After seven years sitting at the top of the pile, Woolworths has conceded first place in Brand Finance's most-valuable Australian brand list to Telstra.
Marked by a 37% increase in brand value to $14.5m, Telstra has gained the top place as Australia’s most valuable brand.
Brand Finance calculates brand value using the 'royalty relief methodology' which determines the value a company would be willing to pay to license its brand as if it did not own it.
Brand Finance Australia managing director, Mark Crowe, says: “It is testimony to Telstra’s brand strength which has
driven a significant increase in value despite only a 3.6% increase in revenue.”
Woolworths drops a mere 4% to hit second place, despite being hit by internal difficulties, sudden high-profile executive departures and advertising blunders.
More surprising perhaps is the announcement that Commonwealth Bank of Australia sits atop Brand Finance's list of 'most powerful brands' in Australia and also holds fourth place on the most-valuable rundown, coming hot on the heels of the recent revelations about its insurance arm, CommInsure, and its rather ugly scandal.
Elsewhere on the valuable brand list, ANZ appears at number four, Westpac at seven, NAB at eight, BHP Billiton at seven, Coles at number eight and Optus at nine. Rio Tinto complete the list at number 10.
Completing the most-powerful list are Flight Centre at two, Westpac at three, Virgin Australia holding fourth, Telstra at five, Westfield at six, Qantas at eight, NAB at nine and St George at 10.
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