E-commerce giant Amazon has clinched the top spot in the world’s most valuable brand ranking, surpassing Google and Apple, according to a recently released ranking of global companies.
The Seattle-based retailer has been valued at US$315.5 billion, up 52 per cent on last year with tech giant Apple coming in second, valued at $309.5 billion and Google in third place at $309 billion, Brand Z’s Top 100 Most Valuable Global Brand 2019 ranking (compiled by WPP research agency Kantar) revealed.
Google and Apple had spent a combined 12 years at the top of Brand Z’s list, with Google taking the top spot last year.
“Amazon’s smart acquisitions that have led to new revenue streams, excellent customer service provision and its ability to stay ahead of its competitors by offering a diverse ecosystem of products and services, have allowed Amazon to continuously accelerate its brand value growth,” Brand Z’s report indicated.
Chinese e-commerce company Alibaba has overtaken Tencent for the first time to become the most valuable Chinese brand, moving up two places to number seven, growing 16 per cent to $131.2 billion.
Tencent dropped three places to number eight, declining by 27 per cent to $130.9 billion year-on-year.
Social media platform Facebook has retained its sixth spot while Instagram, at number 44, was named as this year’s fastest riser, climbing 47 places with a massive 95 per cent growth in brand value with $28.2 billion.
Athleisure retailer Lululemon was named the second fastest riser, showing a 77 per cent growth year-on-year to $6.92 billion.
“We’re seeing a move from individual product and service brands to a new era of highly-disruptive ecosystems,” said David Roth, CEO of The Store WPP EMEA and Asia and chairman of Brand Z.
“Brands need to understand the value this type of model can create and should embrace its approach to be successful in the future,” Roth said.