The brand value of Korean Air fell sharply in the second quarter over a series of allegations involving the family that owns it, an appraisal website showed Sunday.
The flag carrier’s brand value ranked 36th in the April-June period, down from 11th a quarter earlier, according to Brandstock, a South Korean market research firm that determines the rankings of local brands.
The decline reflects the intense public criticism directed at Korean Air Chairman Cho Yang-ho’s family over a series of allegations of physical and verbal abuse, as well as smuggling and tax evasion.
Korean Air’s brand value dropped 39 notches in the quarter following the incident.
Brandstock said Korean Air’s smaller local rival, Asiana Airlines, saw its brand rank rise to 25th place in the second quarter from 35th place three months earlier.