Alibaba and Tencent ranked as 2019’s most valuable Chinese brands, according to a new study from WPP and Kantar.
The report found that Alibaba took the number one spot having grown its brand value 59 percent to $141 billion. Tencent came in second place with a brand value of $138.2 billion. Both brands outpaced the closest competition by as much as $100 billion.
“Whether going abroad or expanding domestically, the potential for brand growth is huge for China’s most valuable brands,” says Doreen Wang, global head, BrandZ, Kantar. “But realizing it requires the knowledge and expertise needed to surmount new challenges. This report highlights the importance for Chinese brands to build a difference in the domestic and global marketplace.”
Kantar and WPP’s study found that the companies in China are transitioning away from an industrial focus. The report found that the technology sector has grown 186 percent, and technology accounts for 26 percent of the total value in the region.