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Methodology and valuation by

TOP
50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

17
TM

TOTAL VALUE OF LATIN NEWCOMERS


AMERICAN TOP 50 BRANDS
50

US$131.9
BILLION

18
2015
#32 #33 #43 #46
Food & Dairy Beer Retail Banks

US$103.4
US $1,051 Mil. US $1,047 Mil. US $810 Mil. US $741 Mil.
49

HIGHEST RISERS
BILLION
% = Brand Value Change
2015-2017

19
2017
#47
67
#48
%
48

Brand Value
#49 #50 US $427 Mil.
Credit Communication
+
-22%
Brand Value Energy Retail
Cards Providers
Change Drugstores
2015-2017 US $734 Mil. US $693 Mil. US $681 Mil. US $679 Mil.

+67%

20
Brand Value

US $332 Mil.
47

Top 10 most valuable latin american brands Drugstores

+58%
% Brand Value Change 2015-2017
Brand Value

US $267 Mil.
Retail

+48%
46

Communication Communication Brand Value


Beer Beer Retail Beer Retail Beer Beer Retail
Providers Providers
US $267 Mil.
US $7,782 US $7,647 US $4,598 US $4,257 US $4,035 US $3,772 US $3,593 US $3,486 US $3,316 US $3,269 Retail

Million Million Million Million Million Million Million Million Million Million

21
45

+48%
Brand Value

US $1,051 Mil.
-8% -10% -26% -10% -9% -10% +16% -5% -8% +28% Food & Dairy
44

+43%
Brand Value

MOST VALUABLE COUNTRY BRANDS US $605 Mil.


TOP 10 IN BRAND CONTRIBUTION Beer

22
Brand contribution measures the influence of brand alone

+41%
Brand Value
on financial value, on a scale of 1 to 5, 5 being highest.

ARGENTINA BRAZIL chile COLOMBIA MEXICO PERU All these brands have a brand contribution of 5. US $670 Mil.
Airlines

US $3.4 Bil. US $33.5 Bil. US $20.6 Bil. US$ 13 Bil. US $50.8 Bil. US $7.5 Bil.
43

+34%
Brand Value

23
-25% % Brand Value
Change 2015-2017 -31% % Brand Value
Change 2015-2017 -12% % Brand Value
Change 2015-2017 -48% % Brand Value
Change 2015-2017 -11% % Brand Value
Change 2015-2017 -12% % Brand Value
Change 2015-2017 US $570 Mil.
2 brands in the Top 50 11 brands in the Top 50 9 brands in the Top 50 5 brands in the Top 50 18 brands in the Top 50 4 brands in the Top 50 Retail

+31%
Brand Value
Top 3 Argentinian Brands Top 3 Brazilian Brands Top 3 Chilean Brands Top 3 Colombian Brands Top 3 Mexican Brands Top 3 Peruvian Brands US $1,047 Mil.
1 1 1 1 1 1
Beer
42

+31%
US $1,149 Mil. US $7,782 Mil. US $4,257 Mil. US $3,486 Mil. US $7,647 Mil. US $1,396 Mil. Brand Value

US $1,568 Mil.

24
2 2 2 2 2 2 Beer

US $741 Mil. US $3,772 Mil. US $2,689 Mil. US $2,132 Mil. US $4,598 Mil. US $1,080 Mil.

3 3 3 3 3 3 www.brandz.com
41

US $648 Mil. US $2,673 Mil. US $2,558 Mil. US $851 Mil. US $4,035 Mil. US $1,025 Mil.

25
Methodology and valuation by
Download the Mobile app www.brandz.com/mobile

39 38 37 36 35 34 33 32 31 30 29 28 27 26
40
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

CONTENTS

WELCOME.................................6 BRAZIL .....................................46 COLOMBIA................................94 Per ......................................136


Opportunity for closeness OVERVIEW OVERVIEW OVERVIEW
David Roth, CEO, WPP The Store
Brand strength is the supporting pillar in a shaky economy Adapting to change A new government, lots of expectation, and a full agenda

INTRODUCTION................. 8
Valkiria Garre, CEO Brazil, Kantar Carolina Solanilla, CEO Colombia, Kantar for growth
Fidel A. La Riva, Country Manager Per, Kantar Worldpanel
The Top 50 Brands Chart Key Market Facts
The Top 20 Brands Chart
THOUGHT LEADERSHIP Key Market Facts The Top 20 Brands Chart
Key Market Facts
Brand Stories Brand Stories
Conquering consumers in hard times: .promotional pricing Brand Stories
vs. brand building Thought Leadership Thought Leadership
Gabriel Castellanos, CEO, Hispanic LatAm, Kantar Thought Leadership
How to grow in a complex environment? Colombia: Where the unpredictable happens
Lessons in relationship-building from Latin America Christine G. T. Pereira, Business & Marketing Director, Paula Andrea Siabato, Planner, J. Walter Thompson, Colombia The power of Peruvian brands
Doreen Wang, Global Head of BrandZ, Kantar Millward Brown Kantar Worldpanel, Brazil Catalina Bonnet Montoya, CEO Per, Kantar
Rebusque as the origin of local brand success
OVERVIEW

Data and Creativity need to come together
Henrique Russowsky, Managing Partner, Jussi


Mauricio Barriga, CEO Ogilvy Group, Colombia and
CEO Rednet Latin Center


Peru 2020
Paul Thorndike, CEO, Wunderman Phantasia
The Latin American brands in a de-globalization context
How the guys in the garage impacted our brands Building strong brands in a trend of proprietary brands Brand value proposition
Key Findings and Future Trends Marcia Esteves, Chief Operating Officer, Grey Brazil Leticia Navarro Torres, Head of Client Management - Insights, Olivia Hernndez, Client Management Director, Per,
Kantar Millward Brown Kantar Millward Brown
Headline News
Brand Value Distribution by Country How brands help new consumers in Latam The power of us
Alejandro Tanco, Director Firefly Practice, Andean Region, Hctor Navarrete J., Firefly Practice Director, Per,
Performance by Industry Sector Kantar Millward Brown Kantar Millward Brown
Comparison with Other BrandZ B
. rand Valuation Rankings
Top 50 Brands

Argentina............................30 CHILE ........................................72 MEXICO...................................112 Resources...........................156


OVERVIEW OVERVIEW OVERVIEW BRANDZ BRAND VALUATION METHODOLOGY
Argentina faces a new beginning Price sensitive consumers seek reasons to trust Uncertainty killing forecast but detonates action
Julio Fresno Aparicio, CEO Argentina, Kantar Mauricio Martinez, CEO Chile, Kantar Jorge Vargas, CEO Mxico, Kantar
BRANDZ REPORTS, APPS AND IPAD MAGAZINES
Key Market Facts The Top 15 Brands Chart The Top 30 Brands Chart The BrandZ China Insights Reports
The Top 5 Brands Chart Key Market Facts Key Market Facts
Brand Stories Brand Stories Brand Stories
BrandZ Brand Building Tools
Thought Leadership Thought Leadership Thought Leadership The BrandZ Industry Insights Reports


Being trendy means going back to basics
Manuela Urrutia, Client Service Senior Consultant,


Three turning points in Chile
Vicente Valjalo, CEO, J. Walter Thompson Chile


Living in uncertain times
Oliver Pacht, Director, Kantar Vermeer
BrandZ Mobile
Kantar Millward Brown Argentina
The rise of the trans-regionalist If building brand influence is not the No. 1 priority, WPP Company Contributors
Is there a winner in the fight between on and off? Roberto Rojas, Senior Research Executive, Firefly Practice, what is?


Julia Gonzalez Treglia, Head of Business Development &
Innovation, Argentina, Kantar Millward Brown
Kantar Millward Brown Sergio Olavarrieta, Associate, Kantar Vermeer BrandZ Top 50 Latin American Team
Brand environments and ecosystems in Chile Brand building in a digital era
Promo vs. brand building Carolina Vega, Account Director, Chile, Kantar Millard Brown Patricia Ramrez, General Manager, Cohn & Wolfe and The BrandZ Brand valuation contact details
Martin Lammardo, VP Managing Partner, Mindshare World and Roberto Rojas, Senior Research Executive, Firefly Practice, Ana Mara Muirragui, Business Unit Director, Cohn & Wolfe
Kantar Millward Brown
Hard-times branding: Building brand value in times of The mobile-first consumer is changing the retail world
WPP in Latin America
economic turmoil E-commerce: The new rules of the game Alberto Pea, Head of Business Development and Digital
Carito Kanashiro, Regional Head of Planning, Geometry Carolina Livacic, Director Client Management, Kantar TNS and Lead,Maxus
Global Latina and Head of Planning, Geometry Global Argentina Federico Di Nenno, Director Accounts, Kantar TNS

Bricks, clicks, and a global omnishopping experience


Cynthia Evans, Director of Insights, GroupM Latin America

4 5
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

WELCOME

Opportunity
for closeness The value equation is shifting
Householders are spending more
carefully, making more frequent
shopping trips, but spending less on
each visit. Theyre looking for brands that
that invest in maintaining and building
relationships with consumers during
difficult times bounce back faster and
higher when consumer confidence
returns. Strong, valuable brands also
Collectively, our experts bring
global knowledge based on our
WPP experience in 113 countries. By
connecting this talent and wisdom, we
explore global trends and insights that
deliver superior shareholder returns. help our clients in unique and useful
offer great value. That means not just a ways.
good price and dependable quality, but I hope this report helps brands in LatAm
Economic growth has continued to The brands that top the BrandZ Top 50 also a promise to deliver beyond function learn from the past and build for the The backbone of all the intelligence
be sluggish; the result of depressed Most Valuable Latin American Brands this and provide an emotional benefit.
The winds of oil prices, currency fluctuation and year are those that are deeply anchored
future. in this report is the WPP BrandZ
database, the worlds largest, customer-
global uncertainty lackluster demand in some of LatAm
countries key export markets. Major
in consumers daily lives. Theyre about
friendship and family; theyre dependable
Consumers want
ABOUT BRANDZ focused source of brand equity
reasons to trust knowledge and insight, and the BrandZ
have been buffeting political changes in several markets have and authentic.
This report is a collaboration by leading brand valuation methodology of Kantar
created uncertainty that has proved There is a strong desire for business
economies, consumers less than conducive to government and What is clearly evident from this years transparency, and this extends to
brand experts from WPP companies Millward Brown, a WPP company.
rankings is that, even in difficult markets around the LatAm region. Their insights
and brands right business investment. And, with inflation
and categories, you can maintain a strong
peoples experience of products and
and Thought Leadership essays provide Other titles in our industry-leading
running as high as 30 percent at times, brands. When conditions are unstable,
strategic understanding and tactical BrandZ resource library include:
across Latin America consumer confidence and household position and grow brand value. consumers are seeking brands that are
advice for brands seeking to grow their The BrandZ Top 100 Most Valuable
budgets have taken a bit of a battering. honest and open with them and that do
in the past year. In Peru, for example, where we have
what they say theyll do.
presence and improve their brand value. Global Brands, the BrandZ Top 100
These are indeed challenging expanded our ranking this year from Most Valuable Chinese Brands 2016,
times, yet they also present brands the Top 10 to the BrandZ Top 20 Most WPP companies have been working in the BrandZ Most Valuable Indonesian
Valuable Brands, there has been an There is much positivity Latin America for close to 100 years. Brands 2016 and the BrandZ Top
with unique opportunities to build
strong, meaningful relationships with overall decline of 12 percent in brand There is caution but also a lot of optimism Within these companies are specialists 50 Most Valuable Indian Brands. To
consumers. value. Yet the performance of individual that things will soon get better. Theres in advertising; insight; branding and download these and other BrandZ
brands has been hugely varied. In fact, an entrepreneurial spirit and can-do identity; direct marketing, digital, reports, please visit www.brandz.com. For
In this report, we draw on nearly a while several strong Peruvian brands have attitude prevailing in many markets. promotion and relationship marketing; the interactive BrandZ mobile apps, go
century of WPP company expertise endured double-digit declines in the past People are still buying their favorite shopper marketing and e-commerce; to www.brandz.com/mobile.
in LatAm, working with some of most year, others have grown brand value by brands, even if a bit less often. media investment management and data
valuable and iconic brands in the region. more than 50 percent. investment management; and public To find out more about how we can help
We couple that with more than a decade relations and public affairs. All share a brands across the LatAm region, please
In the pages ahead, we analyze the There is an opportunity to
of BrandZ global brand valuation passion and determination to use their contact any of the WPP companies that
research, which has tracked over 100,000 unique demands and opportunities for link creativity and data creativity and resources to establish and have contributed expertise to this report.
brands in 50 markets to identify the key brand builders in each of our featured through digital media build strong, differentiated brands that They are listed in the resources section
drivers local and global of long-term markets. The picture across the region is deliver lasting shareholder value. at the end. Or, feel free to contact me
Smartphone penetration continues to
DAVID ROTH growth in brand value. varied. In Colombia, there is peace after directly.
rise across the region, giving brands
CEO The Store WPP EMEA and Asia the long-running civil war but inflation is
the chance to be both more timely and
david.roth@wpp.com These learnings are especially pertinent at record highs. Argentina is adjusting
Blog: www.davidroth.com
increasingly relevant to consumers. When
at times when business budgets are tight after elections that ended 12 years of rule
Twitter: davidrothlondon digital technology, consumer data and
and there is pressure to deliver volume by the Kircher family, and in Peru, there is
brand creativity are united, that essential
sales in the short term. Brands need to hope that the new government will kick-
emotional connection is easier to achieve.
know that they are not simply spending start much-needed investment.
on marketing, they are investing in
But there are some common threads that We know, through experience in this
connections with consumers that pay
run through the countries, rankings and region and around the world, that brands
long-term dividends.
analysis:

6 7
Introduction
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Conquering ASKING THE RIGHT QUESTIONS


Now, asking ourselves about marketing budgets

consumers in hard times:


gives us the opportunity to pose hard questions
and enables us to make the necessary corrections
in the course to be followed by our brand. The most
important thing is to raise the right questions:

Are we generating enough brand

promotional pricing
differentiation? Are we sure that every all other brands. If this is not taken into account and
invested dollar is building differentiation activity consists of a volume strategy disconnected from
attributes for our brand so that our brand structure, we will most surely compromise the
target audience prefers it? future of the brand. Its vital to avoid the pitfall of ending
up with a brand whose only difference will be a one-day
Are we sure about the message to be offer, no more or less appealing than other offers.

vs. brand building


transmitted by our brand? About how
and when to communicate it?
FACTOR IN ALL VARIABLES
Do we understand our consumers?
We must remember that, when consumers purchasing
Are we capable of taking timely actions power is impacted, they do not want to buy the cheapest
for their needs? products, but those that give them more for their money,
not only in rational but also in emotional terms. It is in
Are our activities building sustainable these moments when consumers are more aware of their
brand equity? expenses, when they prefer brands with the best balance
between quality, differentiation, relevance, and cost.
Volume strategies are valuable as long as there is
So, as it can be seen, cost is just one variable among
awareness that the brand is the axis of a company
others. In fact, cost is something that, depending on the
and that it should relate to its target adequately,
The economy in Latin America so that this target can decisively understand and
category, can be mitigated by the rest of the variables.
is facing hard times, and this experience the differences between our brand and So, why do we wind up giving in and making decisions
reflects directly on consumers that often favor volume at the expense of margins?
Let us remember that consumers are willing to pay a
purchasing power. The challenge premium price for a brand that they feel gives them
something they could not get otherwise. Premium
is knowing whether our brands brands need to be different enough to justify their price
can rediscover sustained growth. GABRIEL CASTELLANOS
and defend themselves from potential competitors.
Lack of differentiation could lead to declining gains if
CEO, Hispanic LatAm,
consumers have to pay a price so high that it feels out of
Kantar
line with what they perceive as differentiation in a brand.
Gabriel.Castellanos@kantar.com

Gabriel has a degree in Economy Time and again, we watch our clients asking themselves
and Finance and has held various whether to continue their marketing efforts or, on the
management positions throughout his contrary, reduce investment or even cancel the budget.
career in market research, marketing, They ponder whether to allocate resources to initiatives
sales and corporate affairs. that could potentially generate more immediate sales,
such as promotional pricing, temporary price decreases,
He has been at Kantar Millward Brown for and so on. It is precisely in those moments when clients
10 years, as CEO for the Andean Region come to wonder whether marketing activities generate
for the last two and previously for four the necessary sales volumes at the right speed for
years as the CEO of Kantar Millward brands. What should the strategy be? Unfortunately,
Brown Colombia. the answer to this question is not easy. Any route taken
will have consequences. The truth is that short-term
Currently CEO of Hispanic LatAm, he is options, focused on volume, are helpful in so far as
responsible for managing Insights for there is a brand to sell. That is not a path to be taken
Mexico, Central America, Colombia, Peru, for too long, but rather a tactic within a brand strategy.
Venezuela, Ecuador, Chile and Argentina.

10 11
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Lessons in
relationship-building in consumers lives. This means that the 80-year old contestant from the

from Latin America


brand can position itself as a welcome local version of the TV programme
distraction from troubling financial Master Chef. It created an emotional
prospects. Skol has understood that connection with consumers and was
its role is not to be the main character spurred on by the contestant being
at the party, but to help others have a interviewed by traditional media and
good time. discussed on social media.
Around Rock in Rio, the Rio Carnival In this way, the advert and the brand
and the FIFA World Cup, the brand became part of a broader national
organised more than 2,000 events experience, where Abastible
where it let its consumers play the succeeded by employing a non-
main role. During the World Cup, it conventional brand ambassador for a
even created small embassies where gas company. European brands are also
customers were invited to become adept at using non-conventional brand to position themselves as emblematic
European and Latin American growth Skol ambassadors and welcome ambassadors, but where UK brands of the region, so that they are seen to
foreigners. And its Gringo your selfie often use bloggers and the like to represent a broader location, trend or
rates have mirrored each other closely competition encouraged Brazilians to reach new audiences, Abastible instead local feel.
take selfies with tourists from all the
over the last decade. Faced with countries competing in the World Cup
took an old-fashioned route with an
Beauty and personal care products
older lady. By going against consumer
many of the same macroeconomic in less than 24 hours. expectations, it managed to grab from Peru--such as Belcorp and Yanbal
attention. International, still outside the top 50-
challenges, brands on the two By fine-tuning its relationship with
-are expanding and starting to pose
consumers like this, Skol is always in
continents can learn much from the background, but never far away. Its
The ad also exemplifies how traditional
values are helping to connect Latin
a threat to bigger, global companies.
The Peruvian brands business models
ingenious approach is to not run the
studying each other. party but to be one of its fundamental
American brands more closely to emphasise a strong understanding of
consumers. Representing the warm the locally emerging middle classes
building blocks. Its brand events do not
values of a traditional household, the in the entire Latin American region.
have to be about the brand at all. The
chef managed to communicate the This way they manage to represent a
embassies and selfie competitions can
BrandZ Latin America - Kantar Millward Browns sense of security that follows from broader set of ideals and capture the
be all about what consumers want to
comprehensive brand value report--has just been released tradition. European brands that are mood of their target consumers better
do, while Skol can confidently assume
and it contains important lessons for European brands. able to follow this and tell a compelling than competitors coming in from the
that the customer will bring the product
The Latin American report is one of several BrandZ story about the warm values consumers outside.
to the party.
reports Kantar Millward Brown publish every year, based care about can build close relationships
on 17 years of research into brands across the globe.
NEW EXPERIENCES
without engaging in the more serious
debates about economic challenges. TAKING THE
DOREEN WANG
This years report contains many insights about building
closer relationships with consumers during an economic AND OLD VALUES LESSONS HOME
Global Head of BrandZ
Kantar Millward Brown downturn and positioning a brand as emblematic of a
Another aspect of building closer BECOMING EMBLEMATIC Of course, brands in Europe use many
Doreen.Wang@millwardbrown.com broader region, trend or movement. similar tactics to their Latin American
relationships with consumers is to An important difference between
create unique experiences. Chilean Europe and Latin America is foreign counterparts; Louis Vuitton creates
Doreen Wang is a seasoned executive BUILDING RELATIONSHIPS gas company Abastible - not yet in the involvement in the economy. Because unique content for its consumers
and IKEA is definitely emblematic of
with extensive experience in providing BrandZ LatAm top 50 - had great of the generally lower levels of foreign
The Brazilian beer brand Skol is Latin America's most Scandinavia. However, subtle strategic
outstanding market research and success this year creating a different involvement in Latin America, local
valuable brand for the second time. Skol has created value differences do exist and a closer study
strategic consulting services for senior type of unique occasion. brands dominate these markets to a
by building a close relationship with its target audience of Latin American successes will show
executives in Fortune 500 companies larger degree. This in turn creates a
through music festivals and other special occasions. The Struggling against strong competitors, European CMOs how to gain the edge.
in the US and in China. Doreen dynamic where local brands in LatAm-
brands mantra of Desce Redondo (Easy to drink) Abastible created a TV advert that By looking out to the wider global
currently leads the global BrandZ -as in APAC--try to break through
builds associations of fun, playfulness helped it to stand out from the crowd market--to Latin America and to Asia-
engagement across 43 countries, and internationally by converting local or
and happiness. by tapping into a broader media Pacific--European CMOs will be in a
the launch of BrandZ Global Top 100 regional USPs to international ones. An
Most Valuable Brands, China, Brazil, Skols relationship with consumers is close, but not deep in happening. The ad featured a popular important strategy for these brands is better position than ever.
India and Indonesia annual rankings. the sense of being connected to more fundamental issues

12 13
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

OVERVIEW

The Latin
In this context, the Top 50 Most However, the Latin American region is going
Valuable Latin American Brands through a crisis period.
Rankings increases in importance and
relevance, showing that the region The region continues showing a steady decrease
has important local icon brands that in GDP rates. In 2015 GDP dropped 0.5%, the

American brands
have successfully explored emotional second worst performance in the last 13 years,
attributes, aligned with local needs. having been surpassed only in 2009, when GDP
Skol (Brazilian Beer), Telcel (Mexican declined -1.8% in the worlds financial crisis.
Communication Provider), Bradesco
(Brazilian Bank), Aguila (Colombian Since 2010 the region hasnt have GDP growth,
Beer) and Falabella (Chilean Retail) are mainly due to political instability and external

in a de-globalization
examples of successful brand strategies economic factors, such as evolution of oil prices
focused in this purpose. and the US and China's economies deceleration.

GDP Growth Latin America

context
6.1%
5.7%
5.3% 5.3%
5% 4.6%
4.2% 3.5% 3.1%
2.6%

1.8% 1.3%

Firstly, with the Brexit (British Exit), when movement is Unilever, a global company 0%
the British citizens voted in June 2016 that has adapted successful global brand -0.5%
to exit the European Union, eroding concepts to suit local markets. -1.8%
Recent facts the British pound to its lowest level 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
have raised in the in decades. And now the election of In terms of Political context, almost
Source: CEPAL
Trump, with his promise of protectionist all socialist governments are facing
world the fear of a trade policy in the presidential election problems and this can represent a
de-globalization campaign. very good opportunity for LatAm
Despite several economic and political problems in Brazil
brands. For example, Cuba is trying
process. The tendency is that the countries start to open relationships with US but also and Venezuela, whose GDPs dropped in 3.9% and 5.7% in
to think more locally in terms of trade. In with other Latin American countries. 2015 respectively, the other countries in the region showed
this scenario, local brands will play a very Venezuela is facing some economic positive GDPs rates: Peru 3.3%, Colombia 3.0%, Mexico 2.5%,
important role, increasingly seeking to issues, and probably can represent Argentina 2.4% and Chile 2.1%.
meet local needs. For global brands the good perspectives for brands in the
challenge is even bigger, because they middle term. Brazil, which went through As Brazil is the largest country in the Latin America,
need to have different positioning for the impeachment of Dilma Doussef representing almost 33% of the GDP in US dollars, its weak
each local market, in order to meet these - a president with a clear Socialist performance had the largest impact in the GDP of the region.
local needs. One good example of this positioning, is following this trend.

6%
4%
Eduardo Tomiya is the Managing
Director of Kantar Vermeer Latin 2%
America (ex BrandAnalytics, of
which Eduardo was the founder). 0%
He runs projects on brand valuation
and brand strategy for companies
such as Bradesco, Petrobras, Vale,
-2%
Santander, Fiat and O Boticrio. EDUARDO TOMIYA
Managing Director, Latin America
ROBERTO DE NAPOLI
Director, Latin America
-4%
Kantar Vermeer Kantar Vermeer, South America
Roberto is a Director at Kantar
Eduardo.Tomiya@kantarvermeer.com Roberto.Napoli@kantarvermeer.com -6%
Vermeer. He is responsible for 2013 2014 2015
valuation and analysis for the
BrandZ LatAm 50 rankings and Mexico Chile Peru Argentina

other ad hoc brand valuation projects. Brazil Colombia Venezuela Source: CEPAL

14 15
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

OVERVIEW

An economic contraction of 0.9% In terms of economic future trends,


is expected in the Latin America's according to the McKinsey Global
GDP, according to CEPAL - Economic Institute study, the global economic The BrandZ Top 50 Most Valuable
Commission for Latin America and growth is set to slow dramatically. Latin American Brands 2017 reflects
the Caribbean. If this economic The expectation is that the world
scenario is confirmed, it will mark economy growth rate for the next all this unfavorable economic
the first time that Latin America has fifty years will be just half of what was
registered two consecutive years of observed in the past fifty years.
performance, as the total value of
negative growth. This scenario has the Top 50 decreased 22% in 2017.
only happened in 1982 and 1983
when the debt crisis was severe.

GDP Growth CAGR1 %


The concern is that the world is now entering into a slow and
contracted economic growth, affecting both developed and
4.0% emerging countries.

China's economic data gives clear signals of this economic


3.0% deceleration: the countrys GDP rate dropped from 10.6%
in 2010 to 6.9% in 2015. Considering that China is the
world's main importer of commodities, responsible for
2.0% approximately 60% of the total world trading of iron ore
and wheat and 30% of copper ore, its economic slowdown
affects directly Latin American countries like Brazil and Chile.
1.0% The BrandZ Top 50 Most Valuable Latin American Brands
2017 reflects all this unfavorable economic performance, as
the total value of the Top 50 decreased 22% in 2017.
0.0%
However, there are good news. Looking at the average
1700-1900 1900-50 1950-2014 2014-64
Brand Contribution (the influence of the brand in the
(projected)2 customers' purchase decision process), we can see that the
1 Compound annual growth rate index has improved year by year since the first Top 50 LatAm
2 Assumes 1.8% productivity growth, equal to average for 1964-2014
Source: McKinsey Global Institute analysis ranking in 2012, providing evidence that strong brands
provide protection against financial crisis.

Average Brand Contribution Top 50 Latam


40% 36.1%
32.7%
30.1%
30%
24.4%
20.9%
20%

10%

0%
2012 2013 2014 2015 2017

Source: Kantar Millward Brown and BrandZ

Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest.

16 17
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FINDINGS AND FUTURE TRENDS

2 Customer Centric DIFFERENT +22% +90%

Key findings
brands
Regardless of the category,
consumers have little problem
SHAKING THINGS UP +30% +66%

in finding products and


services that work well and
are good enough. However, CREATIVE +18% +90%

from BrandZ
good enough doesnt stand
out from the competition. It Brands that scored low in Innovation
certainly doesnt command Brands that scored high in Innovation
Source: Kantar Millward Brown and BrandZ
a premium price or keep
customers returning for more. It
is not enough to ask, does the overcome the customers' expectations, implemented beauty consulting
product and service perform shifting their business model to meet services in their branches. On the
well? The key questions are: consumer needs and demands in a other hand, the retail company used
How does it make customer more relevant and disruptive way. Googles virtual reality glasses, a low-
feel? Does the customer feel cost portable cardboard device, during
just ok? What would it take to Brands such as Skol, Telcel, Televisa, the launch event of its 2015 collection.
make the customer delighted? Falabella and Bimbo are very good These actions have created emotional

TOP 50 LATAM 2017 AND FUTURE TRENDS


In the following chart we examples of Customer centric brands. relations with the with customers,
can see the importance For example, in the case of Skol most strengthening the equities of these
of Innovation for creating valuable Latin American brand who local brands. One evidence of these
competitive advantage and innovates in communications, events successful initiatives is the market
increase in brand value (%) for and packaging. Another example is capitalization of these companies, with
brands (from Global BrandZ in the Brazilian retail: Raia Drogasil both values increasing 71% and 33%

1
database). (drugstore) and Renner (retail) from December 2015 to June 2016,
brand purpose maKES LIVES BETTER +24% +81%
Latin American brands face a
are examples of brands that have
innovated to become a customer
respectively, against a 18% increase of
the stock exchange index in the period.
Brands associated with a higher difficult economic environment, centric brand. The drugstore chain
purpose - beyond functional the local brands need to
product benefits - have a BRAND CLARITY +30%
+30% +68%
+68%
competitive advantage. Many
initiatives that are developed
BRAND PROPOSITION
3
connect the brand with relevant
social initiatives. Driving factors
+24% +81%
Reputation brings trusted +25% +80%
include changing customer
values, often connected with Brands that scored low in Purpose
and destroys value
socially responsible
Brands that scored high in Purpose
generational lift. Please, look at Source: Kantar Millward Brown and BrandZ
As Warren Buffett said: +40% +62%
the attached chart from Global
BrandZ: If you lose dollars
In the region we can see a lot for the firm I will be treats employees well +26% +76%
of examples of local icons with
a positioning that reflects their
understanding. If Brands that scored low in Responsibility
brand purpose very clearly: The Brazilian company, passionate A brand that has been part of the
global fashion democratization trend
you lose reputation Brands that scored high in Responsibility

about cosmetics, has been successful


in building an internationally since the very beginning, it has also for the firm, I will be Source: Kantar Millward Brown and BrandZ

renowned brand based upon its been able of conveying Brazilians


commitment towards society and its cheerful attitude, bright colour codes ruthless.
relationship with our environment. and diversity through its multiple and Warren Buffett, BIG/MRS conference 2014 Corporate reputation and trust has Slims companies, BTG, Petrobras,
customized product offer. become an important asset of brands, Vale. The region has several cases
Coronas strong Mexican heritage and helps companies to deal with where the brand value was impacted
has allowed it to surpass geographic

crisis moments. Trust is an extremely due to corruption or bribery issues


frontiers; it is currently sold in over important attribute that is totally harming companies' reputation. The
180 countries. The brand has a correlated to shareholder value. In same applies to banks. In the past,
rich history of innovation, having Carbonated beverages company, the chart we show the importance of they used to be very important in the
The Colombian beer brand has
been able to tie itself to Mexican original from Peru, underlines its social responsibility in brand value (%). region, now almost all Banks dropped
positioned itself due to a consistent
culture through simple, yet iconic national pride and symbols across tremendously in brand value as a
communication idea and slogan of The
communications. It has created its brand image, fostering a greater Across Latin America many consequence of a perception of risk
brand that reunites all Colombians,
strong brand cues that relate it to connection with the Peruvian important conglomerates suffer in the industry as whole. Some good
highlighting soccer and festive events as
relaxation and music. gastronomy and a unique flavour. some reputation issues, that affects news came from Mexicans Cemex
undeniable elements of the Colombian
people and its passion for their country. shareholder values such as Carlos and Bimbo and Chilean Copec.

18 19
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

HEADLINE NEWS

Headline News
Brand Value
%
# Brand 2017
($M)
Change
Country

7,782 -8%
1
Beer

7,647 -10%
2
BRAND VALUE The economic and political Beer

Total Value of Latin American Top 50 Brands crisis that have recently 4,598 -26%

US$ 103.4 BILLION


plagued the Latin America, 3
with a consequent reflection Communication Providers

in the exchange rate in the


4,257 -10%
Latin American region - which 4
Brand Value Change 2015 2017
devaluated 29% in average, Retail

affected the performance of the the top 5 positions

-22%
4,035 -9%
BrandZ Top 50 Most Valuable Skol, the Brazilian beer (AB InBev Group), is the most
valuable Latin American brand for the second consecutive
5
Latin American Brands in 2017: year in the LatAm ranking. The brand has also been the Communication Providers
most valuable Brazilian brand for the fourth consecutive
Source: Kantar Millward Brown and BrandZ the total value of the Top 50 year. 3,772 -10%
decreased 22% in comparison 6
Skol has been successful in adapting its brand for the
to the previous year (from US younger audiences who are very likely to change their
Beer

$131.9 Bil. to US$103.4 Bil.). attitude and interests rapidly. Skol has been creative to
present your brand to the young people, who change 3,593 16%
their wishes day by day. One example of this strategy is 7
This year 36 brands decreased in Skol Ultra, a beer with fewer calories and less alcoholic Retail
content, targeted at people who practice sport or outdoor
value and only 6 increased (8 are exercises and prefer healthier beverages.
3,486 -5%
newcomers), what reveals this 8
The other four brands in the Top 5 positions were
crisis scenario in the region. Corona (Beer Mexico), Telcel (Communication Beer
Providers Mexico), Falabella (Retail Chile) and Televisa
(Communication Providers Mexico), repeating what 3,316 -8%
However, looking at the Top was observed in the last year, when the segments beer, 9
communication providers and retail dominated the Top 5.
10 the variation was -14%, less Beer
than the variation of the Top 50,
3,269 28%
what demonstrates that more Top 10 most valuable brands 10
valuable and strong brands can The Top 10 positions were represented by the Retail
better face long periods of crisis. segments beer, communication providers and retail as
Source: Kantar Millward Brown and BrandZ
well, and again beer dominated this ranking, with five
The total five beer brands together dropped 9% in value from 2015 to 2017,
brands in this ranking for the fourth consecutive year. less than the 14% decrease of the total Top 10 in the period.

20 21
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND VALUE DISTRIBUTION BY COUNTRY

NEWCOMERS
Brand value
distribution
In 2017 the BrandZ Top 50 Latin American
ranking had eight new entrants:

Brand Value

by Country
# Brand 2017
($M)
Country

1,051
1
Food

1,047
2
Beer

810 For the fourth consecutive year Mexico BRAND VALUE DISTRIBUTION BY COUNTRY
3
Retail
leads the BrandZ Top 50 Most
Valuable Latin American Brands 2017,
741 with a share of 43%, against 37% of
4 the previous year ranking.
Banks

734
5
Credit Cards %
Region 2017 2015 Change
2015-2017
693
6 Mexico 44,520 49,385 -10%
Communication
Providers Brazil 24,135 32,017 -25%

681 Chile 17,669 19,398 -9%


7
Energy
Colombia 7,958 19,339 -59%

Peru 4,419 6,073 -27%


679
Latam 2,806 3,008 -7%
8
Retail Argentina 1,889 2,644 -29%

Source: Kantar Millward Brown and BrandZ Total 103,395 131,864 -22%
Mexico dominated this ranking, with the two most Source: Kantar Millward Brown and BrandZ
valuable brands from this newcomer ranking.

Mexico Chile Peru Argentina


Brazil Colombia Latam
Source: Kantar Millward Brown and BrandZ

22 23
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND VALUE DISTRIBUTION BY COUNTRY & PERFORMANCE BY INDUSTRY SECTOR

Performance by
Industry Sector
Brand %
Category Value Change
($M) 2015-2017

Beer, Food
and Dairy & 43.943 -5%
Personal Care

1
BANKS 14,863 -56%
PERFORMANCE BY INDUSTRY SECTOR
Beer, Food and Dairy & Personal Care
The growth from 37% to 43% in the total contribution Banks
of Mexico to the BrandZ Top 50 Most Valuable Latin Retail
Retail 20.955 0%
Services
American Brands 2017 was mainly driven by the Beer, Food B2B
and Dairy & Personal Care category, which represents 42% Services 16.953 -22%
of the Mexican Ranking and showed a 1% growth in the
period. This category has benefited in the recent years by
Banks B2B 6.681 -29%
the access of the population to credit and by the growing The Banks category showed in
2017 the worst performance in the Total 103.395 -22%
number of the younger population.
5 years of the BrandZ Top 50 Source: Kantar Millward Brown and BrandZ
LatAm. The category dropped 56%

2
from 2015 to 2017, a reflection of
Despite the fact that Brazil is the largest economy in Latin both the exchange rate devaluation SERVICES
America, with 33% of the GDP in the region (against 22% of and the mood of the investors
Mexico), the country saw its participation in the LatAm Top in the market capitalization of This category, which is mainly
the banks, which consequently represented by the subcategory
50 dropping from 24% to 23%. This is a consequence of the Communication Providers (89%),
affected their brand values.
huge decrease in value seen across all categories, reflecting decreased by 22% in value
the instability in the economic and political context and the Colombia showed the highest the third largest drop among
consequent uncertainty of consumers and stock market decrease in the category, down the five categories. In terms of
investors in this scenario. All these factors impacted the 76% in the period. On the other contribution for the BrandZ
hand, Brazil continues to dominate LatAm Top 50, the category
exchange rate, which depreciated 32% in the period,
the category, with a share of 31% maintained its participation in 16%.
affecting both the companies market and brand values.
(34% in 2015).
Mexico, the main contributor
for the Services category with

3
Chile, the third largest contributor in the region, increased RETAIL a share of 64%, dropped 24%
its participation from 15% to 17% from 2015 to 2017. The in terms of brand value. Telmex
Retail was the only category that and Telcel showed the worst
categories Beer, Food and Dairy & Personal Care and Source: Kantar Millward Brown and BrandZ
did not change in terms of brand performances, declining 40% and
Services led this performance, growing 16% and 6%, value from 2015 to 2017. As a 26%, respectively.
respectively. consequence, the contribution
BEER, Food and Dairy of the category to LatAm Top 50
increased from 16% in 2015 to 20%
& PERSONAL CARE in 2017.
B2B

4
In fourth position, Colombia had a dramatic drop in its
The Beer, Food and Dairy & Personal Care
contribution to the Top 50 LatAm, decreasing from 15% Although Chile continues being the The B2B category had the second
category continues being the most important
to 8%. The Top 20 Most Valuable Colombian Brands main contributor for the category, worst performance in the BrandZ
to the BrandZ Top 50 LatAm, with a
dropped 48% from 2015 to 2017, mainly driven by the Banks with a share of 50%, its brands LatAm Top 50 2017, declining 29% in
participation of 42% in 2017 (35% in 2015), and
decreased 10% in value, which was comparison to 2015.
category, which declined 80% in the period: in 2015 this Beer the main sub-category, showing again
compensated in great part by the
category represented 44% of the Top 20 in the countrys a participation of 82% in the total value of
performance of Mexico, the second Energy and Oil, the main sub-
ranking, and only 17% in 2017. the category and contributing with 12 brands
contributor, which brands increased category with a participation of
among the 17 brands of the category.
8% in the period. 66% in the total value of the B2B
category, decreased 31%, still
Brazil and Mexico lead this Beer sub-
This category has become reflecting the effects of falling
category, with a share of 33% and 31%,
increasingly competitive, forcing commoditys price and depreciated
respectively. The growth of consumption
companies to take an innovative exchange rate, what was worsened
of popular brands in the region helped to
approach to attract consumers and with problems of corruption at
reduce the impact of the economic crisis in
encourage long-term loyalty. Petrobras, the Brazilian oil company.
the sub-category.

24 25
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COMPARISON WITH OTHER BRANDZ BRAND VALUATION RANKINGS

Comparison wi th
O ther BrandZ 2017 BRAND VALUATION SUMMARY

Brand Valuat ion


Category Latam Brazil Mexico Chile Colombia Peru Argentina China Global

Technology 1% 27% 34%

B2B 6% 3% 5% 12% 6% 3% 33% 4% 2%


Beer, Food and Dairy &

Rankings
42% 56% 42% 3% 57% 56% 19% 7% 6%
Personal Care
Banks 14% 19% 9% 13% 17% 32% 31% 24% 16%

Retail 20% 10% 20% 60% 6% 7% 0% 11% 9%

Services 16% 11% 24% 12% 14% 2% 17% 21% 22%

Others 6% 11%

2015 BRAND VALUATION SUMMARY


The value distribution by category in
Category Latam Brazil Mexico Chile Colombia Peru Argentina China Global
the BrandZ Brand Valuation Rankings
basically shows in 2017 what we saw Technology 2% 24% 31%
in 2015. In the Chinese and the Global B2B 7% 3% 6% 12% 9% 3% 34% 6% 8%
rankings, the Technology category Beer, Food and Dairy & 35% 47% 37% 2% 33% 48% 16% 6% 11%
continues gaining importance (in 2017 Personal Care
Technology became the most important Banks 25% 25% 12% 15% 44% 42% 14% 28% 16%

category in China, comprising 2 brands in Retail 16% 11% 19% 61% 3% 5% 0% 14% 8%
the Top 5) and in the LatAm rankings the Services 16% 12% 26% 10% 10% 2% 36% 19% 13%
most important category continues being
Others 3% 12%
Beer, Food and Dairy & Personal Care,
enhanced in recent years with the growth
of popular brands by the middle class.
Sources:
BrandZ Top 50 Most Valuable Latin American Brands 2017
BrandZ Top 100 Most Valuable Chinese Brands 2016
BrandZ Top 100 Most Valuable Global Brands 2016

26 27
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRANDZ TOP 50 MOST VALUABLE


LATIN AMERICAN BRANDS 2017 Argentina Brazil Chile Colombia Mexico Peru

Brand Value Brand Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand Brand
# # # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution Brand Contribution
Change Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017 2015-2017

7,782 8,500 5 -8% 2,673 5,202 2 -49% 1,396 1,678 4 -17% 907 1,107 2 -18%
1 14 27 40
Beer Banks Beer Retail

7,647 8,476 4 -10% 2,558 2,758 5 -7% 1,331 1,309 5 2% 851 3,476 5 -76%
2 15 28 41
Beer Energy Beer Banks

4,598 6,174 3 -26% 2,294 3,039 1 -25% 1,149 1,575 1 -27% 822 1,236 2 -34%
3 16 29 42
Communication Providers Industry Energy Banks

NEW
4,257 4,709 5 -10% 2,139 2,207 3 -3% 1,080 1,108 5 -3% 810 - 4
4 17 30 43 ENTRY
Retail Banks Beer Retail

4,035 4,423 2 -9% 2,136 3,554 2 -40% 1,073 1,411 1 -24% 796 1,039 3 -23%
5 18 31 44
Communication Providers Communication Providers Retail Communication Providers

NEW
3,772 4,185 5 -10% 2,132 2,436 4 -12% 1,051 - 3 777 985 4 -21%
6 19 32 ENTRY 45
Beer Beer Food and Dairy Retail

NEW
3,593 3,091 2 16% 2,027 2,595 3 -22% 1,047 800 4 31% 741 - 2
7 20 33 46 ENTRY
Retail Banks Beer Banks

NEW
3,486 3,672 5 -5% 1,982 2,845 5 -30% 1,044 1,042 2 0% 734 - 1
8 21 34 47 ENTRY
Beer Retail Food and Dairy Credit Cards

NEW
3,316 3,604 4 -8% 1,943 4,315 2 -55% 1,025 1,808 3 -43% 693 - 3
9 22 35 48 ENTRY
Beer Banks Banks Communication Providers

NEW
3,269 2,557 3 28% 1,889 2,398 4 -21% 990 1,940 1 -49% 681 - 1
10 23 36 49 ENTRY
Retail Airlines Banks Energy

NEW
2,990 2,795 4 7% 1,731 2,757 2 -37% 974 1,700 4 43% 679 - 4
11 24 37 50 ENTRY
Food and Dairy Food and Dairy Cosmetics Retail
Source: Kantar Millward Brown and BrandZ
2,806 3,008 2 -7% 1,596 1,859 4 -14% 918 1,479 3 -38% Brand contribution measures the influence of brand alone on
12 25 38 earnings, on a 1-to-5 scale, 5 being highest.

Communication Providers Beer Banks

2,689 3,107 5 -13% 1,568 1,197 4 31% 917 1,072 4 -14%


13 26 39
Retail Beer Retail

28 29
Argentina
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Argentina faces
INITIAL ACTIVITY Expectations from IGEE (source
Kantar TNS). Moreover, there is also
a synchronicity between this TNS
The changes in politics have
Economic Expectations Index and the
concentrated on recovering the
one from CEOs (the latter gathered

a new beginning
confidence of the capital markets in
during IDEA forum).
order to gather foreign investments,
with the primary goal of solving the But challenges still exist. Companies
problem of how to unify and liberalize need to deal with inflation and
the exchange market. There are other restrictions in consumption; creativity
aspects yet to be resolved: lower will be required to find ways to grow by
inflation and the fiscal deficit, together reinforcing demand. In the consumer
with a demand for transparency in goods sector, promotions and discounts Another important consideration
the public indexes (poverty, inflation and the continuation of Ahora 12 (a is digital: Argentina leads internet
being key examples). However, the first government plan for purchases paid in penetration in Latin America.
macroeconomic actions that have been monthly installments) are key drivers Digital has become one of the most
taken have helped Argentina to gain of demand. This affects profitability relevant touchpoints in the path to
a better positioning in international levels which companies then need to purchase even for showrooming
indexes Moodys, Finch and S&P compensate for through incremental with incremental business through
from CAA1 to B3, an acceptable stability increases in sales and increased internal e-commerce platforms building since
according to specialists. By removing efficiencies. 2013 and little rejection of cyber-
After twelve years, the Kirchner family export taxes and duties on agricultural, selling**. In this arena, both sides
the Central Bank increased the level of supply and demand are experiencing
departed from Government in Argentina
after losing the National Elections
reserves which gave a positive signal to
investors.
CAREFUL CONSUMERS a positive learning curve after three
years of continuous Cyber-days and
We predict that growth will be slow specific retailer activities.
last December to the opposition, led The economic environment showed
for the rest of the year, and will remain
that the IGA (General Index for In conclusion, potential foreign (and
by Mauricio Macri. The win was not Economic Activity) dropped significantly
so in 2017, with consumers continuing
local) investment mostly in energy,
the trend of making more shopping
straightforward: a second ballot was during the first term. However,
trips but with lower spending on each
communications and infrastructure
are expected to recover growth
once discussions about increases in
trip (careful consumers, searching for
required. The close-run result will create public services had finished almost
options). Discount retailers, the variety
in 2017. These will help support
JULIO FRESNO APARICIO simultaneously with the Mini-Davos the new patterns of consumption:
challenges for the new Government as they Julio Fresno Aparicio,
Forum in Argentina the IPC (Consumer
of brands including white labels and
stronger broadband to support
CEO Argentina, loyalty programs are all key to local
strive to bring about changes in politics. Kantar
Confidence Index) reversed the
consumption patterns and habits,
e-commerce, collaboration on energy
negative trend and also the Purchase efficiencies, infrastructure for roads and
Julio.FresnoAparicio@kantar.com irrespective of social class.
transportation to reduce logistic costs,
combined with liquidity in the financial
The possibility of change brought sector to help promote consumption
a positive trend in the General through credit. We anticipate that the
Expectations Index about the Argentine consumers behavior will
Julio is an accountant and a graduate of Buenos Aires University. He remain pragmatic, but optimistic.
started his career as a marketing consultant almost four decades Economy* right after the election. This
ago, working for multiple companies across several industries. was supported by a more optimistic * IGEE General Economy Expectations Index from Kantar
TNS Argentina
view amongst consumers who had new
In 1986, he founded ID Consultores, a company that became hope for a better future. **Kantar TNS Connected Life
Kantar Millward Brown Argentina in 2006. Since then, he has been
managing the local operation based in Buenos Aires. Julio is widely But the future did not arrive fast
recognized as a pioneer in this industry. enough to allay the anxiety of the
population, and public opinion metrics
Currently, he holds the presidency of CEIM (Cmara Empresas de dropped slightly during the first term.
Investigacin de Mercado de Argentina) and he is a member of the
This was also reflected in consumers
Academic Comitee at San Andres University, where he manages the
purchasing behavior. Not a major
area of Market Research.
surprise: facing a hard first term to
Julio is a key speaker at conferences, explaining the value of brands create an easier path for the second
and sharing his experience in advertising effectiveness. He is also an part of the year was the promise from
active member of ESOMAR, SAIMO and AAM (Effie Awards). Since the new Government.
2016, Julio is the CEO of Kantar Millward Brown and Kantar TNS.

32 33
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS & BRAND STORIES ARGENTINA

1 2

PARENT COMPANY YPF PARENT COMPANY Macro Group


HEADQUARTERS Buenos Aires HEADQUARTERS Buenos Aires
INDUSTRY Energy INDUSTRY Banks
YEAR OF FOUNDATION 1922 YEAR OF FOUNDATION 1988

BRAND VALUE WEBSITE www.ypf.com


BRAND VALUE US $1,149 million
WEBSITE www.macro.com.ar
BRAND VALUE US $741 million

Total Value of Argentinian Brands

US$ 3.4 BILLION YPF is Argentinas leading energy company and largest Macro is a private bank that has undergone enormous
Brand Value Change 2015 2017 fuel producer. growth in the last ten years.

-25% It operates a fully integrated oil and gas business with


leading market positions across the domestic upstream
Founded in 1988 as a commercial bank, Macro acquired
capital stock in numerous privatized provincial banks
Source: Kantar Millward Brown and BrandZ
and downstream segments. Upstream operations such as Banco Misiones, Banco Salta, Banco Jujuy,
include the exploration, development and production Banco Bansud. It also acquired some branches of
of crude oil, natural gas and propane. Downstream Scotiabank Quilmes, Nuevo Banco Suqua, Banco
operations are focused on refining, marketing, Nuevo Bisel, and Banco Privado de Inversiones Banco
transportation and distribution of oil and a wide Tucumn. This ambitious acquisition program has

KEY FACTS range of petroleum products, petroleum derivatives,


petrochemicals, propane and bio-fuels. YPF operates
a network of more than 1,600 filling stations and has
resulted in its becoming the third-ranking private
Argentine bank in terms of net assets, the fourth
in terms of deposits and the fifth in terms of credit
the ability to produce 530,000 barrels of oil daily from outstanding to the private sector. Macro Bank was
91 production areas transported by 2,700 kilometers listed on the New York Stock Exchange (NYSE) in 2006,
Capital City Buenos Aires
Annual GDP at Current Prices (1,677 miles) of pipeline. The company was founded becoming the first Argentine company to be listed
Currency ARGENTINE in 1922 and operated as a state run enterprise until abroad since the end of the 1990s.
NEW PESO Total at current prices: US$ 583 billion (2015) 1993 when a public offering reduced the governments
GDP per capita (annual dollars): US$ 13,432 (2015) ownership stake to a minority position. In 1999, Spains
Area 2.78 million km2
Repsol acquired majority ownership of YPF, but early
Population (thousand) 43,417 (2015) Growth rate: 1.3% (2015) in 2012 the government reasserted ownership with a
Countrys share in regional GDP: 11.0% (2015) presidential decree to nationalize YPF.
Population growth rate (annual) 1.0% (2010-2015)
Life expectancy 76 years (2014) Net foreign direct investment: US$ 3.1 billion (2014)
US$ 11.1 billion (2015)
Literacy rate of 15-24 year olds 99.3% (2015)
Sources: CEPAL, Comisin Econmica ONU
Unemployment rate 7.1% (2014) CEPALSTAT Database and Statistical Publications
6.5% (2015) Financial Times Latin America & Caribbean
World Bank
Unesco

34 35
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES & TOP 5 ARGENTINIAN BRANDS

3 4 5
Brand Value Brand
Brand
#
(US$ Mil.) Value
Brand Contribution
Change
2017 2015 Index
2015-2017
PARENT COMPANY Cervecera y Maltera Quilmes PARENT COMPANY The Telecom Group PARENT COMPANY Banco de Galicia Y Buenos Aires S.A
HEADQUARTERS Buenos Aires HEADQUARTERS Buenos Aires HEADQUARTERS Buenos Aires
INDUSTRY Beer INDUSTRY Communication Providers INDUSTRY Banks 1,149 1,575 2 -27%
YEAR OF FOUNDATION 1890 YEAR OF FOUNDATION 1990 YEAR OF FOUNDATION 1905
1
WEBSITE www.cerveceriaymalteriaquilmes.com WEBSITE www.telecom.com.ar WEBSITE www.bancogalicia.com Energy
BRAND VALUE US $648 million BRAND VALUE US $589 million BRAND VALUE US $346 million
741 656 3 13%
2
Banks

Cervecera y Maltera Quilmes is the top brewer Personal is the mobile brand of The Telecom Group. Banco Galicia is a major bank with 2.2 million 648 729 5 -11%
in Argentina and part of the Anheuser-Busch account holders and an expanding branch 3
InBev groups extensive portfolio of more than Personal has 18.2 million customers in Argentina network. Beer
200 brands. Within the Anheuser-Busch InBev and nearly 70% of those rely on the companys
brand hierarchy, Quilmes is regarded as a local prepaid service. Personal relaunched its brand Banco Galicia serves its 2.2 million deposit
589 1,069 3 -45%
champion due to its leadership position within and introduced a distinctive new logo that account holders and 8.5 million credit card 4
Argentina. The company has 4,850 employees features its name spelt out in letters that resemble customers with nearly 500 branch locations. The Communication Providers
and operates five plants and eight distribution handwriting. Personal drives brand awareness company was founded in 1905 and ended its most
centers. The brand is active in promoting social through sponsorship of signature events, such as the recent fiscal year with 12,500 employees. The bank NEW
346 - 3
initiatives such as Vivamos Responsablemente, seventh annual Personal Fest musical festival which
draws roughly 70,000 attendees over two days. The
accounted for nearly 9% of loans to the private
sector last year and remains a financial stalwart
5 ENTRY
focused on encouraging responsible drinking, Banks
and the Futuro Posible campaign which company offers products for different segments with year-end assets that totaled 50.6 billion pesos
provides student scholarships and donations to of the market, such as the high-end Personal Black ($3.6 billion approximately). The companys shares Source: Kantar Millward Brown and BrandZ

hospitals and educational institutions. handset, to the more value priced Personal Touch are traded on the Buenos Aires Stock Exchange. Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.
smartphone offering. The brand also seeks to drive
loyalty through its Club Personal program. Personals
parent company The Telecom Group was created
in 1990 when the government allowed public
ownership of the previously state run enterprise. Its
shares are traded on the New York Stock Exchange.

36 37
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Being trendy
means going How can an Argentine consumer be
persuaded to spend on a soda,

back to basics
washing powder or certain seasoning
when he is only concerned with making two ways: including of course price
ends meet? Why would he do it? flexibility in their marketing strategies
and spreading a more honest, genuine
and real brand message. Some brands
CONSUMER HABITS even went beyond story-telling to
It is true that in recent years Argentine become story-doing getting involved in
consumers have acquired hyper- social action. After years of top-down
rational, conservative consumption marketing, metaphors and demanding
habits. Regardless of their economic consumers to make an effort to
status, the need to watch their spending understand the message, some brands
(whether to afford their supermarket are simplifying and coming back to
shopping, their holiday trip or their basics.
restaurant outing) has made them fully
alert and aware of price promotions, Coca-Colas new Taste the
Main trends in global marketing special offers, rebates, product Feeling campaign reminds
Quilmes, the traditional
are widely known: sustainability, pluses and so forth. Companies did consumers of the feeling when
Argentine beer brand, decided
understand the situation and developed drinking Coke. It relies on
digital and social networks, a market of rational opportunities what differentiates it from any to go back to its roots and
which is totally new in Argentina. return to the national identity
authenticity, meaningful brands, other drink its taste which,
that had given them so much
together with other more
growth search and so forth However, if you have ever visited emotional experiences, reminds satisfaction and success in
MANUELA URRUTIA Argentina you surely know we are the past, now with a modern,
Client Service Senior Consultant us of how happy we feel when
not just rational. We are utterly and sensitive, authentic, and cool
Kantar Millward Brown Argentina
definitely emotional. We are either River
drinking Coke.
Manuela.Urrutia@millwardbrown.com perspective.
or Boca fans. We are both optimist and
Hellmanns, an Argentine iconic
pessimist; realistic and utopian. And in All these brands (and many other) are
Manuela graduated in Sociology from the University Probably all found in an Argentine Brand Marketing mayonnaise brand, simply asked
Kantar Millward Brown Argentina we mainstream brands in Argentina. Some
of Buenos Aires in 2001, after which she took several Directors calendar as well as in the Coca-Cola Global believe that when these two worlds Why always Hellmanns? an have to respect global or regional
postgraduate courses in Marketing Integrated Marketing Directors. Globalization and our daily life meet, magic appears. invitation to show the products requirements. However they all
Communications at Universidad de Belgrano and in digitalization are likely to be the reason. Argentina is part differentiating features (it tastes managed in different ways to reinvent
Consumer Psychology at Universidad de Buenos Aires. of this world, though with its own singular features. Being Some global brands and some better) and the many occasions and rethink themselves, including the
She began working in Market Research in 2000 as an fully aware of these gaps and acting accordingly provided domestic as well have truly grasped to try it in all age groups. Argentine consumer in that innovation.
interviewer for mass consumption and services clients, the best outcome. this ambiguity between local and All of them, in different ways, showed
participating in probabilistic, coincidental and Central Tarjeta Naranja, a credit card
global, rational and emotional which positive indicators in brand health or
Locations studies. Whereas Argentina is truly globalized in some sense, it is so well depicts Argentine nature, and born in the Argentine Province sales in an Argentine scenario of zero
ostensibly Latin American in some other. Therefore when are the ones which showed resilience of Crdoba, was coherent and growth.
In 2003 she joined Kantar Millward Brown as a Junior thinking of marketing strategies to apply in Argentina in the complex Argentine economy of consistent with its roots (as
Analyst; she is now Client Service Senior Consultant in we should not leave foreign trends aside but adjust or the last two years, or at least are moving As simple and complex as yin and yang.
opposed to the multinational
Kantar Consumer Insight. enhance them to meet current Argentine consumer needs. forward to this At least in Argentina, when well applied,
banks) and relied on football
to build brand image and this universal truth works. Brands which
Throughout her career, Manuela has worked with many Argentina has the highest literacy rate (98%) and Internet
mass consumption and services companies (UL, AB InBev, penetration (79%) in Latin America, beating both Mexico THEIR SECRET encourage customer choice. For
unveiled themselves and revealed what
they really are were the ones which
Coca-Cola, Pepsico, Nestle, Bayer, Telefnica, Ford, and Brazil. However, its GDP is half the Mexican and three every goal the Argentine Squad profited.
The first, and perhaps the most obvious
Kimberly Clark) as well as local clients in Argentina. times smaller than Brazils. Only during 2015-2016 inflation aspect, is that they did not abandon scored, Tarjeta Naranja donated
rose to 65-70% in basic need products and services and consumers when they most needed a football field to a community. The evidence invites us to think of the
poverty reached 32% of the population. As a result, them. It was an unspoken deal between In the country Maradona and future marketing now at present. The
KWP foresees 2016 as the fifth running year with stagnant friends or gentlemen, you name it. And Messi were born football is like a time is now and opportunities do exist.
consumption in the country. Is it possible to envisage this deal was accomplished through religion. Let nobody say otherwise.
brand marketing in a recessive scenario?

38 39
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Is there a winner
in the fight
between on and off?
at least four brands showed in their communications
the intensive use of smartphones among mothers of all
ages. The great penetration of this medium, together
with the huge segmentation advantage it offers, make
it ideal for addressing groups that are outside the
mainstream segment, but who can be the first to start
new consumption trends. If we add how accessible it
is for brands and companies of all sizes, it is not hard
PROJECT THE RIGHT IMAGE
to understand why the inclusion of TV in the media If we are going to allocate a greater part of the
mix is now being called into question. Besides, its a investment in the digital medium, we should be aware
of the relevance of creativity. On TV, a bad campaign is
In the context of the slowdown Julia has a degree in sociology and began her career in
a local company Research, where she acquired fieldwork
fact that watching TV is a decreasing behavior, while
the multiscreen phenomenon is growing, fragmenting only ignored and we lose our investment, but there is no
of global growth, trends are experience first, and analytical capabilities later. After that attention during the TV advertising slots. impact on our brand equity. In contrast, a bad campaign
she moved to Kantar Millward Brown, and has now been in the digital world increases the feeling of invasion and
weakened, and therefore
strategies for advancement must
working there for eighteen years. She began as Senior
Analyst, rising to become CS Director (2005-present). She
TV OR NOT TV? frustration typical that this medium implies. We have seen
cases when this undermines a previously positive image.
developed Neuroscience and M&D business locally, and
There is local evidence that TV, mostly, is still the Therefore, here are some tips to take into account if you
be reconsidered. In Argentina, is now in charge of those departments, as well as Business
medium that creates the biggest impression, making it want to get the most out of your digital communication:
Development.
this situation is harder because hard to replace this contribution with digital investment.
Dont be afraid to show the brand from the
But being aware of the great contribution the TV brings
of the crisis of a change of Julia appears as a guest lecturer at a number of universities
to a Brands Equity does not negate our need to review
beginning: a brand creatively integrated into the
including: UCES, Universidad de San Andres and Universidad
its efficiency. message can build, even with only five seconds.
government, which demands that de Buenos Aires.
Work with the right formats: those offering a
such strategies are more The TVs share in the media mix spend can be up to
kind of reward or the feeling of control over
double that of its share in brand building, showing
and more efficient. the worst efficiency ratio from any media. Should you the medium (skippable or auto play) are clearly
therefore stop investing on TV then? This will depend preferred and can help to decrease rejection of
on the size of the brand and its category, but we digital advertising.
Technology plays a fundamental role in helping optimize should understand that for large mass brands, TV is
budgets, both for the production and distribution of fundamental to increase/maintain their equity. Adapt the content to the medium: expectations
products, and the development and dissemination of and mood are not the same when consuming
messages. It is precisely here that THE question arises: We also know that virtually a third of brand building in a content in the digital and in the TV environment,
Should all my communication be digital? However, we campaign results from media synergy. If we omit one of
for example. And the screen size varies, so
believe that the question should be reformulated as: How the medium with the largest contribution, we risk losing
the additional synergy impact, one we are not even
details can be lost.
can I achieve the best possible media mix for my brand?,
and complemented with: I am doing my best in the digital paying for. All of this leads us to state that we should not In summary, the temptation to leap into the digital world
world? ask whether or not to invest on TV, but How much, for is big: we could dramatically reduce communication
my brand in my market, so that I dont have wastage? budgets. But this does not mean we would be optimizing
Today, there can be only a few companies in Argentina
our investment; maybe we would only be doing less for
unfamiliar with the benefits of using the digital medium
our brand. In order to succeed, we should measure what
to amplify their message. We have some of the worlds
is, currently, the contribution of each medium and at what
JULIA GONZALEZ TREGLIA highest penetration rates in social media and time
cost. We should know how to build Equity in the digital
Head Of Business Development & Innovation, devoted to social media. And even though they dont carry
medium, leveraging its full potential, and understand
Kantar Millward Brown Argentina the same weight as other sectors of the population, even
how to add more, putting both the on and off worlds to
Julia.Gonzaleztreglia@millwardbrown.com the lower socioeconomic segments and the elderly are
work together in synergy.
represented in this medium. During the last Mothers Day,

40 41
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

A LIGHT AT THE END OF THE TUNNEL


We believe that, despite the countrys current economic
scenario (where the economy has not taken off yet)

Promo vs.
clients could create an interesting and healthy mix
between promotion and brand building. A mix whereby
they can focus on sales but at the same time contribute
little by little to strengthening the brand. Why do we
think that it should be this way? Because in this promo
situation, as we have already said, there is no big
difference between one supermarket promo vs. the

brand building
other; the consumers decision depends on location,
loyalty and differentiated benefits that the retail can
offer.

To unlock this black box, we need to show our clients


we have the right team supported by the best tools
(or the skills to develop them). With regard to the
people, we believe that a balanced team should include
Communication Planning; Trading; Entertainment;
Content +; Exchange, all under the digital cloud and
care of the right Account Director.

With regard to the tools, as an agency that knows not


only about media but also about the clients businesses,
we should be able to choose the instruments that will
contribute to making a significant difference in our
clients communication and KPIs. Always taking into
BOGOFs; 40% off; on the account that each client is totally different from the next
and we need to work uniquely for each one to meet
second product; CRM; buy the challenge; becoming the trusted advisors for them
three get four; instant 15% off; based on results.

20% off in coupons for the next


purchase; bank promotions; IN THE TOOLBOX
black weekends. This is how So, what tools can we use to establish a solid multimedia
our market has been operating strategy based on reaching the maximum coverage for
each media, focused on the target and where they are?
over the last few years and MARTIN LAMMARDO
Programmatic + Dynamic Creative Optimization (DCO) or
particularly in 2016. VP Managing Partner
Mindshare World econometric modelling are two examples of these tools.
Martin.Lammardo@mindshareworld.com They let us know what our consumers want and where
they are, and they take us as close as possible to them.
Martin began his career 20 years ago, As a result, its very difficult almost impossible to be These tools are backed up by studies that support them,
in the JWT media department and honest to convince a client that they should be allocating and that give us the confidence that every step we take is
then moved to work abroad in other budget, or at least a share, to building their own brand. worthwhile.
companies, predominantly at MTV Yes, the brand which sometimes helps more than a This strategy enables us to measure, ratify or rectify, on a
LatAm based in Miami. particular promotion to secure the purchase. These daily basis. In turn, this enables us to leverage results with
days, its very tough to tell the difference between all less investment, while driving a bit of budget towards
After a few years, he returned to the retail offers. There is no distinguishing feature in the brand building, without neglecting the promotional force.
Argentina, joining Mindshare in 2010. promotions.
All in all, as an agency we believe that if we do the right
As a VP Managing Partner, Martin The point is that the primary KPI in each and every retail thing and use all company resources to the full (engaging
focuses on client service and new company these days is to sell. Just that. To sell as much as the WPP network) our clients will increase sales. Not only
business. Since 2014 he has also been the they can, but spend as little as they can. 100% sales driven. by being efficient, but also by having a strong and well
head of the m/SIX division in Argentina. So, in this environment, we suggest working in a more positioned brand.
efficient way, tracking and measuring as much as we can,
so to create a mix between brand and sales/performance.

42 43
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Hard-t imes branding:


Increasing brand value in times of economic turmoil is
the ultimate challenge for brands, as the temptation
to prioritize price and promotions losing value in the
long run is strong. Argentinian brands have faced such
challenges in the past few years, and with an economy
that didnt recover as expected in 2016 with the change

Building brand value


of government, GDP dropping and an inflation rate
that exceeds 30%, this has been quite a tough year.
Consumption has stalled and brands are faced with the
dilemma of becoming more accessible to customers while
maintaining their worth.

Brand building strategies shouldnt differ much in times of

in t imes of economic
prosperity and adversity, except for tactical approaches for
specific situations. After all, our mission as marketers and
communications experts is to always understand what is
going on with people and remain relevant and meaningful
to them. In times of struggle, our job is to stay present. For
many categories, especially consumer goods, affordability
AN EXEMPLARY APPROACH

turmoil
is key, but the ultimate goal is to maintain relevance, not An Argentinian brand that consistently makes it into
to just reach our (financial) targets; and recessions often the BrandZ Top 50 Most Valuable Latin American
become an opportunity for brands to become stronger Brands list is Quilmes, by AB InBev. In 2016, amidst
and create even more value for their consumers. recession and lower consumer spending, they
launched Pacto Porron, an initiative that encourages
use of reusable, individual 340ml bottles. This in
turn helps Quilmes reduce their costs and maintain
a consumer price of $10 (Argentinian pesos) per
individual bottle (called porron). Communication
also played its part and was framed as a pact: if
consumers promise to return the bottles, Quilmes
promise to keep the price at 10 pesos throughout
2016. This is highly relevant in a market with 3%-4%
monthly inflation and constant price adjustments. As a
Its always a merit for a brand to result, Quilmes presented itself as a brand that stands
by their people, makes a commitment and sticks to it.
be considered among the Latin
Americas Top 50 brands; and for
BRAND EXPERIENCE
ever-changing markets such as Latin
American ones, making the cut to
CREATES BRAND VALUE
Brand building challenges in a tight economy also
the top 5 in their local markets is involve restrictions in marketing spend; this means
CARITO KANASHIRO
even more commendable. Regional Head Of Planning, Geometry Global Latina
optimizing budgets and therefore, prioritizing
marketing tasks and making thoughtful channel
Head Of Planning, Geometry Global Argentina
Carito.Kanashiro@geometry.com
choices. This is where brand experience comes into
play. Its not (only) about advertising, but also about
creating the right connections, at the right place
and at the right time for our consumers. This implies
a thorough mapping of customer and shopper
Carito was born and raised in Peru, has full and flies back to Peru to join Ogilvy Lima In January 2015, Carito joined Geometry journeys and deep understanding of the mindsets
Japanese ancestry and work experience and lead the regional planning work for Global as Regional Head of Planning, and motivations at every stage of the decision-making
in the US, Brazil and Argentina. She also Kimberly-Clark LAO adult care business. leading the planning team for the Belcorp
process so the brand can act with precision and
has 18 years of experience in advertising regional account and helping enable
generate awareness, stimulate conversion or create a
and marketing; agency side and client side; Besider her Ogilvy experience, she spent Geometry Globals proprietary strategic
learning and teaching. a few years at Circus Grey as Planning and creative operating system across all specific behavior change as needed.
Director, winning many Effies there and Geometrys markets in the region.
A VCU Brandcenter graduate and Fulbright helping Circus become the worlds 3rd
In summary, when times are tough, brands have
Scholar, Carito starts her career in planning most effective agency in 2013 (Effie As of June 2016, Carito is back in Buenos an even greater chance to create value by staying
at Ogilvy as a WPP Fellow, first in New Index/Warc). She has also spent a couple Aires, Argentina, as Head of Planning for relevant and gaining a deeper understanding of
York and later on in Buenos Aires, working years client-side, as a Brand Manager at Geometry Global Argentina besides her whats going on with their consumers and shoppers.
for regional brands such as SpriteGrand SABMiller for their Bolivia business. GG Latina position.
Effie Argentina winner in 2007and
Huggies. In 2008, she packs her stuff

44 45
Brazil
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Brand strength is
BRANDS IN TIMES OF CRISIS
The major challenge for brands in times of crisis is to
balance their long-term brand building strategies with
the immediate needs of volume generation, especially
promotion-led. The temptation is to dive into price

the supporting pillar


promotions to meet immediate needs, but in the long
run it can damage brand equity.

Brand performance analysis clearly shows this


phenomenon. Big brands that are too focused on
volume have suffered more in the downturn than
brands with high added value that justify the premium.

in a shaky economy
One good example is Bohemia, which has presented a
value growth trajectory every year, even in the current
period of crisis.

Innovation is another aspect that ensures brand value.


An example is the pharmaceutical retail brands Raia
and Drogasil, which merged and went public, bringing
a new dynamic to the category.

The base of this valuation is the innovation that was


introduced within the business model. As evidence, we
can quote state-of-the-art logistics for stock control
and product offers suiting seasonal needs, as well as
the introduction of a service offer positioning that goes
Once again, the branding beyond medicine sales. Following the examples seen in
the United States, brands have been offering consulting
prophecy has been confirmed. We say that the branding prophecy has been services to consumers, involving recommendations on
confirmed because brand behavior is not uniformly
Brands lost on average 30% of reflecting currency devaluation only. There is a more
skin care, hair care, make-up, as well as more specific
care for infants and the elderly. (The latter is a segment
their value in the last year. Much important component in brand value, which is able that deserves higher emphasis due to the volume that it
to ensure value even in periods of crisis. A more represents now, and their more specific needs).
of this drastic reduction can be detailed analysis of the 50 most valuable brands in
Brazil shows that a group of them have lost more
attributed to the economic crisis
and the local currency devaluation.
value than the currency devaluation, others somehow
have withstood the process of decline and others -
THE POWER OF CONNECTION
around 10% - have had an increment in value. Brands that make a higher connection with consumers,
involving both functional and emotional aspects -
even those that are vulnerable in times of crisis - can
return to prosperity when consumers regain their
consumption power.

Something that should not be overlooked in times


of crisis is the real pressure that consumers face to
Valkiria is a chemistry graduate and M.B.A. She started her career
balance their family budgets. Brazilians come from the
at Unilever, initially working in product development and later in golden age of consumption euphoria, with a scenario
market research. of economic stability and credit availability. The need
for rational consumption is a game-changer that is
With more than 20 years of experience in market research, she establishing new patterns.
has been working at Kantar Millward Brown Brazil in the last
18. Since early 2016 she has been leading Kantar in Brazil. Her In this trajectory, benefits attributed to brands have to
experience with clients includes a global packaged goods company, be much more robust to justify consumption, making it
VALKIRIA GARRE a market-leading soft drinks producer and other clients in the even harder for the brands. Some consumer segments
CEO Brazil, Kantar telecommunications and bank services industry. are looking for brands that promote philosophical and
Valkiria.Garre@kantar.com
existential propositions. Following these paths fulfills
Valkiria is a regular speaker on public platforms and at events in
consumers needs for some social and political activism,
Brazil, especially at ABA (Association of Brazilian Advertisers and
pushed by the economic pressure, and it could yet
ABEP (Association of Market Research Companies).
prove to be a significant challenge for brands.

48 49
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2017

BRANDZ TOP 50 MOST VALUABLE


BRAZILIAN BRANDS 2017
Brand Value Brand Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand Brand
# # # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution Brand Contribution
Change Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017 2015-2017

7,782 8,500 5 -8% 505 779 3 -35% 256 493 2 -48% 116 310 2 -62%
1 14 27 40
Beer Insurance Loyalty Programs Retail

NEW
3,772 4,185 5 -10% 465 436 3 7% 213 395 2 -46% 109 - 3
2 15 28 41 ENTRY
Beer Food and Dairy Technology Healthcare

2,673 5,202 2 -49% 453 472 1 -4% 212 219 1 -3% 108 301 2 -64%
3 16 29 42
Banks Healthcare Stock Exchange Education

1,943 4,315 2 -55% 427 256 3 67% 207 224 2 -8% 100 198 2 -49%
4 17 30 43
Banks Drugstores Travel Agency Food and Dairy

NEW
1,731 2,757 2 -37% 394 - 4 202 457 2 -56% 100 193 3 -48%
5 18 ENTRY 31 44
Food and Dairy Food and Dairy Education Fashion

1,596 1,859 5 -14% 372 472 3 -21% 199 369 2 -46% 74 244 1 -70%
6 19 32 45
Beer Retail Car Rental Retail

1,331 1,309 5 2% 359 540 2 -34% 196 1,118 1 -82% 68 381 2 -82%
7 20 33 46
Beer Food and Dairy Banks Retail

NEW
974 1,700 5 -43% 332 198 2 67% 181 205 1 -11% 61 - 3
8 21 34 47 ENTRY
Cosmetics Drugstores Airline Fashion

NEW
917 1,072 4 -14% 320 320 2 0% 170 374 1 -54% 56 - 3
9 22 35 48 ENTRY
Retail Retail Aviation Food and Dairy

NEW
734 941 1 -22% 292 401 2 -27% 169 558 3 -70% 56 - 2
10 23 36 49 ENTRY
Credit Cards Loyalty Programs Retail Retail

681 821 1 -17% 289 607 2 -52% 168 218 5 -23% 53 254 5 -79%
11 24 37 50
Energy Beer Apparel Food and Dairy
Source: Kantar Millward Brown and BrandZ
662 843 2 -21% 280 439 4 -36% 122 605 2 -80% Brand contribution measures the influence of brand alone on
12 25 38 earnings, on a 1-to-5 scale, 5 being highest.

Retail Technology Retail

654 541 1 21% 264 312 1 -15% 121 467 1 -74%


13 26 39
Communication Providers Healthcare Mining

50 51
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS AND BRAND STORIES

1 2
PARENT COMPANY Companhia de Bebidas das Amricas AmBev PARENT COMPANY Companhia de Bebidas das Amricas AmBev
HEADQUARTERS So Paulo HEADQUARTERS So Paulo
INDUSTRY Beer INDUSTRY Beer
YEAR OF FOUNDATION 1964 YEAR OF FOUNDATION 1888
WEBSITE www.skol.com.br WEBSITE www.brahma.com.br
BRAND VALUE US $7,782 million BRAND VALUE US $3,772 million

Skol is Brazils most popular beer. Its marketing Brahma is well known for its innovative and witty
emphasizes enjoyment of life and appeals advertising that relies heavily on sex appeal.
especially to young people.
Brazils second-largest beer in market share (after
The brand, launched in 1964 in Europe and in 1967 Skol), Brahma is marketed in a total of 31 countries.
in Brazil, has been a pioneer of innovation in the Founded in 1888 by Companhia Cervejaria Brahma,
country. In 1971, Skol was the first canned beer in the brand is owned by AB InBev, the worlds largest
the market, in 1989 it launched the first aluminum brewer. In 2007, Brahma launched Brahma Fresh in
can and in 1993 the long neck bottle. the Northeast region, in order to compete with low-
price beers.
Skols brand positioning is focused on young
people: it has promoted various music festivals
throughout Brazil, which has strengthened the
brand in this segment. Since 1988, it has been the
market leading beer in Brazil.

BRAND VALUE
Total Value of Brazilian Brands

US$ 33.5 BILLION


Brand Value Change 2015 2017

-31%
Source: Kantar Millward Brown and BrandZ
3 4
PARENT COMPANY Banco Bradesco SA PARENT COMPANY Ita Unibanco Holding
HEADQUARTERS Osasco, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Banks INDUSTRY Banks
YEAR OF FOUNDATION 1943 YEAR OF FOUNDATION 1945

KEY FACTS WEBSITE www.bradesco.com.br


BRAND VALUE US $2,673 million
WEBSITE www.itau.com.br
BRAND VALUE US $1,943 million

Capital City Braslia


Annual GDP at Current Prices Bradesco, with the acquisition of HSBC operations Ita is the largest private Brazilian bank in terms of
Currency REAL in Brazil, became the second largest private bank in total assets and the largest financial conglomerate
Total at current prices: US$ 1.775 trillion (2015) terms of total assets. in the Latin America.
Area 8.51 million km2
GDP per capita (annual dollars): US$ 8,539 (2015) Bradesco offers online banking, insurance, pension Established 90 years ago, Ita evolved to its current
Population (THOUSAND) 208,000 (2015)
Growth rate: -4.7% (2015) plans, credit card services, savings bonds, and size as a result of the 2008 merger of Banco Ita
Population growth rate (ANNUAL) 0.9% (2010-2015) personal and commercial loans. The bank continues and Unibanco. The bank, which operates in South
Countrys share in regional GDP: 33.5% (2015) with its strategy to become Brazils most accessible America, Europe, Asia and the United States, has
Life expectancy 76 years (2015)
Net foreign direct investment: US$ 70.8 billion (2014) bank mainly through a branch presence around almost 4,200 branches and almost 28,000 ATMs in
Literacy rate of 15-24 year olds 98.9% (2015) US$ 61.5 billion (2015) the country. It also intends to reach potential new Latin America. Following the merger, Ita is building
customers among the countrys rising middle on a reputation for innovation and efficiency,
Unemployment rate 6.8% (2014) Sources: CEPAL, Comisin Econmica ONU
class. Bradesco pioneered the sale of insurance emphasizing personal service with the tagline
9.3% (2015) CEPASTAT Database and Statistical Publications
Financial Times Latin America & Caribbean and pension plans through its subsidiary Bradesco Feito para Voc (Made for You). It also intends to
World Bank Seguros. attract new customers from Brazils rising middle
Unesco
class, by offering credit cards to individuals who,
until now, lacked access to bank credit.

52 53
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

5 6 9 10
PARENT COMPANY BRF Brasil Foods SA PARENT COMPANY Companhia de Bebidas das Amricas AmBev PARENT COMPANY Ultrapar Participaes SA PARENT COMPANY Cielo SA
HEADQUARTERS Itaja, Santa Catarina State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Barueri, So Paulo State
INDUSTRY Food and Dairy INDUSTRY Beer INDUSTRY Retail INDUSTRY Credit Cards
YEAR OF FOUNDATION 1944 YEAR OF FOUNDATION 1885 YEAR OF FOUNDATION 1937 YEAR OF FOUNDATION 2009
WEBSITE www.sadia.com.br WEBSITE www.antarctica.com.br WEBSITE www.ipiranga.com.br WEBSITE www.cielo.com.br
BRAND VALUE US $1,731 million BRAND VALUE US $1,596 million BRAND VALUE US $917 million BRAND VALUE US $734 million

Sadia is a leading producer of processed and frozen Antarctica is a leading Brazilian beer and soft drink. Ipiranga is Brazils largest private fuel distribution Cielo is the market leader in persuading merchants
foods such as hamburger patties and pizza. It company, with a network of approximately 7,100 to join a credit card network, and in handling the
exports to more than 65 countries. Launched in 1885 in So Paulo, Antarctica adopted service stations. payment process.
the image of two penguins as its logo in 1935. It
Founded in 1944 and listed on the stock market in continues to symbolize the brand. Antarctica beer Ipiranga is a brand well known among Brazilians Formed in 1995 by several financial organizations,
1971 as Sadia Concrdia SA Indstria e Comrcio, is positioned as the beer for the good moments of with the slogan Passionate about cars like every including Visa International, Bradesco, Banco do
Sadia also produces dairy products and serves both life. Antarcticas most popular soft drink is a soda Brazilian (in Portuguese Apaixonados por carro, Brasil, Banco Real and the now obsolete Banco
consumers and commercial customers, including called Guaran Antarctica, made from the tropical como todo brasileiro). Nacional, Cielo was initially known as Visanet. The
fast-food chains. Sadia is part of BRF - Brasil Foods guaran berry. In 1999, Antarctica combined with company was renamed in advance of its initial
SA, a public company formed in 2009 by the Brazils other large beer brand, Brahma, to form After expanding in rural Brazil during the 1960s public offering (IPO), which was one of the largest
merger of Sadia with another food giant, Perdigo. AmBev, which subsequently joined with Belgiums and 70s, Ipiranga became a national brand through in Brazils history. In an industry challenged by
Exporting activities began in the 1970s with the sale Interbrew, becoming the worlds largest beer its acquisition of Atlantic in 1993. In 2008, Grupo deregulation, Cielo surpasses its competition in
of frozen halal-certified chicken to the Middle East. marketer, now called AB InBev. Ultra bought both Ipiranga (in most regions), and profitability thanks to its competitive pricing and its
Texaco, as Chevron was known in Brazil, and began reputation for a high level of customer service.
to consolidate the gas stations under the Ipiranga
brand. Because the brand name enjoys strong
equity, it plays a role in influencing consumers in a
highly commoditized category where convenience
is often the key driver.

7 8 11 12
PARENT COMPANY Companhia de Bebidas das Amricas AmBev PARENT COMPANY Natura Cosmticos SA PARENT COMPANY Petrleo Brasileiro SA PARENT COMPANY Lojas Americanas SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Itapecerica da Serra, So Paulo State HEADQUARTERS Rio de Janeiro, Rio de Janeiro State HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Beer INDUSTRY Cosmetics INDUSTRY Energy INDUSTRY Retail
YEAR OF FOUNDATION 1853 YEAR OF FOUNDATION 1969 YEAR OF FOUNDATION 1953 YEAR OF FOUNDATION 1929
WEBSITE www.bohemia.com.br WEBSITE www.natura.com.br WEBSITE www.petrobras.com WEBSITE www.lojasamericanas.com.br
BRAND VALUE US $1,331 million BRAND VALUE US $974 million BRAND VALUE US $681 million BRAND VALUE US $662 million

Bohemia is a leading premium beer in Brazil. Natura is Brazils leading manufacturer and Petrobras is Latin Americas fourth largest company Lojas Americanas operates a national chain of
marketer of cosmetics. in market value and the worlds fourth largest energy discount department stores.
Established in 1853, Bohemia enjoys the distinction company in terms of production of oil and gas.
of being the oldest beer brand in Brazil as well as Formed in 1969 and first publicly traded in 2004, One of Brazils largest non-food retailers, Lojas
the leader in the premium segment, thanks to a Natura has used a direct sales approach for more Controlled by the Brazilian government, Petrobras Americanas sells over 60,000 items in categories
strategy of limiting distribution to select locations and than 30 years, and now has more than 1.6 million is publicly traded and operates in 28 countries. The including apparel, health and beauty, home
introducing limited edition offers. The Bohemia brand sales representatives (consultants) in Argentina, brand is highly regarded for its deep-sea exploration furnishings, and toys. With distribution centers in
is available in four variations, including wheat and Australia, Brazil, Chile, Colombia, United States, and is credited with enabling Brazil to achieve So Paulo, Rio de Janeiro, and Recife, the company
dark beers. France, Mexico, Peru and Venezuela. One of the energy self-sufficiency. The company also operates has approximately 950 stores in Brazil as well as an
first cosmetics companies to market natural and oil refineries and a network of gas stations. This online presence. The brand has a long heritage in
Bohemia was acquired by fellow Brazilian brewer environmentally friendly products, Natura has a national presence contributes to the brands stature Brazil it was established in 1929 and is popular
Antarctica Paulista in 1961. The brand became part reputation for social responsibility. The company in Brazil, which is also enhanced by its reputation for with both low and high income groups.
of an even larger brewer in 1999 when Antarctica is also known for its emphasis on research and social responsibility and high-profile sponsorships of
Paulista and Brahma brewery merged to create development and its use of ordinary people rather sporting and cultural events.
AmBev. than supermodels in its advertisements.

54 55
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

13 14 17 18
PARENT COMPANY Vivo Participaes SA PARENT COMPANY Porto Seguro SA PARENT COMPANY Raia Drogasil SA PARENT COMPANY J&F Investimentos
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Communication Providers INDUSTRY Insurance INDUSTRY Drugstores INDUSTRY Dairy
YEAR OF FOUNDATION 2003 YEAR OF FOUNDATION 1945 YEAR OF FOUNDATION 1935 YEAR OF FOUNDATION 1917
WEBSITE www.vivo.com.br WEBSITE www.portoseguro.com.br WEBSITE www.drogasil.com.br WEBSITE www.vigor.com.br
BRAND VALUE US $654 million BRAND VALUE US $505 million BRAND VALUE US $427 million BRAND VALUE US $394 million

Vivo is the largest telecommunications company in One of Brazils leading insurance companies, Drogasil is the fourth largest retail drugstore by Vigor is one of the most important dairy companies
Brazil, with over 106 million users 82.7 million in Porto Seguro offers a comprehensive portfolio of sales revenue in Brazil and operates 578 stores in Brazil.
the mobile business, in which it holds the largest insurance products. throughout Northeast, Southeast and Midwest
market share (29.3% - June/15), and 23.7 million in regions. Vigor was founded in 1917 as a small milk company
the fixed business. With products spanning vehicle, health, casualty, in the city of Itanhadu, Minas Gerais and an
life and personal injury insurance, Porto Seguro It operates more than 280 stores in five Brazilian operation in So Paulo. In 1982 Vigor acquired the
As the result of a joint venture between Telefnica, offers policies to individuals, families, companies, states and more than 75 cities. The company has company Leco and became one of the principal
the Spanish telecommunications provider, and and governmental agencies in Brazil and Uruguay been a retailer of pharmaceutical healthcare, skin dairy companies in Brazil. In 2009 Vigor became a
Portugal Telecom (PT), Vivo invests heavily in through direct and indirect subsidiaries. Since the care and personal care products for the past 75 subsidiary of the group JBS and in 2013 it acquired
advertising to deliver its message, Best coverage company established an alliance with Ita in August years. In 2011, DrogaRaia and Drogasil merged, 50% of the Itamb dairy. Vigor has in its portfolio
in Brazil. In 2010, Telefnica bought PTs shares, 2009, Porto Seguro products have been available at becoming Raia Drogasil S.A., the largest company more than 200 products, is the Brazilian leader in
and Vivo became the brand for phone, TV, and the banks branches. in the pharmaceutical retail segment in the country. cream cheese and has more than seven industrial
Internet communication. plants around the country.

15 16 19 20
PARENT COMPANY JBS SA PARENT COMPANY UnitedHealth Group PARENT COMPANY Iguatemi Empresas de Shopping Centers PARENT COMPANY BRF Brasil Foods SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Rio de Janeiro, Rio de Janeiro State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Itaja, Santa Catarina State
INDUSTRY Food and Dairy INDUSTRY Healthcare INDUSTRY Retail INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1956 YEAR OF FOUNDATION 1972 YEAR OF FOUNDATION 1979 YEAR OF FOUNDATION 1934
WEBSITE www.seara.com.br WEBSITE www.amil.com.br WEBSITE www.iguatemi.com.br WEBSITE www.perdigao.com.br
BRAND VALUE US $465 million BRAND VALUE US $453 million BRAND VALUE US $372 million BRAND VALUE US $359 million

Seara is Brazils largest exporter of pork. Amil is the largest provider of managed healthcare Iguatemi is one of the largest shopping mall The 2009 merger of Perdigo and Sadia into BRF,
in Brazil. operators in Brazil. created the worlds largest poultry company.
The story begins in 1956 in the city of Seara City,
in Santa Catarina (a region of Brazil), with the From its beginnings in 1972 with the acquisition The company designs, develops and operates Perdigo is one of Brazils largest food producers,
inauguration of the first large fridge in the region. of Casa de Sade So Jos (a small maternity regional centers throughout the country. Formed specializing in frozen and chilled products. Its range
The expansion of business and investments in quality clinic in the city of Duque de Caxias), Amil has in 1979, it initiated its shopping center activity with of about 3,000 items is distributed throughout Brazil
processes and products made the Seara brand expanded both organically and through strategic the acquisition of Construtora Alfredo Matias SA. and to more than 100 countries. The companys
synonymous with quality in poultry and pigs, both in acquisitions and now has about five million The transaction included an ownership interest in scale enables it to pursue a low-cost producer
natura and processed. members. The company provides medical plans for Iguatemi So Paulo, which was constructed in 1966 as strategy. Established in 1934, as Brandalise,
both individuals and businesses, and its network of the first shopping center in Brazil. The Company also Ponzonie & Cie, the company changed its name to
Seara is controlled by JBS Group, a world leader in providers includes more than 3,300 hospitals, 11,000 developed the first shopping center in the Brazilian Perdigo SA in 1958. It began exporting in 1975 and
processing bovine, ovine meat and poultry which clinics and 12,000 laboratories. UnitedHealth Group, countryside Iguatemi Campinas and the first in the went public in 1980.
exports to over 27 countries around the world. the giant American healthcare organization, bought southern region of Brazil Iguatemi Porto Alegre.
Amil operations in October 2012.

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BRAND STORIES

21 22 25 26
PARENT COMPANY Raia Drogasil S.A. PARENT COMPANY Lojas Renner SA PARENT COMPANY Totvs SA PARENT COMPANY Odontoprev SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Porto Alegre, Rio Grande do Sul State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Barueri, So Paulo State
INDUSTRY Drugstore INDUSTRY Retail INDUSTRY Technology INDUSTRY Healthcare
YEAR OF FOUNDATION 1905 YEAR OF FOUNDATION 1912 YEAR OF FOUNDATION 1969 YEAR OF FOUNDATION 1987
WEBSITE www.drogaraia.com.br WEBSITE www.lojasrenner.com.br WEBSITE www.totvs.com WEBSITE www.odontoprev.com.br
BRAND VALUE US $332 million BRAND VALUE US $320 million BRAND VALUE US $280 million BRAND VALUE US $264 million

Droga Raia is the fifth largest retail drugstore by Lojas Renner is Brazils largest fashion retailer. Totvs is the largest provider of integrated OdontoPrev is the largest dental benefits company
sales revenue in Brazil, with a 544-store presence information technology solutions in Brazil and the in Brazil, with over 5 million members.
across the southeast, midwest and southern It expanded rapidly following a public offering in second largest in Latin America.
regions. 2005, when the US department store JC Penney The organization develops dental plans for
divested its interest. Lojas Renner now operates Known for its innovation and high level of customer corporate, institutional and not-for-profit clients.
The story began in 1905 with the opening of around 260 stores all over Brazil. The organization service, Totvs has been raising its brand profile with The OdontoPrev network includes approximately
Pharmacia Raia in Araraquara City in the So Paulo began in 1912 as AJ Renner, a retailer specializing extensive advertising featuring a Brazilian media 25,000 certified dentists of which roughly 16,000
State. At that time the companys founder created a in outdoor gear for gauchos in rural areas. The style personality. The company, which traces its origins to are specialists and post-graduates, located in more
relationship model focused on the human element, became popular with city customers. The company a service bureau called SIGA (Sistemas Integrados than 2,000 cities throughout Brazil. To reach people
the pharmacist figure, who prepared by hand the transformed into a department store retailer, de Gerncia Automtica Ltda, formed in 1969), in the under-served rising middle class, OdontoPrev
prescribed medications. with an expanded range, during the 1940s. It was grew rapidly. In March 2006, in advance of an IPO, recently launched an initiative to sell dental plans
renamed Lojas Renner in 1965 and has been publicly the company changed its name from Microsiga directly to consumers.
The name DrogaRaia was officially adopted only in traded since 1967. Software SA to Totvs SA. Nowadays Totvs is the
1982. In 2011, DrogaRaia and Drogasil underwent leader in ERP in Brazil, with 50% market-share.
a merger, becoming Raia Drogasil S.A., the largest
company in the pharmaceutical retail segment in
the country.

23 24 27 28
PARENT COMPANY Multiplus SA PARENT COMPANY Brasil Kirin S.A. PARENT COMPANY Smiles SA PARENT COMPANY Naspers
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Barueri, So Paulo State HEADQUARTERS So Paulo, So Paulo Statee
INDUSTRY Loyalty Programs INDUSTRY Beer INDUSTRY Loyalty Programs INDUSTRY Technology
YEAR OF FOUNDATION 2010 YEAR OF FOUNDATION 1939 YEAR OF FOUNDATION 1994 YEAR OF FOUNDATION 1999
WEBSITE www.multiplusfidelidade.com.br WEBSITE www.schin.com.br WEBSITE www.smiles.com.br WEBSITE www.buscape.com.br
BRAND VALUE US $292 million BRAND VALUE US $289 million BRAND VALUE US $256 million BRAND VALUE US $213 million

Multiplus provides a network of loyalty programs Schin is one of the most widely consumed beers in Smiles is a company in the reward, loyalty and Buscap is a free search engine for comparing
across diverse business sectors. the country, with strong and significant presence in commercial segment. It was initially developed in prices and products in Brazil and Latin America,
So Paulo State and the northeast region. 1994, as a mileage program for Varig (a Brazilian connecting consumers and sellers.
The sectors include airlines, hotels, rental cars, airline company which went bankrupt in 2010).
retail, banking and gas stations. Multiplus members The story began with a small and simple plant in It is the largest free search engine in Latin America
enjoy the flexibility of earning and redeeming 1939 in So Paulo. At that time the production was Today Smiles is an independent business unit, created with approximately 30 million visits per month
points without restriction within the network. TAM limited to producing soft drinks and only in 1989 to administer, manage and operate exclusively The and over 11 million registered products. Buscap
Airlines formed the company in 2009 to expand started producing its first Pilsen beer, which was Smiles Programs GOL Linhas Areas. groups and organizes the products in one place,
and strengthen its own frequent flyer program. soon successful in the market. In 2011, the Japanese making the purchase process much quicker and
Besides TAM, the list of partnerships includes Oi Kirin Holdings acquired Schincariol Group. The company has partnerships with companies in easier for the customers. For this the company
(telecommunications), Livraria Cultura (bookstore), various branches of the market providing benefits, establishes business partnerships with shops,
Accor (hotels), Peugeot (cars) and Apple (technology). Today its product line consists of beer, draft beer, products and services, in addition to awards for air brands and products. In 2009, Buscap sold 91%
Multiplus also provides services for managing, soft drinks and mineral water, which are distributed services. The Smiles Program has over 10 million of its shares to South African media conglomerate
interconnecting and operating customer loyalty throughout Brazil, as well as several countries across members and 150 air and non-air partners. Naspers Limited, through its digital media
programs. Multiplus currently has almost 13.8 million Asia and Europe. company MIH Holdings, which contributed to the
participants. internationalization of the brand.

58 59
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BRAND STORIES

29 30 33 34
PARENT COMPANY BM&F BOVESPA SA PARENT COMPANY CVC Turismo PARENT COMPANY BTG Pactual SA PARENT COMPANY Gol SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Santo Andr, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Stock Exchange INDUSTRY Travel Agency INDUSTRY Banks INDUSTRY Airlines
YEAR OF FOUNDATION 2008 YEAR OF FOUNDATION 1972 YEAR OF FOUNDATION 1981 YEAR OF FOUNDATION 2001
WEBSITE www.bmfbovespa.com.br WEBSITE www.cvc.com.br WEBSITE www.btgpactual.com WEBSITE www.gol.com.br
BRAND VALUE US $212 million BRAND VALUE US $207 million BRAND VALUE US $196 million BRAND VALUE US $181 million

BM&F BOVESPA is the leading stock exchange CVC is the largest tourism operator in Brazil and BTG Pactual is the leading investment bank in Latin Gol is the second largest airline company in the
in Latin America and the second largest in the Americas. America. domestic flight market in Brazil.
Americas.
CVC was founded in 1972 by two entrepreneurs in BTG Pactual was established in 1983 as a brokerage With its low cost, low fare business model, Gol
One of the largest stock exchanges in the world the tourism segment, Guilherme Paulus and Carlos in Rio de Janeiro City. In May 2006, UBS AG has democratized air travel in Brazil and in South
in terms of market value, BM&F BOVESPA was Vicente Cerchiari (the CVC acronym comes from the purchased Pactual, creating UBS Pactual, the America. It offers route networks in South America
created in 2008 through the integration of the initials of this name). It is based in the city of Santo division of UBS in Latin American countries. Andr and the Caribbean, with almost 900 flights a day to
Brazilian Mercantile & Futures Exchange (BM&F) Andr (near the capital of So Paulo State). Esteves became CEO of all of UBS Latin American 62 destinations, domestic and international, in 13
with the So Paulo Stock Exchange. BM&F operations. In October 2008 he and a group of countries. The company has several partnerships
BOVESPA introduced stock investment to a wider CVC expanded its business into different areas such partners left UBS Pactual and joined Persio Arida with large international airlines, such as Delta
popular audience while at the same time gaining as selling tourism packages with air transportation to create BTG, a global investment company with Airlines, AeroMexico and Air France.
credibility in the corporate segment with its record and exclusive chartering aircraft. It opened stores offices in So Paulo, Rio de Janeiro, London, New
of successful IPOs. in malls, virtual stores, vessel chartering and even York and Hong Kong. In 2009, BTG acquired UBS
transatlantic travel. In 2009, American investors from Pactual, resulting in the creation of BTG Pactual.
the private equity fund The Carlyle Group bought BTG Pactual specializes in investment banking,
a 63.6% stake from Paulus, leaving him as chairman wealth management and asset management.
of CVC. Today CVC has 936 exclusive stores all over
the country.

31 32 35 36
PARENT COMPANY Kroton Educacional PARENT COMPANY Localiza SA PARENT COMPANY Embraer SA PARENT COMPANY Grupo Po de Acar
HEADQUARTERS Belo Horizonte, Minas Gerais State HEADQUARTERS Belo Horizonte, Minas Gerais State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Education INDUSTRY Car Rental INDUSTRY Airlines INDUSTRY Retail
YEAR OF FOUNDATION 1993 YEAR OF FOUNDATION 1973 YEAR OF FOUNDATION 1969 YEAR OF FOUNDATION 1948
WEBSITE www.anhanguera.com WEBSITE www.localiza.com WEBSITE www.embraer.com.br WEBSITE www.paodeacucar.com.br
BRAND VALUE US $202 million BRAND VALUE US $199 million BRAND VALUE US $170 million BRAND VALUE US $169 million

Anhanguera Educacional is one of Brazils largest Localiza operates the largest car rental network in Embraer is the third largest commercial aviation Po de Acar is a neighborhood supermarket with
private education companies. Brazil. company in the world. a focus on the AB socio-demographic.

Founded in 1994 by a group of professors, It has 560 branches in 243 cities throughout Brazil Embraer was created in 1969 as an initiative of Po de Acar is part of the giant retail
Anhanguera Educacional Participaes provides and eight other countries in Latin America. The the Brazilian government in a strategic project to conglomerate Group Po de Acar, which began
post-secondary education to prepare individuals franchising of Localizas branches, which started implement the aviation industry in the country. as a pastry shop in 1948 and now includes more
for productive employment. With more than 73 in 1983, enabled the company to expand its Privatized in 1994, the company designs, develops, than 180 stores. Po de Acar is known for quality,
campuses and hundreds of long-distance learning operations beyond Brazil. Its total fleet is over manufactures and markets systems and aircraft. Its innovation, and strong customer service. The
centers, Anhanguera serves more than 400,000 118,000 cars. Along with car rentals, Localiza core business is the business segment of Commercial chain enjoys high levels of shopper loyalty and was
students, many of who come from lower income operates two related businesses: commercial Aviation, Executive Aviation, and Defense & Security among the first supermarkets to offer imported
and rural backgrounds. In 2013 Anhanguera was leasing and used car sales. Localiza established its Systems. products during the 1990s.
acquired by Kroton Educacional, creating the worlds rental operations in 1973, with six used and financed
largest educational group with more than 1.4 million Volkswagen Beetles, in the city of Belo Horizonte. It has factories and offices in various parts of the
students. world and more than 5,000 aircraft delivered across
all continents. Today it is one of the worlds leading
aerospace export companies.

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BRAND STORIES

37 38 41 42
PARENT COMPANY So Paulo Alpargatas SA PARENT COMPANY Grupo Po de Acar PARENT COMPANY Fleury PARENT COMPANY Estcio Participaes S.A.
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Fashion INDUSTRY Retail INDUSTRY Healthcare INDUSTRY Education
YEAR OF FOUNDATION 1907 YEAR OF FOUNDATION 1952 YEAR OF FOUNDATION 1926 YEAR OF FOUNDATION 1970
WEBSITE www.havaianas.com WEBSITE www.casasbahias.com.br WEBSITE www.fleury.com.br WEBSITE www.portal.estacio.br
BRAND VALUE US $168 million BRAND VALUE US $122 million BRAND VALUE US $109 million BRAND VALUE US $108 million

Havaianas produces the worlds most recognizable A retail chain specializing in furniture and home Fleury is one of the most respected medical and Estcio is one of Brazils largest private-sector post-
flip-flop sandals. appliances, Casas Bahia was acquired in December health organizations in Brazil. secondary groups in terms of number of students.
2009 by Grupo Po de Acar.
It sells roughly 360 million pairs annually in over 107 Gaston Fleury Silveira founded the company in With a strong presence in almost all the states of
countries. The company introduced the sandals The acquisition positioned the company to benefit 1926, initially as a clinical laboratory. From there, the Brazil, Estacio has more than 500,000 students
in the early 1960s, adopting a Japanese design from spending by Brazils rising middle class. From company began providing medical services in the distributed in university centers and colleges, more
made from rice straw and producing it in rubber. its establishment, in 1957, Casas Bahia has appealed area of diagnostics, treatments and medical tests. than five thousand teachers offering post-graduate
With an emphasis on color and design, starting in to low-income customers, offering them store In 2010, the company made 27 acquisitions in order courses (Bachelor and Bachelor), undergraduate
early 1990, Havaianas transformed the shoes from credit and a reputation for quality and affordability. to enter new regions, create a complementary and among other educational modalities. It is also
inexpensive and utilitarian to fashion statements. Since 2010 Casas Bahia has reached customers mix of services and increase its knowledge base. known for making Summer Courses open to the
Havaianas has expanded its operations through throughout Brazil, with more than 500 stores and a Today Fleury is part of Fleury Group, which has community during July and January.
brand franchise stores: currently there are 374 web presence. many laboratories within the Brazilian healthcare
stores across the country. category.

39 40 43 44
PARENT COMPANY Vale SA PARENT COMPANY Magazine Luiza SA PARENT COMPANY JBS S.A. PARENT COMPANY Arezzo Indstria e Comrcio SA
HEADQUARTERS Rio de Janeiro, Rio de Janeiro State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Campo Bom, Rio Grande do Sul State
INDUSTRY Mining INDUSTRY Retail INDUSTRY Food and Dairy INDUSTRY Retail
YEAR OF FOUNDATION 1942 YEAR OF FOUNDATION 1957 YEAR OF FOUNDATION 1953 YEAR OF FOUNDATION 1972
WEBSITE www.vale.com WEBSITE www.magazineluiza.com.br WEBSITE www.friboi.com.br WEBSITE www.arezzo.com.br
BRAND VALUE US $121 million BRAND VALUE US $116 million BRAND VALUE US $100 million BRAND VALUE US $100 million

Vale is the third-largest mining company in the world Magazine Luiza is one of Brazils department store Friboi is the beef brand of JBS Group, the largest Arezzo is a leading retailer of womens fashion
and the largest producer of iron ore and nickel. retailers, offering a wide range of household goods meat processing company in Brazil. footwear.
and appliances.
The company gains more than 50% of its revenue The history of Friboi began in 1953 in Anpolis city Two brothers, Anderson and Jefferson Birman,
from iron ore. Diverse mining operations, including The chain focuses on serving the nations low- in the state of Gois, where Jos Batista Sobrinho created the Arezzo brand 1972. Today it is Brazils
copper, bauxite, potash and aluminum generate the to-middle income consumers. It employs more started selling beef in the neighborhood, later leading retail brand of womens fashion footwear
balance of revenues. One of Brazils largest logistics than 24,000 people and operates a network of moving the business to Brasilia, then the new capital and accessories. The brand focuses on high quality
companies, with railroads, ports and fleets of ships, 736 stores. These stores are located across 16 of Brazil. and contemporary designs and introduces about
Vale also operates in the electric energy sector, Brazilian states and supported by a network of eight eight new collections annually. Currently Arezzo
participating in several consortia and running nine distribution centers. Ten years later he had established a presence in many operates 455 brand franchise stores and 53 of its
hydroelectric plants. Originally government-owned, cities in the central-west region and in the 80s and own stores. The Arezzo Company also markets
Vale became a private company in 1997. Magazine Luiza was one of the first companies 90s he started selling beef in supermarkets all over under three other brands: Schutz, Anacapri and
to adopt the multichannel approach to retail; it the country. In 2007, Friboi became part of JBS Group. Alexandre Birman. Including these brands, the
is Brazils second largest online retailer and an company is present at more than 2,700 points of
innovator in the use of social media to drive online sale. An initial public stock offering last year on
sales. These grew 40 % last year and now account the Brazilian stock exchange raised capital to fund
for 11 % of total company sales. further store expansion.

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45 46 47 48
PARENT COMPANY Walmart do Brasil S.A. PARENT COMPANY Grupo Po de Acar PARENT COMPANY Hering PARENT COMPANY Vigor Alimentos S.A.
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Blumenau Santa Cantarina HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail INDUSTRY Retail INDUSTRY Fashion INDUSTRY Food and Dairy
YEAR OF FOUNDATION 2000 YEAR OF FOUNDATION 1989 YEAR OF FOUNDATION 1880 YEAR OF FOUNDATION 1940
WEBSITE www.bompreco.com.br WEBSITE www.extra.com.br WEBSITE www.hering.com.br WEBSITE www.itambe.com.br
BRAND VALUE US $74 million BRAND VALUE US $68 million BRAND VALUE US $61 million BRAND VALUE US $56 million

BomPreo, a Walmart Brasil brand, is a traditional Extra is a multi-sector banner of Brazils largest retail Hering is Brazils largest manufacturer and marketer Itamb is a dairy company that has had a market
supermarket chain in the northeast region. conglomerate, Grupo Po de Acar. of clothing for men, women, and children. presence for 66 years.

The first BomPreo supermarket was established Extra operates 137 hypermarkets called Extra Its merchandise is sold throughout South America Every day, the brand processes millions of liters of
in 1966. It grew from a small warehouse in the Hiper. The convenience store Minimercado Extra in both company-owned and franchise stores as well milk to create a portfolio of more than 190 products
Brazilian northeast to become one of the largest offers a limited selection of about 3,000 items. In as online. The brand is represented in 749 stores in including yogurts, cheese and dulce de leche.
supermarket chains in that region. The focus has addition, the company operates about 204 full-line all Brazilian states: 653 Hering stores, 93 Hering Kids
always been on quality, convenience and low prices. supermarkets called Extra Supermercado as well as stores and 3 Hering for You stores. Sales have grown One of the greatest milk companies in Brazil,
pharmacies called Drogarias Extra, located within dramatically over the past several years, suggesting Itamb has more than 7,000 suppliers, five
In 2004, BomPreo was taken over by major North existing Extra outlets. Similarly, the brand operates that customers value the brands combination of production plants (four in Minas Gerais and one in
American retail chain WalMart. This enabled the Extra gas stations at some retail locations. It runs quality casual apparel and enjoyable shopping Goinia). Itamb is the leader in the milk market in
technological modernization and the expansion home appliance stores as well, and is present online experience. Two German immigrants formed the the north and northeast regions of Brazil and other
of the network that has resulted in 61 stores in the as Extra.com.br company 136 years ago, then called Hering Textil. cities like Rio de Janeiro, Gois, Minas Gerais and
northeast region. Distrito Federal. In 2013 Vigor, which has operated
in the dairy market for over 90 years, bought 50% of
Itamb. In 2016 the brand launched its new brand
identity with the slogan milk is everything.

49 50
PARENT COMPANY Cencosud PARENT COMPANY Grupo Po de Acar
HEADQUARTERS Santiago, Chile HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1955 YEAR OF FOUNDATION 2006
WEBSITE www.gbarbosa.com.br WEBSITE www.taeq.com.br
BRAND VALUE US $56 million BRAND VALUE US $53 million

G Barbosa is the largest retail supermarket chain Taeq has a wide and varied range of healthy
in Sergipe, the second largest in the northeast products.
region and the fourth largest in Brazil.
Taeq, created in 2006, is one of the own-brands
G Barbosa was founded in 1955 by the brothers of the Po de Acar Group, a supermarket
Gentili and Noel Barbosa in Sergipe in the network. The brand is the result of research that
northeast region of Brazil. Since 2007. G Barbosa identified a type of consumer looking to lead a
has been part of the Cencosud Group, one of healthier life. This led to the creation of products
the biggest retail companies in Latin America. focused on wellbeing, health and quality of life.
Currently G Barbosa has more than 180 units
among supermarkets and pharmacies in the Taeq is a neologism of the Eastern words
cities of Sergipe, Bahia, Alagoas, Cear and TAO (path, balance) and EKI (vital energy).
Pernambuco. It employs more than 12,000 people. Currently the Taeq brand is divided into four
segments: nutrition, organic, sports and beauty.

64 65
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

How to grow
in a complex
environment? INNOVATION - A KEY FACTOR TO
KEEPING A VIVA COMPANY
In such a complex and ever-changing world, building
differentiation for brands becomes a key factor for
companies to stay alive in the minds of consumers.

Kantar Worldpanels analysis identifies three more trends


The consumer, however, is less likely to buy. Data from to help companies innovate successfully:
Penetration is a growth driver. Kantar Worldpanel points out that the Brazilian is more
conscious, engaged and demanding when choosing a Innovate in categories and products: strengthen
Attracting new buyers becomes product. Today we have a consumer who is increasingly the brands place in the set of consumer preferences.
fundamental in the current multi-brand, multi-category, multi-channel purchasing Be known, recognized, preferred, significant, salient and
and conquering this consumer gets increasingly different, because there is a high correlation between
scenario, and penetration is the complex. brand equity and real purchases!
measure that most correlates In this busy environment, impacted by the crisis and in Create products that meet consumer needs, practical
to the growth or fall of brands. which consumers seek simplicity and differentiation, products that simplify, indulgent products that satisfy,
Kantar Worldpanel and Kantar Futures have identified and differentiated products that surprise them.
Of all the brands that have three trends: Simplified Life, Fun, and Indulgence and
Diversity. Innovate in channels: be available whenever
risen in Brazil, 81% have gained CHRISTINE G. T. PEREIRA someone wants to buy, attend every moment of
consumption and be present in every purchase mission.
penetration. Business & Marketing Director
Kantar Worldpanel, Brazil
But the question remains: how to grow in such a
complex reality? Its essential to see each act of purchase as a battle to be
Christine.Pereira@kantarworldpanel.com won, and have the appropriate assortment per channel.

Political and economic instability, combined with urban


PENETRATION, A GROWTH DRIVER Focus on meeting the needs of the shopper, with
a suitable assortment, an appropriate and simple
chaos, overwork and excess of information, has led to Brazil Following the analysis of opportunities, penetration exposition, and an outstanding experience.
becoming one of the most stressed countries in the world. continues to be highlighted as a key factor. Attracting
This has resulted in a tendency towards the pursuit of a new buyers becomes critical in the current scenario. Innovate in the business model: companies also
Christine Pereira holds a BA in Statistics from UFRJ, with simpler life, in the face of so much disorder. In addition, in Kantar Worldpanel has identified that penetration (the need to constantly innovate in their business models.
a postgraduate qualification in sampling by ENCE. She Brazils current scenario, consumers pockets are tighter, percentage of households that bought the brand over Kodak, for example, is trying to reinvent itself with the
has an MBA in Business Management from USP and and a lot of family budget-juggling has been seen in recent a given period) is the measure that most correlates to recent launch of the Kodak Ektra Smartphone.
certificate in the advanced program in Business Strategy
years. the growth or fall of brands. Of all the brands that have
at the University of La Verne California.
risen in Brazil, 81% have gained penetration. Of brands Focus on evaluating trends to be able to predict the
Consuming more at home and abandoning snack bars, that have fallen, 76% lost penetration in the same period. future, take advantage of opportunities of the new digital
She is Business & Marketing Director of Brazil Kantar
restaurants and bars, the population has bet on categories Another conclusion was that even the leading brands, world and increasingly explore the liquid consumer.
Worldpanel, with more than 20 years of experience in
market research. Christine has developed her career in
that serve as the basis for the preparation of dishes, which already reach a large number of households,
several renowned institutions, managing national and consolidating the trend of restaurant in the house. The have growth opportunities for example, 11% of the More than ever, simplifying, satisfying and surprising will
international projects. return to eating at home has led to growth of various population does not buy the leading toothpaste brand, be the 3S crucial for anyone who is pursuing successful
products in food, beverages and cleaning, with more thats equivalent to 6 million households. brand and business growth.
sophisticated products (facilitating a clean and nice smelling
home) benefiting from this trend.

66 67
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Data and Creativity


We do all that because we want the person to reciprocate
our feelings. As we are not familiar with each other yet and
dont know details about what they like or desire, we make
an effort to be more creative than expected, aiming to

need to come together


charm in order to gain love and respect.

As time goes by, we get to know more and more about the
person. We find out their favorite food, favorite color, what
makes them mad or happy, what they enjoy or hate doing
on weekends, and so forth. Once all this data is compiled
in our minds, we tend not to worry so much about
charming them and focus on doing as little as necessary,
given that we already know what pleases or displeases
them. This is also the recipe for the failure of a relationship.

KEEPING IT FRESH There is no doubt that creativity plays a major role in


communications. However, data and creativity live in
In a way, this is what is going on in the relationship separate worlds. In one world, the creative process is much
between brands and consumers in digital media. Since the same as 20 or 30 years ago. In the other world, media
Brazil is famous around the world for we now have the ability to use consumer data in media works in the organization of audience clusters, hoping that
campaigns, after the development of programmatic the creative process comes up with something that adapts
the warmth of its people. Whether buying, all of our efforts are put into data. well to one of these clusters. This model must evolve.
in the professional or personal Data and creativity must get closer and closer. A positive
environment, good relationships are attitude is not enough to make it happen. We must act in a
coordinated way, seeking to offer better results for brands.
one of the most important and valued Creative teams must think more about the consumers
aspects of our culture. When we journey and less about campaigns. They must learn how
to create ideas targeted to audience groups that spread
begin a relationship, there is often a HENRIQUE RUSSOWSKY
Managing Partner,
in real time, and learn about formats and new possibilities.
Media, planning and creative departments must talk much
greater effort to charm the person who Jssi
more consistently and on a regular basis and adapt
Henrique.Russowsky@jussi.com.br
sparked our interest. This is why we their communications to the results achieved.

take them to a nice restaurant, spend Planning alone is no longer enough. We must plan,
execute, adapt and continue to execute. And do all of
a weekend at a boutique hotel or give that in a much shorter window than from one campaign to
memorable gifts. the next. Above all, we must think of it as a journey, which
unlike a campaign, has no beginning, middle or end just
a beginning and middle.

In any relationship, in order to succeed, it takes


commitment. Not only that. We must understand that
charm and knowledge, meaning creativity and data,
Henrique graduated in Business Administration from Pontifcia walk side by side. The time when we could place things
Universidade Catlica do Rio Grande do Sul, Brazil, in 2003. A in separate boxes is gone. Putting together skills and
year later he gained a marketing certificate from the University of technology to offer consumers memorable brand
California, Berkeley, with academic distinction. experiences is inevitable.

Starting at Google in 2005 as one of its first employees in Brazil, he


worked at the company for almost five years, leaving it in 2010 to
start the digital agency Jssi. In September 2015, Jssi was acquired
by the WPP Group, integrating Ogilvys network of agencies.

Henrique is responsible for co-managing Jssi with Marcos Del


Valle and Xavier Penat, all three managing partners at the agency.
Henrique coordinates the media teams and operations at the agency.

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BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

In that context we, the advertising professionals,


developed slogans that became part of pop culture and

How the guys in


of peoples daily lives. This is, and has always been, the
goal of advertising: to become a part of peoples lives and
influence them (preferably in a positive way).

But technology started to change fast and, as we all know,


transformed the industry. With no prior warning or alarm
bells going off, consumers became empowered, but many
of us didnt even notice.

the garage impacted


CONSUMER TAKES CENTER STAGE
Everything changed. Countless media channels. Countless
options. Advertising became disoriented, lost in a heap of
new sources and media options. A new civilization.

our brands
A new civilization demands new advertising. And a new
perspective from brands. Passivity is a thing of the past.
The consumer has the stage.

The core issue isnt media channels anymore: online and


offline shouldnt even be topics for discussion, because
theyre the past.

The core issue is finding and understanding motivation


the reason for being. Why do we communicate? Why
do we advertise? What can a brand really represent in
peoples lives? The core issue is about Purpose and
Behavior. About dignity and respect.

Because people demand respect. Because dignity is a


watchword. Because we have grown as a civilization

Some years ago, the advertising industry People have already understood that. They take to the
streets. They call for whats right and noble, they call for
looked much simpler: fewer media channels, respect. Why would they not demand the same from the
corporate entities around them?
fewer and more solid brands - the ever
present blue chip names. The brands were That is why the opinions aired on social networks are so
important. That is why people expect a reasonable answer
in control. And consumers passively believed to their demands.
in the ads and purchased the products.
Technological advances werent significant RISE TO THE OCCASION
and did not directly influence the industry. This is something that brands and advertising urgently
need to understand. That corporate entities are people.
Nor did they threaten a brands life. MARCIA ESTEVES
Corporate people, but people nonetheless. And they
Chief Operating Officer,
Grey Brazil must act as people do: with a clear purpose and a
Marcia.Esteves@Grey.com.br consistent, virtuous and honest message. The age of the
superficial do as I say, not as I do is over.

It doesnt matter whether you have a leading brand today.


Do not stay in your comfort zone. Behave like a startup:
understand human needs. Dont focus on the functional
aspects, but understand that the function should exist
Marcia has over 14 years experience in Client Services and Integrated Channels Operation,
having worked across Latin America, Barcelona and Brazil, across agencies of multiple disciplines.
to serve human needs. Ensure that your brand has a
meaningful purpose. And live in a perpetual beta stage,
She also has been part of the Global Digital Councils (at Rapp and Grey). Marcia graduated because thats how your consumers live and how they
in Communication (FAAP SP) in 2003, Specialist Marketing (IED Milan) in 2004, MBA in interact with the world.
Project Management (FGV SP) in 2007; she also studied at Babson Executive Business Center
(Omnicom University, Boston, USA) in 2009, completing her studies with the first Hyper Island Welcome to the new advertising: virtuous, consistent, true.
Master Class de Digital Acceleration held in Brazil, in 2014.
Welcome to a new era.
Marcia has worked on many award-winning projects (including 7 Cannes Lions and 4 Effie
Awards) and across numerous brands including Pfizer, Natura, Gillette, Downy, Wella, Telefnica,
Banco Ita, Pepsico, Turner, HBO, Danone, Avianca, Samsung, and Brasil Kirim.

70 71
Chile
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Price sensitive In the last couple of years, we have seen the Chilean

consumers seek
economy grow only slowly. The causes of the slowdown have
impacted employment, and this, in turn, has affected retail
and financial services, which according to BrandZ analysis
have decreased by 15% and 23% respectively, in brand value
from 2015. In fact, contraction in the value of brands in these
industries explain to a great extent the 12% loss in value of
Chilean brands.

Different perspectives have all shown how Chilean

reasons to trust
consumers have become especially sensitive to prices.
Kantar Worldpanel data confirms that two thirds of
consumers perceive that prices have risen in the past three
months, and four out of every ten Chileans state that their
household income has decreased.

MORE SHOPPING, LESS SPENDING


This has resulted in increased visits to points of sale but with
a lower purchase amount per visit. The number of places of
purchase has also increased. It is interesting to see that this
increase in places to purchase has driven growth in shopping
at fairs and through promotions. This has not meant that
loyal consumers have decreased. In fact, consumers still feel
fond of their preferred brands and are willing to buy them,
The years of the great and sustained but they do so less frequently while waiting for the turmoil to
Chilean economic growth are over. pass so they can go back to their regular buying rhythm.

Another prevailing factor for Chilean consumers is that their


trust level has been undermined. Today they do not blindly
Much has been said about its trust either organizations or institutions, based on the events
causes: the fall in the price of of the past few years.

copper, the lack of certainty Kantar Millward Brown have learned, from their qualitative
and quantitative practices, that trust is one of the main
MAURICIO MARTINEZ
CEO Chile,
generated by large reforms in the commercial and relational assets between a brand and
Kantar business environment, the reduced its consumers. A brand clashing with this dimension is a
Mauricio.Martinez@millwardbrown.com weakening brand and, in adverse economic conditions, it
trust among Chileans, and a change wont be able to justify its value, or it will trigger a diminished
willingness to purchase. Today consumers are citizens.
Mauricio holds a degree in Business Administration and in attitudes towards institutions. Although they show a learned hopelessness because of
Marketing from Universidad Panamericana in Mexico.
past events, today they are empowered, and they demand
He has over 17 years of research experience and has that the promise of a product or service is fully met.
acted as a consultant for many local, regional and As expected, all these elements
global brands in different industries. In this environment, brands must aim at true bonding
have already permeated the programs that manage to establish a closer relationship with
Before his arrival in Chile, he was head of Client Service
and Client Solutions at Kantar Millward Brown Mexico.
Chilean atmosphere, impacting its consumers. They must shift from a business purpose to a
brand social purpose and a more symmetrical relationship
corporations and brands. with consumers that leads to a perception of win-win deals.

74 75
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 15 MOST VALUABLE CHILEAN BRANDS 2017

BRANDZ TOP 15 MOST VALUABLE


CHILEAN BRANDS 2017
Brand Value Brand Brand Value Brand
Brand Brand
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

4,257 4,709 5 -10% 1,889 2,398 4 -21%


1 6
Retail Airlines

2,689 3,107 5 -13% 810 921 4 -12%


2 7
Retail Retail

2,558 2,758 5 -7% 777 985 5 -21%


3 8
Energy Retail

2,027 2,595 3 -22% 679 459 3 -48%


4 9
Banks Retail

NEW
1,982 2,845 5 -30% 664 - 1
5 10 ENTRY
Retail Communication Providers

575 729 5 -21%


11
Retail

570 427 4 34%


12
Retail

520 446 4 16%


13
Beer

394 536 3 -27%


14
Banks

288 387 2 -26%


15
Banks
Source: Kantar Millward Brown and BrandZ
Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.

76 77
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS AND BRAND STORIES

BRAND VALUE
1 2
PARENT COMPANY S.A.C.I. Falabella PARENT COMPANY Sodimac SA
Total Value of Chile Brands
HEADQUARTERS Santiago HEADQUARTERS Santiago

US$ 20.6 BILLION INDUSTRY Retail


YEAR OF FOUNDATION 1889
INDUSTRY Retail
YEAR OF FOUNDATION 1988
WEBSITE www.falabella.com WEBSITE www.sodimac.cl
Brand Value Change 2015 2017 BRAND VALUE US $4,257 million BRAND VALUE US $2,689 million

-12%
Source: Kantar Millward Brown and BrandZ

Falabella is the leading department store retailer in Homecenter Sodimac is Chiles Leading Home
Chile. Improvement Brand.

Falabella operates 40 large department stores The Homecenter brand appears on 67 stores
throughout Chile and is the leading brand in the throughout Chile that are focused on serving

KEY FACTS retail channel. The brand appeals to Chiles more


affluent shoppers with a consistently executed
fashion forward merchandising strategy that
consumer needs for home improvement
products. The Homecenter brand is the most
prevalent of the three formats its parent company
enables it to remain the industry leader. The Sodimac uses to serve the home improvement,
brands first store opened in 1958. Following building and construction materials market,
Capital City Santiago
Annual GDP at Current Prices several decades of expansion throughout Chile, which it has segmented by homeowners,
its presence was extended regionally in the 1990s. contractors and medium-to-large construction
Currency Chilean Peso
Total at current prices: US$ 240 billion (2015) There are now a combined 39 Falabella stores in companies. The origins of the Homecenter brand
Area 756 thousand km2 Peru, Argentina and Colombia. date back to the 1940s, when a small company
GDP per capita (annual dollars): US$ 13,383 (2015) known as Sogeco began providing construction
Population (THOUSAND) 17,950 (2015) The origins of the brand date back to 1889 when
Growth rate: 2.1% (2015) companies in Valparaso with building materials.
Population growth rate (ANNUAL) 1.0% (2010-2015) Italian immigrant Salvatore Falabella opened a tailor In 1952, the company became known as Sodimac.
Countrys share in regional GDP: 4.5% (2015) shop. Today, the brand he created is synonymous It entered the home improvement retail space in
Life expectancy 80 years (2015) with department store retailing and also serves
Net foreign direct investment: US$ 9.4 billion (2014) 1988, with the introduction of the Homecenter
Literacy rate of 15-24 year olds 99.1% (2015) US$ 4.6 billion (2015) as the corporate identity of parent company SACI brand. In 2003, Sodimac became part of the
Falabella. This major conglomerate has extensive Falabella retail conglomerate, which just two
Unemployment rate 6.3% (2014) Sources: CEPAL, Comisin Econmica ONU interests across the retail industry including the Mall
6.3% (2015) CEPALSTAT Database and Statistical Publications years earlier had bought out Home Depots
Financial Times Latin America & Caribbean Plaza shopping center brand, the Sodimac home ownership interest in a joint venture established
World Bank improvement brand, the Tottus supermarket brand in 1997. The Homecenter brand now enjoys a
Unesco
as well as financial services offered under the Banco regional presence beyond Chile, with 52 stores
de Falabella brand created in 1998. located in Argentina, Colombia and Peru.

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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

3 4 5 6
PARENT COMPANY Compaa de Petrleos de Chile Copec SA PARENT COMPANY Banco de Chile SA PARENT COMPANY Walmart Chile SA PARENT COMPANY Latam Airlines Group SA
HEADQUARTERS Santiago HEADQUARTERS Santiago HEADQUARTERS Santiago HEADQUARTERS Santiago
INDUSTRY Energy INDUSTRY Banks INDUSTRY Retail INDUSTRY Airlines
YEAR OF FOUNDATION 1934 YEAR OF FOUNDATION 1893 YEAR OF FOUNDATION 1976 YEAR OF FOUNDATION 1929
WEBSITE www.copec.cl WEBSITE www.bancochile.c WEBSITE www.lider.cl WEBSITE www.latam.com
BRAND VALUE US $2,558 million BRAND VALUE US $2,027 million BRAND VALUE US $1,982 million BRAND VALUE US $1,889 million

Copec is Chiles Leading Fuel Brand. Banco de Chile is one of the nations largest full service bank. The Lider supermarket brand is owned by Walmart. LATAM airlines was born out of the joint operations of LAN
and TAM and is now Latin Americas top airline.
Copec has been in existence for 78 years and is Chiles best- Banco de Chile is a commercial bank focused on serving Lider operates 69 supermarkets, as well as 57 smaller
known brand of fuel, with an estimated market share of 62%. individuals and corporations with traditional banking format Express Lider stores. In early 2009 Walmart Stores, The airline provides passenger services to 15 cities in Chile as
The company leveraged its petrochemical expertise to enter products and services; it ranks among Chiles leading Inc. acquired a controlling interest in the Lider brands well as to hundreds of destinations throughout the Americas
the market for lubricants in 1996, where its market share is consumer lenders and originators of mortgage loans. The parent company, Distribucin y Servicios D&S SA. The and overseas. It does so with direct service and through code
estimated to be 40%. To enhance the Copec network of bank operates a branch network consisting of 441 locations following year D&S changed its name to Walmart Chile SA. share agreements with other carriers and its participation in
620 fuel stations, the company created a complementary following the 2011 addition of 25 locations under the banners Under Walmarts ownership the Lider brand has placed an the Oneworld alliance. It also operates a cargo business.
brand called Pronto. Pronto comprises three convenience of Banco de Chile, Banco Edwards-Citi and Banco CrediChile. increased emphasis on everyday low prices in keeping with
store formats where expanded assortments of general the long-standing strategy of its parent company. Growth of The Chilean government established the LAN airline in 1929
merchandise and food are offered at Copec branded Founded in 1893, with the merger of Banco Nacional de as Lan Chile SA. In 2012, LAN merged with top Brazilian
the Lider brand has taken a backseat to Walmart Chiles other
service stations, under the banners of Ciudado, Pronto or Chile, Banco Agricola and Banco de Valpariso, Banco de airline TAM SA to create LATAM Airlines Group SA. With
food formats, Ekono and SuperBodega aCuenta, which serve
Barra. Copec also operates a chain of 200 small format non- Chile became the nations largest privately held bank. The a combined fleet of more than 300 aircraft, the companys
the market with a no-frills and limited assortment offering.
fuel convenience stores under the Punto Copec brand. bank remained privately controlled through the 1970s when aspiration is to become the 3rd largest carrier in the world.
the Chilean government asserted ownership of other Chilean
banks. The banks long history and record of independence
have enabled the brand to associate itself with stability and

7 8
reliability, attributes that were reinforced in 2002 with the
merger of Banco de A. Edwards and again in 2008 with the
Banco de Chile and Citibank Chile merger.

PARENT COMPANY S.A.C.I. Falabella PARENT COMPANY Cencosud SA


HEADQUARTERS Santiago HEADQUARTERS Santiago
INDUSTRY Retail INDUSTRY Retail
YEAR OF FOUNDATION 2002 YEAR OF FOUNDATION 1900
WEBSITE www.tottus.cl WEBSITE www.paris.cl
BRAND VALUE US $810 million BRAND VALUE US $777 million

Tottus, a network of supermarkets and hypermarkets, Paris is the second largest department store brand in Chile,
was established in Peru in 2002, as part of the Falabella where it operates 36 stores in leading shopping centers.
group. In 2004, Falabella acquired a local supermarket
chain in Chile, called San Francisco, which it renamed Paris appeals to shoppers with a differentiated product
Tottus, bringing the brand to Chile. With 41 sites in Chile assortment that includes brands from well-known designers,
and 34 in Peru, the Tottus chain includes different formats complemented by a range of well-established proprietary
supermarkets, that sell traditional categories of food brands in key categories such as apparel, home ware and
and personal care product, and hypermarkets, that offer electronics.
durable goods, appliances, electronics and home ware.
Spanish entrepreneur Jos Mara Couso established the
Paris brand in 1900 with the opening of the Paris Furniture
store. In 1950, the name changed to Almacenes Paris and in
2005 the companys name was shortened to Paris following
an acquisition by retail conglomerate Cencosud. To enhance
its competitive positioning in recent years, Paris has sought
to project a more modern and stylish image that appeals to
younger shoppers. The brand expanded its presence to Peru
in 2015 with the opening of its first store outside of Chile.
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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

9 10 12 13
PARENT COMPANY Ripley Corp SA Y Subsidiarias
PARENT COMPANY Parque Arauco PARENT COMPANY Entel Chile S.A PARENT COMPANY Compaa de Cerveceras Unidas
HEADQUARTERS Santiago
HEADQUARTERS Santiago HEADQUARTERS Santiago HEADQUARTERS Santiago
INDUSTRY Retail
INDUSTRY Retail INDUSTRY Communication Providers INDUSTRY Beer
YEAR OF FOUNDATION 1956
YEAR OF FOUNDATION 1982 YEAR OF FOUNDATION 1964 YEAR OF FOUNDATION 1902
WEBSITE www.ripley.cl
WEBSITE www.parquearauco.cl WEBSITE www.entel.cl WEBSITE www.ccu.cl
BRAND VALUE US $570 million
BRAND VALUE US $679 million BRAND VALUE US $664 million BRAND VALUE US $520 million

Ripley operates 39 department stores in Chile and is one of Cristal is the leading beer brand from Chiles largest brewer.
Parque Arauco was founded 32 years ago and is the Entel is one the biggest providers of telecommunications in the major companies within the retail sector in Chile.
third largest shopping mall company in Chile. In the Chile and has been operating here for more than 50 years.
The Cristal brand has been a market share leader in
last four years the companys revenues have shown Ripley stores sell apparel and household products. The Chile for the past 20 years thanks to heavy and consistent
a huge growth of 73%. The company has ambitious Entel offers mobile services, outsourcing IT and call centers, company also operates a financial services arm that offers advertising support that positions Cristal as a Chilean
international plans to add to its current portfolio of operating in Peru through its subsidiaries: Entel Peru, credit cards. brand. It is regarded as the flagship brand of Compaa de
27 shopping centers in Chile, Peru and Colombia. Americatel Peru and Servicios de Calle Center Del Peru.
Cerveceras Unidas (CCU).
Brothers Lazaro and Marcelo Caldern founded Ripley,
In 1964, Empresa Nacional de Telecomunicaciones S.A was opening their first department store in Santiago in 1956. The The origins of the Cristal brand date back to 1850 when
created to provide telephone and telegraph services. In brand began expanding outside Santiago in 1986. Originally Chiles first brewery was opened in Valparaso by don
1993, it broadened its scope with the creation of Americatel focused on serving low-to-middle income customers, Ripley Joaqun Plagemann. It later merged with other brewers and
Corp to provide services abroad. In 2000 the company has broadened its appeal to more affluent shoppers during in 1902 became Compaa Cerveceras Unidas SA. In 1992,
created Entel call centers, expanding the services to Chile the past 15 years. In 1997, Ripley expanded to Peru where it the companys shares began trading on the New York Stock
and Peru. In 2008 it formed an alliance with Vodafone, now operates 16 stores, 11 of which are located in Lima. Exchange under the symbol CCU.
and in 2010, it acquired the Transam company. 2012
saw expansion of its services into internet and cable TV.
Last year, Entel was in the Top Ten ranking for corporate

11 14 15
reputation in the telecommunications sector.

PARENT COMPANY Cencosud SA PARENT COMPANY BBVA Group PARENT COMPANY Banco de Crdito e Inversiones
HEADQUARTERS Santiago HEADQUARTERS Santiago HEADQUARTERS Santiago
INDUSTRY Retail INDUSTRY Banks INDUSTRY Banks
YEAR OF FOUNDATION 1976 YEAR OF FOUNDATION 1981 YEAR OF FOUNDATION 1937
WEBSITE www.jumbo.cl WEBSITE www.provida.cl WEBSITE www.bci.cl
BRAND VALUE US $575 million BRAND VALUE US $394 million BRAND VALUE US $288 million

Jumbo was the first hypermarket in Santiago in 1976. Three The Pension Fund Administrator Provida (Provida AFP) was The bank offers a full range of financial services and is one
years later it became Chiles first hypermarket chain with the founded in 1981 and is the leading manager of pension of the few banks that remained private during Chiles period
opening of its second location. funds in Chile, operating across 59 branches nationwide. of nationalization.
The main business of Provida AFP is the management of
The chain was founded by a German, Horst Paulmann, individual capitalization accounts and the provision of life Since 1984, Bci has relied on the positioning statement, We
for whom Jumbo served as a steppingstone in building and disability benefits, such as retirement pensions. In are different, reinforcing its identity with a distinctive and
the parent company Cencosud. Today, this is one of Latin October 2013, the company was acquired by MetLife Inc., colorful logo. The bank was founded in 1937 in Santiago
Americas dominant retail holding companies. from Banco Bilbao Vizcaya Argentaria S.A. (BBVA). and in 1956, Bci opened its first branch in Valparaso. In 1987
the bank created its first subsidiary, Bancrdito Securities
There are now 32 stores operating under the Jumbo brand SA Agent. In 1999, the first international branch opened
in Chile, including 13 in the Santiago area. The company uses in Miami. Bcis range of service offerings, and presence
large format stores that average around 8,250 square meters. throughout Chile with 300 offices, has seen it retain its
Cencosud uses the Jumbo brand for some of its hypermarkets position as one of the nations most important banks.
outside of Chile, particularly in Argentina. The brand offers
shoppers a broad assortment of merchandise at low prices,
backed by a double guarantee, which allows dissatisfied
customers a choice of a refund or double the quantity of a
comparable item.

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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Three turning
The natural flow of culture, together with the permanent
movements that define it, are the most important source
of trends for anyone willing and able to listen.

Here we define three territories where the brands face


the challenge of moving and growing. They are not the
only three elements, but those most strongly apparent.

points in Chile
1. Multicultural context
Chile today is not the country it used to be. An
emerging feature in our culture that will cause the
2. Digitalized reality
largest change in the medium and long term is the
addition of a significant number of foreigners and A second force that will strongly change our daily lives
their habits to our daily life. is digitization. Government data reveals 13.1million
Internet users and that 80% of navigation is via
In Chile, there is a tradition of colonies and an
smartphones; Chile is becoming digital and heavily
important history of immigration just looking
mobile. Thus, we will see changes in the way we work,
at the South of Chile or the city of Antofagasta
in how we relate and, clearly, in access to information.
brings a view of the myriad colonies settled in
the last century. Today we see that, as a result of This change will push brands to integrate
economic improvements, there is a second round communication strategies and formulas for evaluation,
of immigrants from Peru, Haiti, Colombia and other
In order to understand the context of todays neighboring countries. These immigrants are settling
that consider not only indicators of memorability
and scope, but strong engagement measures and
brands movement in Chile, I will begin by in our country and generating the expansion of our indexes of real business conversion. Likewise, brands
environment, where multiculturalism becomes a must complement traditional measurements with
establishing the underlying principle of my central feature of our cultural reality. new ways of assessing that take into account this new
essential argument: brands are in themselves pop This means that successful brands will need to study
communication structure present in the digital age.

culture, becoming active agents in the generation not only these new groups of customers, their habits
and integration patterns, but also assess the impact
3. A new social contract
of commercial, social and symbolic wealth. The of their penetration into the national life and culture in Finally, the third force in Chile is the need to
general. Thus, the analysis of the changes brought by establish a new social contract between people
definition of current Chilean culture and how brands VICENTE VALJALO this new reality in our subjectivity is critical for brands and institutions. Lack of transparency and honesty
are articulated in that context becomes a necessary CEO,
J. Walter Thompson Chile
to become a fundamental part of that subjectivity. has created audiences that adhere less and less to
traditional sources of power. The shortcomings that
analysis if we want to insert products and services Vicente.Valjalo@jwt.com corporations have shown in the clarity and certainty
they give to the public
significantly and truly into the national market.
both in Chile and in the world make public opinion
suspicious of them as valid and reliable sources of
information.

Thus, there is a new structure, opinion leaders,


present through blogs and web sites where traditional
power has no influence. This new sphere of opinion
generation is fundamental when creating brand
adherence. The challenge lies in innovation in
the creation of new structures of relationship with
Vicente holds a degree in Advertising
audiences. This new contract must strengthen
and Psychology, a Masters in Media and
honesty, transparency, and the symmetry between
Communications from the London School
of Economics and Political Science as well brand and audience.
as a PhD (ABD) in Philosophy from the
European Graduate School.
An attitude that is not true and that does not consider
- as fundamental axis respect and appreciation for
He started his career in advertising customers, is not viable. Seeing customers as human
as an intern at J. Walter Thompson beings to whom the company relates, and on whom
Chile in 1980 then followed a period of its survival depends, is crucial to the companys
academic growth overseas specializing in sustainability. The new contract between customers
Psychology and Psychoanalysis. Back from and companies wants everybody to get the same
London, Vicente worked as an Account benefit from the relationship.
Planner at APL Lintas and other agencies.

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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

With more than 20 trade agreements connecting it to


over 50 countries around the world, Chile has established
itself as one of the economies with the highest
disposition to global commercial openness. Since its
first trade agreement, signed with Canada in 1997, to
the last one, signed with Thailand last year, the Chilean
government has sought access to countries in all four

The rise of the


corners of the world. This trade policy has allowed brands
from the most varied origins and categories to enter the
Chilean market to compete. They have found a more and
more sophisticated consumer, hungry for new brands
and experiences, with a relatively high income against What are the reasons behind these dynamics? First,
the Latin American average. It constitutes a territory that, the nature of the ranking. The Top Chilean Brands
despite its relatively small population, can represent an ranking is characterized by being significantly made
important business opportunity for any brand willing to up of retail brands, which influences the expansion

trans-regionalist
make the right bet. patterns we see. In this category, expansion has
taken place in geographically close places, due to
the dependence on operative factors.
AHEAD OF THE CURVE Brands such as Falabella, Sodimac, and Ripley have
However, there is another side to this story that sought to expand their operations to other countries
of Chilean brands going abroad, searching for within the region, leveraging the experience
opportunities in other places. A quick view of the acquired in the potentially hardest retail ecosystem
BrandZ Top 15 Most Valuable Chilean Brands reveals in the region. The experience of these brands has
some of the great Chilean brands that have seen the allowed them to achieve, in a relatively short period
opportunity to operate outside their countrys borders. of time, a place within the new markets where
A closer analysis enables us to identify an important they compete, through robust shop and brand
feature in them: in contrast with other major international experiences. Likewise, these brands have known how
brands in the region, Chilean brands have been able to to leverage cultural similarities in the region, and
distinguish an opportunity in trans-regionalization, and investigate what makes the differences, so as to be
are becoming specialists in that. able to create powerful bonds with their consumers.
Isolated by a mountain range to the East, the
Pacific Ocean to the West, a desert to the TAKING FLIGHT
North, and a maze of lakes, fjords, forests Now, it is not only retail that is expanding and
looking beyond the borders of their country
and glaciers to the South, it would be easy to of origin. Another important case of trans-
ROBERTO ROJAS say that Chile is one of the countries with the regionalization is LATAM, which in the past few
Senior Research Executive, Firefly Practice months has joined two important Latin American
Kantar Millward Brown most marked natural borders in the world. brands, merging them into what aspires to become
Roberto.Rojas@mbvermeer.com one of the most important carriers in the world. This
Prior to joining Firefly, Roberto was part of brand seeks to align all their points of contact and
the consultancy team at Kantar Vermeer in Although it is true that for a long time brand efforts to turn this vision into a reality.
Mexico City.
these geographical conditions significantly With a relatively small population pool, Chilean
champion brands have sought success in other
He has worked alongside clients in industries
that span from luxury to FMCG in projects
restricted interaction between Chile and places, and their sophisticated practices have
ranging from brand architecture, positioning even its closest neighbors, Chile has sought managed to generate impact in the markets they
and advertising evaluation to full-on entered. How will they be able to maintain this
marketing mix adaptations for entries into more and more to connect with the world steady growth? They will have to face important
different Latin American markets.
surrounding it, recognizing the opportunities adaptations to their Chilean business model, so
that they can compete in other markets, like the
He holds a BA in International Business from
Mexicos ITESM and is currently pursuing a that trade abroad represents. Peruvian and the Colombian markets. For despite
Masters Degree in Strategic Communication their closeness, they show important differences that
at Chiles Pontificia Universidad Catlica. might have an impact on the path towards bonding.

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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Brand
environments and
ecosystems in Chile
The Brand Z Top 100 Most Valuable Global Brands is not only
LEADING BY EXAMPLE
the worlds largest brand database, but also an important source of The top 15 Most Valuable Chilean brands are good
information on brand management. Showcasing the Top 100 most illustrations of branded ecosystems which they have
learned to leverage to generate value for their customers.
valuable global brands within the same ranking makes it a useful tool for Consider Falabella, Tottus, Sodimac and their sister
marketers all around the world, who can use it to learn about strategies brand CMR. These brands, pertaining to the Falabella
Holding, have managed to generate a well-known brand
or trends working in other categories or geographies, and discover how ecosystem in Chile, by creating promotions that are
relevant to consumers in their purchase decision and their
this can generate value for their own consumers or business. deployment of financial tools.

The power of these branded ecosystems has been


so great that they have even had an impact on the
way Chileans establish relations with almost all other
Its been several years since great brands within services, demanding more and more tangible things
the Top 100, such as Facebook and Google, of practically every brand. In addition, this model is
demonstrated the importance of branded successfully spreading to other countries in the region, for
ecosystems: ecosystems formed by brands engaging it is now understood that a relationship in which everyone
consumers and generating value based on synergies. wins generates a high predisposition to purchase.
Think about Alphabet and how it now owns and helps For instance, Cencosud is encouraging this model in
run YouTube, Google+, Google Search, Android, Colombia, and Falabella in Peru. These two cases are
Google Play, Google Maps, and so on, or Facebook reshaping loyalty in the region, for consumers not only feel
and how it integrates Messenger and Instagram to its they are winning, but are actually getting something more.
platform, where it could also introduce WhatsApp.
CAROLINA VEGA ROBERTO ROJAS The short- and medium-term outcome of these
Account Director, Senior Research Executive, Firefly Practice What these brands seem to have learned and now strategies is clear to everyone, especially in times of
Kantar Millard Brown Chile Kantar Millward Brown exploit is how to create brand networks, with contracting consumption, in which any benefit makes
Carolina.Vega@millwardbrown.com Roberto.Rojas@mbvermeer.com consumers generating value at different points the difference to what the consumers choose. We have
of contact. The network is also used to trap sound evidence that long-term benefits are associated
consumers in an ecosystem they dont feel it is worth with an emotionally positive connection with brands that
Carolina holds a degree in Sociology and a combined Prior to joining Firefly, Roberto was part of the consultancy team getting out of, given the benefits they get while cultivate an ecosystem, as consumers can see in them the
academic and market research background. She has taken at Kantar Vermeer in Mexico City. He has worked alongside clients being there. We might see this as the next step in a endorsement of an ally allowing their access to goods
part in projects across the Latin American region, coordinating in industries that span from luxury to FMCG in projects ranging well-implemented brand architecture, where different and services in more favorable conditions that would
multidisciplinary teams in subjects such as public opinion, from brand architecture, positioning and advertising evaluation to points of contact do not only coexist but also interact. otherwise be too complex to achieve.
education and economic competitiveness. She has been an full-on marketing mix adaptations for entries into different Latin
Account Director at Kantar Millward Brown Chile since 2007. American markets. He holds a BA in International Business from
Mexicos ITESM and is currently pursuing a Masters Degree in
Strategic Communication at Chiles Pontificia Universidad Catlica.

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THOUGHT LEADERSHIP

E-commerce: Undoubtedly, the use of digital devices


has been gaining significant traction
in how people spend their time.

The new rules


Whether logging-in to social networks
and messaging, or searching for
entertainment or information, virtually
everything today begins with an online
contact. This is significantly enhanced in
millennials, who today set the trend for
the things that tomorrow will become
habits. They show a strong tendency In this context of multiple channels of

ofthe
to complement the online and the contact with consumers, the online and
offline worlds, sometimes choosing offline worlds coexist, complementing delivering a better benefit: optimizing
the immediacy of social media through each other and making themselves time, facilitating choice comparison,
smartphones and other mobile devices. stronger. This allows consumers to have and mainly offering better prices than
a more all-encompassing experience the offline offer. LAN became leader by
According to Kantar TNS Connected with brands according to their needs developing digital consumers in Chile.
Life , the percentage of Internet and beyond the physical limits of a
users in Chile is one of the highest shop: they can search for information, Another business that has also worked

game
worldwide (80% via smartphones). This compare prices and characteristics, well in the digital arena is BCI Bank,
With the ever-growing number of is almost comparable to the level of and finally purchase from the channel which is renowned as an innovator in
penetration in developed countries, they find most convenient. Falabella. local banking, leveraging its positioning
touchpoints reaching consumers, and way above the global average. com has really understood this. Besides as a different bank in the digital
Additionally, Chile has great access being one of the brands with the
and an amazing chance to market to credit, either through banking or highest development in e-commerce in
environment. It has been the first to bet
on mobile apps customized according
products, leading brands to payment opportunities offered by Chile, it has been recognized for three to consumers profile, offering solutions
retailers. These features make Chile a consecutive years as the best website in tailored for each consumer.
good results has become an fertile land, with a really high potential Latin America. Falabella has understood
for the development of e-commerce
increasingly difficult challenge. without barriers. Only Brazil is above
that its online channel multiplies
STRENGTHENING
opportunities, setting the trend for the
us regionally, with 65% of the regions development of electronic commerce
e-commerce. in Chile. CONNECTIONS
The main challenge is to understand
IN THE ZONE FORWARD TRAVEL how connectivity has changed
consumers behaviors and how to
In this shaping environment, it is We know that e-commerce has mainly develop brand content and strategies
crucial for brands to start considering developed in product categories with a that appeal on all levels and that
these media as a new platform with long lifecycle, such as travel, technology can turn every contact between
particular features, and focusing their and finance. For example, travel is the consumers and brands into a useful and
marketing strategy on the online world. most developed category for online memorable experience.
It is here that Chilean Internet users purchase in Chile. Almost the same
spends a daily average of six hours, behavior is seen in all Internet users, Finally, it is most important to learn to
connected via different devices (54% irrespective of their age, sex or socio- play by new rules, for the online space
of the time mobile ones, with a strong economic realm. Those who travel buy tends to democratize the asymmetric
CAROLINA LIVACIC FEDERICO DI NENNO predominance of social media and online. Why? Because they save money power relations that have historically
Director Client Management, Director Accounts, messaging). Another point to keep in and have more available information to regulated the market. On the one hand,
Kantar TNS Kantar TNS mind is that the challenge for brands compare choices. So consumers feel consumers face brands with much
Carolina.Livacic@tnsglobal.com Federico.DiNenno@tnsglobal.com is larger than in offline channels, since more information and demands, and
they are more in control.
Internet users spend their time in a on the other, smaller players are now
Carolina has a degree in Sociology and another in Federico studied Social Communication Sciences at
Customer Intelligence, both from Universidad de the University of Buenos Aires. He has been working in space where they have more control LAN (now LATAM), is still the main travel competing with large brands in fairer
Chile. With more than 13 years of experience in the market research industry since 2004 for different over what they consume. A simple player, not only in Chile but now in Latin conditions than ever before. In this
Quantitative Research Methodologies, she has taken international companies. For the last seven years he has click allows them to incorporate America. It has played a fundamental context, there are great challenges but
part in projects across several categories, specializing been at KANTAR TNS, where he is in charge of both something into their consumption, or role in tilting the balance towards also great opportunities that Chilean
in Retail, Telecommunications and FMCG. local and international accounts. make communications in their screen e-commerce, inviting consumers to and Latin American brands can and
disappear. modify their purchase habits. How? By should use to their advantage.
She has led, amongst others accounts for key players He has focused his professional development in FMCG
in the retail, telcos, financial institutions as well FMCG in the Consumer & Retail Division. Federico has taken
in Chile. Carolina joined KANTAR TNS in 2010, taking part in different projects such as CPTs, U&As and
over the direction of the Retail & Shopper division. New Product Launches for global and local brands in
categories such as tobacco, alcoholic drinks and FMCG.

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CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Bricks, clicks,
Internet penetration clocks in at 78% of
the population, with smart technology ONLINE WINDOW SHOPPING
and mobile penetration equally robust Abundant and easier than driving
at 80%*. Age distribution is strongly to the mall. Social influencers,
Millennial young as it is throughout blogs, and YouTube offer an array of

and a global omni-


Latin America. However, well-developed recommendations and examples of what
health services and consumer healthy to buy and how to enjoy it.
lifestyle interests are supporting a
growing mature population. This
presents a multi-dimensional shopper OMNI-BORDER SHOPPING
profile that plays out across several Retailer expansion across borders and

shopping experience
dimensions, including: Turi-shopping support growth of the
large corporate retail interests. Cencosud
HOME CENTER DIY and Falabella retail giants have expanded MICRO-CONCENTRATION OF
The suburban sprawl around
through the region, with brick and click
shopping options. Favorable economic THE BUSINESS OPPORTUNITY
metropolitan Santiago over the wine and currency factors have drawn The majority of consumers live in
vineyards of 10 years ago is now coupled shoppers to Chile from neighboring Santiago where they shop in four main
with on-going seismic disturbance from countries. areas/centers. Antofagasta is the second
unbelievably beautiful volcanic mountain
city where old money and new money
topography. This trend has supported
the growth of the home center retail DIGITAL FORWARD come together from the riches of
mineral mining business. Valpairaso and
trade in Sodimac, the SACI Falabella
Chiles retail sector is developed and expanding throughout the region. asset that has expanded in Chile and
Electronics expansion favor continued Via del Mar are a short drive over the
growth in e-shopping and online retail mountains to the coast. Micro targeting,
Despite economic and political uncertainty, the prospects are for growth beyond to Argentina, Uruguay, Peru, trade, despite challenges in delivery, by geography and by contextual interest,
Colombia and Brazil. distribution and credit card penetration.
of merchandise offers and shopper communities. The foundation is is available for directing communication,
especially in online and OOH and/or
strong in terms of overall technology acumen and the inevitable IoT like MILLENNIAL MOMS A CONSERVATIVE LEGACY sponsorship of venues/events.
mobile devices, democratization of Facebook and social media sharing, A smaller core group than in larger WITH ENTHUSIASTIC
and the aspiration of consumers and corporate retailers.
neighboring countries, but on average
SOCIAL PRESENCE A HIGHLY ADDRESSABLE
more affluent, technology active and
definitely not the traditional ama de casa. Chileans tend to be conservative MEDIA MARKET PLACE
with a strong sense of what is socially Chilean consumers are among the
HEALTHY LIFESTYLE responsible that plays out enthusiastically
in social media. They spend leisure
most connected consumers in Latin
America, and offer a variety of discrete
Proximity to a splendid panorama of time at home and in private settings. but aspirational channels for retail. Video
mountain and water sports venues and Family and friends are a central thread formats are very well received, and
a developed palate for wine and food in consumer lifestyles. When away from consumer generated content abounds.
create a vast opportunity for specialty home; entertainment, special events and This, coupled with an active online
retail. venues are popular Via del Mar, sports influencer/follower outreach landscape,
events and family shopping outings. creates the opportunity to hyper-target
ARTISANAL INTEREST These provide consumer context for retail
shopping responses as well as providing
prime prospects.

Wine, design, technology, and a venues where brands can become part of Basic economic stats are favorable,
favorable export climate build on a the consumer experience. amongst the best in the LatAm region,
CYNTHIA EVANS
heritage of higher education to produce showing more stability in the face of the
Director of Insights,
a vibrant specialty and artisanal retail
GroupM Latin America
Cynthia.Evans@mecglobal.com community, off and online. SPECIAL SHOPPING EVENTS prevailing economic uncertainty. The
retail sector is strong, despite these
Cyber Day, Cyber Monday, Black Friday, economic headwinds; more brands
Cynthia Evans is the Latin America Director of Insights
for GroupM. She has experience in quantitative business
CONVENIENCE Cyber Week and other similar events are arriving in Chile, and more retail
establishments opening.
have been institutionalized and now
analytics, communication strategy, and research in the offline Female workforce participation, represent key milestones of retail activity
and online space, and global experience in FMCG, food and professional development, and a growing during the year. Sales on these days are To sum up, Chile is business-friendly
beverage, automotive and entertainment categories. number of two-working-parent families and brands are increasingly part of a
impressive, surpassing by a wide margin
support a consumer need and desire for the previous year, (year after year), to varied and sophisticated consumer
In her current position, Cynthia brings insight and strategic convenience. Family food solutions have identity a professional look, the
planning to the communication investment function for the the point of creating queues online.
benefited. E-shopping groceries for pick- The best products sell out quickly, its best technology, a well-dressed home,
Latin Americas. She has previously held sales and marcom
research positions in the US general market across agencies,
up on the commute home or delivery a madness. Retailers online sales far suitable car, well-educated children and
advertisers, and research suppliers. have been available in the market for exceed brick and mortar during these so on. Chile is open for business, both
several years. Eat-in, take-out, and event periods. through bricks and mortar and via clicks
Cynthia holds an MBA from Northwestern University Kellogg delivery restaurants are also active. online.
School with a concentration in quantitative business analysis
and marketing science. *2015 Kantar TGI syndicated research

92 93
Colombia
COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW & KEY FACTS

Adapting
to change Undoubtedly, 2017 and the coming years
represent a big challenge for brands. How
can they get the attention of consumers and
be significant to them amidst such a volatile
environment? How can brands engage
consumers with a reduced purchase power,
After several years of a
growing economy and an On the one hand, it was a year of
when they are worried about their immediate
future, and distracted by so many issues? BRAND VALUE
good economic growth, progress in
optimistic environment in the the peace process, and infrastructure Today, Colombian brands need to find Total Value of Colombian Brands
development. On the other, it was also a a purpose that is relevant to todays
country, 2016 was a year when year impacted by the fall of oil prices, the Colombians, one that helps consumers US$ 1.3 BILLION
uncertainty about the future Boy Phenomenon, which influenced the make their lives better and easier. Brands
Brand Value Change 2015 2017
internal dynamics, border problems with need to give consumers reasons beyond
began to show in Colombians. our neighbors Ecuador and Venezuela, and
the sharp increase in the price of the dollar.
functional needs, to make sure their brand is
chosen over the competition -48%
Source: Kantar Millward Brown and BrandZ
Economic growth (GDP) was 3.1% in 2015,
a figure below the goal set by the national
bank 3.6% but above the average
growth of Latin American countries.
Commerce and the public sector
(infrastructure works) benefited from this
dynamic. KEY FACTS
While the economy grew, inflation did too.
There had not been such a high inflation
level in the country (6.77%) since 2008.
This generated an atmosphere of mistrust Capital City
Federal
Bogot Distrito
Annual GDP at Current Prices
among consumers, and an apparent
CAROLINA SOLANILLA reduction in their purchase power. In 2016, Currency Colombian Peso Total at current prices: US$ 292 billion (2015)
CEO Colombia, this showed in the fall in the volumes of GDP per capita (annual dollars): US$ 6,056 (2015)
Kantar some goods and a lower frequency of Area 1.14 million km2
Carolina.Solanilla@millwardbrown.com visits to retailers. Population (THOUSAND) 48,230 (2015) Growth rate: 3.1% (2015)

Population growth rate (ANNUAL) 0.9% (2010-2015) Countrys share in regional GDP: 4.9% (2015)
Carolina began her career in market research at Nielsen This is when uncertainty began getting
Colombia over 14 years ago. After this, she became hold of Colombians, reducing consumers Life expectancy 75 years (2014) Net foreign direct investment: US$ 12.4 billion (2014)
the brand manager for Atun Van Camps in Colombia. trust and their willingness to buy durable US$ 7.5 billion (2015)
Years later she worked as Latin America Media Director Literacy rate of 15-24 year olds 98.7% (2015)
goods. Sources: CEPAL, Comisin Econmica ONU
for McDonalds at OMD Latam and later she held the
position of brand manager of Red Bull for South America, Unemployment rate 10.1% (2014) CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
Andean region and Central America & Caribbean. In addition to this, there was political 9.2% (2015) World Bank
pessimism, a polarization of opinion Unesco
Carolina joined Kantar Millward Brown in 2013 as VP surrounding the peace process, and
of Client Management in Colombia and she is now constant speculation concerning the price
Managing Director. of the dollar.

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 20 MOST VALUABLE COLOMBIAN BRANDS 2017

BRANDZ TOP 20 MOST VALUABLE 1 2


COLOMBIAN BRANDS 2017 PARENT COMPANY Grupo Bavaria (SABMiller) PARENT COMPANY Grupo Bavaria (SABMiller)
HEADQUARTERS Bogot HEADQUARTERS Bogot
INDUSTRY Beer INDUSTRY Beer
YEAR OF FOUNDATION 1913 YEAR OF FOUNDATION 1930
WEBSITE www.cervezaaguila.com WEBSITE www.cervezapoker.com
Brand Value Brand Brand Value Brand
Brand Brand BRAND VALUE US $3,486 million BRAND VALUE US $2,132 million
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

3,486 3,672 5 -5% 333 688 3 -52% guila was founded in the city of Barranquilla and the Poker is the largest selling beer brand in Colombia.
1 11 origins of this beer can be traced back to 1913.
Beer Airlines It was first brewed in Manizales in 1929 and soon spread to
Initially guila was founded by Bavaria S.A., a Colombian the Coffee Zone and then the Valle del Cauca, becoming
company acquired in 2005 by SABMiller. A cultural icon, the the lead brand in western Colombia. In 2004, Pker began
2,132 2,436 4 -12% 329 997 2 -67%
2 12 brand has sponsored the Colombian national soccer team in a program of national expansion, entering Bogot and the
Beer Banks
every category for over 17 years. It is also recognized for its center of the country and achieving rapid growth. A line
Aguila girls and recently for its non-alcoholic variety: guila extension in 2011 saw the launch of Pker Ligera, a beer with
Cero. The brand is also known as the official sponsor of joy. less alcohol, aimed at expanding consumption occasions.
851 3,476 5 -76% 319 2,198 4 -86%
3 13 In recent years, Pker has been known for its messages
Banks Banks of confidence and positive attitude towards friends, even
creating the Pker friends day, a special day each year to
796 1,039 3 -23% 271 1,867 3 -86% share with friends and celebrate with a good beer.
4 14
Communication Providers Banks

693 905 3 -23% 266 351 1 -24%


5 15
Communication Providers Industry

NEW

3 4
618 695 4 -11% 264 - 3
6 16 ENTRY
Beer Beer

609 714 4 -15% 251 402 5 -37%


7 17
Retail Food and Dairy
PARENT COMPANY Bancolombia SA PARENT COMPANY UNE Telecomunicaciones
HEADQUARTERS Medelln HEADQUARTERS Medelln
554 2,017 1 -73% 236 377 5 -37% INDUSTRY Banks INDUSTRY Communication Providers
8 18 YEAR OF FOUNDATION 1945 YEAR OF FOUNDATION 2006
Energy Food and Dairy WEBSITE www.grupobancocolombia.com WEBSITE www.une.com.co
BRAND VALUE US $851 million BRAND VALUE US $796 million

499 1,636 4 -69% 215 343 5 -37%


9 19
Banks Food and Dairy
Bancolombia is the largest commercial bank in Une is a public company headquartered in Medelln,
NEW Colombia and one of the biggest in Latin America. founded in 2006.
403 644 5 -37% 131 - 4
10 20 ENTRY
The bank was founded in 1945 and is headquartered EPM (Unidad de Negocios Estrategicos) controls the
Food and Dairy Retail in Medelln. It belongs to the group SURA and is part company with 51% share, the other 49% is held by Millicom
Source: Kantar Millward Brown and BrandZ of Grupo Empresarial Antioqueo. The bank has more International Cellular (a Swedish digital solutions company).
Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest. than 8.1 million customers, a branch network of 779
Bancolombia branded locations and 2,876 ATMs. The The main business of the company is to provide
bank employs around 27,000 people. telecommunication services including fixed, local and
long distance calls, wireless and digital television services.
Shares of Bancolombia have traded on the New York UNE aims to offer the ultimate in diverse technological
Stock Exchange since 1995 when it became the first solutions for large, medium and small businesses, as well
Colombian company to enter the US market. The bank as individuals and families.
is a Multilatam company with presence in El Salvador,
Peru, Puerto Rico, Panama and the Cayman Islands.

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

5 6 9 10
PARENT COMPANY Banco Davivienda SA PARENT COMPANY Nutresa Group
PARENT COMPANY Colombia Mvil SA ESP PARENT COMPANY Grupo Bavaria (SABMiller)
HEADQUARTERS Bogot HEADQUARTERS Medelln
HEADQUARTERS Bogot HEADQUARTERS Bogot
INDUSTRY Banks INDUSTRY Food and Dairy
INDUSTRY Communication Providers INDUSTRY Beer
YEAR OF FOUNDATION 1972 YEAR OF FOUNDATION 2001
YEAR OF FOUNDATION 2006 YEAR OF FOUNDATION 1904
WEBSITE www.davivienda.com WEBSITE www.pietran.com.co
WEBSITE www.tigo.com.co WEBSITE www.pilsen.com.co
BRAND VALUE US $499 million BRAND VALUE US $403 million
BRAND VALUE US $693 million BRAND VALUE US $618 million

The Davivienda brands presence in the market consists of a Pietrn was launched in 2001 and is
The Tigo brand was launched in 2006, but its origins date back Brewed since 1904, Pilsen is the leading beer brand
network of 743 bank branch locations in 176 cities, 2,000 ATMs owned by Zen
two years earlier to when UNE Telecomunicaciones SA ESP in the Antioquia region.
and Empresa de Telecomunicaciones de Bogot ETB SA ESP, and nearly 15,000 employees serving 6.6 million customers.
The company specializes in the premium
created Colombia Mvil to offer services under the Ola brand. Pilsen is the official sponsor of the Festival of Flowers
The brand was founded in 1972 as the Corporacin segment of the category of lean meats.
in Medellin and is part of the customs and traditions
Colombiana de Ahorro y Vivienda and initially operated A key competitive differentiator is that
The brand name changed from Ola to Tigo, a condensed of the region. It is promoted as a beer for sharing.
as a savings and loan provider under the brand name its products contain 25% less sodium.
version of the Spanish word contigo (with you), following
acquisition of a majority position by Luxembourg-based Coldeahorro.
Millicom International Cellular SA, in 2006. The company then
The brand identity changed to Davivienda in 1973 when it
merged with UNE EPM Telecomunicaciones S.A., Millicom
adopted a distinctive logo known as La Casita Roja (little red
Spain Cable S.L., EPM and Millicom to offer an integrated
house). In 1997, the Corporacin Colombiana de Ahorro y
package including fix and mobile communication, as well as
Vivienda became a commercial bank and changed its name to
pay TV and internet.
Banco Davivienda SA. Davivienda has operations in Panam,
As the countrys third largest mobile brand, Tigo has nearly Costa Rica, Honduras, El Salvador and Miami and is part of
4.9 mobile customers in Colombia, 80% of whom use prepaid the Sociedades Bolvar holding company.
service. They were among the first mobile operators to offer
their customers pre-paid cell phones and on demand access
to the web.

11 12
7 8 PARENT COMPANY Avianca-TACA Group PARENT COMPANY Grupo Suramericana
HEADQUARTERS Colombia HEADQUARTERS Medelln
INDUSTRY Airlines INDUSTRY Banks
PARENT COMPANY Almacenes xito SA PARENT COMPANY Ecopetrol SA
YEAR OF FOUNDATION 2010 YEAR OF FOUNDATION 1944
HEADQUARTERS Envigado HEADQUARTERS Bogot
WEBSITE www.avianca.com WEBSITE www.gruposura.com
INDUSTRY Retail INDUSTRY Energy
BRAND VALUE US $333 million BRAND VALUE US $329 million
YEAR OF FOUNDATION 1949 YEAR OF FOUNDATION 1951
WEBSITE www.exito.com WEBSITE www.ecopetrol.com.co
BRAND VALUE US $609 million BRAND VALUE US $554 million

Avianca is a subsidiary of Synergy Group in Brazil and is SURA Business Group focuses on two types of investments:
the third largest airline in South America, with more than a strategic (focused on financial services, insurance, pensions,
Founded in 1949 by Mr. Gustavo Toro Quintero in Medellin, Formerly known as Empresa Colombiana de hundred destinations around America and Europe. savings and investment) and portfolio investments, mainly
Almacenes Exito S.A. is Colombias leading retail brand. Petrleos S.A., Ecopetrol is Colombias largest in the processed food, cement and energy sectors.
Formerly known as AviancaTaca Air Holdings Inc., Avianca
petroleum company; it is ranked 39 worldwide
The company operates 470 stores in Colombia and 54 in Uruguay, Holdings history started in 1910 under the name Sociedad Grupo Sura SURA Business Group is listed on the Stock
and in the top four in Latin America.
offering food and non-food products. Some of its stores include Colombo Alemana de Transporte Areo, SCADTA. In 1940, Exchange of Colombia (BVC) and is registered in the
brand names like Surtimax, Home Mart, Disco, Devoto, and Geant Ecopetrol is a vertically integrated oil company the company was integrated with SCADTA and the Servicio ADR program Level I in the United States. It is also the
brands. Besides its core products, the xito brand is leveraged with presence in Colombia, Peru, Brazil and the Areo Colombiano SACO. The first international flights only Latin American financial services organization to be
across a portfolio of businesses that include consumer credit, US Gulf Coast. The companys operations include covered routes to Quito, Lima, Panama, Miami, New York and included in the Dow Jones Sustainability Index. This index
travel agency, insurance, textile and food, e-commerce, gas exploration, production, transport, supply and Europe. In 2009 the company merged with Central American recognizes companies that support best practices in
stations, and shopping center development businesses. In 1998, marketing of its own oil surplus and by-products. carrier TACA Airlines, and during 2010 it formalized a strategic economic, environmental and social issues.
xito began online sales. From 1999, Frances Groupe Casno Ecopetrol stocks are traded on the BVC (Bolsa union which includes Avianca, Tampa Cargo and AeroGal.
acquired an increasing stake in xito, gaining majority control de Valores de Colombia), the New York Stock The company trades on the New York Stock Exchange as
in 2007. xito expanded internationally for the first time in 2011, Exchange, and the Toronto Stock Exchange. ANH, and in the Colombian Stock Market as AVT_P.
when it acquired 52 Casino stores in Uruguay that were operating
under the banners of Disco, Devoto and Gant. In 2013, the brand
launched Movil xito offering mobile phone services including
voice plans, SMS and data.
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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

13 14 17 18
PARENT COMPANY Banco de Bogot PARENT COMPANY Banco Popular SA PARENT COMPANY Nutresa Group PARENT COMPANY Nutresa Group
HEADQUARTERS Bogot HEADQUARTERS Bogot HEADQUARTERS Medelln HEADQUARTERS Medelln
INDUSTRY Banks INDUSTRY Banks INDUSTRY Food and Dairy INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1870 YEAR OF FOUNDATION 1950 YEAR OF FOUNDATION around 1950 YEAR OF FOUNDATION 1952
WEBSITE www.bancodebogota.com WEBSITE www.bancopopular.com.co WEBSITE www.industriadealimentoszenu.com.co WEBSITE www.pastasdoria.com
BRAND VALUE US $319 million BRAND VALUE US $271 million BRAND VALUE US $251 million BRAND VALUE US $236 million

Banco de Bogot is the oldest bank in Colombia, its history Banco Popular is a market leader in consumer loans. Zen is a well-known name in meat production and Doria is the countrys largest pasta brand, with three product
dates back to 1870 when it opened its doors with COP distribution. lines: Pasta Comarrico, Pastas Doria and Pasta Monticello.
$500,000. The bank was established in 1950 as a government owned
institution and began the process of privatization in 1996 Zen began in Medelln in the 1950s, and today is recognized The original company was founded in 1952 and installed its
Since then, the bank has seen steady growth through mergers when entities controlled by Colombian finance magnate for its high technological standards, quality control, unique pulp mill in the former headquarters of Sweets and Pastries
and acquisitions. In 2013, the bank expanded its operations Luis Carlos Sarmiento Angulo acquired the bank. flavor, and for innovating several brands in the canned Papagayo Company in Bogota. The Pastas Doria brand
abroad by acquiring Grupo Financiero Reformador from meats, sausage products and frozen fast foods, among is widely recognized for its mustache-wearing chef with a
Guatemala, through its subsidiary Credomatic International Today, the bank is the seventh largest in Colombia with a others. Today the company has more than 2,500 employees. catchphrase of Ciao bambino which has become the
Corporation, as well as BBVA Panam through its subsidiary network of 184 branches and 925 ATMs. staple slogan of the brand.
Leasing Bogot S.A. Panam. The banks international
operations are run by its own subsidiaries and agencies in
Panama, the Bahamas, Miami and New York. In Colombia
it has around 263 branches. The brand has in recent years
invested in enhancing its virtual channels and modernizing its
communications with clients and stakeholders.

15 16 19 20
PARENT COMPANY Grupo Bavaria (SABMiller) PARENT COMPANY Nutresa Group PARENT COMPANY Almacenes xito SA
PARENT COMPANY Argos Group
HEADQUARTERS Bogot HEADQUARTERS Medelln HEADQUARTERS Envigado
HEADQUARTERS Medelln
INDUSTRY Beer INDUSTRY Food and Dairy INDUSTRY Retail
INDUSTRY Cement
YEAR OF FOUNDATION 1962 YEAR OF FOUNDATION 1960 YEAR OF FOUNDATION 1905
YEAR OF FOUNDATION 1934
WEBSITE www.clubcolombia.co WEBSITE www.chocolates.com.co WEBSITE www.carulla.com
WEBSITE www.argos.com.co
BRAND VALUE US $264 million BRAND VALUE US $215 million BRAND VALUE US $131 million
BRAND VALUE US $266 million

Cementos Argos is a leading brand in the Colombian Club Colombia is a premium lager produced in Colombia Chocolates Jet is a chocolate bar manufactured by The Carulla is a supermarket chain and part of the Grupo Exito.
cement industry. by Grupo Bavaria National Chocolates Company, part of Grupo Nutresa,
headquartered in Medelln. Carulla was founded in 1905 in Bogota by Jos Carulla
With 51% market share, Argos is the fourth largest (SABMiller). There are three sub-types within the brand: Vidal and today has 99 stores around Colombia. Carulla
cement producer in Latin America, the only white cement Dorada, Roja and Negra. The Dorada version gets its The company started operations in 1920 as the Red particularly specializes in fresh products, and promotes its
producer in Colombia and the second largest in the golden tones from the combination of malted barley and Cross Chocolate Company. The National Chocolates ability to meet every day needs.
South-East of the United States. The company belongs to caramel malt with which its made. This beer has been Company is known for being the first industrial producer
Argos Group, founded in Medelln in 1934. The operation enjoyed by Colombians since 1962 and has won three gold of chocolate confectionery and for offering the chocolate
has 388 plants worldwide, with locations that include medals at the renowned Monde selection in Belgium. drink that has been part of Colombian life since the
Panama, Haiti, Dominican Republic and Surinam. Recently 1960s. The company produces 27 brands across
the company entered the Dow Jones Sustainability Index, chocolate snack treats, hot beverages, milk modifiers,
an indicator used to monitor the performance of leading nuts, cereals and baked-goods. It is widely considered to
companies in economic, social and environmental terms. be one of the best companies to work for in Colombia.

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Colombia: Where
During 2016, two major events
happened in Colombia that reminded
me again about that revelation. In one
week Colombians said No to the
chance of ending a war that has been

the unpredictable
hurting us for over 60 years and five
days later our President was awarded
the Nobel Peace Prize. Two very
unpredictable events; while the world
was expecting us to say yes to peace,
we said no. But it was not because
we didnt want war to be over, it was

happens
because we were asking for a complete,
better and more meaningful solution
to our needs. The Plebiscite was a
demonstration that Colombians are not
willing to grin and bear it anymore.

GETTING REAL A MORE THOUGHTFUL USING BRAND


The same situation is happening with CONSUMER POWER FOR GOOD
brands; consumers are demanding
more transparency and engagement According to J. Walter Thompsons This is why brands that understand
and are no longer willing to grin and Intelligence Group, this generation that sustainability goes beyond public
bear problems with the product, of new consumers has high ethical service are far more likely to be the
services or messages that companies expectations from brands, they care ones that will succeed in the near
Nine years ago, during my first job interview I was provide. These shifts in consumer about working practices, political future. As Porter and Kramer remarked
behavior are making our role as issues and companies values. in the 2011 Harvard Business Review,
asked which was the agency of the year according communicators more challenging For them, sustainability is key to Creating Shared Value is the right way
to Advertising Age. My answer was obviously not because we cannot pretend to preferring or rejecting a brand. to build businesses. They argued that
build meaningful relationships with brands can create economic value by
correct because the agency of the year was no consumers if we continue to work under In Colombia, some companies have addressing the social and environmental
approached the worlds issues by problems that are related to their core
agency, it was in fact the Consumer. Despite traditional business models and we
developing eco-friendly credentials, business.
only tackle superficial needs.
the fact that I gave the wrong answer, I got the for example by planting trees or
The Living Planet Report by the helping people in need. This social There is a myriad of difficulties and
job and my career began with this valuable lesson PAULA ANDREA SIABATO
Planner
Worldwide Fund for Nature (WWF) marketing formula worked for a unexpected shifts to overcome with
in 2016, stated that the human race is while, but it did more harm than good Colombias consumers nowadays, and
in expecting the unpredictable. J. Walter Thompson, Colombia
the only one on earth that doesnt live because consumers lost their faith brands have enough economic power
Paula.Siabato@jwt.com
sustainably; we are exploiting natural when they realized that it was mere and influence to do something. The key
resources as if we have an extra planet 'greenwashing' to boost reputation is to solve those issues by using that
at our disposal. We have become or reduce taxes. It would be unfair to power for meaningful purpose.
television watchers, car drivers and say that all companies in Colombia
fast-food eaters. However, there is a are guilty of 'greenwashing', but some I believe that our most meaningful work
new generation that is self-aware of still tackle social responsibility with a should transcend advertising and create
its consumption patterns and wants to narrow scope, since these initiatives something far more valuable for people,
make a change in the world, and not in are not related to the business core solving their real needs and adapting to
Marketing and advertising professional.
a utopian way. and dont create economic value. the unpredictable.
Passionate about brands, communication and
yoga with an MBA in the University of Exeter,
UK focused on sustainable development. J.
Walter Thompson is the worlds best-known
marketing communications brand, has been
creating pioneering solutions that build
enduring brands and business for more than
150 years. It is a true global network with more
than 200 offices in over 90 countries.

The agency consistently ranks among the


top networks in the world and continues a
dominant presence in the industry by staying
on the leading edge. For more information visit
www.jwt.com and follow us @JWT_Worldwide.

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Rebusqueas
the origin of local
brand success
If you look carefully you will notice that we have a
very strong local brand in almost every category
restaurants, fashion, banks, non- and alcoholic
beverages, confectionery, retail and so on. This is
not common in most LatAm markets, globalization
is having some trouble taking over Colombia.

HARD EARNED SUCCESS


History tells us many international brands left
Colombia when times were rough, leaving a lot
of room for local brands. Colombian people are
creative and rebusque is almost part of our
Colombia has lived through local identity. It means finding ways to achieve
things. Hard times forge hard people, resilient,
troubled times, jumping from creative and brave, a perfect environment for
one conflict to the next. Civil early entrepreneurship and family businesses. In
the 70s and 80s when the government was busy
war, guerrilla war and narcos fighting a war against drug cartels led by Escobar,
people decided to fight their own war against
are all words that we want to limitations and fear, and lots of businesses were
leave behind forever. We are born and grew against all odds. Alfredo Hoyos
Mazuera opened a Pizza outlet called Frisby that
working on it, give us some time. is now the biggest fast food restaurant, Yonatan
Bursztyn created Totto, one of the biggest brands
In the meantime, I want to share in the region. Many more were writing their own
some thoughts about how this wonderful stories.

phenomenon might have actively MAURICIO BARRIGA The World Economic Forum has named Colombia
CEO Ogilvy Group, Colombia the international benchmark in entrepreneurship
changed brands in Colombia. CEO Rednet Latin Center because of all the above. Today, Colombia is an
Mauricio.Barrigab@ogilvy.com
emerging market with huge potential, and big and
famous international brands are trying to come
back or enter for the first time. However, the local
established and rising brands are also taking
advantage and are investing hard in innovation
and fighting aggressively to defend their terrain.
Martin began his career 20 years ago, in the JWT Stay tuned and watch.
media department and then moved to work abroad
in other companies, predominantly at MTV LatAm.

After a few years, he returned to Argentina, joining


Mindshare in 2010. As a VP Managing Partner,
Martin focuses on client service and new business.

Since 2014 he has also been the head of the m/SIX


division in Argentina.

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Building strong
How can we sustain consumption
when a countrys economy is uncertain, A QUESTION OF LOYALTY
consumers trust is affected, and they
But, does this affinity translate into loyalty
seek lean consumption in the face of
to the brands? Do consumers prefer these
such a financial scenario?
brands over other variables such as
The challenge for these brands is to more affordable prices in their uncertain

brands in a trend of
satisfy those needs and to emotionally economic situation?
connect with people. In Colombia, what
This loyalty depends on how consumers
consumers value most is the emotional
relate to the industry. There are some
relationship with a brand. This is even
industries with more brand loyalty, such
more important than being well known
as OTC, baby care, and some within food,
or differentiated. Brands are aware of
while there are others lacking loyalty and
what consumers want and need to make

proprietary brands
thus condemned to compete with a wide
them fall in love with them. Brands that
variety of options. Its important to explain
understand these needs, and have a
this because in Colombia there are many
high level of affinity with consumers,
more small brands building their equity
tend to be more powerful.
than global brands. Only one out of every
three brands has a clear and well-defined
equity.

30%
25%
20%
15%
10%
The past few years have marked 5%
the development of the age of 0%
Clean Limited Specialist Star
Aspirational Fighter Generic Iconic Mainstream Outsider
hyperconsumption. There were brands Colombia Global
Slate
Source: Kantar Millward Brown and BrandZ

reinventing themselves through product


innovation, trends implementation, This is why over 60% of brands fail to
win a place in the minds of consumers.
products with a good cost-value
ratio, resulting in brands with a long THE SECRET TO
and seductive advertising. Thus, A fact reflected in fierce competitions
in terms of volume share, and the
history being replaced by these chains
proprietary brands.
SUSTAINABILITY
marketing increasingly encouraged the entrance of new brands with a new retail The challenge is to sustain brand
proposal. According to the LatAm 2017 study
consumption of goods and services, LETICIA NAVARRO TORRES by BrandZ, retailers such as D1
value propositions, and to have more
Head of Client Management - Insights, robust categories so as to avoid the
to the point that today we have Kantar Millward Brown
In the past year, we have witnessed (soft discount) and PriceSmart (hard
commoditization of industries in terms
Leticia.Navarro@millwardbrown.com
accelerated growth in retail chains discount) have the highest potential to
of brand equity. Only those brands
hyperconsumers with hedonistic features. offering their own brands and products keep growing. With its differentiating
with balanced brand equity, offering
to consumers at better prices. This proposition, D1 has quickly achieved its
They are prone to self-indulgence, allow trend has leveraged the opportunity place in Colombian consumers minds
value and meaning for consumers, will
be hard to replace. Likewise, they have
their impulses to drive their choices, Leticia is a graduate in Finance and to connect with consumers by offering and convinced them to buy its food and
to find the way to balance their value
International Relations at the University household cleaners.
seek to fulfill their individuality, and have Externado of Colombia and a
equation, since in a more challenging
economic scenario consumers will be
started to look for emotional benefits postgraduate in consumer psychology. Growth Potential forced to decide whether to stay loyal
to their brands or to look for a better-
generated not only by the brands they Having been with Kantar Millward 80%
70% priced replacement.
Brown since 2005, she has extensive
consume, but by increasingly defined client-oriented experience. 60%
Only the most powerful brands, with
50%
behavioral trends aimed at attaining Leticia developed and led the 40% robust brand equity, will continue to
Storytelling process at Kantar Millward 30% make progress. They will do this by
increased harmony and well-being. Brown Colombia, and is now Head of 20% creating a balance within their offering
Client Management. 10% between emotional affinity and the
0% satisfaction of the needs of consumers
Exito D1 Price Cencosud Almacenes Carulla Olimpica Alkosto Surtimax Makro Colsubsidio
Smart Colombia La 14 at a suitable price.
Source: Kantar Millward Brown and BrandZ

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COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

How brands
help new
However, little by little this market is
becoming interesting; economic growth
is starting to create a middle class
eager to access a glamorous lifestyle,
reflecting success and disruptive of
previous generations.

We are seeing consumers who

consumers
consider opportunities and follow On the one hand, there are brands that
new consumption rationales that have achieved success through their
represent a change of values. We are ability to be consistent and innovative,
not only speaking about an increase like in the technology segment. Brands
in purchasing power, but also of a new such as Apple become a symbol of
consumption logic. entrepreneurship, an example of
the possibility of making dreams of
From this perspective, what made success come true and of creating
a brand significant for consumers opportunities.

in Latam
is changing, given the new values
emerging in this context of opportunity On the other hand, local brands
and where entrepreneurship, that are close to consumers have
persistence, effort, and recognition succeeded in adapting to change and
have just begun to be appreciated. defeating competitors. These brands
In a nutshell, we are at a time when are not only admired because of their
several ideologies coexist, and where capability, but as guides for consumers
the uncertainty of the future makes who wish to purchase products that
strategies more and more complex. represent an elevation in their lifestyle.
What consumers are looking for are
MEANINGFUL local brands that help them justify this
new kind of consumption.
DIFFERENTIATION All of this makes sense when we get
to communicate in a clear and simple
Innovation, disruption, equality, The challenge for brands is to become
way with our consumers. We need to
or keep on being the reference
inclusion, entrepreneurship, for consumers who are seeking new
take into account that we face a group
of individuals whose relationship with
discourses that will allow them to
opportunity, status, and individuality express themselves, and justify their
the brand is slowly migrating to a more
emotional connection.
these are some of the many words new desires and needs from a more
individualistic perspective. From this In order to connect with this new
acquiring a new meaning in a point of view, it is worth considering to consumer, brands should bear these
continent characterized by being what extent a brand is still meaningfully
different.
three factors in mind:
ALEJANDRO TANCO
Director Firefly Practice, Andean Region,
outside global conversations and 1. They should transmit simple
In this new reality, it is interesting messages that also help to
Kantar Millward Brown where communication and brand to observe how consumers do not justify a more sophisticated
Alejandro.Tanco@fireflymb.com
seek brands for them, but like them,
building result from discussions that brands that manage to speak in such
consumption.
Alejandro is an anthropologist from the
Universidad de los Andes with more than
frequently do not take it into account. a way so that consumers recognize 2. We are seeing consumers
their individuality. Here, there are two move from a group/supportive
15 years of experience in administrative
aspects to be considered: ideology to an individual one.
and market research areas.

He joined Kantar Millward Brown in 2010 as 3. Brands need to be admired


Director of the Qualitative Area after being and stay close the feeling
the country manager in Panama for GFK. that they are in reach makes
His goal is to help customers to grow and them relatable and therefore
innovate, including the digital ecosystem. lovable.

110 111
Mexico
MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Uncertainty
killing forecast but
detonates act ion FALLING BRAND VALUE A STRATEGY FOR BRANDS
The International Monetary Fund cut its
growth forecast for Mexico in 2016 from
3.0% to 2.6%. This was mainly due to The Private Consumption Index shows From the perspective of the
the general decrease in Latin America, a decrease of 2.2%, the largest fall in corporations, our Insights 2020 report
the stagnation of China's economy, seven years. At the same time, domestic indicates that the most important
the collapse of oil prices, fluctuations demand also slowed, and there has areas of opportunity for brands'
in exchange rates, and the barely been only a modest increase in the efforts include: consistency in points
moderate growth of the United States. Goods and Services Consumption of contact (42%), a vision focused on
In response to speculation to President Index. In short, in this uncertain users and shared by everyone in the
economic landscape we are witnessing organization (38%), openness to risks
Mexico stands in a very complex and Trumps views of NAFTA and Mexico,
the consequences of trust levels that and experimentation (27%), and a skill
both Mexico's Ministry of Finance and
shaky balance: On one end the Mexican Public Credit and the Bank of Mexico, have not recovered since 2013. for storytelling (38%).
economy continues to slow down in the highlighted the strength of Mexican The slowdown in different industries, In short, when money is scarce, trust
finance and institutions. The first 100 such as manufacturing and
face of high international volatility and days of Trumps administration will
is low, and corporations lack a vision
construction, the weakness of the focused on consumers, loss of value is
a growing threat of cutting the influx define if investors speculation is only Mexican peso against the dollar, and understandable. But let us remember,
temporal or if potential changes in the
of dollars to the Mexican economy bilateral relationship between Mexico
the restricted increase of actual salaries, this kind of phenomena does not occur
have all impacted Mexicans' wellbeing just in the short-term, it develops over
JORGE VARGAS due to President Trumps America First and the US do happen. Uncertainty is and have impacted spend on brands time. We recommend companies
CEO Mxico, still present.
Kantar protectionist policy. and goods. change their mindset and, instead of
Jorge.Vargas@kantar.com The structural reforms undertaken by Many durables like the Auto industry - focusing only on short term bottom
the Mexican Government seek to bring saw an increase in 2016 due to Mexicans line actions, continue investing more in
Jorge rejoined WPP in January 2012 as Managing Director of On the other hand, the Mexican comparative advantages to the country, anticipating higher prices originated customer satisfaction and retention.
Kantar TNS Mexico and since January of 2016 acts as CEO for
Mexico, overseeing both Kantar TNS and Kantar Millward Brown.
Government will need to balance its by reducing the cost of power and from a exchange rate with the US dollar.
Also, given the political landscape with
telecommunications, while significantly That is over now that many companies
He is a passionate professional with deep experience in Market spend to reduce its debt and prevent increasing educational standards. are finally adjusting their prices to
the US, brands that focus their message
Research, Managing, Strategic Planning and marketing. on vouching for Mexico will benefit of a
a lower rating from international But growth has been weaker than reflect the exchange rate of a weaker
higher predisposition from consumers.
peso.
With more than 15 years of experience he has worked both financial institutions to access credit - expected, well below the expectations
locally and abroad in global companies such as Nielsen, Research driven by these reforms because there In the end, uncertanty calls us to action:
International, Kantar Millward Brown, Vitro and Synovate. Hes while at the same time avoiding to drive has not been a strong focus on the main Keep building brands. Keep investing.
an habitual speaker on Digital, Brands, Innovation and Shopper
Marketing.
the economy into a steeper slowdown problems plaguing the country, such
as insecurity, the informal sector that The ones that do, come out stronger
by cutting too much of its social and employs over 50% of the economically when better economic conditions arrive.
Jorge is a tireless driver of business, human talent and teams.
His professional background in marketing and his data oriented infrastructure programs. active population, and the corruption
experience give him a full, actionable and strategic business vision. prevailing in many parts or the country.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 30 MOST VALUABLE MEXICAN BRANDS 2017

BRANDZ TOP 30 MOST VALUABLE


MEXICAN BRANDS 2017
Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand
# # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution
Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017

7,647 8,476 5 -10% 1,568 1,197 3 31% 611 1,533 3 -60%


1 11 21
Beer Beer Banks

4,598 6,174 3 -26% 1,073 1,411 2 -24% 594 555 5 7%


2 12 22
Communication Providers Retail Beer

NEW
4,035 4,423 3 -9% 1,051 710 4 48% 575 - 3
3 13 23 ENTRY
Communication Providers Food and Dairy Airlines

3,593 3,091 2 16% 1,047 800 4 31% 511 462 3 10%


4 14 24
Retail Beer Retail

3,316 3,604 5 -8% 1,044 1,042 2 0% 510 507 5 1%


5 15 25
Beer Food and Dairy Beer

3,269 2,557 3 28% 990 1,940 2 -49% 508 510 5 0%


6 16 26
Retail Banks Beer

2,990 2,795 4 7% 907 1,107 3 -18% 478 639 2 -25%


7 17 27
Food and Dairy Retail Food and Dairy

2,294 3,039 2 -25% 822 1,236 2 -34% 462 469 2 -2%


8 18 28
Industry Banks Food and Dairy

2,139 2,207 3 -3% 670 475 3 41% 390 666 1 -41%


9 19 29
Banks Airlines Industrial

NEW
2,136 3,554 2 -40% 612 958 3 -36% 341 - 3
10 20 30 ENTRY
Communication Providers Retail Beer
Source: Kantar Millward Brown and BrandZ
Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS & BRAND STORIES

1 2
PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Amrica Mvil, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Beer INDUSTRY Communication Providers
YEAR OF FOUNDATION 1925 YEAR OF FOUNDATION 1989
WEBSITE www.corona.com WEBSITE www.telcel.com
BRAND VALUE US $7,647 million BRAND VALUE US $4,598 million

Coronas strong Mexican heritage has allowed it to surpass Telcel is the leader in mobile phone services in Mexico, with
geographic frontiers; it is currently sold in over 180 countries. approximately 71.5 million users.

Corona beer was first launched in 1925; the same year its Its market share is around 70% of mobiles nationwide. Even
parent company Grupo Modelo began operations. The brand when transferring their old number became an option for
has a rich history of innovation, having been able to tie itself to users, Telcel was a net winner of clients, making it evident to
Mexican culture through simple, yet iconic communications. some extent that people value its wide user network, and
It has created strong brand cues that relate it to relaxation certainly reflecting the message of its slogan: Telcel is the
and music. The groups staple brand across the globe, its the Network. This makes it one of the most important brands
best-selling Mexican beer in the world and the best-selling for Amrica Mvil, the leader in telecommunications in Latin
import beer in almost fifty of the markets in which it is present. America, owned by the business tycoon Carlos Slim Hel.

BRAND VALUE
Total Value of Mexican Brands

US$ 50.8 BILLION


Brand Value Change 2015 2017

-11%
Source: Kantar Millward Brown and BrandZ
3 4
PARENT COMPANY Grupo Televisa, SAB PARENT COMPANY Walmart de Mxico, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Communication Providers INDUSTRY Retail
YEAR OF FOUNDATION 1930 YEAR OF FOUNDATION 1958

KEY FACTS WEBSITE www.televisa.com


BRAND VALUE US $4,035 million
WEBSITE www.bodegaaurrera.com.mx
BRAND VALUE US $3,593 million

Capital City Ciudad de Mexico


Annual GDP at Current Prices Founded in 1930, Televisa is the largest communications Bodega Aurrer is a chain of supermarkets in Mexico,
Currency MEXICAN PESO company in the Spanish speaking world and one of the most created for the lower-income sector of the population.
Total at current prices: US$ 1,144 trillion (2015)
important players in the global entertainment business.
Area 1.96 million km2
GDP per capita (annual dollars): US$ 9,009 (2015) Its offer includes low prices, embodied in Mam Lucha, a
Population (thousand) 127,000 (2015) Televisa operates four broadcasters in Mexico, produces, masked luchadora who fights high prices and is constantly
Growth rate: 2.5% (2015) distributes and exports contents to the American market struggling to make it to the end of the month. Bodega
Population growth rate (annual) 1.3% (2010-2015)
Countrys share in regional GDP: 21.6% (2015) through Univision the leading Spanish speaking media Aurrer is one of the fastest growing business unit of
Life expectancy 77 years (2014) company in the US and to more than 50 countries Walmart de Mxico, partly because of its ability to create
Net foreign direct investment: US$ 20.3 billion (2014) through other media partners. Televisa also publishes and more flexible store formats such as Mi Bodega in small
Literacy rate of 15-24 year olds 98.7% (2015)
US$ 22.1 billion (2015) distributes magazines, films and owns radio broadcasters cities, and Bodega Aurrer Express,. This latter format
Unemployment rate 3.8% (2014) around the country. is an interesting price-convenience offer that brings high
Sources: CEPAL, Comisin Econmica ONU
4% (2015) CEPALSTAT Database and Statistical Publications
turnover lines to urban locations which competitors using
Financial Times Latin America & Caribbean bigger formats find more difficult to reach.
World Bank
Unesco

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

5 6 9 10
PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY El Puerto de Liverpool, SAB de CV PARENT COMPANY Grupo Financiero Banorte, SAB de CV PARENT COMPANY Amrica Mvil, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Beer INDUSTRY Retail INDUSTRY Banks INDUSTRY Communication Providers
YEAR OF FOUNDATION 1925 YEAR OF FOUNDATION 1847 YEAR OF FOUNDATION 1947 YEAR OF FOUNDATION 1947
WEBSITE www.gmodelo.mx WEBSITE www.liverpool.com.mx WEBSITE www.banorte.com WEBSITE www.telmex.com
BRAND VALUE US $3,316 million BRAND VALUE US $3,269 million BRAND VALUE US $2,139 million BRAND VALUE US $2,136 million

Founded in 1925 under two brands, Especial and Negra, El Puerto de Liverpool S.A.B. de C.V., commonly known as Banorte is a brand that has become stronger in recent years, Telmex is the leader in landline phone services, providing
Modelo was subsequently relaunched as one of Grupo Liverpool, is a mid-to-high end retailer which operates the reflecting its slogan The strong bank of Mexico. services nationwide.
Modelos first beers. largest chain of department stores in Mexico, operating
17 shopping malls. Its 85 department stores comprise Banorte is part of Grupo Financiero Banorte, a Group that Telmex is owned by Telfonos de Mxico, a company created
Modelo has focused on developing a strong portfolio that 73 stores under the Liverpool name, 22 stores under the successfully completed mergers and acquisitions to become in 1947, nationalized in 1972 and re-privatized in 1990. At that
spans different beer types and attracts consumers with Fbricas de Francia name, 6 Duty Free stores, and 27 the third largest bank in the Mexican financial system (based point, over 32 billion pesos were invested to set up a wide
premium offerings through strong positioning cues. In specialized boutiques. on the size of deposits and credits). The bank started fiber optic network, connecting people nationwide and to 39
particular, the use of innovative and differentiated packaging operations in its current guise in 1947 but its origins stretch other countries through submarine cable. In 2010, Amrica
and emotionally charged campaigns that convey the premium Its aim is to have people perceive it as part of their lives. back to 1899, under the name Banco Mercantil del Norte. Mvil purchased 59.5% of Telmex shares.
quality and uniqueness of the products they promote. In order to get closer to consumers, it has expanded to
cover a huge area of Mexican territory, innovating with
store formats that coexist with shopping centers and malls.
This is because Liverpool not only operates its stores,
but also controls their construction so that it can create
appealing formats. Its income also comes from the lease
of premises and financial leases from loans to consumers.

7 8 11 12
PARENT COMPANY Cervecera Cuauhtmoc Moctezuma, SA PARENT COMPANY Fomento Econmico Mexicano, SAB de CV
de CV (subsidiary of Heinkenen International NV) HEADQUARTERS Monterrey, Nuevo Len
PARENT COMPANY Grupo Bimbo, SAB de CV PARENT COMPANY Cemex, SAB de CV HEADQUARTERS Monterrey, Nuevo Len INDUSTRY Retail
HEADQUARTERS Mexico City HEADQUARTERS Monterrey INDUSTRY Beer YEAR OF FOUNDATION 1978
INDUSTRY Food and Dairy INDUSTRY Industrial YEAR OF FOUNDATION 1944 WEBSITE www.oxxo.com
YEAR OF FOUNDATION 1943 YEAR OF FOUNDATION 1906 WEBSITE www.tecate.com.mx BRAND VALUE US $1,073 million
WEBSITE www.grupobimbo.com WEBSITE www.cemex.com BRAND VALUE US $1,568 million
BRAND VALUE US $2,990 million BRAND VALUE US $2,294 million

Tecate is a beer brand that was founded in 1944 in the City Oxxo is currently the largest chain store in Latin America, with
of Tecate, in the Mexican state of Baja California. over 12,850 stores serving almost 9 million customers per day.
Bimbo is a brand of huge tradition and heritage with a Cemex is a leader in the production and marketing of
presence in the Mexican market dating back to 1943. concrete, cement and other building materials. In 1954 Cervecera Cuauhtmoc Moctezuma, a subsidiary of Oxxo is owned by FEMSA, the largest Coca-Cola bottling
FEMSA (the largest Coca-Cola bottling company worldwide) company worldwide. It was founded in Monterrey in 1978.
Bimbos bakery products are common features in the diet Cemex is a well-known name not only in Mexico, where it has
purchased it. The brand is characterized by innovation in its The brand is focused on building the countrys convenience
of many families in Mexico. The image of the Bimbo bear over 100 years of history, but also in the rest of the world. It
product presentation it was the first company to use cans store presence; it sells everyday products but has also
and the slogan with love as always are widely known by was a local brand that became global, and has been involved
for packaging beer in Mexico. Its communication strategy expanded its portfolio to services such as bus tickets and pay
consumers, and their products reach almost every store in projects from around the world: tunnels in America,
is focused exclusively on male audiences, which completely as you go mobile phones.
in Mexico through a comprehensive distribution network. highways in Asia, social housing in South America.
differentiates it within the category. Its slogan For you, is
Bimbo also has a significant presence abroad as a result of the
well known. Tecate has focused its efforts on increasing its
expansion of Grupo Bimbo and its portfolio of over 10,000
presence in sports, including big boxing events, and it is a
products to 22 countries.
sponsor for FC Barcelona.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

13 14 17 18
PARENT COMPANY Gruma SAB de CV PARENT COMPANY CM/Heineken PARENT COMPANY Grupo Sanborns, SAB de CV PARENT COMPANY Banco Nacional de Mxico, SA de CV
HEADQUARTERS Mexico City HEADQUARTERS 1899 HEADQUARTERS Mexico City (subsidiary of Citigroup Inc.)
INDUSTRY Food and Dairy INDUSTRY Beer INDUSTRY Retail HEADQUARTERS Mexico City
YEAR OF FOUNDATION 1949 YEAR OF FOUNDATION 1899 YEAR OF FOUNDATION 1903 INDUSTRY Banks
WEBSITE www.gruma.com WEBSITE www.sol.com.mx WEBSITE www.sanborns.com.mx YEAR OF FOUNDATION 1884
BRAND VALUE US $1,051 million BRAND VALUE US $1,047 million BRAND VALUE US $907 million WEBSITE www.banamex.com
BRAND VALUE US $822 million

Gruma, S.A.B. de C.V., known as Gruma, is a Mexican El Sol was first launched in 1899 as a popular beer for the Sanborns has grown from a single pharmacy into a large Banamex is a long-standing Mexican bank that was an
multinational corn flour and tortillas manufacturing company working class. department store chain. early pioneer of online banking in Mexico.
headquartered in Monterrey. Its brand names include
Mission (Misin in Mexico), Guerrero and Maseca. The latter In 1912 the brand was acquired by Cervecera Moctezuma and Sanborns offers a restaurant and bar, and a selling space Created in 1884 when Banco Nacional Mexicano and
is Mexicos leading corn flour brand - the base ingredient for its name changed simply to Sol. In 1980 it began its successful that includes a wide variety of departments such as jewelry, Banco Mercantil Mexicano merged, it was the first
tortilla, one of the countrys food staples. expansion, first in the United Kingdom, then progressing to bakery, book store, electronics, and pharmacy. Founded bank to issue banknotes in Mexico. In 1926 it became a
more than 50 countries in Latin America, Europe, Asia and the in 1903 as a small pharmacy, the format first expanded by financing entity, and established the first branch of a Latin
The brand was launched following Grumas foundation of Middle East. Its brand portfolio comprises several sub-brands adding a soda fountain, in 1918. It opened its first branch American bank in New York. In 1982 it was nationalized by
the first nixtamal flour facility in the world, in 1949. Beyond such as: Sol, Sol Cero (the first non-alcoholic beer in Mexico), (La Casa de los Azulejos a building that became a tourist presidential order, and remained so for nine years. In 2002
its home territory, Maseca is also an important player in Sol Clamato (beer with tomato juice) and Sol Limn (beer attraction in Mexico City because of its architecture) in 1919. it became a subsidiary of Citigroup, and that same year the
European, African and Middle Eastern corn grits markets. with lemon and salt). Sols marketing activities has focused on It was acquired in 1985 by Grupo Carso, and in 1999 Grupo products and services of Citibank and Banca Confa were
The brand has been built upon superior quality and the sponsoring Mexican soccer clubs since 1993, but recently it Sanborns was created, connecting Sanborns to brands such merged. In recent years, it has launched products that have
omnipresence of the tortilla across the nation. has also ventured into music festivals. as Sears, iShop and Mix Up. revolutionized the market, such as Superservicio Banamex,
Tarjetahabiente Cumplido, Cuenta Bsica Banamex and Mi
Cuenta Banamex. Citigroup has recently unveiled plans to
invest US$1 billion in its Mexican business Banamex, and is
re-branding as Citibanamex. With this new investment, Citi
will equip its branches with smart banking technology and

15 16 19
expand operations in major Mexican cities.

PARENT COMPANY Grupo Aeromxico, S.A.B. de C.V.


PARENT COMPANY Grupo Bimbo, SAB de CV PARENT COMPANY Grupo Financiero Inbursa, SAB de CV
HEADQUARTERS Mexico City
HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Airlines
INDUSTRY Food and Dairy INDUSTRY Banks
YEAR OF FOUNDATION 1934
YEAR OF FOUNDATION 1954 YEAR OF FOUNDATION 1992
WEBSITE www.aeromexico.com
WEBSITE www.marinela.com.mx WEBSITE www.inbursa.com
BRAND VALUE US $670 million
BRAND VALUE US $1,044 million BRAND VALUE US $990 million

To bake loads of fine cakes for everyone to enjoy anytime they Banco Inbursa, previously known as Inversora Burstil, was Originally a government owned company, Aeromxico began
want, thats what Marinelas founder aimed when creating formally created in1992. operations in 1934. Today, it is the countrys leading airline.
the company in 1954. It soon began producing convenient
bakery-style birthday cakes packed with matches to light the It was formed as a result of the government authorizing the A founding partner of SkyTeam (a global airline alliance),
candles. These were followed by slices and individual-sized creation of new banks in order to promote competition in the Aeromxico operates the largest network of routes in Mexico.
cakes sold without packaging in paper baking cups. financial sector. It is a subsidiary of Grupo Financiero Inbursa, It provides more than 616 daily flights, flying to 44 domestic
which was created in 1985. Other subsidiaries of the Group and 35 international destinations from the country. The
With this mission in mind, Gansito was created as Mexicos include Seguros Inbursa, purchased in 1984 when they were brand focuses primarily on the needs of business travelers
first industrially manufactured cake. Gansito was so successful known as Seguros Mxico. The company is owned by Mexican by aiming at providing a high-quality flying experience. The
that when Bimbo purchased Marinela, the latter maintained billionaire, Carlos Slim. U.S. Department of Transportation gave preliminary approval
an exclusive distribution means for its best-selling product. for Delta Air Lines to form a joint venture with Aeromexico
In 1980 the brand expanded to the United States, and in 1992 for U.S.-Mexico routes. This would allow the two carriers to
entered the South American market. co-operate on scheduling and pricing, essentially acting as a
single airline for the purpose of transborder flights.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

20 21 22 23
PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Concesionaria Vuela Compaa de
PARENT COMPANY Organizacin Soriana, SAB de CV PARENT COMPANY Grupo Salinas SA de CV
HEADQUARTERS Mexico City Aviacin, S.A.P.I. de C.V.
HEADQUARTERS Monterrey, Nuevo Len HEADQUARTERS Mexico City
INDUSTRY Beer HEADQUARTERS Mexico City
INDUSTRY Retail INDUSTRY Banks
YEAR OF FOUNDATION 1935 INDUSTRY Airlines
YEAR OF FOUNDATION 1905 YEAR OF FOUNDATION 2002
WEBSITE www.gmodelo.mx YEAR OF FOUNDATION 2003
WEBSITE www.soriana.com WEBSITE www.bancoazteca.com.mx
BRAND VALUE US $594 million WEBSITE www.volaris.com
BRAND VALUE US $612 million BRAND VALUE US $611 million
BRAND VALUE US $575 million

Soriana is a grocery and department store retail chain The strength of Banco Azteca is based upon almost 60 Victoria beer was first produced in 1865 by Compaa Volaris is an ultra-low-cost airline, offering flights in and out
headquartered in Monterrey, Mexico. The company is 100% years of credit experience at Grupo Elektra, an unparalleled Cervecera Toluca y Mxico, which was purchased in 1935 by of Mexico, the United States, Guatemala, Costa Rica and
capitalized in Mexico and has been publicly traded on the debt collection system, and state-of-the-art technology that Grupo Modelo. Puerto Rico.
Mexican stock exchange since 1987. supports solid management practices. With more than 5.2
million savings accounts, Banco Azteca continues showing This Vienna-style beer is the longest-standing product in Volaris offers cheap plane tickets, good quality service
It started in 1905 as a business that only sold fabric, until 1958 dynamic growth in every banking variable of significance. the portfolio of Grupo Modelo. Particularly popular in the and a vast choice of products. It was formed in 2003
when it incorporated a self-service store. In addition to consumer credit for goods (Credimax) Banco regions of central and southern Mexico, it has also been when Discovery Americas and Columbia Equity Partners
Azteca offers credit cards, personal loans, as well as car successfully exported to the United States since 2010. investment funds joined forces with TACA Airlines to
The brand continued to grow but only in the northern area of Victoria has in recent years re-defined its target market; integrate a new Mexican ultra low-cost airline that would
loans and mortgages, among other types of credit. Through
Mexico until the 1990s, when the decision was made to start previously considered a beer for the lower-middle class, its offer the opportunity of air travel to more Mexicans.
Empresario Azteca it offers small business loans. Additionally,
operations in the central area of the country. By 2000 there communication efforts are now more focused on young and
Banco Azteca offers payrolls systems, and as an agent for
were 100 stores nationwide, and new formats were created for middle-upper class adults. Volaris has the youngest aircraft fleet in Mexico, with an
Procampo, a government agricultural financing program, the
the brand during that decade: the City Club price club and average age of four years; the fleet includes 63 Airbus used
bank has reinforced its presence in rural areas.
Super City convenience stores. In 2007, Soriana purchased for flights to Mexico and the United States. It is listed on the
205 stores from Gigante, at the time one of the countrys Banco Azteca currently operates through Grupo Salinas Mexican Stock Exchange and New York Stock Exchange.
dominant supermarket operators. In early 2015, the brand stores: Elektra, Salinas & Rocha and Bodega de Remates
purchased 160 stores from another competitor, Comercial which together account for more than 3,762 direct customer
Mexicana. Soriana currently has over 670 stores countrywide. touchpoints. Recent efforts point towards targeting the
middle class with very specific products, and a higher
relevance of digital technology in its offer.

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BRAND STORIES

24 25 28 29
PARENT COMPANY Impulsora del Desarrollo y Empleo
PARENT COMPANY Walmart de Mxico, SAB de CV PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Grupo Bimbo, SAB de CV
Industrial, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City HEADQUARTERS Mexico City
HEADQUARTERS Mexico City
INDUSTRY Retail INDUSTRY Beer INDUSTRY Food and Dairy
INDUSTRY Industry
YEAR OF FOUNDATION 1965 YEAR OF FOUNDATION 1925 YEAR OF FOUNDATION 1971
YEAR OF FOUNDATION 2005
WEBSITE www.superama.com.mx WEBSITE www.gmodelo.mx WEBSITE www.tiarosa.com.mx
WEBSITE www.ideal.com.mx
BRAND VALUE US $511 million BRAND VALUE US $510 million BRAND VALUE US $462 million
BRAND VALUE US $390 million

Superama is the premium store format of Walmart Produced since 1900 in Mazatln, an important port Ta Rosa is one of Grupo Bimbos key brands. It IDEALs aim is to promote the fast development of
de Mxico, focused on offering quality, convenience on the Mexican northwestern coast, Pacifico is a beer specializes in iconic products such as Tortillinas Ta Rosa. physical infrastructure and human capital in Latin America.
and service to consumers. brand from Grupo Modelos portfolio.
Founded in 1971, this brand generates relevance IDEAL was established in 2005 when it was separated
Superama leverages the medium size of its premises Pacfico is particularly popular in the Mexican northern through a promise built around the taste of homemade out from Grupo Financiero Inbursa. In that same year it
to enable it to operate from locations close to urban states where it has aimed at building a more friend- products. Ta Rosa marked a milestone in Mexicos was listed on the Mexican Stock Exchange. Its principal
consumers, offering carefully selected products. oriented and relaxed brand image, using campaigns food industry when in 1976 it installed the first wheat activities include the identification, assessment, financial
Superama has an innovative streak, as demonstrated that focus heavily on its distinctive taste and freshness. flour tortilla-making machine. The brand is known for structuring, implementation and operation of long-term
when it developed a phone app and internet sales in reinterpreting recipes from the countrys rich baking infrastructure projects. To date, IDEAL has worked on
response to changing shopping trends. tradition, such as Banderillas, Doraditas and Orejas, and development projects for highways, electricity generation,
giving them their own particular stamp. This, together water treatment, and multimodal terminals.
with a strong distribution network, has made Ta Rosa
one of the key players in the landscape of Mexican food.

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PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Grupo Lala, SAB de CV PARENT COMPANY Grupo Modelo, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Durango, Mexico. HEADQUARTERS Mexico City
INDUSTRY Beer INDUSTRY Food and Dairy INDUSTRY Beer
YEAR OF FOUNDATION 1925 YEAR OF FOUNDATION 1949 YEAR OF FOUNDATION 1900
WEBSITE www.gmodelo.mx WEBSITE www.lala.com.mx WEBSITE www.montejo.com
BRAND VALUE US $508 million BRAND VALUE US $478 million BRAND VALUE US $341 million

Another beer brand from Grupo Modelo, Len positions itself Grupo Lala is devoted to the production and marketing of One of the many beer brands owned by Grupo Modelo,
as a young alternative to more adult and established brands. milk and other dairy products. Montejo was established in 1900 in Merida, Yucatan.

From its origin in Yucatan, Len has won important Established by a small group of milk producers, Grupo Lala Montejo is an authentic Mexican beer that was named for
market share elsewhere in the country. It has leveraged now has 18 plants nationwide and 165 distribution centers, the founding father of the city of Merida: Don Francisco
its positioning by associating itself with young and urban delivering products to more than 500,000 points of sale. It de Montejo. The product was originally a dark Vienna
cultures, especially through music and music festivals. This is also has production plants abroad, in Guatemala and the lager before it became a Czech Pilsner. Today, it has a
an important trend in the market that has pushed brands to United States. The main focus of communication is on the light golden color and is renowned for its crisp, refreshing
participate in ever-more complex branded environments and groups huge portfolio of healthy eating products. Marketing finish. Montejo has never been brewed outside Mexico
experience-led marketing efforts. propositions are built around taking care of those you love but the brand was recently launched in the United States.
with slogans such as It is so nice to watch them grow.
Grupo Lala joined the Mexican Stock Exchange in 2013.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Living in
These influential touch points, such as
the ones driving our digital ecosystem
(see Uber, Google or our ubiquitous
smartphones) are all part of what we
call brand or customer experience; the

uncertain t imes
actual delivery of a companies promise, stakeholders relate to your brands
its reputation and differentiating proposition, your offer, your service,
associations that it claims it can provide your communications, your customer
in a competitive landscape. Consumers journey and so on.
have the power over the purchase
decision, but brands have the capacity This years BrandZ Top 30 Most
to influence such decisions. Valuable Mexican Brands shows how
testing these times are. There are very
When measuring brand strength, it few cases that have seen their brand
is important to distinguish two key value significantly increased, whilst the

A DEEPER LOOK AT HOW MEXICAN COMPANIES


components: brand equity and brand Top 30 average shows a brand value
value. When collating consumers change of -11%. It is largely the financial
perceptions about a brand, an industry services and the telecommunications

NEED TO PUSH THE BOUNDARIES OF RISK


or a specific category, we should refer providers driving this number. Reliant
on their historic lack of competitive and how to win in order to deliver
to equity only. When considering the
aggressiveness, companies require sustainable business growth. The
brand as the single, most important
more than ever a disruptive, customer- VUCA acronym (Volatility, Uncertainty,
intangible asset of a company, we
centric redesign of their commercial Complexity and Ambiguity) identifies
should always refer to brand value,
and go-to-market strategies. With an general systemic and behavioural
financial value. This is precisely what
increasingly greater choice of players failures, which are also characteristic of
BrandZ Brand Valuations shows year
reinventing traditional categories with organizational failure.
on year; how enterprises investing in
Throughout the last decade, BrandZ their brand and/or brand portfolios, beyond the sector best practices, In my little life-experience working and
customers are now empowered to
has become one of the most influential consistently grow stronger and minimize
risk. change the status quo. Companies
living in Mexico, I have witnessed how
organizations are not focused enough
reports on how consumers around failing to anticipate these changes on orchestrating an integrated,
the world think of brands, feel about THE VALUE OF VALUATION expected and demanded by customers
are very likely to remain on the edge of
holistic and whole-brain approach
towards improving customer-centric
products and services, and choose Valuation is important for another
irrelevance. growth. For sure, if you ask them,
reason: if you own or manage a business customers are always at the heart of
to spend their money. For sure, some that is likely to be sold at some point SIX OUT OF TEN what they do, but the way companies
brands are purely aspirational, such OLIVER PACHT
Director,
and if you understand valuation you are organised, led, incentivized and
can run the company to maximize its The good news is that, despite all of measured to deliver such customer-
as the ones we are used to seeing Kantar Vermeer
value to a potential acquirer. You will this, there are some great examples that centricity is far from customers actual
Oliver.Pacht@kantarvermeer.com
know that acquirers look closely at showcase the way forward. Six Mexican expectations and needs. It comes
in luxury categories like Beauty and specific financial metrics and mostly companies rank among the Top 10 as no surprise that beer providers
After studying Audiovisual Communication at the
Wellbeing. Others are part of our University of San Pablo CEU, Madrid, Oliver studied a
ignore others. You will not fall into the players in the BrandZTop 50 Most have the most valuable brands across
trap of thinking that your business is Valuable Latin American Brands 2017 categories, where emotional delivery
everyday consumption, whether Masters degree in Marketing and Advertising at the
University ICADE in Madrid. just as valuable to anyone else as it is (also adding to the four most prominent is much easier to fulfil - although here
risers), a region with an ongoing status international competition is growing
at home, school, university, our to you. You will know how to assess
and furthermore, manage, its potential. of uncertainty economic, social, stronger than ever. Corporations have
He began his career as consultant at Enterprise IG
workplace or commuting. Technology Madrid, now known as The Brand Union, where he A potential largely based on how political, technological, environmental. a desperate need to reinvent the
remained for more than three years, advising clients Such uncertainty is defining the volatility way they engage with customers and
is increasingly driving the biggest such as Sanitas, Renfe or Vodafone. in markets like Brazil, the difficulty for beyond that, the way they transform
revolution in our society and directly Oliver has over 12 years of international experience,
customers in choosing transparent and into truly influential propositions.
reliable product and service providers,
influences the way we stay in touch, leading key strategic accounts across London,
Madrid, Middle East and Mexico. He joined Kantar
or the ambiguity of where to play With each year and each BrandZ
ranking report published, new insights
engage and interact with a brand. Vermeer in October 2015 and is responsible for emerge that help companies better
the business development in Mexico and Central
equip themselves to learn from the
America. In Mexico, he initially directed the growth
of MBLM in the region, an independent brand
present and build for the future.
and interactive design consultancy, leading multi-
disciplinary scope of works for clients such as
Mexichem, Alsea or Banco Azteca

Prior to Vermeer, Oliver developed his career mainly


at Interbrand, where he was responsible for the
management of large international accounts, such as
Repsol, BBVA, British Airways, Amadeus, Carrefour,
Saudi Arabian Railways or Trk Telekom.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

If building
brand influence So how does a continuous Brand Compare this to Top 30 Global Brands We constantly hear theres no money/

is notthe No. 1
Influence effort relate to Brand Value? (which grew 8%) and you see Mexican interest to invest in building Brand
We all know that consumers are facing brands are almost 19% behind - so Influence, it is not a priority. If it is not
recessionary times in Mexico (no matter Influence is not good enough. Brands the #1 priority, then what are the other
what the Government says). To get out in Mexico need to be more influential. ways to grow business? Money has to
of these tough times, money needs Making it to the BrandZ Global be invested in expanding Influence and
to be spent but in addition, emotion Ranking for the three top Mexican increasing Brand Value. We strongly
needs to be uplifted. Being wise and Brands means that Corona need to recommend when talking about
motivated are now more strongly linked. reverse their -10% and grow 137%, business growth, companies speak of it

priority, what is?


Telcel reverse their -26% and grow as being a matter of Brand Influence.
Brands that keep this is in mind and 227%, and Televisa reverse their -9%
dont remind consumers of their lack of and grow 259%. Beware, if you do not do it now,
opportunities, are the ones for which tomorrow may be too late. Make Brand
Brand Value has increased. Take for Influence your companys #1 Priority
instance Bodega Aurrera and Liverpool WHAT DOES IT TAKE today.
with a 16% and 28% Brand Value growth
this year. What is behind their vision of TO BE INFLUENTIAL?
recession? They both structured their
Companies first need to have a user-
Brand Influence around consumers
centered way of working in their teams.
opportunities: save to spend. Bodega
Second, they must have the ability to
Brands we love are influential. Brands in the BrandZ Top 30 Most Aurrera and Liverpool help their
create immersive brand experiences.
consumers to be wisely inspired.
Third, they need ways of monitoring
Valuable Mexican Brands are influential too. And influential brands Influence. Without user-centered
have sustainable businesses. This means Brand Value and Brand DRIVEBUYSPREAD thinking and immersive experiences,
brands will lose more and have an
Influence are two sides of the same coin. Nowadays it is no longer a matter of increasingly difficult time. Keep this in
awareness, engagement or impact. mind: it is hard to grow 1% market share,
These harder times demand new KPIs sure, but losing 1% and then getting
Everything that happens to business is a consequence of brand to show if a business is really growing. it back is almost impossible. One way
Influence is the most relevant of all. It or the other, it requires companies to
influence. Little influence means poor business growth. Huge influence is because influence integrates three be working on Influence. Insights2020,
can mean superb growth. So, to make our brands and business win things: Brand Potential, User Loyalty our global initiative that focuses on
and Market Buzz. Brand Potential is uncovering the drivers of customer-
more, we need to start building and measuring our Brand Influence. the contained power to drive sales centric growth, showed that companies
continuously, User Loyalty the capacity in Mexico have a lack in Touchpoint
to make users keep buying, and Market Consistency (42 out of 100) and
Buzz the capacity to spread love for the Customer related KPIs (40 of 100). Big
Sergio has more than 20 years experience in the transformation of brands.
brand to others. Drive>>Buy>>Spread opportunities exist for companies (and
Having graduated with an honors in Industrial Design he has brought design are the three constants of an Influential people) to think and act influentially.
to a new era: using it as a tool for the new generation of businesses. His Brand. Yet, to create Influential Brands, to make
interest in cultural change led him to study a Masters degree in Education. users Drive>>Buy>>Spread, to expand
He has been Professor at prestigious universities in Mexico including Ibero So what is happening in terms of our Brand Value, we need a different
and ITAM. Influence in Mexico? The BrandZ mindset.
Sergio has worked with more than 100 different companies. From local Top 30 Most Valuable Mexican Brands
businesses to large transnational and international companies. This list lost 11% Brand Value (average) in 2017.
includes; Coca-Cola, Samsung, Cinemex, Philip Morris, The British Council,
SERGIO OLAVARRIETA
Farmacias GI, Ragasa, Michelin, Bachoco, Campbells and Toks.
Associate,
Kantar Vermeer He has been working for Kantar Vermeer for 4 years. He is responsible for the
Sergio.Olavarrieta@mbvermeer.com practice of excellence and his key work tool is Design Thinking.

130 131
MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Brand building
in a digital era PATRICIA RAMREZ
General Manager,
Cohn & Wolfe
Patricia.Ramirez@cohnwolfe.com.mx
ANA MARA MUIRRAGUI
Business Unit Director,
Cohn & Wolfe
Ana.Muirragui@cohnwolfe.com.mx

Patricia has a degree in advertising and public Ana studied Journalism and Communications at UNAM.
relationships with a specialty in marketing. During She also studied additional courses in marketing
the past 15 years she has worked in the field of and organizational communication, as well as digital
communications and public relations in areas strategies at the ITAM and Technologic Monterrey
such as: technology, healthcare, corporate and; Universities.
Its well known that today, brands face an increasingly competitive consumer industry. She joined Cohn & Wolfe in
2008 and in 2014 she became General Director. During the past 10 years she has worked in
market. They must fight to be present and differentiate themselves communications and public relations, supporting
In her role she spans the business, focusing on several corporate, consumer, luxury and tourism brands.
to a consumer who is more demanding and overwhelmed by the strategy, creativity, and client services. She joined Cohn & Wolfe in 2009 as account supervisor,
number of similar brands that exist in the market. Furthermore, when and in 2015 she became Business Unit Director.

the selling proposition and content is almost the same, and the price
doesnt vary much, what motivates the consumer to make a purchase
decision, or even better, to generate loyalty for its favorite brand?

Its for this reason that brands are investing heavily in three top categories of online shopping were clothing The consumer experience is no longer limited to a good brand experiences in which the consumer is the main
creating a much more aggressive marketing plan, in and accessories, digital downloads and entertainment). deal in the store. New generations are less attached to character. Such moments can be shared within their
order to ensure the final result in the delicate Moment Quarterly spending per buyer increased 17% on average physical stores, and their interaction with the brands tends circles of influence, thus maximizing the message.
of Truth. This is the moment when the brands look versus 2015, according to the e-commerce study by to occur through digital channels. Therefore, brands must
the most appealing on the shelf, they are there, ready AMIPCI, and seven out of ten Mexican Internet users generate emotional connections across multichannels, Today, we must take advantage of digital platforms,
and waiting for the consumer to make their choice, turned out to be digital buyers, according to purchase linked to tech application in both products and in-store, as especially the search engines, to generate leads
reaching the decision to buy. This action represents reports from May to July 2016. in traditional sales systems. and ultimately support brands to reach their sales
the outcome of a battle waged through different and targets. As long as consumers have choices, they will
Mxico is a key country for e-commerce development in look for brands that fit their values and give them
constant messages, in both traditional and digital media.
And the outcome of that simple action is one of three Latin America. According to information from Euromonitor THE CHALLENGE something to believe in, as well as the best quality.
possibilities for the brand and consumers relationship: International, in 2015, the volume of online sales in Latin
America reached 59 billion dollars; Brazil had the highest The opportunity in Mexico is that those luxury brands that
falling in love, indifference or disappointment. offer relevant digital experiences will become the perfect
contribution (42%), followed by Mxico (18%), Argentina
(12%), Chile (9%) and Colombia (5%). space to tell the story of the brand, through exclusive
THE OPPORTUNITY face-to-face digital experiences that captivate visually and
allow play with brand products. These experiences must
Thus, we must amplify the brand message; its the key to WHAT IS HAPPENING always maintain the sensation of luxury, through a fusion
product recognition. Nowadays, communication tools
such as e-commerce and social media are focused on
WITH LUXURY BRANDS? of fashion and technology via streaming screens, mirrors
that project and interactive actions that besides being
stimulating the sale of products in more creative and In Mexico, luxury brands face a dilemma in the form of attractive for the client help to engage the consumer,
integrated ways. They strive to amplify the message the dollar vs. our currency. The main function of luxury taking him to the next stage of the buying funnel.
through actions, which lead consumers to different stores is evolving beyond giving service in order to make
experiences at the point of purchase that they can share The digital channels and creativity that are present in
the sale. They are prioritizing digital strategies, which
through a broad range of channels. According to the communication and sales strategies, will be a unique
have become a key pillar of brands in this sector, creating
first study Mobile Commerce in Mexico and the world - showcase for luxury brands and an example of how a
experiences that influence a buying decision and that
2016, conducted by the Mexican Association of Online digitalization process can consolidate the brand within the
encourage users to visit digital platforms to interact with
Selling and IAB Mexico, 76% of mobile Internet users luxury market. Not only increasing revenue, but generating
the brand and generate more reach to achieve a final
have made some purchase through mobile devices. (The greater brand loyalty with its consumers, involving them in
purchase.

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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

The mobile-first
But if we really want to impact sales we must add
mobile to the discussion. With 52.8 million smartphone
users, the way consumers decide how they shop for
products is changing. They commonly spend over 10
hours per week on their mobile device, there is no
other screen that commands more attention. And
its exactly because of this that they receive more

consumer is changing
messages each day (advertising or content) than they
used to. Its no surprise that in 2016 mobile advertising
accounted for US$ 699.3 and by 2017 it will surpass
investment in desktop advertising.

ON THE GO

the retail world


Showrooming right now is a bigger challenge, caused
by the increased connectivity consumers have. Do you we cannot ignore, if we reach them at the right time, with
recall your last visit to a mall, public park, supermarket? the right message and on the right device, we can fight
Many of them now have free wifi and as different for those sales.
Mexico is as a market (82% mainly browse internet
through paid wifi and 28% on public wifi ), mobile
influenced decisions are common these days. That
MORE THAN JUST MOBILE
matters to the final shopping decision and sales. But we shouldnt focus only on mCommerce. In
smartphones, we have our most common channel for
We must expect that many consumers will evaluate interaction online (email 64%, social media 79%, search
our products in order to make informed decisions and 58% ), but we also reach a lot of people on mobile who
try to get more details prior to shopping. Even with then go on to bricks and mortar or desktop shopping.
The good news is that every day in promotional events (Buen fin, Christmas season, and If we as marketers are able to combine profiles/audience
so on) they will compare prices and opinions. Thats segmentation with mobile-oriented capabilities like
Mexico we have more technology the reason we often hear requests for mobile first, geolocation, temperature, weather and so on, we are
mobile optimized, mobile journey.
ready to interact with todays likely to have more successful interaction with potential
consumers.
complex and demanding consumer. As of today, mCommerce in Mexico is still in
development. However, cinema tickets, flights, clothes, Those interactions help to build brands and a strong
Each week we hear of a new and event tickets are common purchases, in fact 13% brand is still going to win on shelf and online. No matter
of Mexicans make a weekly mobile purchase and this
partner that has new ways to reach/ represents a spend of US$1.18 billion. That is a market
how technological or hyper-targeted our competitors are,
in the end a consumer trusts more well-known brands and
interact/understand the consumer is more willing to purchase them

journey and how that understanding If brands want to push sales within this new context,
marketers, agencies and publishers must have the
will help us to be more effective. discipline to build brands within this new ecosystem. This
means looking to make great brand experiences on 3 to
ALBERTO PEA
5 screens, taking advantage of mobile device capabilities
Head of Business Development
and Digital Lead,
However, the big question we often and not only as a small test but as a way of having a
frequent contact with potential consumers. Its important
Maxus hear is: How do we approach a that this is carried over to the retail environment, in
Alberto.Pena@maxusglobal.com
consumer that has more options, fact its a must. We cant ignore the possibility of the
consumer making the final decision in the retail store.
information and that is exposed
Having the commitment to create visual impact within tiny
to more advertising white noise? spaces, moving towards a reduced-text, more graphic/
More and more often we hear this video experience will not only be more mobile friendly
but a more-consumer oriented experience. Consumers
As head of Business Development, Alberto
is driving the next stage for Maxus.
question, whether we are listening are mobile-first, so we must be ready to build brands
using a mobile-first approach.
He joined Maxus as Digital Director in
to a brief about cheese, soap,
2012 and is accountable for digital media condoms, ham or devices to make
strategy for clients across CPG, B2B, and
e-commerce. Before Maxus, Alberto mobile payments.
was Digital VP at Fleishman Hillard,
Digital Leader at Young&Rubicam and at
Source: eMarketer September 2016, IAB estudio de consumo de medios y dispositivos
Wunderman as Interactive IT Manager. entre internautas mexicanos 2016, IAB and asociacin mexicana de ventas online
Mobile eCommerce en Mexico y el mundo

134 135
Peru
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

A new government,
lots of expectation,
and a full agenda It is clear that, due to the collection of unmet
demands of many population segments, the
poor or zero effectiveness of economic measures
from the previous government, and the need for

for growth
Peruvian entrepreneurs to rediscover the path to
economic growth, the new Government has been
well received. At least, it has been for its first 100
Corruption issues within regional governments, delay days. However, the ability of PPKs administration
in implementing infrastructure works, reduction in to implement measures to move the countrys
funding for local and regional governments as a result of economic machinery forward, and drive
lower prices in mining commodities, the social conflicts consumption, will be critical. Otherwise, given
that hindered private investment these are some the demands and the lack of tolerance from
of the reasons why, from 2013 onwards, consumption some political sectors, this new administrations
in Perus provinces has slowed. The situation has honeymoon period could end soon.
been exacerbated by the lack of response from the
administration of Ollanta Humala to try to counteract It is important that the construction industry
these problems rapidly and efficiently. starts growing again, that public spending,
namely on large infrastructure projects, is
channeled to activate Perus provinces, and,
A NEW PRESIDENT above all, that there are clear rules established so
When Ollanta Humala was elected that investors decide to take a chance in Peru.
Last July, after a hard-fought presidential election, the
President of Peru in 2011, FMCG economist and politician Pedro Pablo Kuczynski, born
to a German father and a French-Swiss mother, became
(Fast Moving Consumption Goods) the next president. PPK, as we call him in Peru, is the
in the country grew at about 4% per oldest president in the history of the country. He takes
office with 77 years of a long and dynamic professional
annum. One of the main drivers of and political career, both at a national level and in some
international agencies. However, he is taking on the role
FIDEL A. LA RIVA this growth were cities of the interior at a very complex moment for Peru.
Country Manager,
Kantar Worldpanel Peru of the country that overall showed
Fidel.Lariva@kantarworldpanel.com In 2016 and 2017, Peruvian GDP is expected
an average 7% growth rate. Another to be 4%, one of the highest in Latin
driver of consumption was that C America. Approximately 80% of this growth
comes from the mining sector, specifically
Fidel is a Peruvian economist with more than
and D socio-economic levels, which from copper production, which encompasses
20 years of professional experience in Market constitute 70% of the households 1% of urban labor in Peru.
Research, Marketing and Business consultancy.
He studied and lived in Guadalajara, Mexico in the country, grew at a rate of 6%. Domestic demand is at one of its lowest
for 5 years. He also worked as a Business levels in the past four years, and FMCG is
Planning & Analytics Director in Mindshare Today, these levels show virtually growing less than 1%.
Peru and Mindshare Argentina.
no growth, and provinces have had Meanwhile, consumers and entrepreneurs
For the last 10 years he has worked as a trust is at one of the highest levels of the last
teacher in many universities and educational
twenty-four months in the red. five years. They are all optimistic about the
institutes in Latin America. He is an active
new Government.
member of the Peruvian Association of Market
Research Companies board of directors.

138 139
PERU
TOP 20 MOST VALUABLE PERUVIAN BRANDS 2017

BRANDZ TOP 20 MOST VALUABLE


PERUVIAN BRANDS 2017
Brand Value Brand Brand Value Brand
Brand Brand
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

1,396 1,678 5 -17% 126 175 2 -28%


1 11
Beer Drugstore

1,080 1,108 5 -3% 115 225 2 -49%


2 12
Beer Retail

NEW
1,025 1,808 3 -43% 110 - 4
3 13 ENTRY
Banks Beer

NEW
918 1,479 3 -38% 98 - 2
4 14 ENTRY
Banks Retail

NEW
605 422 5 43% 73 - 1
5 15 ENTRY
Beer Cement

NEW
568 643 5 -12% 53 - 5
6 16

ENTRY
Soft Drinks Food and Dairy

NEW
414 331 4 25% 49 - 2
7 17 ENTRY
Insurance Banks

NEW
333 287 4 16% 49 - 4
8 18 ENTRY
Beer Laundry

NEW
267 169 3 58% 40 - 4
9 19 ENTRY
Retail Food and Dairy

NEW
165 251 2 -34% 38 - 3
10 20 ENTRY
Cement Retail

Source: Kantar Millward Brown and BrandZ


Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest.

140
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS & BRAND STORIES

1 2
PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller)
HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Beer INDUSTRY Beer
YEAR OF FOUNDATION c.1920 YEAR OF FOUNDATION 1863
WEBSITE www.cristal.com.pe WEBSITE www.pilsencallao.com.pe
BRAND VALUE US $1,396 million BRAND VALUE US $1,080 million

Cristal is promoted as the Peruvian beer that celebrates Created in 1863, Pilsen Callao was the first beer
national unity. produced in Peru.

With values such as diversity, harmony and positivity, its Pilsen Callao is known for its traditional flavor, but in
communications relate to consumers passion by focusing recent years it has refocused its image to create a
on soccer-related activities such as club sponsorship and more premium positioning. The positioning focuses
even the naming of teams as Sporting Cristal. on an emotional connection with consumers, using
the slogan the flavor of true friendship.
Cristal is produced by the largest beer company in Peru
Backus, which produces the majority of the countrys
most popular beers: Cristal, Pilsen Callao, Cusquea,
Pilsen Trujillo, Barena, Arequipea and San Juan. UCP

BRAND VALUE
Backus & Johnston is a subsidiary of SABMiller group,
one of the largest brewing groups in the world.

Total Value of Peruvian Brands

US$ 7.5 BILLION


Brand Value Change 2015 2017

-12%
Source: Kantar Millward Brown and BrandZ
3 4
PARENT COMPANY BCP PARENT COMPANY Grupo Interbank
HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Banks INDUSTRY Banks
YEAR OF FOUNDATION 1889 YEAR OF FOUNDATION 1897

KEY FACTS WEBSITE www.viabcp.com


BRAND VALUE US $1,025 million
WEBSITE www.interbank.com.pe
BRAND VALUE US $918 million

Capital City Lima


Annual GDP at Current Prices BCP is a bank that began operating in Peru in 1889 under the One of the largest banks in Peru, Banco Internacional
Currency NEW SOL name Banco Italiano. It became Banco de Credito Peru in del Peru (Interbank) has a growing portfolio of
Total at current prices: US$ 192 billion (2015)
1942. services.
Area 1.29 million km2
GDP per capita (annual dollars): US$ 6,122 (2015)
Population (thousand) 31,376 (2015) The bank has a huge presence across the country through its These services include personal credit, vehicle
Growth rate: 3.3% (2015) service channels; its challenge is to become well known for loans, mortgages, deposits, trade credits and retail.
Population growth rate (annual) 1.3% (2010-2015)
Countrys share in regional GDP: 3.6% (2015) being a bank with customer focus. Interbanks mission is to improve peoples quality of
Life expectancy 75 years (2014) life, by delivering a fast and friendly service every time,
Net foreign direct investment: US$ 7.8 billion (2014) everywhere. Key to this vision is its commitment to
Literacy rate of 15-24 year olds 98.9% (2015)
US$ 6.8 billion (2015) delivering flawless client service via multiple channels.
Unemployment rate 5.9% (2014)
Sources: CEPAL, Comisin Econmica ONU
6.5% (2015) CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco

142 143
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

5 6 9 10

PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Corporacin LIndley PARENT COMPANY Interbank Group PARENT COMPANY Unin Andina de Cementos
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Beer INDUSTRY Soft Drinks INDUSTRY Retail INDUSTRY Cement
YEAR OF FOUNDATION 1909 YEAR OF FOUNDATION 1935 YEAR OF FOUNDATION 2005 YEAR OF FOUNDATION 1916
WEBSITE www.cusquena.com.pe WEBSITE www.incakola.com.pe WEBSITE www.realplaza.pe WEBSITE www.unacem.com.pe
BRAND VALUE US $605 million BRAND VALUE US $568 million BRAND VALUE US $267 million BRAND VALUE US $165 million

Cusquea is a premium quality beer, a winner of Inca Kola drink is the best-selling soft drink in Peru. Real Plaza is a chain of shopping malls. It is based in Cemento Sol is the market leading cement in Per
many international awards. Lima but has a presence in many other cities in Peru. and UNACEMs best-selling building product.
Launched in Lima in 1935, it is a characteristic
The brand was launched in 1909 and today is yellow-gold color. In a country famous for its Launched in 2005, it is part of lnterbank Group (a Backed by more than 40 years of experience, it
exported to countries in America, Europe and Asia. gastronomy, this drink is considered to be a good Corporate Peruvian Group present in many sectors is the best-known and most reliable brand in the
The beer is produced in four different varieties: accompaniment to the nations traditional cuisine, like financial, retail, services and industrial). With market, and widely used by professional builders
Rubia, Negra, Trigo and Red Lager. In 2000, the which focuses on spices and strong flavours. In 1996, ambitious plans for growth, Real Plaza has an in- and self-builders in Peru.
brand was acquired by Backus & Johnston. the Coca Cola company acquired 49% of the brand. house real estate development team focused on
rental and development of new shopping centers
and independent shops.

7 8 11 12
PARENT COMPANY Interbank Group
PARENT COMPANY Credicorp Group PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Interbank Group
HEADQUARTERS Lima
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Retail
INDUSTRY Insurance INDUSTRY Beer INDUSTRY Drugstore
YEAR OF FOUNDATION 2001
YEAR OF FOUNDATION 1992 YEAR OF FOUNDATION 1920 YEAR OF FOUNDATION 1996
WEBSITE www.plazavea.com.pe
WEBSITE www.pacificoseguros.com WEBSITE www.pilsentrujillo.com.pe WEBSITE www.inkafarma.com.pe
BRAND VALUE US $115 million
BRAND VALUE US $414 million BRAND VALUE US $333 million BRAND VALUE US $126 million

Pacifico is the leader in Perus insurance market. Pilsen Trujillo beer is associated with the Peruvian Inkafarma is the largest retail pharmacy chain in Peru. Plaza Vea is a Peruvian brand of hypermarkets and
region from where it gets its name the northern supermarkets, owned by Interbank Group.
The company was established in 1992 and its main city of Trujillo. Inkafarma was founded in 1996 and today has
purpose is to provide clients with risk management more than 8,000 employees throughout Peru. The The first store was opened in 2001 and numbers
solutions. Pacifico is part of Credicorp, the largest Launched in 1920, Backus & Johnston acquired the pharmacy offers a wide range of products including have since expanded to more than 80 stores across
financial group in Peru. It has more than 5,000 brand in 1994 and it is now widely available across medicine, perfumery and personal care. the country. The brand employs around 10,000
professionals dedicated to providing customers with Peru. The beer is known for the careful control of its people in Lima and the provinces.
a full range of products and services through its three fermentation process, which ensures its quality and
lines of business: General Risks, Health through its taste are always consistent.
subsidiary Pacific Health and Life, through Pacific Life.

144 145
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

13 14 17 18
PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Cencosud PARENT COMPANY Minibanco (subsidiary BCP) PARENT COMPANY licorp
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Beer INDUSTRY Retail INDUSTRY Banks INDUSTRY Laundry
YEAR OF FOUNDATION 1898 YEAR OF FOUNDATION 1992 YEAR OF FOUNDATION 1998 YEAR OF FOUNDATION 1971
WEBSITE www.ariquipena.com.pe WEBSITE www.metro.com.pe WEBSITE www.minibanco.com.pe WEBSITE www.alicorp.com.pe
BRAND VALUE US $110 million BRAND VALUE US $98 million BRAND VALUE US $49 million BRAND VALUE US $49 million

Arequipea originated in the city of Blanca and Metro Chorrilos was the first hypermarket to open in Mibanco is a bank that provides banking, lending Bolivar is Perus leading laundry soap bar brand, and
today this brand of Pilsen beer is becoming widely Peru, back in 1992. and insurance services for small businesses and the Bolivar detergent product is the second most
recognized across the world. entrepreneurs. popular in its category.
Since then the brand has built its presence up to
The brands producers conduct the preparation 69 units around the country. It is part of one of Mibanco started operations in Lima in 1998, The Bolivar brand portfolio is owned by licorp, the
process with great care, hence its use of the slogan the biggest retail organizations in Latin America building upon the business of Accin Comunitaria largest consumer goods company in the country.
Hecha con Orgulho (made with pride). (Cencosud). This conglomerate operates in del Per (ACP), a non-profit civil association
Argentina, Brazil, Chile, Peru and Colombia across operating in the micro and small business sector.
many segments, including supermarkets, financial
services and shopping centers.

15 16 19 20
PARENT COMPANY Unacem PARENT COMPANY licorp PARENT COMPANY licorp PARENT COMPANY Cencosud
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Cement INDUSTRY Food and Dairy INDUSTRY Food and Dairy INDUSTRY Retail
YEAR OF FOUNDATION 1956 YEAR OF FOUNDATION 1971 YEAR OF FOUNDATION 1971 YEAR OF FOUNDATION 1942
WEBSITE www.unacem.com.pe WEBSITE www.alicorp.com.pe WEBSITE www.alicorp.com.pe WEBSITE www.wong.com.pe
BRAND VALUE US $73 million BRAND VALUE US $53 million BRAND VALUE US $40 million BRAND VALUE US $38 million

Cemento Andino has been producing cement and Don Vittorio is a premium pasta and a familiar brand Primor is a well-established range of cooking and The Wong supermarket group began as winery in
derivative products since 1952. In 2012 it merged with in households throughout Peru. olive oils. 1942 and has since grown to become one of the
Cementos de Lima to form Unacem (Unin Andina de leading names in the countrys retail sector.
Cementos). Don Vittorio is one of many products from licorp, The Primor brand portfolio is owned by the licorp
the largest consumer goods company in Peru. In Company which has dominated the oil and fats sector The history of Perus most iconic supermarket
In 2015, Cemento Andino refreshed its image. A new recent years, the Don Vittorio brand has expanded in Peru for the past decade. In 2015, it held a 43% chain began when Erasmo Wong Chiang
packaging design promoted the quality and durability its range by adding sauces to some of its pasta value share. founded his winery on Dos de Mayo Avenue in
of its cement in an effort to differentiate the product products. 1942. In 1983, the first Wong supermarket was
and create a more premium positioning. founded in Ovalo Gutierrez.

Expansion continued and in 1992 the portfolio


was extended to include the Metro hypermarket
model. In 2007, Wong was acquired by Cencosud,
one of the largest and most prestigious retail
conglomerates in Latin America.

146 147
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

The power of
Peruvian brands
Beer brands Cristal and Pilsen have are each anchored in daily family life.
always been in the top positions. They Alicorp is strong evidence that trying
are able to be part of the LatAm ranking to build robust brands is worthwhile.
year after year because of their strong This becomes clear when we look at
emotional bond with Peruvian culture. the three axes of these brands: Their
Additionally, both brands have been presence in the minds of housewives,
able to reflect Peruvian values, such as their differentiating proposition,
union, each in terms of communication and their current work on emotional
and by adapting their formats. An bonding are all contributing factors of
example of this is the large variants success.
used to share, which perfectly adapt
to the Peruvian consumption format,
where consumers can even share a glass RELEVANT PROPOSITIONS
by passing it around a table. Supermarkets and malls are an
One of the things that most caught my attention when There are also the banks, such as BCP, important part of daily life in Peru.
Although traditional markets are still the
I arrived in Peru was how fond Peruvians are of some Interbank, and also Mi Banco, which
cornerstone of household shopping,
is focused on microcredits. Although
emblematic brands. these brands might generate love supermarkets have, little by little,
or contempt, they exemplify the managed to offer propositions that
importance of responding clearly to the understand the needs of housewives:
Supermarkets Plaza Vea and Metro have
This year, with the launch of the BrandZ Top 20 Most needs of both Peruvian employees and
worked hard to be present in the mind
entrepreneurs. In a year when the price
Valuable Peruvian Brands 2017, I have been able to of the dollar had a significant impact on of female users. And Wong, a brand
these brands, their bond with their users relying on differentiation, is managing
better understand what valuable brands do in Peru. allowed them to continue being leaders. to reach an audience willing to pay a
little more.
There is also Inca Kola, the most
consumed soda brand in Peru. Its Meanwhile, the brands that understand
historical association with Peruvian the Peruvian culture have been able to
gastronomy has enabled it to maintain build more and more value, such as Real
its emotional bond, by celebrating Plaza, which has doubled its brand value
creativity. year after year.

In this year, when for the first time So we see, brands that have worked to
we have a BrandZ Top 20 Peruvian increase their power, either by being
Brands ranking, we also find brands salient, meaningful, or different, that
as well-loved as those of Alicorp: Don have managed to grow within the
Catalina graduated in Psychology from Universidad market to better ride out these times of
de la Sabana and has a Masters in Strategic Marketing
Vittorio (pasta), Primor (oils), and Bolivar
(detergents). Despite their pertaining to lower economic growth. As the saying
from Toulouse University, France. goes: When the going gets tough, the
such different segments, these brands
tough get going.
CATALINA BONNET MONTOYA She has led market research for over 15 years. In 2001,
CEO Peru, she started her career in Market Research in Colombia,
Kantar where she became part of the Kantar Millward Brown
Catalina.Bonnet@millwardbrown.com team when it opened the Colombia offices (2002). In
2004, Catalina traveled to France, where she worked in
the Kantar Millward Brown Paris office for four years.

In 2008, she returned to Colombia, where she served


as Customer Service Director. From 2015 to date,
Catalina has been Country Manager for Peru.

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PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Peru
2020
However, Peru is not unresponsive to this new
reality, and there is a growing phenomenon ADAPTING TO A NEW ORDER
that today places Peru as the seventh of 25 We need to start viewing the digital mobile as
countries with the greatest growth projection a space for strategic brand building, not only
for the penetration of smartphones up to as a support or a space where we need to be
2020*. This heralds a change in the landscape because others are there.
for brand building, since formerly advertising
relationships depended exclusively on the If brands wish to continue building this
traditional mass media, such as TV, but the relationship in the long term, and add value,
reality is that today the mobile phone is the it is important to understand the human
main screen and medium through which to dynamics associated with the use and
connect people with brands. consumption occasions of our target audience.

This leads people to discover and create The traditional model of message interruption
a connection with new brands that have and repetition does not work in the same way
become hyper relevant in a really short time. that it did 10 years ago. Today technology
How can the brands that have always been allows us, through different platforms such as
This sounds like the title of a science relevant to Peruvians continue to be so? Google, Facebook, or other external tools,
fiction book, but frightening and to understand consumers in depth and learn
what they do, when they do it, and in what
surprising as it may seem, we have only moment a brands message and product are
relevant to them.
three more years before we enter the
third decade of the 21st century. For our To the extent that these brands understand
the processes of information consumption,
clients and agencies, this third decade will they will have to adapt to them with relevant
messages within adequate time, and provide
PAUL THORNDIKE present a myriad of challenges to continue brand experiences that people value.
CEO,
Wunderman Phantasia building valuable and relevant brands. This new digital technological environment
Paul.Thorndike@wunderman.com
demands a change in vision for the short term,
so as to achieve strategic brand building in
the long term. This will mean more precise
The world is experiencing radical changes in the building metrics, fed with sources of information almost
of brands because of shared economies, digitization, in real time, where brands have greater control
and the impact of the new technologies in the business of investment and messages and are able to
environments. Consequently, there are more empowered adapt rapidly to circumstances.
people and a constant search for individualization, but also
This does not have to be at the cost of losing
a shared fight for creating fairer and equitable societies. In
relevance or neglecting strategic brand
addition, we demand brands to be more crystal-clear and
building. But it will mean in Peru, in 2020, these
Paul is a graduate of Business Management responsible, as part of the changes shaping this new reality.
brands will be equally valued, but by then it
from the Universidad del Pacfico, Lima, Peru.
will be because of their deep understanding of
Under his leadership, Wunderman Phantasia, MAINTAINING RELEVANCE the populations social and cultural dynamics.
working for companies such as Backus
Peru values brands that have always been there for
SABMiller, Movistar, Nestle, and BCP,
consumers, despite the social, economic or political
has been often recognized as the most
important digital agency in Peru. conditions in any given moment. This is why it is not
surprising to see how international Brands find it more
In addition, he is on the Board of Directors of difficult to compete and gain ground in comparison to
several companies and start-ups. other markets.
* according to E-marketer

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THOUGHT LEADERSHIP

Brand value
proposition
the great differential in OLIVIA HERNNDEZ
Client Management Director,
Kantar Millward Brown Per

times of economic slowdown Olivia.hernandez@millwardbrown.com

This creates a great challenge for brands, particularly


those in FMCG. Through analysis of various categories
using BrandDynamics, we have found that in
The reverberations of the economic slowdown 2016, demand for a good price (28%) and quality/
in Latin America are being felt by Peruvian performance (12%) have significantly increased.

consumers. This is despite the fact that Peru has This clearly suggests a constant search for a
value equation. It is important to point out that
the highest expansion rates in the region. Peruvian consumers are not only looking for lower
prices. Inexpensive brands that dont deliver good
performance wont be the ones winning the battle;
According to Kantar Worldpanel, the food and instead, winning brands will be those offering
consumers quality at a good price.
dairy sectors are experiencing the most significant
decrease, especially among medium-low and low BALANCING THE EQUATION
socio-economic segments, and in the provinces. Consumption of brands with prices higher than the
category average might be impacted if they do not
In these areas, consumers are increasingly looking develop marketing strategies that create empathy
for a good value proposition. with consumers, by being supportive and close. There
are plenty of ways to do this. For instance, during the
economic crisis in Argentina in 2002, the Skip brand of
detergents increased the availability of smaller packs
and also introduced cheaper large sizes, offering
consumers a better value equation.

We are not suggesting price decreases, just as


long as the brands deliver added value. This can be
done by offering intangible benefits that are hard
Olivia holds a BSc in Actuarial Sciences from Instituto Tecnolgico to replicate (Premium). Brands need to carry out
Autnomo de Mxico (ITAM) and an Applied Statistics Diploma and tactical activities that in the medium term retain
Management Skills Diploma, also from ITAM. their consumers and in the long term become more
significant, consolidating their brand power in
Olivia joined Kantar Millward Brown Mexico in 2005 and moved to the
preparation for when the economy recovers.
Peru office in 2012. She has over 20 years of experience in market research
helping clients to build valuable brands and communication efficiency.

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THOUGHT LEADERSHIP

The power of us PRIDE IN WHAT WE ARE EMPOWERING MESTIZO SYMBOLISM


Peru is one of the worlds most IMPROVEMENT The Peruvian symbolic universe
community-minded markets, and has multiple historical layers, built
The power of local brands is a In a global and regional context of
brands have been able to capitalize by decades of cultural interactions
phenomenon we have been analyzing in uncertainty, Peru has been billed as
on this desire for belonging amongst between indigenous cultures, and
several emerging countries, where the one of the few markets that retains
Peruvian consumers. Brands that African, Asian and of course European
The Peruvian brands currently in the BrandZ close relationship consumers build with
highlight the value of the neighborhood expectations of important growth migration. Brands have managed to
national brands is mediated by a growing for the next few years. Consumers,
Top 20 Most Valuable Peruvian Brands 2017 feeling of belonging, community, pride,
(Cristal), of friendship (Pilsen Callao),
especially those from the emerging
include within their communication
or a sense of national identification these explicit symbolic elements, such
and nationalism. Thus, it is not surprising
are clear examples of the power of local that many of the brands appearing today
through unique flavors (Inca Kola), have middle class, want to connect with this as music, food, or local humor. Some
managed to connect with Peruvian feeling of improvement, hope, and have even gone beyond, generating
brands to emotionally connect through in the ranking connect with Peruvians
consumers. growth, and brands building messages their own symbolic universes from
from three key axes: The recognition of from these territories stand out in the
content, values, languages, gestures, and collective values, empowerment, and the This is not the result of recent work: the ranking. Besides promoting growth,
Peruvian elements, such as the magic
cuy (BCP), whose meaning and
symbols that are relevant to the local culture. mestizo symbolism. credentials and credibility to speak to outstanding brands are those that coherence can only be explained in
Peruvian consumers about collective manage to connect with the feeling of the context of the local culture. The
values have been built by investing empowerment resulting from the access emotional connection that those
and looking for consistency through to goods and services of high quality Peruvian brands establish by correctly
decades. Several brands that have from a local provider. This has been the using local symbolism is relevant, for it
managed to be included in this Top key element for brands from industries allows them to stand out from a place of
20 have been transmitted from one as diverse as banking, malls, detergents, empathy and affinity.
generation to the next one. and food.

HCTOR NAVARRETE J.
Firefly Practice Director,
Kantar Millward Brown Peru
Hector.Navarrete@fireflymb.com

Hector has a BA in anthropology,


an MA in social anthropology and
Advanced Diplomas in marketing
and advertising planning.

Hector joined Kantar Millward


Browns Peru office as Director of
Firefly in 2016.

He brings broad experience


across LATAM and Middle East
markets, accumulated while
working for Kantar Millward Brown
in both Colombia and Dubai.

154 155
Resources
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRANDZ BRAND
VALUATION METHODOLOGY

Introduction The Valuation Process


The brands that appear The BrandZ valuation methodology
can be uniquely distinguished from
At the heart of a brands value is its
ability to appeal to relevant customers DISTINCTION OF BRANDZ earnings. Predicting future earnings
requires adding another component to
Meaningful (a combination of emotional
and rational affinity), being Different (or
in this report are the its competitors by the way we use and potential customers. BrandZ
BrandZ is the only brand valuation
our BrandZ formula. This component at least feeling that way to consumers),
consumer viewpoints to assess brand uniquely measures this appeal and assesses future earnings prospects as and being Salient (coming to mind
most valuable in Latin equity, as we strongly believe that how validates it against actual sales
tool that peels away all of the financial
a multiple of current earnings. We call quickly and easily as the answer when
and other components of brand value
America. They were consumers perceive and feel about performance. Brands that succeed in
and gets to the core how much
this component the Brand Multiple. people are making category purchases).
a brand determines its success and creating the greatest attraction power Its similar to the calculation used by
brand alone contributes to corporate
selected for inclusion failure. We conduct worldwide, on- are those that are:
value. This core, which we call Brand
financial analysts to determine the We identify the purchase volume and
going, in-depth quantitative consumer market value of stocks (Example: 6X any extra price premium delivered by
in the BrandZ Top research, and build up a global picture MEANINGFUL Contribution, differentiates BrandZ.
earnings or 12X earnings). Information these brand associations. We call this
50 Most Valuable Latin of brands on a category-by-category In any category, Meaningful brands supplied by Bloomberg data helps us unique role played by brand, Brand

American Brands 2017


and market-by-market basis. appeal more, generate greater STEP 1: CALCULATING calculate a Brand Multiple. We take the Contribution.
love and meet the individuals Branded Earnings and multiply that
based on the unique and
Globally, our research covers 3.2 million expectations and needs. FINANCIAL VALUE number by the Brand Multiple to arrive
Heres what makes BrandZ so unique
and important. BrandZ is the only
consumers and more than 100,000 at what we call Financial Value.
PART A brand valuation methodology that
objective BrandZ brand different brands in over 50 markets. DIFFERENT
obtains the customer viewpoint by
This intensive, in-market consumer
valuation methodology research differentiates the BrandZ
Different brands are unique in a
positive way and set the trends,
We start with the corporation. In some
cases, a corporation owns only one STEP 2: CALCULATING conducting worldwide on-going, in-
depth quantitative consumer research,
that combines extensive methodology from competitors that
rely only on a panel of experts, or
staying ahead of the curve for the
benefit of the consumer.
brand. All Corporate Earnings come
from that brand. In other cases, a
BRAND CONTRIBUTION online and face-to-face, building up a
global picture of brands on a category-
and on-going consumer purely on financial and market desktop corporation owns many brands, and we So now we have got from the total value by-category and market-by-market
research. SALIENT need to apportion the earnings of the of the corporation to the part that is the
insights with rigorous Salient brands come spontaneously corporation across a portfolio of brands. branded value of the business. But this
basis. Our research now covers 3.2
Before reviewing the details of this million consumers and more than
financial analysis. methodology, consider these three
to mind as the brand of choice for key
To make sure we attribute the correct
branded business value is still not quite 100,000 different brands in over 50
needs. the core that we are after. To arrive at
fundamental questions: why is brand portion of Corporate Earnings to each markets.
important; why is brand valuation Brand Value, we need to peel away a
brand, we analyze financial information
important; and what makes BrandZ IMPORTANCE OF from annual reports and other sources,
few more layers, such as the in-market
and logistical factors that influence STEP 3: CALCULATING
the definitive brand valuation tool? such as Kantar Retail. This analysis yields
BRAND VALUATION a metric we call the Attribution Rate.
the value of the branded business,
for example: price, availability, and BRAND VALUE
IMPORTANCE OF BRAND Brand valuation is a metric that We multiply Corporate Earnings by the distribution.
Now we take the Financial Value and
quantifies the worth of these powerful Attribution Rate to arrive at Branded
Brands embody a core promise of What we are after is the value of multiply it by Brand Contribution,
but intangible corporate assets. It Earnings, the amount of Corporate
values and benefits consistently the intangible asset of the brand which is expressed as a percentage
enables brand owners, the investment Earnings attributed to a particular
delivered. Brands provide clarity itself, which exists in the minds of of Financial Value. The result is Brand
community, and others to evaluate brand. If the Attribution Rate of a brand
and guidance for choices made by consumers. That means we have to Value. Brand Value is the dollar amount
and compare brands and make faster is 50 percent, for example, then half the
companies, consumers, investors and assess the ability of brand associations a brand contributes to the overall
and better-informed decisions. Corporate Earnings are identified as
other stakeholders. Brands provide in consumers minds to deliver sales by value of a corporation. Isolating and
coming from that brand. measuring this intangible asset reveals
the signposts we need to navigate the Brand valuation also enables predisposing consumers to choose the
consumer and B2B landscapes. marketing professionals to quantify brand or pay more for it. an additional source of shareholder
PART B
their achievements in driving business value that otherwise would not exist.
What happened in the past or even We focus on the three aspects of
growth with brands, and to celebrate
whats happening today is less brands that we know make people buy
these achievements in the boardroom.
important than prospects for future more and pay more for brands: being

158 159
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRANDZ BRAND BRANDZ REPORTS,


VALUATION METHODOLOGY APPS AND IPAD MAGAZINES

Why BrandZ is
the definitive brand
Going Global?
valuation methodology
Our BrandZ country reports unique consumer insights derived
WE WROTE THE BOOK contain unparalleled market
knowledge, insights, and thought
from our proprietary BrandZ
database.
leadership about the worlds most
BRANDZ COUNTRY REPORTS: exciting markets.
If youre planning to expand
internationally, BrandZ country
ESSENTIAL TRAVEL GUIDES Youll find, in one place, the reports are as essential as a
All brand valuation HOW DOES THE WHATS THE FOR GLOBAL BRAND BUILDING wisdom of WPP brand building
experts from all regions, plus the
passport.

methodologies are similar up


to a point. All methodologies
COMPETITION DETERMINE BRANDZ BENEFIT?
use financial research and THE CONSUMER VIEW? The BrandZ methodology
produces important benefits for two
sophisticated mathematical Interbrand derives the consumer point broad audiences.
formulas to calculate current of view from panels of experts who
contribute their opinions. The Brand Members of the financial
and future earnings that Finance methodology employs a community, including
can be attributed directly to complicated accounting method called
Royalty Relief Valuation.
analysts, shareholders,
a brand rather than to the investors and C-suite,
depend on BrandZ for
corporation. This exercise WHY IS THE BRANDZ the most reliable and
produces an important but BrandZ Top 100 Most BrandZ Top 100 Most BrandZ Top 50 Most

incomplete picture.
METHODOLOGY SUPERIOR? accurate brand value Valuable Global Brands 2016 Valuable Chinese Brands 2016 Valuable Indian Brands 2016
information available. This is the definitive global brand valuation The report profiles Chinese brands, outlines This in-depth study analyzes the
BrandZ goes much further and is study, analyzing key trends driving the major trends driving brand growth and success of powerful and emerging Indian
Whats missing? The picture more relevant. Once we have the Brand owners turn to worlds largest brands, exclusive industry includes commentary on the growing brands, explores the Indian consumers
of the brand at this point lacks important, but incomplete, financial BrandZ to more deeply insights, thought leadership, B2B trends and influence of Chinese brands at home and shopping habits, and offers insights for
picture of the brand, we communicate understand the causal links a look at the Future of Brands. abroad. building valuable brands.
input from the people whose with consumers, people who are
between brand strength,
opinions are most important actually paying for brands every day,
constantly. Our on-going, in-depth sales, and profits, and to
the consumers. This is where quantitative research includes three translate those insights
the BrandZ methodology million consumers and more than into strategies for building
100,000 brands in over 50 markets brand equity and fuelling
and the methodologies of our worldwide. business growth.
competitors part company.

ELIGIBILITY CRITERIA
The brands included in the BrandZ Top 50 Most Valuable Latin American BrandZ Top 50 Most Valuable Spotlight on Myanmar Spotlight on Mongolia
Brands 2017 report meet two eligibility criteria: Indonesian Brands 2016 The story of Myanmar is one of huge Mongolias GDP has grown at rates as high
Now in its second year, this study analyzes potential, as a new era of openness signals as 17 percent in recent years, encouraging
Brands are owned by an enterprise listed on stock exchanges in Latin America the success of Indonesian brands, examining strong growth opportunity. Now is the time a growing number of international brands
the dynamics shaping this fast-emerging for brands to make an impression in this to gravitate toward this fast-growth market
Bank brands derived at least 25 percent of earnings from retail business market and offering insights for building emergent economy. and make a beeline for one of Asias
valuable brands. hidden gems.

160 161
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

The BrandZ China BrandZ Brand


Insights Reports Building Tools
IN-DEPTH BRAND-BUILDING INTELLIGENCE ABOUT TODAYS CHINA
The opportunity to build brands in
China is greater than ever. But so are
the challenges.

The fastest growth is happening deep


in the country, in less well-known
cities and towns. Consumers are more
sophisticated and expect brands to
deliver high-quality products and
services that show real understanding TrustR RepZ CharacterZ
of local market needs. Maximizing Brand Brand personality analysis
Engaging Consumers in the
Unmasking the Individual Chinese Investor nd Potential of the C nd insight, and forms Post-Recession World and Corporate Integrity deepens brand understanding
WPP has been in China for over 40 part of a growing library of WPP reports Major brands are especially vulnerable to Need an interesting and stimulating way to
This exclusive new report provides the first Trust is no longer enough. Strong brands
years. We know the Chinese market about China. It explores the meaning and unforeseen events that can quickly threaten engage with your clients? Want to impress
detailed examination of Chinese investors, inspire both Trust (belief in the brands
in all its diversity and complexity. This what they think about risk, reward and the significance of the Chinese Dream for promise developed over time) and the equity cultivated over a long period them with your understanding of their brand?
experience has gone into our series of brands they buy and sell. This will help Chinese consumers as well as its potential Recommendation (current confirmation of of time. But those brands with a better A new and improved CharacterZ can help! It
BrandZ China reports. They will help brand owners worldwide understand market impact on brands. that promise). This combination of Trust plus reputation are much more resilient. Four key is a fun visual analysis tool, underpinned by
you avoid mistakes and benefit from the dynamics and build sustainable value. Recommendation results in a new metric factors drive Reputation: Success, Fairness, the power of BrandZ, which allows detailed
examples of successful brand builders. called TrustR. Responsibility and Trust. Find out how your understanding of your brands personality.
brand performs.

SocialZ is the new social media data visualisation


product from BrandZ that enables you to
BrandZ Top 30 Chinese The Chinese Golden Weeks The Chinese New Year easily track, visualise and present a data-driven
Global Brand Builders 2017 in Fast Growth Cities in Next Growth Cities
Using research and case studies, the The report explores how Chinese families
approach using the real-time view of social
This groundbreaking study aims its
radar at the edge of the Chinese brand report examines the shopping attitudes celebrate this ancient festival and describes landscape surrounding any brand.
universe, exploring developed country and habits of Chinas rising middle class how the holiday unlocks year-round
markets where only a few Chinese and explores opportunities for brands opportunities for brands and retailers,
brands have dared to go so far. in many categories. especially in Chinas lower-tier cities.

Only available via your WPP Agency

162 163
RESOURCES

BRANDZ REPORTS, BRANDZ ON THE MOVE


APPS AND IPAD MAGAZINES

The BrandZ Get this new report - BrandZ Top 50 Latin American
Brands 2017 - on your smartphone or tablet.

Industry Insights Reports Download mobile apps for other important BrandZ reports,
including: Top 100 Most Valuable Global Brands 2016, Top 100 Most
Valuable Chinese Brands 2016, BrandZ Top 30 Chinese Global
Brand Builders 2017, Top 50 Most Valuable Indian Brands 2016, Top
50 Most Valuable Indonesian Brands 2016, along with Spotlight on
Myanmar and Spotlight on Mongolia.

To download the mobile apps for these and other BrandZ reports
go to www.brandz.com/mobile (for iPhone and Android).

BrandZ is the worlds largest and most reliable customer-focused


source of brand equity knowledge and insight.

To learn more about BrandZ data or studies, or view one of our


industry insight videos, please visit www.BrandZ.com, or contact
any WPP company.

LEADERS IN THE HOT SEAT BrandZ Top 25 Most Valuable


Behind the brands that shape lives and build value Global Retail Brands 2016/2017

Interviews with chief marketing officers from some of Shifting shopper habits and evolving priorities are
the worlds most valuable global brands reveal the transforming the retail sector and the balance of
ingredients of brand strength, value and longevity. power among retail brands. Insights, analysis,
key trends and retailer profiles support
this exclusive WPP report.

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RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

WPP COMPANY CONTRIBUTORS

GROUP M J. WALTER THOMPSON JUSSI

These companies contributed GroupM is the leading global media


investment management company serving
as the parent to WPP media agencies
including Mindshare, MEC, MediaCom,
J. Walter Thompson Worldwide, the worlds
best-known marketing communications
brand, has been creating pioneering
solutions that build enduring brands
Jssi is a performance digital agency
located in Sao Paulo, Brazil that is focused
on delivering business results within digital
channels. Created in 2010 with a significant

knowledge, expertise and


Maxus, and Essence, as well as the and business for more than 150 years. growth year after year Jssi is the leading
programmatic digital media platform, Xaxis, Headquartered in New York, J. Walter online performance, programmatic and
each global operations in their own right Thompson is a true global network with conversion digital agency in Brazil. With
with leading market positions. GroupMs more than 200 offices in over 90 countries, a goal driven thinking approach Jssi
primary purpose is to maximize performance employing nearly 10,000 marketing applies a digital strategic approach
of WPPs media agencies by operating as professionals. The agency consistently and cutting edge technologies across a

perspective to the report


leader and collaborator in trading, content ranks among the top networks in the world portfolio of blue chip advertisers.
creation, sports, digital, finance, proprietary and continues to be a dominant presence
tool development and other business- in the industry by staying on the leading
critical capabilities. GroupMs focus is to edgefrom hiring the industrys first
deliver unrivaled marketplace advantage to female copywriter to developing award-
its clients, stakeholders and people. winning branded content today.

www.groupm.com www.jwt.com www.jussi.com.br

Cynthia Evans Leopoldo (Polo) Garza Henrique Russowsky


Latin America Director of Insights New Business Development Managing Director
Cynthia.Evans@groupm.com Polo.Garza@jwt.com Henrique.Russowsky@jussi.com.br

COHN & WOLFE GEOMETRY GREY KANTAR MILLWARD BROWN KANTAR TNS KANTAR VERMEER
Cohn & Wolfe, a global communications Geometry Global, the worlds largest Grey Group ranks among the largest global Kantar Millward Brown is a leading global Kantar TNS is one of the worlds largest Kantar Vermeer is the only global
agency, builds brands and corporate and most international brand activation communications companies. Under the research agency specialising in advertising research agencies with experts in over 80 marketing consultancy that helps
reputations through an uncompromising agency, drives conversion, action banner of Grey Famously Effective Since effectiveness, strategic communication, countries. With expertise in innovation, managing and optimizing brand value.
commitment to creativity. The agencys and purchase through award-winning 1917, they continue to break new ground in media and brand equity research. Kantar brand and communication, shopper Specialize in understanding stakeholders
strategic approach unearths fresh insights programs that change behavior and inspire brand experience across every platform and Millward Brown helps clients grow great activation and customer relationships Kantar commercial potential, anticipating the
leading to communications solutions that people to buy well. With teams in 56 create lasting consumer connections. The brands through comprehensive research- TNS helps clients identify, optimize and financial impact of marketing actions and
deliver measurable success. Throughout markets, Geometry Global has expertise in agency serves a blue-chip client roster of based qualitative and quantitative solutions, activate the moments that matter to drive developing organizational structures
its 45- year history, Cohn & Wolfes brand shopper, digital, experiential, relationship, many of the worlds best known companies: embracing the latest technologies and growth for their business. They are part capable of generating sustained growth.
marketing work and world-class digital promotional and trade marketing. Procter & Gamble, GlaxoSmithKline, leveraging them to develop new products of Kantar, one of the worlds leading data, Kantar Vermeers whole-brain thinking
campaigns have attracted top global Geometry Global is a WPP company. Honda, Mitsubishi, BCA, Orang Tua Group and services to help marketers compete insight and consultancy companies. brings an intrinsically multi-lens approach
brands, winning awards at the Cannes to name a few. Grey offers complete service and win today and in the future. Part of to creating solutions for strategic marketing
Health Lions, the Global SABREs and the covering advertising, activation, shopper Kantar, WPPs data investment management challenges. Kantar Vermeer is part of WPPs
Global PRWeek Awards. Cohn & Wolfe has marketing and digital. division, Kantar Millward Brown operates in Kantar, one of the worlds leading data,
more than 50 offices across Asia, EMEA, more than 55 countries. insight and consultancy companies.
Latin America and North America, and has
been named a Best Place to Work by The
Holmes Report, PRWeek and PRNews.

www.cohnwolfe.com www.geometry.com www.grey.com/latam www.millwardbrown.com www.tnsglobal.com www.KantarVermeer.com

Patricia Ramrez Paula Bernasconi Patricia Quintero Gabriel Castellanos Gabriel Castellanos Eduardo Tomiya
General Manager Regional Director, Director Business CEO Hispanic LatAm CEO Hispanic LatAm Managing Director
Business Development Development LatAm Gabriel.Castellanos@kantar.com Gabriel.Castellanos@kantar.com Eduardo.Tomiya@kantarvermeer.com
Patricia.Ramirez@cohnwolfe.com.mx Paula.Bernasconi@ogilvy.com Patty.Quintero@grey.com

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RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

WPP COMPANY CONTRIBUTORS

KANTAR WORLDPANEL MAXUS MINDSHARE OGILVY & MATHER WUNDERMAN PHANTASIA WPP is the worlds largest
Kantar Worldpanel is the global expert in Maxus Global is a global network of local Mindshare is a global media agency network Ogilvy & Mather is one of the largest Wunderman is Creatively Driven. Data communications services group
shoppers behavior. Through continuous media agencies that embraces technology with billings in excess of US$34.5 billion marketing communications companies in Inspired. A leading global digital agency, with billings of US$73 billion and
monitoring, advanced analytics and tailored and innovation to deliver tangible business (source: RECMA). The network consists of the world. It was named the Cannes Lions Wunderman combines creativity and data revenues of US$19 billion. Through
solutions, Kantar Worldpanel inspires benefits for clients. Maxus has a clear more than 7,000 employees, in 116 offices Network of the Year for five consecutive into work that inspires consumers to action its operating companies, the
successful decisions by brand owners, vision: to lead clients into change and the across 86 countries spread throughout North years, from 2012 to 2016; and the EFFIEs and delivers results for brands. Wunderman Group provides a comprehensive
retailers, market analysts and government brilliant opportunity that change creates. America, Latin America, Europe, Middle Worlds Most Effective Agency Network has won multiple creative awards including a range of advertising and marketing
organizations globally. Maxus delivers meaningful business results East, Africa and Asia Pacific. Each office is for two consecutive years, 2012 and 2013. Cannes Lion Grand Prix and in 2015, industry services including advertising &
through a mix of smart organic growth dedicated to forging competitive marketing The company comprises of industry analysts named Wunderman a leader in media investment management;
With over 60 years experience, a team of and by strengthening and expanding its advantage for businesses and their brands leading units in disciplines including marketing database operations as well as a
data investment management;
3,500, and services covering 60 countries specialist services. Clients include NBCU, based on the values of speed, teamwork and advertising; public relations; branding strong performer in customer engagement
public relations & public affairs;
directly or through partners, Kantar LOral, Church & Dwight, BT, Huawei and provocation. Mindshare is part of GroupM, and identity; shopper marketing; digital strategy. Headquartered in New York, the
Worldpanel turns purchase behavior into Aldi. Maxus is part of GroupM, the worlds which oversees the media investment and relationship marketing; branded agency brings together 7,000 creatives, data branding & identity; healthcare
competitive advantage in markets as diverse largest media investment management management sector for WPP, the worlds content and entertainment; and specialist scientists, strategists and technologists in communications; direct, digital,
as FMCG, impulse products, fashion, baby, group, responsible for nearly one-third of leading communications services group. communications. In Indonesia, Ogilvy 175 offices in 60 markets. promotion & relationship marketing
telecommunications and entertainment, all media investment worldwide and serving has had a presence since 1972 and has and specialist communications.
among many others. as parent company for all of WPPs media consistently been a leading agency working The company employs 194,000
agencies. Founded in 2008, Maxus employs with influential Indonesian and global people (including associates and
around 3,000 people across 55 countries in brands. investments) in over 3,000 offices
70 offices and has been the worlds fastest across 112 countries. For more
growing media network for six consecutive
www.ogilvy.com www.wunderman.com information, visit www.wpp.com.
years, according to RECMA.

www.kantarworldpanel.com www.maxusglobal.com www.mindshareworld.com WPP was named Holding Company


Paula Bernasconi Paul Thorndike
of the Year at the 2016 Cannes Lions
Regional Director, Managing Director
International Festival of Creativity
Sonia Bueno Hugo Gmez Jorge Guglielmone Business Development Paul.Thorndike@wunderman.com
for the sixth year running. WPP was
CEO LatAm CEO CEO, Latin America Paula.Bernasconi@ogilvy.com also named, for the fifth consecutive
Sonia.Bueno@kantarworldpanel.com Hugo.Gomez@maxusglobal.com Jorge.Guglielmone@mindshareworld.com year, the Worlds Most Effective
Holding Company in the 2016
Effie Effectiveness Index, which
recognizes the effectiveness of
marketing communications. In 2016
WPP was recognised by Warc 100 as
the Worlds Top Holding Company
(second year running).

For more information please


visit www.wpp.com

170 171
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BrandZ Top 50
Latin American Team

DAVID ROTH IGOR TOLKACHEV EDUARDO TOMIYA ANA VALDESPINO ROBERTO DE NAPOLI DOREEN WANG
CEO, The Store WPP, EMEA and Asia The Store WPP, EMEA and Asia Managing Director, Latin America Marketing Lead of Insights Director, Latin America Global Head of BrandZ
David.Roth@wpp.com Igor Tolkachev@wpp.com Kantar Vermeer Kantar in Latin America Kantar Vermeer, South America Kantar Millward Brown
Eduardo.Tomiya@kantarvermeer.com Ana.Valdespino@kantar.com Roberto.Napoli@kantarvermeer.com Doreen.Wang@millwardbrown.com

David Roth is the CEO of the Igor Tolkachev manages Business Eduardo Tomiya is the Managing Ana is a marketing manager at Roberto is a Director at Kantar Doreen Wang is the Global Head
Store WPP for Europe, the Development at The Store Director of Kantar Vermeer Latin Kantar Mexico. She helps with Vermeer. He is responsible for of BrandZ, and a seasoned
Middle East, Africa and Asia, and WPP and manages BrandZ America (ex BrandAnalytics, of project management of the valuation and analysis for the executive with 16 years experience
leads the BrandZ worldwide worldwide project. He is involved which Eduardo was the founder). BrandZ LatAm Top 50 report and BrandZ LatAm 50 rankings and in providing outstanding market
project. Prior to joining WPP, in the development of content He runs projects on brand valuation is leading the launch of the report. other ad hoc brand valuation projects. research and strategic consulting
David was main Board Director and overall project management and brand strategy for companies for senior executives in Fortune 500
of the international retailer, B&Q. for BrandZ LatAm Top 50. such as Bradesco, Petrobras, Vale, companies in both the US and China.
Santander, Fiat and O Boticrio.

With special thanks and appreciation to:


Amandine Bavent, Catalina Bonnet Montoya, Elspeth Cheung, Tuhin Dasgupta,
Lucy Edgar, Jay Makwana, Anthony Marris, Oliver Pacht and Jessica Velasco.

172 173
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

The BrandZ
Brand valuation in Latin America

contact details We help build valuable brands

Our WPP companies have been engaged


in Latin America for nearly 100 years.
Today, approximately 23,000 WPP
professionals including associates work
The brand valuations in the BrandZ Top 50 Most across the region.

Valuable Latin American Brands are produced by They provide the advertising, marketing,
insight, media, digital, retail, shopper
Kantar Millward Brown using market data from marketing, PR, knowledge, insight, and
Kantar Worldpanel, along with Bloomberg. implementation necessary to understand
Latin America and build and sustain
brand value. To learn more about how to
apply this expertise to benefit your brand,
please contact any of the WPP companies
The consumer viewpoint is derived from the BrandZ database. that contributed to this report or contact:
Established in 1998 and constantly updated, this database of brand
analytics and equity is the worlds largest, containing over three Ann Newman
million consumer interviews about more than 100,000 different brands Country Head
in over 50 markets. WPP Latin America
Ann.Newman@wpp.com
For further information about BrandZ
contact any WPP Group company or: For further information about WPP
companies worldwide, please visit:
Doreen Wang www.wpp.com/wpp/companies
Global Head of BrandZ
Kantar Millward Brown or contact:
+1 212 548 7231
Doreen.Wang@millwardbrown.com David Roth
CEO The Store, WPP EMEA and Asia
Martin Guerrieria David.Roth@wpp.com
Global BrandZ Research Director
Kantar Millward Brown
+44 (0) 207 126 5073
Martin.Guerrieria@millwardbrown.com

Elspeth Cheung
Global BrandZ Valuation Director
Kantar Millward Brown
+44 (0) 207 126 5174
Elspeth.Cheung@millwardbrown.com

www.brandz.com
Bloomberg
The Bloomberg Professional service is the source of real-time and historical financial
news and information for central banks, investment institutions, commercial banks,
government offices and agencies, law firms, corporations and news organizations in
over 150 countries. (For more information, please visit www.bloomberg.com)

174 175
www.brandz.com

Methodology and valuation by