The downturn in the tech industry is also leading to billions of dollars in devaluation of leading global brands. This emerges from a report presented yesterday by the London-based consulting group Brand Finance. The 500 most valuable and strongest brands are listed annually.
At the top is Amazon. The brand value of the US online retailer fell by 15 percent to $299.3 billion. But it outperformed the value of iPhone maker Apple, which fell 16 percent to $297.5 billion. “Technology brands around the world have depreciated significantly in response to changing demand patterns,” said David Haigh, CEO of Brand Finance. 48 technology brands are represented in the ranking.
The fastest growing brands include US automakers Tesla and China’s BYD. At Tesla, the brand value increased by 44 percent to $66.2 billion, at BYD by 57 percent to $10.1 billion.
Deutsche Telekom is the leader in Europe with a brand value of 62.9 billion dollars. Behind it is the car brand Mercedes-Benz with 58.8 billion dollars.
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