1%
19,431
AA+
AA+
48
50
Axa
Insurance
France
19,529
2%
19,115
AA
AA
49
52
Hyundai
Conglomerate South Korea 19,357
3%
18,831
AAA-
AA+
50
43
Santander
Banks
Spain
18,700
-7%
20,021
AAA-
AAA-
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
51
53
IKEA
Retail
Sweden
18,540
0%
18,471
AA-
AA+
52
62
ExxonMobil
Oil&Gas
US
18,242
9%
16,706
AA+
AA
53
49
Chevron
Oil&Gas
US
18,163
-5%
19,171
AA+
AA+
54
32
Nissan
Automobiles
Japan
18,085
-15%
21,194
AA+
AA+
55
46
HP
Technology
US
18,068
-9%
19,824
AA-
AA-
56
45
Mitsui
Conglomerate Japan
17,596
-11%
19,838
AA-
AA
57
64
PetroChina
Oil&Gas
China
17,521
6%
16,526
AA
AA
58
69
Comcast
Media
US
17,514
14%
15,329
AA+
AA+
59
63
PWC
Accounting
US
17,330
4%
16,623
AAA+ AAA+
60
70
BT
Telecoms
UK
16,175
6%
15,261
AAA-
AAA-
61
68
Walgreens
Retail
US
16,157
5%
15,350
AA+
AA
62
92
Sinopec
Oil&Gas
China
16,135
31%
12,356
AA
A+
63
57
SoftBank
Telecoms
Japan
16,039
-11%
18,008
AA
AA
64
56
Target
Retail
US
15,381
-15%
18,084
AA
AA
65
70*
Tata
Conglomerate India
15,378
4%
14,781
AA
AA+
66
72
Total
Oil&Gas
France
15,203
5%
14,514
AA
AA-
67
107
Boeing
Aero&Def
US
15,199
39%
10,943
AAA
AA+
68
42
BNP Paribas
Banks
France
14,939
-26%
20,206
AA
AAA-
69
89
BP
Oil&Gas
UK
14,743
16%
12,682
AA
AA
70
67
NTT
Telecoms
Japan
14,734
-6%
15,697
AA
AA
71
96
H&M
Retail
Sweden
14,715
26%
11,678
AA
AA
72
76
Deloitte
Accounting
US
14,694
7%
13,755
AAA
AAA-
73
60
MUFG
Banks
Japan
14,511
-17%
17,561
AA
AA
74
85
Fox
Media
US
14,503
10%
13,227
AAA-
AAA
75
79
Sam's Club
Retail
US
14,453
6%
13,667
AA
AA+
76
65
GDF Suez
Utilities
France
14,331
-13%
16,399
AA+
AA+
77
87
ALDI
Retail
Germany
14,301
11%
12,917
AA-
AA-
78
73
Barclays
Banks
UK
14,179
0%
14,166
AA
AA+
79
83
eBay
Technology
US
14,070
5%
13,379
AA+
AAA-
80
75
China Telecom
Telecoms
China
14,064
1%
13,887
AA+
AA-
81
66
China Unicom
Telecoms
China
13,791
-13%
15,851
AA+
AA+
82
82
FedEx
Logistics
US
13,672
2%
13,467
AA+
AA+
83
78
ING
Fin. Services
Netherlands 13,415
-2%
13,674
AA+
AA+
84
261
Baidu
Technology
China
13,284
161%
5,092
AA+
AA-
85
81* Marlboro
Tobacco
US
13,112
-3%
13,476
AAA-
AAA-
86
86
Generali Group
Insurance
Italy
13,002
-1%
13,163
AA-
AA
87
91
Lowe's
Retail
US
12,790
1%
12,629
AA
AA
88
71
Airbus
Aero&Def
Netherlands 12,744
-12%
14,559
AAA-
AAA-
89
113
au
Telecoms
Japan
12,677
21%
10,506
AA+
AA
90
New NTT Docomo
Telecoms
Japan
12,641
AA+
91
55
Hitachi
Conglomerate Japan
12,612
-31%
18,242
AA-
AA-
92
110
L'Oréal
Cosmetics
France
12,480
16%
10,766
AAA+ AAA+
93
102
Royal Bank Of Canada
Banks
Canada
12,473
13%
11,060
AA
AA+
94
112
Bradesco
Banks
Brazil
12,385
17%
10,600
AAA-
AAA-
95
97
KPMG
Accounting
Netherlands 12,332
6%
11,596
AAA-
AAA-
96
136* Subway
Restaurants
US
12,246
41%
8,661
AAA-
AAA
97
94
3M
Technology
US
12,212
0%
12,191
AAA-
AA+
98
90
LG
Conglomerate South Korea 12,112
4%
11,689
AA
AA+
99
137
NBC
Media
US
12,004
43%
8,417
AAA-
AA+
100
74
J.P. Morgan
Banks
US
11,958
-15%
14,039
AA
AA
* 2014 Value and rank restated
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015
25.
Brand Finance Global 500 February 2015
24.
Top 500.
Top 500 most valuable brands 101-150.
Top 500.
Top 500 most valuable brands 151-200.
Brand Finance
Global 500 – Full Table
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
101
123
TimeWarner
Media
US
11,931
22%
9,769
AA
AA-
102
119
Time Warner Cable
Media
US
11,822
18%
9,998
AA+
AA
103
135
Huawei
Technology
China
11,621
33%
8,721
AA
AA-
104
111
UBS
Banks
Switzerland
11,574
9%
10,644
AA+
AA+
105
125
Ping An
Insurance
China
11,513
24%
9,256
AA+
AA-
106
88
Movistar
Telecoms
Spain
11,451
-11%
12,877
AAA-
AAA-
107
New Alibaba
Technology
China
11,377
90%
6,000
AA+
AA+
108
108
TD Bank
Banks
Canada
11,127
3%
10,855
AA+
AA+
109
120
Starbucks
Restaurants
US
11,115
11%
9,976
AA+
AAA-
110
104
Accenture
IT Services
Ireland
11,087
1%
11,009
AA
AA
111
59
Tesco
Retail
UK
11,052
-37%
17,659
AA
AA
112
105
EY
Accounting
US
10,994
0%
10,969
AAA-
AAA-
113
80
Deutsche Bank
Banks
Germany
10,993
-19%
13,491
AA
AA+
114
139
SK
Conglomerate South Korea 10,919
30%
8,386
AA
AA+
115
128
CSCEC
Engineering
China
10,806
18%
9,127
AA-
AA-
116
114
Costco
Retail
US
10,551
1%
10,420
AA
AA+
117
84
SAP
Technology
Germany
10,445
-22%
13,360
AA
AA+
118
95
China Life
Insurance
China
10,380
-13%
11,875
AA
AA-
119
143
DirecTV
Media
US
10,335
26%
8,226
AA+
AA-
120
121* UnitedHealth Group
Healthcare
US
10,231
4%
9,881
AA
AA
121
100
DHL
Logistics
Germany
9,889
-11%
11,169
AA
AA
122
115
EDF
Utilities
France
9,790
-4%
10,162
AA+
AA+
123
118
Carrefour
Retail
France
9,636
-4%
10,078
AA
AA+
124
175
Audi
Automobiles
Germany
9,591
35%
7,082
AA+
AA+
125
126
Petronas
Oil&Gas
Malaysia
9,480
3%
9,160
AA
AA-
126
127
Bosch
Engineering
Germany
9,419
3%
9,145
AA+
AAA
127
116 Goldman Sachs
Banks
US
9,403
-7%
10,160
AA+
AA+
128
130
Capital One
Banks
US
9,392
4%
9,058
AA
AA+
129
124
E.ON
Utilities
Germany
9,289
-3%
9,613
AA+
AA-
130
101
Panasonic
Technology
Japan
9,280
-16%
11,087
AA-
AA-
131
117
Credit Suisse
Banks
Switzerland
9,181
-9%
10,144
AA
AA+
132
164
Ericsson
Technology
Sweden
9,157
24%
7,406
AA+
AA+
133
77
Toshiba
Technology
Japan
9,064
-34%
13,709
AA
AA
134
121
Itaú
Banks
Brazil
9,021
-9%
9,904
AA+
AAA-
135
138 Gillette
Cosmetics
US
8,988
7%
8,409
AAA
AAA-
136
109 Woolworths
Retail
Australia
8,964
-17%
10,823
AA
AA+
137
147 Morgan Stanley
Banks
US
8,888
10%
8,115
AA
AA
138
239
China Merchants Bank
Banks
China
8,880
65%
5,390
AAA-
AA
139
140
Telstra
Telecoms
Australia
8,708
5%
8,302
AAA-
AA+
140
146
Sky
Media
UK
8,699
7%
8,157
AAA-
AAA-
141
106
Sberbank
Banks
Russia
8,668
-21%
10,950
AAA-
AAA
142
168
Zara
Retail
Spain
8,622
18%
7,317
AAA-
AA+
143
133
Honeywell
Engineering
US
8,615
-4%
8,955
AA+
AA
144
131
Visa
Credit Cards
US
8,528
-6%
9,058
AA+
AA+
145
210
CBS
Media
US
8,405
40%
6,000
AA+
AA-
146
162 O2
Telecoms
UK
8,359
10%
7,630
AAA-
AA+
147
160
Danone
Food
France
8,351
9%
7,666
AAA-
AAA-
148
136
BBVA
Banks
Spain
8,335
-2%
8,533
AA+
AA+
149
161 QQ
Technology
China
8,316
9%
7,644
AA+
AA
150
103
Philips
Technology
Netherlands 8,082
-27%
11,029
AAA-
AAA
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
151
154
Eni
Oil&Gas
Italy
8,037
4%
7,727
AA
AA
152
151
ASDA
Retail
UK
8,031
2%
7,838
AA+
AA
153
159
Prudential (UK)
Insurance
UK
7,877
2%
7,688
AAA-
AA+
154
93
Sony
Technology
Japan
7,851
-36%
12,353
AA+
AA
155
132
Renault
Automobiles
France
7,849
-13%
9,010
AA+
AA
156
155
Caterpillar
Engineering
US
7,781
1%
7,726
AA
AA
157
141
Dell
Technology
US
7,767
-6%
8,295
AA-
A+
158
New Nippon Life Insurance
Insurance
Japan
7,713
AA
159
176
Bell
Telecoms
Canada
7,638
9%
7,022
AA+
AAA-
160
142 Macy's
Retail
US
7,620
-8%
8,287
AA
AA
161
180
Zurich
Insurance
Switzerland
7,554
11%
6,794
AA+
AA-
162
235
Commonwealth Bank of Australia
Banks
Australia
7,520
37%
5,475
AAA-
AA+
163
148
TIM
Telecoms
Italy
7,515
-7%
8,044
AA+
AA
164
152
Société Générale
Banks
France
7,415
-5%
7,799
AA+
AA+
165
203
Red Bull
Beverages
Austria
7,389
19%
6,207
AAA+ AAA+
166
171
Paypal
Technology
US
7,265
1%
7,159
AA+
AA+
167
163
Enel
Utilities
Italy
7,231
-2%
7,409
AAA-
AA+
168
205 Warner Bros.
Media
US
7,168
17%
6,122
AA
AA+
169
192
Chevrolet
Automobiles
US
7,150
11%
6,426
AA+
AA+
170
179
Bank of Communications
Banks
China
7,124
3%
6,884
AA+
AA
171
144 Metlife
Insurance
US
7,119
-13%
8,187
AA
AA+
172
150
Kellogg's
Food
US
7,082
-10%
7,880
AAA-
AAA-
173
187
Telenor
Telecoms
Norway
7,047
8%
6,511
AA
AA+
174
156
Johnson & Johnson
Cosmetics
US
7,033
-9%
7,720
AAA
AAA
175
157
Scotiabank
Banks
Canada
7,028
-9%
7,717
AA+
AA+
176
182
Rabobank
Banks
Netherlands 7,016
4%
6,723
AA+
AA+
177
218
ESPN
Media
US
6,966
19%
5,833
AAA-
AAA-
178
129 Gazprom
Oil&Gas
Russia
6,961
-24%
9,117
AA
AA
179
199
Union Pacific
Logistics
US
6,933
10%
6,316
AA
AA
180
174
Bank of Montreal
Banks
Canada
6,930
-3%
7,114
AA
AA+
181
181
Hermes
Apparel
France
6,914
2%
6,751
AAA
AAA+
182
214* Lloyds
Banks
UK
6,895
16%
5,941
AA+
AA+
183
184
Sprint
Telecoms
US
6,866
3%
6,634
AA
AA
184
237
Shinhan Financial Group
Banks
South Korea 6,848
26%
5,416
AA+
AA+
185
153
Adidas
Apparel
Germany
6,812
-12%
7,776
AAA
AA+
186
197 Mastercard
Credit Cards
US
6,790
7%
6,328
AA+
AA
187
189
Xbox
Technology
US
6,766
4%
6,477
AA+
AA
188
202 Gucci
Apparel
Italy
6,712
6%
6,303
AAA
AAA
189
New
JD.com
Technology
China
6,698
A+
190
149
Sainsbury's
Retail
UK
6,694
-16%
7,968
AA
AAA-
191
166
Nordea
Banks
Sweden
6,692
-9%
7,376
AA+
AAA-
192
191 Medtronic
Healthcare
US
6,691
4%
6,429
AA
AA
193
167
Cartier
Apparel
Switzerland
6,674
-9%
7,319
AAA
AAA
194
214
ANZ
Banks
Australia
6,664
12%
5,926
AA+
AA+
195
169
Centurylink
Telecoms
US
6,664
-9%
7,316
AA
AA
196
234
Emirates
Airlines
Uae
6,640
21%
5,481
AAA
AAA
197
165
Vinci
Engineering
France
6,625
-10%
7,376
AA
AA+
198
158 Mizuho Financial Group
Banks
Japan
6,603
-14%
7,690
AA
AA-
199
188
AIG
Insurance
US
6,587
2%
6,481
AA-
AA
200
347
State Bank of India
Banks
India
6,563
62%
4,063
AA+
AA+
* 2014 Value and rank restated
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015
27.
Brand Finance Global 500 February 2015
26.
Top 500.
Top 500 most valuable brands 201-250.
Top 500.
Top 500 most valuable brands 251-300.
Brand Finance
Global 500 – Full Table
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
201
177
Banco do Brasil
Banks
Brazil
6,549
-6%
6,972
AA+
AA+
202
134
Sumitomo
Conglomerate Japan
6,534
-26%
8,835
AA
AA-
203
212
Statoil
Oil&Gas
Norway
6,528
9%
5,983
AA
AA-
204
New
Land Rover
Automobiles
UK
6,521
50%
4,339
AA+
AA+
205
145
Canon
Technology
Japan
6,494
-21%
8,179
AA+
AA
206
211
Aetna
Healthcare
US
6,425
7%
5,987
AA
AA+
207
279
Uniqlo
Retail
Japan
6,419
32%
4,848
AA-
AA
208
195
BASF
Chemicals
Germany
6,416
1%
6,353
AA+
AAA-
209
170
Swiss Re
Insurance
Switzerland
6,360
-13%
7,273
AA
AA
210
209 Glencore Xstrata
Mining&Steel
Switzerland
6,359
5%
6,036
AA
AA
211
286
Delta
Airlines
US
6,336
34%
4,736
AAA-
AAA-
212
272
DZ Bank
Banks
Germany
6,318
28%
4,950
A+
A+
213
373
Lockheed Martin
Aero&Def
US
6,307
63%
3,864
AAA-
AA
214
173
Peugeot
Automobiles
France
6,210
-13%
7,123
AA
AA
215
New Aviva
Insurance
UK
6,194
34%
4,612
AA
AA
216
349 Marubeni
Distribution
Japan
6,193
53%
4,043
A
A
217
220
Louis Vuitton
Apparel
France
6,132
6%
5,807
AAA
AAA
218
228
Pampers
Baby Products US
6,113
9%
5,590
AAA-
AA+
219
185
BHP Billiton
Mining&Steel UK
6,107
-7%
6,586
AA
AA+
220
226
Purina
Pet Care
Switzerland
6,076
8%
5,642
AAA-
AA+
221
294
Playstation
Technology
Japan
6,075
32%
4,586
AA
AA
222
221
ConocoPhillips
Oil&Gas
US
6,062
4%
5,805
AA-
AA-
223
253
Fiat
Automobiles
Italy
6,060
17%
5,179
AA
AA
224
231
Nordstrom
Retail
US
6,012
8%
5,568
AA
AA
225
208
Kroger
Retail
US
6,010
-1%
6,042
AA
AA
226
264
BBC
Media
UK
6,006
19%
5,033
AAA-
AAA-
227
230
Petrobras
Oil&Gas
Brazil
5,945
7%
5,570
AA+
AA
228
216
Heinz
Food
US
5,909
1%
5,867
AAA-
AA
229
333
CPIC
Insurance
China
5,899
42%
4,156
AA-
AA-
230
257
Swisscom
Telecoms
Switzerland
5,883
14%
5,168
AA+
AA
231
296
Dai-Ichi Life
Insurance
Japan
5,876
28%
4,575
AA
AA-
232
223 Munich Re
Insurance
Germany
5,866
2%
5,724
AA-
AA
233
New Booking.com
Technology
US
5,864
AA
234
196
Coles
Retail
Australia
5,828
-8%
6,335
AA
AA+
235
215
Dove
Cosmetics
UK
5,821
-1%
5,885
AAA-
AAA-
236
242
EE
Telecoms
UK
5,807
9%
5,344
AA
AA
237
198
Cadbury
Food
UK
5,800
-8%
6,323
AAA-
AAA-
238
309
China Minsheng Bank
Banks
China
5,781
32%
4,375
AA+
AA
239
307 Wrigley's
Food
US
5,779
31%
4,423
AA
AA
240
270
STC
Telecoms
Saudi Arabia 5,695
14%
4,975
AA-
AA-
241
277
Allstate
Insurance
US
5,687
17%
4,875
AA+
AA-
242
275 Westpac
Banks
Australia
5,673
16%
4,901
AA+
AA+
243
229
Bridgestone
Tyres
Japan
5,670
2%
5,571
AA+
AA+
244
272* China Vanke
Real Estate
China
5,666
14%
4,977
AA
AA
245
233
U.S. Bancorp
Banks
US
5,644
1%
5,565
AA
AA
246
271
Johnnie Walker
Spirits
UK
5,603
13%
4,966
AAA
AAA
247
224
Iberdrola
Utilities
Spain
5,567
-3%
5,710
AAA-
AA
248
206
Jardines
Various
Hong Kong
5,507
-10%
6,098
A+
A+
249
357
Sherwin-Williams
Chemicals
US
5,506
38%
3,976
AA+
AA+
250
225
Aeon
Retail
Japan
5,499
-3%
5,656
A+
AA-
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
251
265
Rolex
Apparel
Switzerland
5,493
9%
5,031
AAA+ AAA+
252
249
Publix
Retail
US
5,481
4%
5,277
AA
AA-
253
403 Michael Kors
Apparel
US
5,458
50%
3,631
AA+
AA-
254
New E Leclerc
Retail
France
5,456
0%
5,462
AA+
AA+
255
213
Thomson Reuters
Media
US
5,456
-9%
5,975
AA
AA+
256
186
UniCredit
Banks
Italy
5,405
-18%
6,585
AA
AA
257
204
Pantene
Cosmetics
US
5,364
-13%
6,163
AAA
AA+
258
222 Groupe Casino
Retail
France
5,326
-8%
5,783
AA
AA
259
207
Nivea
Cosmetics
Germany
5,322
-12%
6,079
AAA
AA+
260
370
Lenovo
Technology
China
5,274
35%
3,913
AA
AA
261
241
Kia
Automobiles
South Korea 5,238
-2%
5,356
AA+
AA
262
217
Nescafé
Food
Switzerland
5,216
-11%
5,862
AAA-
AAA-
263
256
Bud Light
Beer
US
5,176
0%
5,170
AA+
AA+
264
172
Standard Chartered
Banks
UK
5,162
-28%
7,148
AA
AA+
265
217* TeliaSonera
Telecoms
Sweden
5,151
-12%
5,879
AA
AA+
266
269
nab
Banks
Australia
5,139
3%
4,998
AA+
AA
267
284
Caixa
Banks
Brazil
5,123
8%
4,759
AA
AA-
268
432
Etisalat
Telecoms
Uae
5,095
48%
3,452
AA+
AA-
269
263
Heineken
Beer
Netherlands 5,094
1%
5,058
AA
AA+
270
397
Claro
Telecoms
Mexico
5,079
38%
3,675
AAA-
AA
271
288 Michelin
Tyres
France
5,057
9%
4,652
AAA-
AA+
272
312 Qualcomm
Technology
US
4,994
15%
4,337
AA+
AAA-
273
401
KPN
Telecoms
Netherlands 4,994
37%
3,634
AA+
AA
274
267 Marks & Spencer
Retail
UK
4,979
-1%
5,026
AA+
AAA-
275
308
PNC
Banks
US
4,958
13%
4,406
AA
AA
276
227
Prudential (US)
Insurance
US
4,928
-12%
5,608
AA-
AA
277
New
LIC
Insurance
India
4,927
20%
4,104
AA+
AA+
278
306* Chanel
Cosmetics
France
4,921
9%
4,509
AAA-
AAA
279
493
China CITIC Bank
Banks
China
4,897
61%
3,044
AA
AA-
280
379
United
Airlines
US
4,861
27%
3,831
AA+
AAA-
281
266
CIBC
Banks
Canada
4,851
-4%
5,028
AA
AA
282
238
Unilever
Food
UK
4,844
-10%
5,395
AAA+ AAA+
283
392
AIA
Insurance
China
4,829
30%
3,719
AA
AA-
284
193 Morrisons
Retail
UK
4,826
-25%
6,417
AA-
AA-
285
377
SYSCO
Food
US
4,824
26%
3,842
AA
AA
286
285
Rogers
Telecoms
Canada
4,814
1%
4,752
AA
AA
287
New Humana
Healthcare
US
4,810
99%
2,413
AA-
AA
288
317
Telus
Telecoms
Canada
4,798
13%
4,261
AA
AA+
289
274
KT
Telecoms
South Korea 4,795
-2%
4,912
AA+
AA+
290
302 Mazda
Automobiles
Japan
4,795
6%
4,511
AA+
AA
291
293
Estée Lauder
Cosmetics
US
4,792
4%
4,589
AAA-
AA+
292
282
Dish Network
Media
US
4,792
0%
4,792
AA+
AA
293
291
BNY Mellon
Banks
US
4,780
4%
4,607
AA
AA+
294
374
PICC
Insurance
China
4,748
23%
3,855
AA+
A+
295
350
Ferrari
Automobiles
Italy
4,747
18%
4,037
AAA+ AAA+
296
252
Bayer
Pharma
Germany
4,746
-9%
5,188
AAA-
AAA
297
268
Prada
Apparel
China
4,737
-6%
5,021
AAA-
AAA
298
319
3
Telecoms
Hong Kong
4,714
11%
4,260
AA+
AA
299
255 Mobil
Oil&Gas
US
4,696
-9%
5,177
AA+
AA
300
201
EMC
Technology
US
4,680
-26%
6,312
AA+
AA+
* 2014 Value and rank restated
n/a Value restated but restated 2014 value would not make 2014 Global 500
Brand Finance Global 500 February 2015
29.
Brand Finance Global 500 February 2015
28.
Top 500.
Top 500 most valuable brands 301-350.
Top 500.
Top 500 most valuable brands 351-400.
Brand Finance
Global 500 – Full Table
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
301
245
Polo Ralph Lauren
Apparel
US
4,674
-12%
5,304
AAA
AAA-
302
240 MTN
Telecoms
South Africa 4,672
-13%
5,381
AA+
AAA-
303
324 MINI
Automobiles
UK
4,672
10%
4,238
AA+
AAA-
304
449 General Dynamics
Aero&Def
US
4,671
42%
3,286
AAA-
AA-
305
281 Garnier
Cosmetics
France
4,630
-4%
4,809
AAA
AAA
306
323
Burberry
Apparel
UK
4,612
9%
4,239
AAA+ AAA-
307
303
Rolls-Royce
Aero&Def
UK
4,594
3%
4,478
AAA-
AAA-
308
290* Saint-Gobain
Engineering
France
4,564
-2%
4,666
AA-
A+
309
259
Bouygues
Engineering
France
4,564
-11%
5,137
AA-
AA
310
452
Industrial Bank Co.
Banks
China
4,546
39%
3,276
AA
AA
311
New Edeka
Retail
Germany
4,538
0%
4,533
A-
A+
312
289
British Gas
Utilities
UK
4,531
-3%
4,652
AA+
AA+
313
315 Magnit
Retail
Russia
4,526
5%
4,291
AA-
A+
314
381
Airtel
Telecoms
India
4,524
18%
3,819
AAA-
AA+
315
251
CNOOC
Oil&Gas
China
4,523
-13%
5,226
AA-
AA-
316
297 Metro
Retail
Germany
4,504
-1%
4,565
AA
AA
317
330 Moutai
spirits
China
4,483
8%
4,165
AAA-
AA
318
273
CNP Assurances
Insurance
France
4,480
-9%
4,940
AA-
AA
319
351
Discovery
Media
US
4,475
11%
4,014
AA+
AA-
320
250
Esso
Oil&Gas
US
4,471
-15%
5,230
AA
AA
321
299
SFR
Media
France
4,466
-2%
4,547
AA
AA+
322
248
ABB
Engineering
Switzerland
4,450
-16%
5,284
AA
AA
323
363
Ergo
Insurance
Germany
4,428
12%
3,951
AA
AA+
324
352
DBS
Banks
Singapore
4,416
10%
4,011
AAA-
AA+
325
402 Geico
Insurance
US
4,399
21%
3,633
AA+
AA+
326
300
Chow Tai Fook
Retail
China
4,395
-3%
4,544
A+
A
327
304
John Deere
Engineering
US
4,368
-2%
4,465
AA
AA
328
New
Twitter
Technology
US
4,366
185%
1,533
AAA-
AAA-
329
301
RWE
Utilities
Germany
4,348
-4%
4,520
AA
AA-
330
410
KFC
Restaurants
US
4,344
21%
3,600
AA+
AA
331
343
Enbridge
Oil&Gas
Canada
4,340
6%
4,093
A+
A
332
400
Tiffany & Co.
Retail
US
4,331
19%
3,647
AAA-
AAA-
333
321
Budweiser
Beer
US
4,322
2%
4,257
AA+
AA+
334
283
ArcelorMittal
Mining&Steel
Luxembourg 4,311
-10%
4,789
AA-
AA
335
New
Tyson Foods
Food
US
4,305
AA
336
336
Berkshire Hathaway
Insurance
US
4,291
4%
4,140
AA
AA
337
341
Southern Company
Utilities
US
4,272
4%
4,096
AAA-
AAA-
338
364
Harley-Davidson
Automobiles
US
4,257
8%
3,938
AAA
AAA-
339
431
Roche
Pharma
Switzerland
4,251
23%
3,452
AAA-
AAA-
340
295
Rio Tinto
Mining&Steel UK
4,229
-8%
4,582
AA+
AA
341
415
Adobe
Technology
US
4,223
20%
3,524
AA
AA
342
372 Maersk
Logistics
Denmark
4,223
9%
3,865
AA-
AA
343
329
Lexus
Automobiles
Japan
4,217
1%
4,169
AA+
AA
344
429
KB Financial Group
Banks
South Korea 4,216
22%
3,464
AA
AA+
345
367
Victoria's Secret
Retail
US
4,202
7%
3,919
AAA-
AA+
346
353
Express Script
Healthcare
US
4,202
5%
4,010
AA-
AA+
347
354
Huggies
Baby Products US
4,193
5%
3,994
AA+
AA+
348
243
Aegon
Insurance
Netherlands 4,171
-22%
5,316
AA-
AA
349
414
Volvo
Automobiles
Sweden
4,154
18%
3,525
AA
AA
350
246
Yahoo!
Technology
US
4,148
-22%
5,295
AAA-
AA-
Rank
2015
Rank
2014
Brand name
Industry
Group
Domicile
Brand
value ($m)
2015
%
change
Brand
value ($m)
2014
Brand
rating
2015
Brand
rating
2014
351
New CJ Group
Conglomerate South Korea
4,141
A+
352
368 McKinsey
Consulting
US
4,127
6%
3,910
AAA+ AAA+
353
331
Lufthansa
Airlines
Germany
4,099
-2%
4,165
AA+
AAA-
354
287 MTV
Media
US
4,099
-12%
4,676
AA
AA
355
376
Lay's
Food
US
4,084
6%
3,844
AAA-
AA+
356
491
Kraft
Food
US
4,068
33%
3,061
AAA-
AA
357
290
7-Eleven
Retail
Japan
4,065
-12%
4,629
AA-
AA-
358
335 Omega
Retail
Switzerland
4,062
-2%
4,146
AA+
AAA-
359
355 Whole Foods
Retail
US
4,037
1%
3,987
AA-
AA+
360
New Shanghai Pudong Development Bank Banks
China
4,032
51%
2,664
AA+
AA
361
219 McLane
Insurance
US
4,017
-31%
5,830
AA-
AA
362
378
Travelers
Insurance
US
4,012
4%
3,840
AA
AA
363
289* Virgin Media
Telecoms
US
4,011
-15%
4,692
AA+
AAA-
364
444
Arla
Food
Denmark
4,008
19%
3,355
AA-
AA
365
348
Kohl's
Retail
US
4,001
-1%
4,045
AA
AA-
366
244
Suzuki
Automobiles
Japan
4,001
-25%
5,305
AA
A+
367
385 MCC
Engineering
China
3,999
6%
3,776
A+
A+
368
305
Exxon
Oil&Gas
US
3,995
-10%
4,451
AA
AA-
369
439
Schlumberger
Oil&Gas
US
3,994
17%
3,415
AA
AA+
370
340
Lotte
Conglomerate South Korea 3,990
-3%
4,115
AA-
AA-
371
346 Olay
Cosmetics
US
3,986
-2%
4,083
AAA-
AA+
372
345
Lancôme
Cosmetics
France
3,984
-3%
4,088
AAA-
AAA
373
406 MTS
Telecoms
Russia
3,977
10%
3,613
AA+
AA+
374
320
Sprite
Beverages