Commonwealth Bank has overtaken Woolworths as Australia’s most valuable brand, with a 48 per cent increase in brand value to $15.7 billion, according to a new report from Brand Finance.
Woolworths (brand value down 17 per cent to $12.7 billion) and Coles (brand value down 14 per cent to $8.4 billion) saw declines in brand value following a series of high-profile reputational challenges, despite maintaining their market dominance.
Though that’s not to say CommBank has been without its issues. Its highly politicised $3 assisted withdrawal fee caused a significant stir last year, for instance.
“Successful brands exemplify resilience and innovation, while providing assurance for consumers, proving that adaptability is crucial for navigating today’s economy and securing sustainable future growth,” Mark Crowe, Brand Finance Australia managing director said.
This growth reflects strong financial performance, digital innovation, and a commitment to sustainability, including a pledge to cease financing companies that fail to comply with the Paris Climate Agreement.
Tooheys is the fastest-growing Australian brand, tripling in value to $452 million. This was driven by low- and no-alcohol offerings and eco-friendly packaging initiatives, appealing to health-conscious and environmentally aware-consumers.
The report found mixed results for retail and airlines—some prospered through innovation, while other brands struggled with media criticism and negative consumer sentiment.
Apple remains the world’s most valuable brand, ahead of Microsoft, Google and Amazon, while WeChat is the world’s strongest brand.
Kmart’s private label, Anko, played a key role in Kmart achieving 66 per cent growth in brand value to $3.2 billion, as the retailer expanded internationally. Meanwhile, Jetstar’s focus on budget-conscious travellers saw its brand value double to $1.1 billion, outperforming troubled parent company Qantas.
