Nordic Brand Valuation Report 2024: Key Insights
Introduction
Brand Finance, the leading brand valuation consultancy, published its comprehensive Nordic Brand Valuation Report 2024, highlighting the most valuable and strongest Nordic brands. This report, based on extensive original research conducted globally, serves as a benchmark for brand performance and value.
Ranking Analysis
- Equinor emerges as the most valuable Nordic brand, overtaking IKEA, which held the title for eleven years. Equinor's brand value reached €15.6 billion, marking a 24% increase compared to the previous year.
- LEGO secures the third position as the strongest brand in the region, showcasing robust brand equity and market presence.
- Vår Energi, Tryg, and Novo Nordisk lead as the fastest-growing brands in the Nordic region, indicating a surge in brand value and market impact.
Equinor's Journey
- Strategic Shift: Equinor has strategically shifted its focus towards a more robust renewable energy portfolio, complementing its traditional oil and gas operations.
- Growth Drivers: Increased revenues, production growth, and a positive outlook for stable contributions from the oil and gas sector until 2035, alongside significant growth in renewable energy production, contribute to its brand value.
- Renewable Investments: Notably, the company anticipates a substantial increase in cash flow from its renewables and low-carbon business by 2030, expected to further bolster its brand value.
IKEA's Challenges
- Market Disruptions: Following attacks on ships in Yemen, IKEA experienced supply chain disruptions, leading to delayed shipments and potentially impacting its brand value.
- Brand Strength Decline: The brand's Brand Strength Index score has slightly declined to 79.1 out of 100, with notable decreases observed in customer equity metrics such as consideration and recommendation.
Summary
The 2024 Nordic Brand Valuation Report underscores the dynamic nature of brand value within the region, with shifts in leadership and accelerated growth in sustainability-focused brands. Equinor's ascent highlights the importance of strategic adaptation and investment in renewable energy, while challenges faced by IKEA emphasize the vulnerability of brands to external market disruptions and the critical role of maintaining strong customer relationships in sustaining brand value.