Similarly, Reliance, which has overtaken Airtel to take the second spot on the list, has grown by 12% in brand value to Rs 428.36 billion, aided by its telecom brand, Reliance Jio. Airtel which dropped from second to third spot on the list, lost 13% in brand value, and now stands at Rs 322.35 billion. The rest of the top 10 brands on the list are HDFC Bank, LIC, State Bank of India, Infosys, Mahindra, ICICI Bank and Godrej.
Talking about the report, Ashish Mishra, Managing Director, Interbrand India, said, “Most Indian businesses looked at change as a big risk to their existence. But to them we would say: Risk is no longer in changing. But in not changing. And the challenge is no longer just the competition or the ever-changing business environment. It’s our fear of the new, of the unknown.”
This year, Big Bazaar, DMart and Nerolac Paints made their debut in the report at #33 (Rs 26.86 billion), #37 (Rs 20.15 billion) and #39 (Rs 19.19 billion), respectively. Reliance Group (R-ADAG) and Canara Bank which were on the list in 2017, exited the table in 2018.
Retail also saw a boost in the best brands list, with Big Bazaar and DMart joining Tanishq, while the report names Bajaj Auto, Royal Enfield, Kotak, Tanishq, Britannia and Ashok Leyland as the fastest growing brands. Meanwhile, the Automobile sector as a whole saw top growth with brands like Royal Enfield, Bajaj Auto, Ashok Leyland, Hero, Maruti Suzuki and Mahindra demonstrating higher than average growth, and contributing to 13% of the overall value of the Top 40 brands. At #24, Zee is the only media company on the list with a brand value of Rs 54.22 billion.
“In a fast-changing world, brands are the only assets that companies can fall back on, to navigate the challenges. Indeed, brands are the crucial interface between technology and consumers that channel an organisation’s efforts to engender growth,” remarked Rebecca Robins, Interbrand’s Global Culture and Learning Officer, commenting on the report.
Interbrand used three parameters as part of its methodology to analyse the top 40 brands. This included the financial performance of the branded products and services, the role the brand plays in influencing customer choice and the strength the brand has to command a premium price or secure earning for the company.
In 2018, the combined value of the Top 40 brands was Rs 5.03 trillion, a 5.2% growth in value over the previous year. Financial Services contributed 27% to the overall brand value of the brands on the list.
Mishra concluded, “What’s really encouraging is that we are now seeing the progressive few (brands) who accept that the world is changing and are making attempts to change. They acknowledge the new consumer preferences. They accept the new desire for experiences and respond positively. Replacing complacency with competitiveness. To reinvent themselves before they reinvent their categories. And remain unafraid of the change to drive brave growth. That, in sum, is the secret behind this year’s Top 40’s success.”