While HDFC Bank retained its position as the most valued Indian brand despite registering a drop, Reliance Retail saw 102% rise in brand value
In terms of categories, retail, personal care, and telecom providers made to the top risers list.
At a time of near-unprecedented economic challenges, the total value of the BrandZ India Top 75 fell by 6% in 2020 to arrive at $215.608 billion, shedding $13 billion in value, according to the 2020 BrandZ Top 75 Most Valuable Indian Brands report released by WPP and Kantar. The report also highlighted that HDFC Bank, for the seventh straight year, retained the most valued Indian brand tag in 2020 despite registering an 11% drop in value to $20.26 billion. Following HDFC Bank was IPO-bound life insurance behemoth LIC at $18.29 billion, which also registered a 9% dip.
According to David Roth, CEO, The Store – WPP, Europe, Middle East, Africa & Asia, Chairman BrandZ and BAV Group, 2020 has been an unprecedented year for India and from the start of this decade, it was clear that there would be growing pains as India settled into the role as one of the world’s largest economies. What has been evident since the early days of 2020, however, is the resilient spirit of India’s people and businesses. “In India, we’ve seen time and again that strong brands retain more of their value during tough economic times, and recover more quickly when market conditions begin to improve. This was the case during the demonetization process of 2016, and shows every indication of holding true today,” he added.
Sitting at the fourth place, Airtel witnessed a 36% rise in brand value to $ 13.94 billion, while Flipkart, at the eight position) saw 40% rise. Interestingly, the country’s largest lender SBI registered a 36% erosion of the brand value to $5.38 billion during the year. This year, five brands made their debut on the 2020 rankings. Among these are two ‘Personal Care brands’ — Dove and Closeup– who are joined by energy brand Indraprastha Gas, home appliances brand Crompton, and telecom provider BSNL. Interestingly, Dove topped the charts as the newcomer by claiming the 61st position
Reliance Retail witnessed a 102% percent year-on-year increase in value and emerged as the fastest-expanding. This is the second time Reliance company’s brand registered the fastest growth after Jio (placed seventh) claimed the same spot last year. In 2020, Reliance Retail’s core grocery offerings, as well as its integrations with other Reliance Group partners, have become agile assets for its parent company during the Covid-19 lockdown. In addition to 2020 Top Riser Reliance Retail – and runner-up Zomato – this year’s Top Risers group includes food brands such as Maggi, Nestlé, and Horlicks; as well as digital platforms and providers like Naukri.com, Flipkart, PayTM, and Airtel.
In terms of categories, retail, personal care, and telecom providers made to the top risers list. Retail grew 33% in part on the strength of Reliance Retail, while personal care grew by 32%. Telecom Providers rose 25% this year thanks to strong performance from both Airtel and Jio. Telecom is now the second-largest category in the India Top 75, up from fourth in 2019.
As per the report, though significant, these changes in brand value represent a lower de-growth rate than that seen among top brands in the UK, Australia, and South Africa. Individual brands’ performance in the India Top 75 remained highly variable. While 43 returning brands declined in value in 2020, 26 returning brands actually gained in value from their 2019 performance.