Seoul, South Korea, April 10, 2019 — Interbrand, the world’s largest brand consultancy held its seventh ‘Best Korean Brands’ seminar to commemorate the success of Korea’s Top 50 leading brands.
According to the study, the total brand value of Korea’s Top 50 brands have amounted to KRW 152 trillion despite the slow economic growth. This is a 4.2% growth from last year’s total brand value of KRW 146 trillion.
Common characteristics of the top performing Best Korean Brands: Iconic Moves™
At the ‘2019 Best Korean Brands Seminar’, Interbrand shared its insights on the secrets to brand growth as we approach an era where customer expectations and needs evolve at an unprecedented speed. In order for brands to keep up with such fast-changing demands, it is vital for brands to rethink the way they listen and understand customers, identify their unmet needs and create engaging experiences.
This means that brands need to move beyond improving their existing methodologies and start thinking about bold and symbolic Iconic Moves™ which can shift the status quo.
Top growing brands
The top growing brands of the ‘2019 Best Korean Brands’ were: SK Hynix, Kakao, LG Household & Health Care, LG U+, Coway and Shinsegae. SK Hynix(10th) grew by an astonishing 36.5% to reach a brand value of KRW 2.82 trillion. Kakao(22nd) recorded another year of double digit growth with 26.5% reaching a brand value of KRW 1.19 trillion. LG Household & Health Care(19th) grew by 17.5% to reach a brand value of KRW 1.41 trillion. LG U+(34th) grew by 15.9% to reach KRW 607 billion, Coway(31st) and Shinsegae(42nd) grew by 15.3% and 12.6% recording KRW 887 billion and KRW 467 billion respectively.
The new entrants to the Top 50 this year include: CJ ENM, Netmarble, DB Insurance, and Daelim Industries. Following the merger between CJ E&M and CJ Oshopping, CJ ENM rose to the 26th most valuable brand spot with KRW 1.42 trillion. Netmarble(46th) was valued at KRW 127 billion, DB Insurance(48th) was valued at KRW 339 billion and Dealim Industries(49th) was valued at KRW 336 billion.
Jihun Moon, CEO of Interbrand Seoul, said, ‘We live in an age where yesterday’s ’wow’ has quickly become today’s ordinary. The expectations of customers is increasing rapidly across categories. In such times, improving previous methodologies is not sufficient. Brands need to rethink how they are understanding their customers, what types of products/services they need to put out there and how to engage with customers. Only brands which manage to start such Iconic Moves™ will remain ahead of the game.’
The complete list of the ‘2019 Best Korean Brands’ and its insights can be found on Interbrand Seoul’s official website (www.interbrand.co.kr).
At Interbrand, we believe that growth is achieved when an organization has a clear strategy and delivers exceptional customer experiences. We do both, through a combination of strategy, creativity, and technology that helps drive growth for our clients’ brands and businesses. With a network of 16 offices in 14 countries, Interbrand is a global brand consultancy, and publisher of the highly influential annual Best Global Brands and Breakthrough Brands reports, and Webby Award-winning brandchannel. Interbrand is part of The Brand Consulting Group of Omnicom Group Inc. (NYSE:OMC). For more information, please contact us, or follow Interbrand on LinkedIn,Twitter, Facebook and Instagram.
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