China has secured two of the top spots in a new list of the world’s most valuable brands. Alibaba alongside Chinese tech group Tencent has joined elites such as Google and Apple for the first time. The list was made public on Monday.
The world’s most valuable brands: 1. Google, 2. Apple, 3. Amazon, 4. Microsoft, 5. Tencent, 6. Facebook, 7. Visa, 8. McDonald’s, 9. Alibaba, 10. AT&T.
According to a report appeared on CNN, e-commerce behemoth Alibaba has seen its brand value nearly double to $113 billion as the company has expanded further into fields such as mobile payments and cloud computing. The company is ranked at No. 9.
The tech group Tencent with a brand value of $179 billion, is up 65 percent compared to last year, the news network reported. It holds fifth place – behind Google, Apple, Amazon and Microsoft but above Facebook – that speaks volumes about the tech group’s power it has built.
As per the report, Tencent boasts a market capitalization of $490 billion, making it worth more than America’s most valuable bank, JPMorgan Chase. The tech group specializes in online games, apps, instant messaging services and online payments.
The head of BrandZ, Doreen Wang, said that the ranking of the two Chinese companies demonstrates that they have overcome numerous China-specific hurdles to appear in the elite list.
“The challenges facing Chinese brands are by no means small,” she said. “Limited brand awareness in international markets, a lack of trust due to historic quality issues and a reluctance by Chinese brands to invest in impactful global advertising campaigns has put them at a disadvantage with their more established competitors.”
However; “attitudes are changing, particularly among younger consumers who are falling in love with Chinese brands. While penetration into US markets may still be at a preliminary stage for both brands, other regions are embracing them.” Ms Wang was quoted on CNN.