Online retailer Ocado has been named as the UK's fastest growing brand, according to a new report by WPP and Kantar.
The 2020 BrandZ Top 75 Most Valuable UK Brands report found that Ocado has increased its brand value by 63% to be now valued at $3.3 billion (€2.82 billion), putting it at No. 18 in the Top 75 ranking.
The COVID-19 lockdown period has helped boost Ocado's brand value, as well as that of e-commerce peers Deliveroo (+40% in brand value) and Just Eat (+19%).
The Top 75 list is topped by Vodafone, with a brand value of $23.1 billion (€19.8 billion), although this is down 13% on the previous year.
Retailer Tesco places eighth on the list, with a brand value of $8.49 billion (€7.26 billion), although this is 7% lower.
Notable FMCG names on the list include Lipton (6th, $9.1 billion), Cadbury's (13th, $4.1 billion), KitKat (34th, $1.8 billion), Innocent (42nd, $1.5 billion) and gin brand Gordon's (70th, $651 million).
'Size And Stature'
“Despite massive headwinds in COVID-19 and Brexit, a small number of UK brands have performed well over the last 12 months, but they are the exception," commented Jane Bloomfield, chief growth officer, Kantar UK.
"Many of our UK Top 75 continue to trade on size and stature, which is a precarious position in a highly competitive global landscape. A lack of innovation and differentiation leaves them exposed as household budgets fall and consumers re-evaluate brand choices, often permanently switching to new brands they have found during the pandemic. This is a ‘do’ moment for brands and positive action is needed to ensure survival.
"No brand is too big or too well known to fail in the current climate. Understanding the drivers of brand growth and acting on them quickly is business critical.”
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.