For the first time, two Chinese brands entered the top ten in BrandZ's annual rankings. Google ranked eighth in the last 12 years
photo source : BOBBY YIP / Reuters
At the top of BrandZ's global brand rankings, you can see the largest technology companies in the world each year: Google, Amazon, Apple, Facebook.
This year, however, the two top Chinese competitors also entered its top ten.Alibaba, Jack Ma's online trading giant, came in 9th after its brand value almost doubled to $ 113 billion. Alibaba's brand has been boosted by the company's expansion into areas such as mobile and cloud computing.
Tencent, which last year entered the top 10 in the rankings last year, reached fifth place after its brand rose 65 percent to $ 179 billion. Tencent, which has instant messaging services, gaming applications and mobile payment services, has a market cap of $ 490 billion. In the rankings, it surpassed American giants like Facebook , ranked sixth with a brand value of $ 162 billion, and McDonald's, ranked eighth with $ 126 billion.
BrandZ's brand ranking is published annually by WPP's Canter Millward Brown. Google was ranked first with a brand value of $ 302 billion - up 23% from last year - for the eighth time in the last 12 years. After Google are Apple , Amazon and Microsoft.
Doreen Wang, who is responsible for BrandZ at Millward Brown, told CNN that the rating shows that Tencent and Alibaba have overcome many of China's many obstacles and become world powers. "The challenges facing Chinese brands are by no means small," she said. "The limited awareness of these brands in the international market, the lack of confidence due to quality problems in the past, and the reluctance of Chinese brands to invest in influential global campaigns have left them at a disadvantage compared with the more established competitors."However, China's rise and the awakening of young and conscious consumers have created opportunities for smart entrepreneurs, she said. "The attitudes are changing, especially among young consumers who fall in love with Chinese brands," she said. "Although the penetration into the US market is still in the initial stages of the two brands, other regions embrace them warmly."
Source: themarker
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