Methodology and valuation by

TOP
50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

17
TM

TOTAL VALUE OF LATIN NEWCOMERS

AMERICAN TOP 50 BRANDS
50

US$131.9
BILLION

18
2015
#32 #33 #43 #46
Food & Dairy Beer Retail Banks

US$103.4
US $1,051 Mil. US $1,047 Mil. US $810 Mil. US $741 Mil.
49

HIGHEST RISERS
BILLION
% = Brand Value Change
2015-2017

19
2017
#47
67
#48
%
48

Brand Value
#49 #50 US $427 Mil.
Credit Communication
+
-22%
Brand Value Energy Retail
Cards Providers
Change Drugstores
2015-2017 US $734 Mil. US $693 Mil. US $681 Mil. US $679 Mil.

+67%

20
Brand Value

US $332 Mil.
47

Top 10 most valuable latin american brands Drugstores

+58%
% Brand Value Change 2015-2017
Brand Value

US $267 Mil.
Retail

+48%
46

Communication Communication Brand Value

Beer Beer Retail Beer Retail Beer Beer Retail
Providers Providers
US $267 Mil.
US $7,782 US $7,647 US $4,598 US $4,257 US $4,035 US $3,772 US $3,593 US $3,486 US $3,316 US $3,269 Retail

Million Million Million Million Million Million Million Million Million Million

21
45

+48%
Brand Value

US $1,051 Mil.
-8% -10% -26% -10% -9% -10% +16% -5% -8% +28% Food & Dairy
44

+43%
Brand Value

MOST VALUABLE COUNTRY BRANDS US $605 Mil.

TOP 10 IN BRAND CONTRIBUTION Beer

22
Brand contribution measures the influence of brand alone

+41%
Brand Value
on financial value, on a scale of 1 to 5, 5 being highest.

ARGENTINA BRAZIL chile COLOMBIA MEXICO PERU All these brands have a brand contribution of 5. US $670 Mil.
Airlines

US $3.4 Bil. US $33.5 Bil. US $20.6 Bil. US$ 13 Bil. US $50.8 Bil. US $7.5 Bil.
43

+34%
Brand Value

23
-25% % Brand Value
Change 2015-2017 -31% % Brand Value
Change 2015-2017 -12% % Brand Value
Change 2015-2017 -48% % Brand Value
Change 2015-2017 -11% % Brand Value
Change 2015-2017 -12% % Brand Value
Change 2015-2017 US $570 Mil.
2 brands in the Top 50 11 brands in the Top 50 9 brands in the Top 50 5 brands in the Top 50 18 brands in the Top 50 4 brands in the Top 50 Retail

+31%
Brand Value
Top 3 Argentinian Brands Top 3 Brazilian Brands Top 3 Chilean Brands Top 3 Colombian Brands Top 3 Mexican Brands Top 3 Peruvian Brands US $1,047 Mil.
1 1 1 1 1 1
Beer
42

+31%
US $1,149 Mil. US $7,782 Mil. US $4,257 Mil. US $3,486 Mil. US $7,647 Mil. US $1,396 Mil. Brand Value

US $1,568 Mil.

24
2 2 2 2 2 2 Beer

US $741 Mil. US $3,772 Mil. US $2,689 Mil. US $2,132 Mil. US $4,598 Mil. US $1,080 Mil.

3 3 3 3 3 3 www.brandz.com
41

US $648 Mil. US $2,673 Mil. US $2,558 Mil. US $851 Mil. US $4,035 Mil. US $1,025 Mil.

25
Methodology and valuation by
Download the Mobile app www.brandz.com/mobile

39 38 37 36 35 34 33 32 31 30 29 28 27 26
40
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

CONTENTS

WELCOME.................................6 BRAZIL .....................................46 COLOMBIA................................94 Per ......................................136

Opportunity for closeness OVERVIEW OVERVIEW OVERVIEW
David Roth, CEO, WPP The Store
Brand strength is the supporting pillar in a shaky economy Adapting to change A new government, lots of expectation, and a full agenda

INTRODUCTION................. 8
Valkiria Garre, CEO Brazil, Kantar Carolina Solanilla, CEO Colombia, Kantar for growth
Fidel A. La Riva, Country Manager Per, Kantar Worldpanel
The Top 50 Brands Chart Key Market Facts
The Top 20 Brands Chart
THOUGHT LEADERSHIP Key Market Facts The Top 20 Brands Chart
Key Market Facts
Brand Stories Brand Stories
Conquering consumers in hard times: .promotional pricing Brand Stories
vs. brand building Thought Leadership Thought Leadership
Gabriel Castellanos, CEO, Hispanic LatAm, Kantar Thought Leadership
How to grow in a complex environment? Colombia: Where the unpredictable happens
Lessons in relationship-building from Latin America Christine G. T. Pereira, Business & Marketing Director, Paula Andrea Siabato, Planner, J. Walter Thompson, Colombia The power of Peruvian brands
Doreen Wang, Global Head of BrandZ, Kantar Millward Brown Kantar Worldpanel, Brazil Catalina Bonnet Montoya, CEO Per, Kantar
Rebusque as the origin of local brand success
OVERVIEW

Data and Creativity need to come together
Henrique Russowsky, Managing Partner, Jussi


Mauricio Barriga, CEO Ogilvy Group, Colombia and
CEO Rednet Latin Center


Peru 2020
Paul Thorndike, CEO, Wunderman Phantasia
The Latin American brands in a de-globalization context
How the guys in the garage impacted our brands Building strong brands in a trend of proprietary brands Brand value proposition
Key Findings and Future Trends Marcia Esteves, Chief Operating Officer, Grey Brazil Leticia Navarro Torres, Head of Client Management - Insights, Olivia Hernndez, Client Management Director, Per,
Kantar Millward Brown Kantar Millward Brown
Headline News
Brand Value Distribution by Country How brands help new consumers in Latam The power of us
Alejandro Tanco, Director Firefly Practice, Andean Region, Hctor Navarrete J., Firefly Practice Director, Per,
Performance by Industry Sector Kantar Millward Brown Kantar Millward Brown
Comparison with Other BrandZ B
. rand Valuation Rankings
Top 50 Brands

Argentina............................30 CHILE ........................................72 MEXICO...................................112 Resources...........................156

OVERVIEW
Argentina faces a new beginning
Julio Fresno Aparicio, CEO Argentina, Kantar
Key Market Facts
The Top 5 Brands Chart
Brand Stories
Thought Leadership
Being trendy means going back to basics
Manuela Urrutia, Client Service Senior Consultant,
Kantar Millward Brown Argentina
Is there a winner in the fight between on and off?
Julia Gonzalez Treglia, Head of Business Development &
Innovation, Argentina, Kantar Millward Brown
Promo vs. brand building
Martin Lammardo, VP Managing Partner, Mindshare World
Hard-times branding: Building brand value in times of The mobile-first consumer is changing the retail world
economic turmoil
Carito Kanashiro, Regional Head of Planning, Geometry
Global Latina and Head of Planning, Geometry Global Argentina
OVERVIEW OVERVIEW BRANDZ BRAND VALUATION METHODOLOGY
Price sensitive consumers seek reasons to trust Uncertainty killing forecast but detonates action
Mauricio Martinez, CEO Chile, Kantar Jorge Vargas, CEO Mxico, Kantar
BRANDZ REPORTS, APPS AND IPAD MAGAZINES
The Top 15 Brands Chart The Top 30 Brands Chart The BrandZ China Insights Reports
Key Market Facts Key Market Facts
Brand Stories Brand Stories
BrandZ Brand Building Tools
Thought Leadership Thought Leadership The BrandZ Industry Insights Reports
Three turning points in Chile
Vicente Valjalo, CEO, J. Walter Thompson Chile
Living in uncertain times
Oliver Pacht, Director, Kantar Vermeer
BrandZ Mobile
The rise of the trans-regionalist If building brand influence is not the No. 1 priority, WPP Company Contributors
Roberto Rojas, Senior Research Executive, Firefly Practice, what is?
Kantar Millward Brown Sergio Olavarrieta, Associate, Kantar Vermeer BrandZ Top 50 Latin American Team
Brand environments and ecosystems in Chile Brand building in a digital era
Carolina Vega, Account Director, Chile, Kantar Millard Brown Patricia Ramrez, General Manager, Cohn & Wolfe and The BrandZ Brand valuation contact details
and Roberto Rojas, Senior Research Executive, Firefly Practice, Ana Mara Muirragui, Business Unit Director, Cohn & Wolfe
Kantar Millward Brown
WPP in Latin America
E-commerce: The new rules of the game Alberto Pea, Head of Business Development and Digital
Carolina Livacic, Director Client Management, Kantar TNS and Lead,Maxus
Federico Di Nenno, Director Accounts, Kantar TNS

Bricks, clicks, and a global omnishopping experience

Cynthia Evans, Director of Insights, GroupM Latin America

4 5
LATIN AMERICA
WELCOME
Opportunity
for closeness
The winds of
global uncertainty
have been buffeting
economies, consumers
and brands right
across Latin America
in the past year.
DAVID ROTH
CEO The Store WPP EMEA and Asia
david.roth@wpp.com
Blog: www.davidroth.com
Twitter: davidrothlondon
6 7
Economic growth has continued to
be sluggish; the result of depressed
oil prices, currency fluctuation and
lackluster demand in some of LatAm
countries key export markets. Major
political changes in several markets have
created uncertainty that has proved
less than conducive to government and
business investment. And, with inflation
running as high as 30 percent at times,
consumer confidence and household
budgets have taken a bit of a battering.
These are indeed challenging
times, yet they also present brands
with unique opportunities to build
strong, meaningful relationships with
consumers.
In this report, we draw on nearly a
century of WPP company expertise
in LatAm, working with some of most
valuable and iconic brands in the region.
We couple that with more than a decade
of BrandZ global brand valuation
research, which has tracked over 100,000
brands in 50 markets to identify the key
drivers local and global of long-term
growth in brand value.
These learnings are especially pertinent
at times when business budgets are tight
and there is pressure to deliver volume
sales in the short term. Brands need to
know that they are not simply spending
on marketing, they are investing in
connections with consumers that pay
long-term dividends.
The brands that top the BrandZ Top 50
Most Valuable Latin American Brands this
year are those that are deeply anchored
in consumers daily lives. Theyre about
friendship and family; theyre dependable
and authentic.
What is clearly evident from this years
rankings is that, even in difficult markets
and categories, you can maintain a strong
position and grow brand value.
In Peru, for example, where we have
expanded our ranking this year from
the Top 10 to the BrandZ Top 20 Most
Valuable Brands, there has been an
overall decline of 12 percent in brand
value. Yet the performance of individual
brands has been hugely varied. In fact,
while several strong Peruvian brands have
endured double-digit declines in the past
year, others have grown brand value by
more than 50 percent.
In the pages ahead, we analyze the
unique demands and opportunities for
brand builders in each of our featured
markets. The picture across the region is
varied. In Colombia, there is peace after
the long-running civil war but inflation is
at record highs. Argentina is adjusting
after elections that ended 12 years of rule
by the Kircher family, and in Peru, there is
hope that the new government will kick-
start much-needed investment.
But there are some common threads that
run through the countries, rankings and
analysis:
The value equation is shifting
Householders are spending more
carefully, making more frequent
shopping trips, but spending less on
each visit. Theyre looking for brands that
offer great value. That means not just a
good price and dependable quality, but
also a promise to deliver beyond function
and provide an emotional benefit.
Consumers want
reasons to trust
There is a strong desire for business
transparency, and this extends to
peoples experience of products and
brands. When conditions are unstable,
consumers are seeking brands that are
honest and open with them and that do
what they say theyll do.
There is much positivity
There is caution but also a lot of optimism
that things will soon get better. Theres
an entrepreneurial spirit and can-do
attitude prevailing in many markets.
People are still buying their favorite
brands, even if a bit less often.
There is an opportunity to
link creativity and data
through digital media
Smartphone penetration continues to
rise across the region, giving brands
the chance to be both more timely and
increasingly relevant to consumers. When
digital technology, consumer data and
brand creativity are united, that essential
emotional connection is easier to achieve.
We know, through experience in this
region and around the world, that brands
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
that invest in maintaining and building
relationships with consumers during
difficult times bounce back faster and
higher when consumer confidence
returns. Strong, valuable brands also
deliver superior shareholder returns.
I hope this report helps brands in LatAm
learn from the past and build for the
future.
ABOUT BRANDZ
This report is a collaboration by leading
brand experts from WPP companies
around the LatAm region. Their insights
and Thought Leadership essays provide
strategic understanding and tactical
advice for brands seeking to grow their
presence and improve their brand value.
WPP companies have been working in
Latin America for close to 100 years.
Within these companies are specialists
in advertising; insight; branding and
identity; direct marketing, digital,
promotion and relationship marketing;
shopper marketing and e-commerce;
media investment management and data
investment management; and public
relations and public affairs. All share a
passion and determination to use their
creativity and resources to establish and
build strong, differentiated brands that
deliver lasting shareholder value.
Collectively, our experts bring
global knowledge based on our
WPP experience in 113 countries. By
connecting this talent and wisdom, we
explore global trends and insights that
help our clients in unique and useful
ways.
The backbone of all the intelligence
in this report is the WPP BrandZ
database, the worlds largest, customer-
focused source of brand equity
knowledge and insight, and the BrandZ
brand valuation methodology of Kantar
Millward Brown, a WPP company.
Other titles in our industry-leading
BrandZ resource library include:
The BrandZ Top 100 Most Valuable
Global Brands, the BrandZ Top 100
Most Valuable Chinese Brands 2016,
the BrandZ Most Valuable Indonesian
Brands 2016 and the BrandZ Top
50 Most Valuable Indian Brands. To
download these and other BrandZ
reports, please visit www.brandz.com. For
the interactive BrandZ mobile apps, go
to www.brandz.com/mobile.
To find out more about how we can help
brands across the LatAm region, please
contact any of the WPP companies that
have contributed expertise to this report.
They are listed in the resources section
at the end. Or, feel free to contact me
directly.
Introduction
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Conquering ASKING THE RIGHT QUESTIONS

Now, asking ourselves about marketing budgets

consumers in hard times:

gives us the opportunity to pose hard questions
and enables us to make the necessary corrections
in the course to be followed by our brand. The most
important thing is to raise the right questions:

Are we generating enough brand

promotional pricing
differentiation? Are we sure that every
invested dollar is building differentiation
attributes for our brand so that our
target audience prefers it?
Are we sure about the message to be
all other brands. If this is not taken into account and
activity consists of a volume strategy disconnected from
brand structure, we will most surely compromise the
future of the brand. Its vital to avoid the pitfall of ending
up with a brand whose only difference will be a one-day
offer, no more or less appealing than other offers.

vs. brand building

The economy in Latin America
is facing hard times, and this
reflects directly on consumers
purchasing power. The challenge
is knowing whether our brands
can rediscover sustained growth.
transmitted by our brand? About how
and when to communicate it?
Do we understand our consumers?
Are we capable of taking timely actions
for their needs?
Are our activities building sustainable
brand equity?
Volume strategies are valuable as long as there is
awareness that the brand is the axis of a company
and that it should relate to its target adequately,
so that this target can decisively understand and
experience the differences between our brand and
GABRIEL CASTELLANOS
CEO, Hispanic LatAm,
Kantar
Gabriel.Castellanos@kantar.com
FACTOR IN ALL VARIABLES
We must remember that, when consumers purchasing
power is impacted, they do not want to buy the cheapest
products, but those that give them more for their money,
not only in rational but also in emotional terms. It is in
these moments when consumers are more aware of their
expenses, when they prefer brands with the best balance
between quality, differentiation, relevance, and cost.
So, as it can be seen, cost is just one variable among
others. In fact, cost is something that, depending on the
category, can be mitigated by the rest of the variables.
So, why do we wind up giving in and making decisions
that often favor volume at the expense of margins?
Let us remember that consumers are willing to pay a
premium price for a brand that they feel gives them
something they could not get otherwise. Premium
brands need to be different enough to justify their price
and defend themselves from potential competitors.
Lack of differentiation could lead to declining gains if
consumers have to pay a price so high that it feels out of
line with what they perceive as differentiation in a brand.

Gabriel has a degree in Economy
and Finance and has held various
management positions throughout his
career in market research, marketing,
sales and corporate affairs.
He has been at Kantar Millward Brown for
10 years, as CEO for the Andean Region
for the last two and previously for four
years as the CEO of Kantar Millward
Brown Colombia.
Currently CEO of Hispanic LatAm, he is
responsible for managing Insights for
Mexico, Central America, Colombia, Peru,
Venezuela, Ecuador, Chile and Argentina.
Time and again, we watch our clients asking themselves
whether to continue their marketing efforts or, on the
contrary, reduce investment or even cancel the budget.
They ponder whether to allocate resources to initiatives
that could potentially generate more immediate sales,
such as promotional pricing, temporary price decreases,
and so on. It is precisely in those moments when clients
come to wonder whether marketing activities generate
the necessary sales volumes at the right speed for
brands. What should the strategy be? Unfortunately,
the answer to this question is not easy. Any route taken
will have consequences. The truth is that short-term
options, focused on volume, are helpful in so far as
there is a brand to sell. That is not a path to be taken
for too long, but rather a tactic within a brand strategy.

10 11
LATIN AMERICA
THOUGHT LEADERSHIP
Lessons in
relationship-building
from Latin America
DOREEN WANG
Global Head of BrandZ
Kantar Millward Brown
Doreen.Wang@millwardbrown.com
Doreen Wang is a seasoned executive
with extensive experience in providing
outstanding market research and
strategic consulting services for senior
executives in Fortune 500 companies
in the US and in China. Doreen
currently leads the global BrandZ
engagement across 43 countries, and
the launch of BrandZ Global Top 100
Most Valuable Brands, China, Brazil,
India and Indonesia annual rankings.
12
European and Latin American growth
rates have mirrored each other closely
over the last decade. Faced with
many of the same macroeconomic
challenges, brands on the two
continents can learn much from
studying each other.
BrandZ Latin America - Kantar Millward Browns
comprehensive brand value report--has just been released
and it contains important lessons for European brands.
The Latin American report is one of several BrandZ
reports Kantar Millward Brown publish every year, based
on 17 years of research into brands across the globe.
This years report contains many insights about building
closer relationships with consumers during an economic
downturn and positioning a brand as emblematic of a
broader region, trend or movement.
BUILDING RELATIONSHIPS
The Brazilian beer brand Skol is Latin America's most
valuable brand for the second time. Skol has created value
by building a close relationship with its target audience
through music festivals and other special occasions. The
brands mantra of Desce Redondo (Easy to drink) Abastible created a TV advert that
builds associations of fun, playfulness
and happiness.
Skols relationship with consumers is close, but not deep in
the sense of being connected to more fundamental issues
in consumers lives. This means that the
brand can position itself as a welcome
distraction from troubling financial
prospects. Skol has understood that
its role is not to be the main character
at the party, but to help others have a
good time.
Around Rock in Rio, the Rio Carnival
and the FIFA World Cup, the brand
organised more than 2,000 events
where it let its consumers play the
main role. During the World Cup, it
even created small embassies where
customers were invited to become
Skol ambassadors and welcome
foreigners. And its Gringo your selfie
competition encouraged Brazilians to
take selfies with tourists from all the
countries competing in the World Cup
in less than 24 hours.
By fine-tuning its relationship with
consumers like this, Skol is always in
the background, but never far away. Its
ingenious approach is to not run the
party but to be one of its fundamental
building blocks. Its brand events do not
have to be about the brand at all. The
embassies and selfie competitions can
be all about what consumers want to
do, while Skol can confidently assume
that the customer will bring the product
to the party.
NEW EXPERIENCES
AND OLD VALUES
Another aspect of building closer
relationships with consumers is to
create unique experiences. Chilean
gas company Abastible - not yet in the
BrandZ LatAm top 50 - had great
success this year creating a different
type of unique occasion.
Struggling against strong competitors,
helped it to stand out from the crowd
by tapping into a broader media
happening. The ad featured a popular
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
80-year old contestant from the
local version of the TV programme
Master Chef. It created an emotional
connection with consumers and was
spurred on by the contestant being
interviewed by traditional media and
discussed on social media.
In this way, the advert and the brand
became part of a broader national
experience, where Abastible
succeeded by employing a non-
conventional brand ambassador for a
gas company. European brands are also
adept at using non-conventional brand to position themselves as emblematic
ambassadors, but where UK brands of the region, so that they are seen to
often use bloggers and the like to represent a broader location, trend or
reach new audiences, Abastible instead local feel.
took an old-fashioned route with an
Beauty and personal care products
older lady. By going against consumer
expectations, it managed to grab from Peru--such as Belcorp and Yanbal
attention. International, still outside the top 50-
-are expanding and starting to pose
The ad also exemplifies how traditional
values are helping to connect Latin
a threat to bigger, global companies.
The Peruvian brands business models
American brands more closely to emphasise a strong understanding of
consumers. Representing the warm the locally emerging middle classes
values of a traditional household, the in the entire Latin American region.
chef managed to communicate the This way they manage to represent a
sense of security that follows from broader set of ideals and capture the
tradition. European brands that are mood of their target consumers better
able to follow this and tell a compelling than competitors coming in from the
story about the warm values consumers outside.
care about can build close relationships
without engaging in the more serious
debates about economic challenges. TAKING THE
LESSONS HOME
BECOMING EMBLEMATIC Of course, brands in Europe use many
similar tactics to their Latin American
An important difference between
Europe and Latin America is foreign counterparts; Louis Vuitton creates
involvement in the economy. Because unique content for its consumers
and IKEA is definitely emblematic of
of the generally lower levels of foreign
Scandinavia. However, subtle strategic
involvement in Latin America, local
differences do exist and a closer study
brands dominate these markets to a
of Latin American successes will show
larger degree. This in turn creates a
European CMOs how to gain the edge.
dynamic where local brands in LatAm-
By looking out to the wider global
-as in APAC--try to break through
market--to Latin America and to Asia-
internationally by converting local or
Pacific--European CMOs will be in a
regional USPs to international ones. An
important strategy for these brands is better position than ever.
13
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

OVERVIEW

The Latin
In this context, the Top 50 Most
Valuable Latin American Brands
Rankings increases in importance and
relevance, showing that the region
has important local icon brands that
However, the Latin American region is going
through a crisis period.
The region continues showing a steady decrease
in GDP rates. In 2015 GDP dropped 0.5%, the

American brands
have successfully explored emotional
attributes, aligned with local needs.
Skol (Brazilian Beer), Telcel (Mexican
Communication Provider), Bradesco
(Brazilian Bank), Aguila (Colombian
Beer) and Falabella (Chilean Retail) are
second worst performance in the last 13 years,
having been surpassed only in 2009, when GDP
declined -1.8% in the worlds financial crisis.
Since 2010 the region hasnt have GDP growth,
mainly due to political instability and external

in a de-globalization
examples of successful brand strategies economic factors, such as evolution of oil prices
focused in this purpose. and the US and China's economies deceleration.

GDP Growth Latin America

context
6.1%
5.7%
5.3% 5.3%
5% 4.6%
4.2% 3.5% 3.1%
2.6%

1.8% 1.3%

Firstly, with the Brexit (British Exit), when
the British citizens voted in June 2016
to exit the European Union, eroding
Recent facts the British pound to its lowest level
have raised in the in decades. And now the election of
Trump, with his promise of protectionist
world the fear of a trade policy in the presidential election
de-globalization campaign.
process. The tendency is that the countries start
to think more locally in terms of trade. In
this scenario, local brands will play a very
important role, increasingly seeking to
meet local needs. For global brands the
challenge is even bigger, because they
need to have different positioning for
each local market, in order to meet these
local needs. One good example of this
movement is Unilever, a global company
that has adapted successful global brand
concepts to suit local markets.
In terms of Political context, almost
all socialist governments are facing
problems and this can represent a
very good opportunity for LatAm
brands. For example, Cuba is trying
to open relationships with US but also
with other Latin American countries.
Venezuela is facing some economic
issues, and probably can represent
good perspectives for brands in the
middle term. Brazil, which went through
the impeachment of Dilma Doussef
- a president with a clear Socialist
positioning, is following this trend.
0%
-0.5%
-1.8%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: CEPAL
Despite several economic and political problems in Brazil
and Venezuela, whose GDPs dropped in 3.9% and 5.7% in
2015 respectively, the other countries in the region showed
positive GDPs rates: Peru 3.3%, Colombia 3.0%, Mexico 2.5%,
Argentina 2.4% and Chile 2.1%.
As Brazil is the largest country in the Latin America,
representing almost 33% of the GDP in US dollars, its weak
performance had the largest impact in the GDP of the region.

6%
4%
Eduardo Tomiya is the Managing
Director of Kantar Vermeer Latin 2%
America (ex BrandAnalytics, of
which Eduardo was the founder). 0%
He runs projects on brand valuation
and brand strategy for companies
such as Bradesco, Petrobras, Vale,
-2%
Santander, Fiat and O Boticrio. EDUARDO TOMIYA
Managing Director, Latin America
ROBERTO DE NAPOLI
Director, Latin America
-4%
Kantar Vermeer Kantar Vermeer, South America
Roberto is a Director at Kantar
Eduardo.Tomiya@kantarvermeer.com Roberto.Napoli@kantarvermeer.com -6%
Vermeer. He is responsible for 2013 2014 2015
valuation and analysis for the
BrandZ LatAm 50 rankings and Mexico Chile Peru Argentina

other ad hoc brand valuation projects. Brazil Colombia Venezuela Source: CEPAL

14 15
LATIN AMERICA
OVERVIEW
An economic contraction of 0.9%
is expected in the Latin America's
GDP, according to CEPAL - Economic
Commission for Latin America and
the Caribbean. If this economic
scenario is confirmed, it will mark
the first time that Latin America has
registered two consecutive years of
negative growth. This scenario has
only happened in 1982 and 1983
when the debt crisis was severe.
GDP Growth CAGR1 %
4.0%
3.0%
2.0%
1.0%
0.0%
1700-1900
1 Compound annual growth rate
2 Assumes 1.8% productivity growth, equal to average for 1964-2014
Source: McKinsey Global Institute analysis
16
In terms of economic future trends,
according to the McKinsey Global
Institute study, the global economic
growth is set to slow dramatically.
The expectation is that the world
economy growth rate for the next
fifty years will be just half of what was
observed in the past fifty years.
1900-50 1950-2014
(projected)2
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
The BrandZ Top 50 Most Valuable
Latin American Brands 2017 reflects
all this unfavorable economic
performance, as the total value of
the Top 50 decreased 22% in 2017.
The concern is that the world is now entering into a slow and
contracted economic growth, affecting both developed and
emerging countries.
China's economic data gives clear signals of this economic
deceleration: the countrys GDP rate dropped from 10.6%
in 2010 to 6.9% in 2015. Considering that China is the
world's main importer of commodities, responsible for
approximately 60% of the total world trading of iron ore
and wheat and 30% of copper ore, its economic slowdown
affects directly Latin American countries like Brazil and Chile.
The BrandZ Top 50 Most Valuable Latin American Brands
2017 reflects all this unfavorable economic performance, as
the total value of the Top 50 decreased 22% in 2017.
However, there are good news. Looking at the average
2014-64
Brand Contribution (the influence of the brand in the
customers' purchase decision process), we can see that the
index has improved year by year since the first Top 50 LatAm
ranking in 2012, providing evidence that strong brands
provide protection against financial crisis.
Average Brand Contribution Top 50 Latam
40% 36.1%
32.7%
30.1%
30%
24.4%
20.9%
20%
10%
0%
2012 2013 2014 2015 2017
Source: Kantar Millward Brown and BrandZ
Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest.
17
LATIN AMERICA
KEY FINDINGS AND FUTURE TRENDS
Key findings
from BrandZ
TOP 50 LATAM 2017 AND FUTURE TRENDS
1
brand purpose
Brands associated with a higher
purpose - beyond functional
product benefits - have a
competitive advantage. Many
initiatives that are developed
connect the brand with relevant
social initiatives. Driving factors
include changing customer
values, often connected with
generational lift. Please, look at
the attached chart from Global
BrandZ:
In the region we can see a lot
of examples of local icons with
a positioning that reflects their
brand purpose very clearly:
Coronas strong Mexican heritage
has allowed it to surpass geographic
frontiers; it is currently sold in over
180 countries. The brand has a
rich history of innovation, having
been able to tie itself to Mexican
culture through simple, yet iconic
communications. It has created
strong brand cues that relate it to
relaxation and music.
18
maKES LIVES BETTER
BRAND CLARITY
BRAND PROPOSITION
Source: Kantar Millward Brown and BrandZ
The Brazilian company, passionate
about cosmetics, has been successful
in building an internationally
renowned brand based upon its
commitment towards society and its
relationship with our environment.
Carbonated beverages company,
original from Peru, underlines its
national pride and symbols across
its brand image, fostering a greater
connection with the Peruvian
gastronomy and a unique flavour.
2 Customer Centric
+24% +81%
difficult economic environment,
the local brands need to
+30%
+30% +68%
+68%
3
+24% +81%
Brands that scored low in Purpose
Brands that scored high in Purpose
If you lose dollars
A brand that has been part of the
global fashion democratization trend
since the very beginning, it has also
been able of conveying Brazilians
cheerful attitude, bright colour codes
and diversity through its multiple and
customized product offer.
The Colombian beer brand has
positioned itself due to a consistent
communication idea and slogan of The
brand that reunites all Colombians,
highlighting soccer and festive events as
undeniable elements of the Colombian
people and its passion for their country.
brands
Regardless of the category,
consumers have little problem
in finding products and
services that work well and
are good enough. However,
good enough doesnt stand
out from the competition. It
certainly doesnt command
a premium price or keep
customers returning for more. It
is not enough to ask, does the
product and service perform
well? The key questions are:
How does it make customer
feel? Does the customer feel
just ok? What would it take to
make the customer delighted?
In the following chart we
can see the importance
of Innovation for creating
competitive advantage and
increase in brand value (%) for
brands (from Global BrandZ
database).
Latin American brands face a
Reputation brings
and destroys value
As Warren Buffett said:
for the firm I will be
understanding. If
you lose reputation
for the firm, I will be
ruthless.
Warren Buffett, BIG/MRS conference 2014
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
DIFFERENT
SHAKING THINGS UP
CREATIVE
Brands that scored high in Innovation
Source: Kantar Millward Brown and BrandZ
overcome the customers' expectations,
shifting their business model to meet
consumer needs and demands in a
more relevant and disruptive way.
Brands such as Skol, Telcel, Televisa,
Falabella and Bimbo are very good
examples of Customer centric brands.
For example, in the case of Skol most
valuable Latin American brand who
innovates in communications, events
and packaging. Another example is
in the Brazilian retail: Raia Drogasil
(drugstore) and Renner (retail)
are examples of brands that have
innovated to become a customer
centric brand. The drugstore chain
trusted
socially responsible
treats employees well
Source: Kantar Millward Brown and BrandZ
Corporate reputation and trust has
become an important asset of brands,
and helps companies to deal with
crisis moments. Trust is an extremely
important attribute that is totally
correlated to shareholder value. In
the chart we show the importance of
social responsibility in brand value (%).
Across Latin America many
important conglomerates suffer
some reputation issues, that affects
shareholder values such as Carlos
+22% +90%
+30% +66%
+18% +90%
Brands that scored low in Innovation
implemented beauty consulting
services in their branches. On the
other hand, the retail company used
Googles virtual reality glasses, a low-
cost portable cardboard device, during
the launch event of its 2015 collection.
These actions have created emotional
relations with the with customers,
strengthening the equities of these
local brands. One evidence of these
successful initiatives is the market
capitalization of these companies, with
both values increasing 71% and 33%
from December 2015 to June 2016,
respectively, against a 18% increase of
the stock exchange index in the period.
+25% +80%
+40% +62%
+26% +76%
Brands that scored low in Responsibility
Brands that scored high in Responsibility
Slims companies, BTG, Petrobras,
Vale. The region has several cases
where the brand value was impacted
due to corruption or bribery issues
harming companies' reputation. The
same applies to banks. In the past,
they used to be very important in the
region, now almost all Banks dropped
tremendously in brand value as a
consequence of a perception of risk
in the industry as whole. Some good
news came from Mexicans Cemex
and Bimbo and Chilean Copec.
19
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

HEADLINE NEWS

Headline News
Brand Value
%
# Brand 2017
($M)
Change
Country

7,782 -8%
1
Beer

7,647 -10%
2
BRAND VALUE The economic and political Beer

Total Value of Latin American Top 50 Brands crisis that have recently 4,598 -26%

US$ 103.4 BILLION

plagued the Latin America, 3
with a consequent reflection Communication Providers

in the exchange rate in the

4,257 -10%
Latin American region - which 4
Brand Value Change 2015 2017
devaluated 29% in average, Retail

affected the performance of the the top 5 positions

-22%
Source: Kantar Millward Brown and BrandZ
4,035 -9%
BrandZ Top 50 Most Valuable Skol, the Brazilian beer (AB InBev Group), is the most
valuable Latin American brand for the second consecutive
5
Latin American Brands in 2017: year in the LatAm ranking. The brand has also been the Communication Providers
most valuable Brazilian brand for the fourth consecutive
the total value of the Top 50 year. 3,772 -10%
decreased 22% in comparison 6
Skol has been successful in adapting its brand for the
to the previous year (from US younger audiences who are very likely to change their
Beer

$131.9 Bil. to US$103.4 Bil.).
This year 36 brands decreased in
value and only 6 increased (8 are
newcomers), what reveals this
crisis scenario in the region.
However, looking at the Top
10 the variation was -14%, less
than the variation of the Top 50,
what demonstrates that more
valuable and strong brands can
better face long periods of crisis.
attitude and interests rapidly. Skol has been creative to
present your brand to the young people, who change 3,593 16%
their wishes day by day. One example of this strategy is 7
Skol Ultra, a beer with fewer calories and less alcoholic Retail
content, targeted at people who practice sport or outdoor
exercises and prefer healthier beverages.
3,486 -5%
8
The other four brands in the Top 5 positions were
Corona (Beer Mexico), Telcel (Communication Beer
Providers Mexico), Falabella (Retail Chile) and Televisa
(Communication Providers Mexico), repeating what 3,316 -8%
was observed in the last year, when the segments beer, 9
communication providers and retail dominated the Top 5.
Beer
3,269 28%
Top 10 most valuable brands 10
The Top 10 positions were represented by the Retail
segments beer, communication providers and retail as
Source: Kantar Millward Brown and BrandZ
well, and again beer dominated this ranking, with five
The total five beer brands together dropped 9% in value from 2015 to 2017,
brands in this ranking for the fourth consecutive year. less than the 14% decrease of the total Top 10 in the period.

20 21
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND VALUE DISTRIBUTION BY COUNTRY

NEWCOMERS
Brand value
distribution
In 2017 the BrandZ Top 50 Latin American
ranking had eight new entrants:

Brand Value

by Country
# Brand 2017
($M)
Country

1,051
1
Food

1,047
2
Beer

810 For the fourth consecutive year Mexico BRAND VALUE DISTRIBUTION BY COUNTRY
3
Retail
leads the BrandZ Top 50 Most
Valuable Latin American Brands 2017,
741 with a share of 43%, against 37% of
4 the previous year ranking.
Banks

734
5
Credit Cards %
Region 2017 2015 Change
2015-2017
693
6 Mexico 44,520 49,385 -10%
Communication
Providers Brazil 24,135 32,017 -25%

681 Chile 17,669 19,398 -9%

7
Energy
Colombia 7,958 19,339 -59%

Peru 4,419 6,073 -27%

679
Latam 2,806 3,008 -7%
8
Retail Argentina 1,889 2,644 -29%

Source: Kantar Millward Brown and BrandZ Total 103,395 131,864 -22%
Mexico dominated this ranking, with the two most Source: Kantar Millward Brown and BrandZ
valuable brands from this newcomer ranking.

Mexico Chile Peru Argentina

Brazil Colombia Latam
Source: Kantar Millward Brown and BrandZ

22 23
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND VALUE DISTRIBUTION BY COUNTRY & PERFORMANCE BY INDUSTRY SECTOR

Performance by
Industry Sector
Brand %
Category Value Change
($M) 2015-2017

Beer, Food
and Dairy & 43.943 -5%
Personal Care

1
BANKS 14,863 -56%
PERFORMANCE BY INDUSTRY SECTOR
Beer, Food and Dairy & Personal Care
The growth from 37% to 43% in the total contribution Banks
of Mexico to the BrandZ Top 50 Most Valuable Latin Retail
Retail 20.955 0%
Services
American Brands 2017 was mainly driven by the Beer, Food B2B
and Dairy & Personal Care category, which represents 42% Services 16.953 -22%
of the Mexican Ranking and showed a 1% growth in the
period. This category has benefited in the recent years by
Banks B2B 6.681 -29%
the access of the population to credit and by the growing The Banks category showed in
2017 the worst performance in the Total 103.395 -22%
number of the younger population.
5 years of the BrandZ Top 50 Source: Kantar Millward Brown and BrandZ
LatAm. The category dropped 56%

2
from 2015 to 2017, a reflection of
Despite the fact that Brazil is the largest economy in Latin both the exchange rate devaluation
America, with 33% of the GDP in the region (against 22% of and the mood of the investors
Mexico), the country saw its participation in the LatAm Top in the market capitalization of
the banks, which consequently
50 dropping from 24% to 23%. This is a consequence of the
affected their brand values.
huge decrease in value seen across all categories, reflecting
the instability in the economic and political context and the Colombia showed the highest
consequent uncertainty of consumers and stock market decrease in the category, down
investors in this scenario. All these factors impacted the 76% in the period. On the other
hand, Brazil continues to dominate
exchange rate, which depreciated 32% in the period,
the category, with a share of 31%
affecting both the companies market and brand values.
(34% in 2015).
SERVICES
This category, which is mainly
represented by the subcategory
Communication Providers (89%),
decreased by 22% in value
the third largest drop among
the five categories. In terms of
contribution for the BrandZ
LatAm Top 50, the category
maintained its participation in 16%.
Mexico, the main contributor
for the Services category with

3
Chile, the third largest contributor in the region, increased RETAIL a share of 64%, dropped 24%
its participation from 15% to 17% from 2015 to 2017. The in terms of brand value. Telmex
Retail was the only category that and Telcel showed the worst
categories Beer, Food and Dairy & Personal Care and Source: Kantar Millward Brown and BrandZ
did not change in terms of brand performances, declining 40% and
Services led this performance, growing 16% and 6%, value from 2015 to 2017. As a 26%, respectively.
respectively. consequence, the contribution
BEER, Food and Dairy of the category to LatAm Top 50
increased from 16% in 2015 to 20%
& PERSONAL CARE in 2017.
B2B

4
In fourth position, Colombia had a dramatic drop in its
contribution to the Top 50 LatAm, decreasing from 15%
to 8%. The Top 20 Most Valuable Colombian Brands
dropped 48% from 2015 to 2017, mainly driven by the Banks
category, which declined 80% in the period: in 2015 this
category represented 44% of the Top 20 in the countrys
ranking, and only 17% in 2017.
The Beer, Food and Dairy & Personal Care
Although Chile continues being the The B2B category had the second
category continues being the most important
main contributor for the category, worst performance in the BrandZ
to the BrandZ Top 50 LatAm, with a
with a share of 50%, its brands LatAm Top 50 2017, declining 29% in
participation of 42% in 2017 (35% in 2015), and
decreased 10% in value, which was comparison to 2015.
Beer the main sub-category, showing again
compensated in great part by the
a participation of 82% in the total value of
performance of Mexico, the second Energy and Oil, the main sub-
the category and contributing with 12 brands
contributor, which brands increased category with a participation of
among the 17 brands of the category.
8% in the period. 66% in the total value of the B2B
category, decreased 31%, still
Brazil and Mexico lead this Beer sub-
This category has become reflecting the effects of falling
category, with a share of 33% and 31%,
increasingly competitive, forcing commoditys price and depreciated
respectively. The growth of consumption
companies to take an innovative exchange rate, what was worsened
of popular brands in the region helped to
approach to attract consumers and with problems of corruption at
reduce the impact of the economic crisis in
encourage long-term loyalty. Petrobras, the Brazilian oil company.
the sub-category.

24 25
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COMPARISON WITH OTHER BRANDZ BRAND VALUATION RANKINGS

Comparison wi th
O ther BrandZ 2017 BRAND VALUATION SUMMARY

Brand Valuat ion

Category Latam Brazil Mexico Chile Colombia Peru Argentina China Global

Technology 1% 27% 34%

B2B 6% 3% 5% 12% 6% 3% 33% 4% 2%

Beer, Food and Dairy &

Rankings
42% 56% 42% 3% 57% 56% 19% 7% 6%
Personal Care
Banks 14% 19% 9% 13% 17% 32% 31% 24% 16%

Retail 20% 10% 20% 60% 6% 7% 0% 11% 9%

Services 16% 11% 24% 12% 14% 2% 17% 21% 22%

Others 6% 11%

2015 BRAND VALUATION SUMMARY

The value distribution by category in
Category Latam Brazil Mexico Chile Colombia Peru Argentina China Global
the BrandZ Brand Valuation Rankings
basically shows in 2017 what we saw Technology 2% 24% 31%
in 2015. In the Chinese and the Global B2B 7% 3% 6% 12% 9% 3% 34% 6% 8%
rankings, the Technology category Beer, Food and Dairy & 35% 47% 37% 2% 33% 48% 16% 6% 11%
continues gaining importance (in 2017 Personal Care
Technology became the most important Banks 25% 25% 12% 15% 44% 42% 14% 28% 16%

category in China, comprising 2 brands in Retail 16% 11% 19% 61% 3% 5% 0% 14% 8%
the Top 5) and in the LatAm rankings the Services 16% 12% 26% 10% 10% 2% 36% 19% 13%
most important category continues being
Others 3% 12%
Beer, Food and Dairy & Personal Care,
enhanced in recent years with the growth
of popular brands by the middle class.
Sources:
BrandZ Top 50 Most Valuable Latin American Brands 2017
BrandZ Top 100 Most Valuable Chinese Brands 2016
BrandZ Top 100 Most Valuable Global Brands 2016

26 27
LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRANDZ TOP 50 MOST VALUABLE

LATIN AMERICAN BRANDS 2017 Argentina Brazil Chile Colombia Mexico Peru

Brand Value Brand Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand Brand
# # # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution Brand Contribution
Change Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017 2015-2017

7,782 8,500 5 -8% 2,673 5,202 2 -49% 1,396 1,678 4 -17% 907 1,107 2 -18%
1 14 27 40
Beer Banks Beer Retail

7,647 8,476 4 -10% 2,558 2,758 5 -7% 1,331 1,309 5 2% 851 3,476 5 -76%
2 15 28 41
Beer Energy Beer Banks

4,598 6,174 3 -26% 2,294 3,039 1 -25% 1,149 1,575 1 -27% 822 1,236 2 -34%
3 16 29 42
Communication Providers Industry Energy Banks

NEW
4,257 4,709 5 -10% 2,139 2,207 3 -3% 1,080 1,108 5 -3% 810 - 4
4 17 30 43 ENTRY
Retail Banks Beer Retail

4,035 4,423 2 -9% 2,136 3,554 2 -40% 1,073 1,411 1 -24% 796 1,039 3 -23%
5 18 31 44
Communication Providers Communication Providers Retail Communication Providers

NEW
3,772 4,185 5 -10% 2,132 2,436 4 -12% 1,051 - 3 777 985 4 -21%
6 19 32 ENTRY 45
Beer Beer Food and Dairy Retail

NEW
3,593 3,091 2 16% 2,027 2,595 3 -22% 1,047 800 4 31% 741 - 2
7 20 33 46 ENTRY
Retail Banks Beer Banks

NEW
3,486 3,672 5 -5% 1,982 2,845 5 -30% 1,044 1,042 2 0% 734 - 1
8 21 34 47 ENTRY
Beer Retail Food and Dairy Credit Cards

NEW
3,316 3,604 4 -8% 1,943 4,315 2 -55% 1,025 1,808 3 -43% 693 - 3
9 22 35 48 ENTRY
Beer Banks Banks Communication Providers

NEW
3,269 2,557 3 28% 1,889 2,398 4 -21% 990 1,940 1 -49% 681 - 1
10 23 36 49 ENTRY
Retail Airlines Banks Energy

NEW
2,990 2,795 4 7% 1,731 2,757 2 -37% 974 1,700 4 43% 679 - 4
11 24 37 50 ENTRY
Food and Dairy Food and Dairy Cosmetics Retail
Source: Kantar Millward Brown and BrandZ
2,806 3,008 2 -7% 1,596 1,859 4 -14% 918 1,479 3 -38% Brand contribution measures the influence of brand alone on
12 25 38 earnings, on a 1-to-5 scale, 5 being highest.

Communication Providers Beer Banks

2,689 3,107 5 -13% 1,568 1,197 4 31% 917 1,072 4 -14%

13 26 39
Retail Beer Retail

28 29
Argentina
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Argentina faces
INITIAL ACTIVITY Expectations from IGEE (source
Kantar TNS). Moreover, there is also
a synchronicity between this TNS
The changes in politics have
Economic Expectations Index and the
concentrated on recovering the
one from CEOs (the latter gathered

a new beginning
confidence of the capital markets in
during IDEA forum).
order to gather foreign investments,
with the primary goal of solving the But challenges still exist. Companies
problem of how to unify and liberalize need to deal with inflation and
the exchange market. There are other restrictions in consumption; creativity
aspects yet to be resolved: lower will be required to find ways to grow by
inflation and the fiscal deficit, together reinforcing demand. In the consumer
with a demand for transparency in goods sector, promotions and discounts Another important consideration
the public indexes (poverty, inflation and the continuation of Ahora 12 (a is digital: Argentina leads internet
being key examples). However, the first government plan for purchases paid in penetration in Latin America.
macroeconomic actions that have been monthly installments) are key drivers Digital has become one of the most
taken have helped Argentina to gain of demand. This affects profitability relevant touchpoints in the path to
a better positioning in international levels which companies then need to purchase even for showrooming
indexes Moodys, Finch and S&P compensate for through incremental with incremental business through
from CAA1 to B3, an acceptable stability increases in sales and increased internal e-commerce platforms building since
according to specialists. By removing efficiencies. 2013 and little rejection of cyber-
After twelve years, the Kirchner family export taxes and duties on agricultural, selling**. In this arena, both sides
the Central Bank increased the level of supply and demand are experiencing
departed from Government in Argentina
after losing the National Elections
reserves which gave a positive signal to
investors.
CAREFUL CONSUMERS a positive learning curve after three
years of continuous Cyber-days and
We predict that growth will be slow specific retailer activities.
last December to the opposition, led The economic environment showed
for the rest of the year, and will remain
that the IGA (General Index for In conclusion, potential foreign (and
by Mauricio Macri. The win was not Economic Activity) dropped significantly
so in 2017, with consumers continuing
local) investment mostly in energy,
the trend of making more shopping
straightforward: a second ballot was during the first term. However,
trips but with lower spending on each
communications and infrastructure
are expected to recover growth
once discussions about increases in
trip (careful consumers, searching for
required. The close-run result will create public services had finished almost
options). Discount retailers, the variety
in 2017. These will help support
JULIO FRESNO APARICIO simultaneously with the Mini-Davos the new patterns of consumption:
challenges for the new Government as they Julio Fresno Aparicio,
Forum in Argentina the IPC (Consumer
of brands including white labels and
stronger broadband to support
CEO Argentina, loyalty programs are all key to local
strive to bring about changes in politics. Kantar
Confidence Index) reversed the
consumption patterns and habits,
e-commerce, collaboration on energy
negative trend and also the Purchase efficiencies, infrastructure for roads and
Julio.FresnoAparicio@kantar.com irrespective of social class.
transportation to reduce logistic costs,
combined with liquidity in the financial
The possibility of change brought sector to help promote consumption
a positive trend in the General through credit. We anticipate that the
Expectations Index about the Argentine consumers behavior will
Julio is an accountant and a graduate of Buenos Aires University. He remain pragmatic, but optimistic.
started his career as a marketing consultant almost four decades Economy* right after the election. This
ago, working for multiple companies across several industries. was supported by a more optimistic * IGEE General Economy Expectations Index from Kantar
TNS Argentina
view amongst consumers who had new
In 1986, he founded ID Consultores, a company that became hope for a better future. **Kantar TNS Connected Life
Kantar Millward Brown Argentina in 2006. Since then, he has been
managing the local operation based in Buenos Aires. Julio is widely But the future did not arrive fast
recognized as a pioneer in this industry. enough to allay the anxiety of the
population, and public opinion metrics
Currently, he holds the presidency of CEIM (Cmara Empresas de dropped slightly during the first term.
Investigacin de Mercado de Argentina) and he is a member of the
This was also reflected in consumers
Academic Comitee at San Andres University, where he manages the
purchasing behavior. Not a major
area of Market Research.
surprise: facing a hard first term to
Julio is a key speaker at conferences, explaining the value of brands create an easier path for the second
and sharing his experience in advertising effectiveness. He is also an part of the year was the promise from
active member of ESOMAR, SAIMO and AAM (Effie Awards). Since the new Government.
2016, Julio is the CEO of Kantar Millward Brown and Kantar TNS.

32 33
ARGENTINA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS & BRAND STORIES ARGENTINA

1 2

PARENT COMPANY YPF PARENT COMPANY Macro Group

HEADQUARTERS Buenos Aires HEADQUARTERS Buenos Aires
INDUSTRY Energy INDUSTRY Banks
YEAR OF FOUNDATION 1922 YEAR OF FOUNDATION 1988

BRAND VALUE WEBSITE www.ypf.com

BRAND VALUE US $1,149 million
WEBSITE www.macro.com.ar
BRAND VALUE US $741 million

Total Value of Argentinian Brands

US$ 3.4 BILLION YPF is Argentinas leading energy company and largest Macro is a private bank that has undergone enormous
Brand Value Change 2015 2017 fuel producer. growth in the last ten years.

-25% It operates a fully integrated oil and gas business with

leading market positions across the domestic upstream
Source: Kantar Millward Brown and BrandZ
and downstream segments. Upstream operations
include the exploration, development and production
of crude oil, natural gas and propane. Downstream
operations are focused on refining, marketing,
transportation and distribution of oil and a wide
Founded in 1988 as a commercial bank, Macro acquired
capital stock in numerous privatized provincial banks
such as Banco Misiones, Banco Salta, Banco Jujuy,
Banco Bansud. It also acquired some branches of
Scotiabank Quilmes, Nuevo Banco Suqua, Banco
Nuevo Bisel, and Banco Privado de Inversiones Banco
Tucumn. This ambitious acquisition program has

KEY FACTS range of petroleum products, petroleum derivatives,

Capital City Buenos Aires
Currency ARGENTINE in 1922 and operated as a state run enterprise until
NEW PESO
Area 2.78 million km2
Population (thousand) 43,417 (2015)
Population growth rate (annual) 1.0% (2010-2015)
Life expectancy 76 years (2014)
Literacy rate of 15-24 year olds 99.3% (2015)
Unemployment rate 7.1% (2014)
6.5% (2015)
Annual GDP at Current Prices
Total at current prices: US$ 583 billion
GDP per capita (annual dollars): US$ 13,432 (2015)
Growth rate: 1.3% (2015)
Countrys share in regional GDP: 11.0% (2015)
Net foreign direct investment: US$ 3.1 billion (2014)
US$ 11.1 billion (2015)
Sources: CEPAL, Comisin Econmica ONU
CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco
petrochemicals, propane and bio-fuels. YPF operates
a network of more than 1,600 filling stations and has
resulted in its becoming the third-ranking private
Argentine bank in terms of net assets, the fourth
in terms of deposits and the fifth in terms of credit
the ability to produce 530,000 barrels of oil daily from outstanding to the private sector. Macro Bank was
91 production areas transported by 2,700 kilometers listed on the New York Stock Exchange (NYSE) in 2006,
(1,677 miles) of pipeline. The company was founded becoming the first Argentine company to be listed
abroad since the end of the 1990s.
(2015) 1993 when a public offering reduced the governments
ownership stake to a minority position. In 1999, Spains
Repsol acquired majority ownership of YPF, but early
in 2012 the government reasserted ownership with a
presidential decree to nationalize YPF.

34 35
ARGENTINA
BRAND STORIES & TOP 5 ARGENTINIAN BRANDS
3 4
PARENT COMPANY Cervecera y Maltera Quilmes
HEADQUARTERS Buenos Aires
INDUSTRY Beer
YEAR OF FOUNDATION 1890
WEBSITE www.cerveceriaymalteriaquilmes.com
BRAND VALUE US $648 million
Cervecera y Maltera Quilmes is the top brewer
in Argentina and part of the Anheuser-Busch
InBev groups extensive portfolio of more than
200 brands. Within the Anheuser-Busch InBev
brand hierarchy, Quilmes is regarded as a local
champion due to its leadership position within
Argentina. The company has 4,850 employees
and operates five plants and eight distribution
centers. The brand is active in promoting social
initiatives such as Vivamos Responsablemente,
focused on encouraging responsible drinking,
and the Futuro Posible campaign which
provides student scholarships and donations to
hospitals and educational institutions.
36
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
5
Brand Value Brand
Brand
#
(US$ Mil.) Value
Brand Contribution
Change
2017 2015 Index
2015-2017
PARENT COMPANY The Telecom Group PARENT COMPANY Banco de Galicia Y Buenos Aires S.A
HEADQUARTERS Buenos Aires HEADQUARTERS Buenos Aires
INDUSTRY Communication Providers INDUSTRY Banks 1,149 1,575 2 -27%
YEAR OF FOUNDATION 1990 YEAR OF FOUNDATION 1905
1
WEBSITE www.telecom.com.ar WEBSITE www.bancogalicia.com Energy
BRAND VALUE US $589 million BRAND VALUE US $346 million
741 656 3 13%
2
Banks
Personal is the mobile brand of The Telecom Group. Banco Galicia is a major bank with 2.2 million 648 729 5 -11%
account holders and an expanding branch 3
Personal has 18.2 million customers in Argentina network. Beer
and nearly 70% of those rely on the companys
prepaid service. Personal relaunched its brand Banco Galicia serves its 2.2 million deposit
589 1,069 3 -45%
and introduced a distinctive new logo that account holders and 8.5 million credit card 4
features its name spelt out in letters that resemble customers with nearly 500 branch locations. The Communication Providers
handwriting. Personal drives brand awareness company was founded in 1905 and ended its most
through sponsorship of signature events, such as the recent fiscal year with 12,500 employees. The bank NEW
346 - 3
seventh annual Personal Fest musical festival which
draws roughly 70,000 attendees over two days. The
accounted for nearly 9% of loans to the private
sector last year and remains a financial stalwart
5 ENTRY
Banks
company offers products for different segments with year-end assets that totaled 50.6 billion pesos
of the market, such as the high-end Personal Black ($3.6 billion approximately). The companys shares Source: Kantar Millward Brown and BrandZ
handset, to the more value priced Personal Touch are traded on the Buenos Aires Stock Exchange. Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.
smartphone offering. The brand also seeks to drive
loyalty through its Club Personal program. Personals
parent company The Telecom Group was created
in 1990 when the government allowed public
ownership of the previously state run enterprise. Its
shares are traded on the New York Stock Exchange.
37
ARGENTINA
THOUGHT LEADERSHIP
Being trendy
means going
back to basics
MANUELA URRUTIA
Client Service Senior Consultant
Kantar Millward Brown Argentina
Manuela.Urrutia@millwardbrown.com
Manuela graduated in Sociology from the University
of Buenos Aires in 2001, after which she took several
postgraduate courses in Marketing Integrated
Communications at Universidad de Belgrano and in
Consumer Psychology at Universidad de Buenos Aires.
She began working in Market Research in 2000 as an
interviewer for mass consumption and services clients,
participating in probabilistic, coincidental and Central
Locations studies.
In 2003 she joined Kantar Millward Brown as a Junior
Analyst; she is now Client Service Senior Consultant in
Kantar Consumer Insight.
Throughout her career, Manuela has worked with many
mass consumption and services companies (UL, AB InBev,
Coca-Cola, Pepsico, Nestle, Bayer, Telefnica, Ford,
Kimberly Clark) as well as local clients in Argentina.
38
Main trends in global marketing
are widely known: sustainability,
digital and social networks,
authenticity, meaningful brands,
growth search and so forth
Probably all found in an Argentine Brand Marketing
Directors calendar as well as in the Coca-Cola Global
Marketing Directors. Globalization and our daily life
digitalization are likely to be the reason. Argentina is part
of this world, though with its own singular features. Being
fully aware of these gaps and acting accordingly provided
the best outcome.
Whereas Argentina is truly globalized in some sense, it is
ostensibly Latin American in some other. Therefore when
thinking of marketing strategies to apply in Argentina
we should not leave foreign trends aside but adjust or
enhance them to meet current Argentine consumer needs.
Argentina has the highest literacy rate (98%) and Internet
penetration (79%) in Latin America, beating both Mexico
and Brazil. However, its GDP is half the Mexican and three
times smaller than Brazils. Only during 2015-2016 inflation
rose to 65-70% in basic need products and services and
poverty reached 32% of the population. As a result,
KWP foresees 2016 as the fifth running year with stagnant
consumption in the country. Is it possible to envisage
brand marketing in a recessive scenario?
How can an Argentine consumer be
persuaded to spend on a soda,
washing powder or certain seasoning
when he is only concerned with making
ends meet? Why would he do it?
CONSUMER HABITS
It is true that in recent years Argentine
consumers have acquired hyper-
rational, conservative consumption
habits. Regardless of their economic
status, the need to watch their spending
(whether to afford their supermarket
shopping, their holiday trip or their
restaurant outing) has made them fully
alert and aware of price promotions,
special offers, rebates, product
pluses and so forth. Companies did
understand the situation and developed
a market of rational opportunities
which is totally new in Argentina.
However, if you have ever visited
Argentina you surely know we are
not just rational. We are utterly and
definitely emotional. We are either River
or Boca fans. We are both optimist and
pessimist; realistic and utopian. And in
Kantar Millward Brown Argentina we
believe that when these two worlds
meet, magic appears.
Some global brands and some
domestic as well have truly grasped
this ambiguity between local and
global, rational and emotional which
so well depicts Argentine nature, and
are the ones which showed resilience
in the complex Argentine economy of
the last two years, or at least are moving
forward to this
THEIR SECRET
The first, and perhaps the most obvious
aspect, is that they did not abandon
consumers when they most needed
them. It was an unspoken deal between
friends or gentlemen, you name it. And
this deal was accomplished through
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
two ways: including of course price
flexibility in their marketing strategies
and spreading a more honest, genuine
and real brand message. Some brands
even went beyond story-telling to
become story-doing getting involved in
social action. After years of top-down
marketing, metaphors and demanding
consumers to make an effort to
understand the message, some brands
are simplifying and coming back to
basics.
Coca-Colas new Taste the
Feeling campaign reminds
Quilmes, the traditional
consumers of the feeling when
Argentine beer brand, decided
drinking Coke. It relies on
what differentiates it from any to go back to its roots and
return to the national identity
other drink its taste which,
that had given them so much
together with other more
emotional experiences, reminds satisfaction and success in
the past, now with a modern,
us of how happy we feel when
sensitive, authentic, and cool
drinking Coke.
perspective.
Hellmanns, an Argentine iconic
All these brands (and many other) are
mayonnaise brand, simply asked
mainstream brands in Argentina. Some
Why always Hellmanns? an have to respect global or regional
invitation to show the products requirements. However they all
differentiating features (it tastes managed in different ways to reinvent
better) and the many occasions and rethink themselves, including the
to try it in all age groups. Argentine consumer in that innovation.
All of them, in different ways, showed
Tarjeta Naranja, a credit card
positive indicators in brand health or
born in the Argentine Province sales in an Argentine scenario of zero
of Crdoba, was coherent and growth.
consistent with its roots (as
As simple and complex as yin and yang.
opposed to the multinational
At least in Argentina, when well applied,
banks) and relied on football
to build brand image and this universal truth works. Brands which
encourage customer choice. For
unveiled themselves and revealed what
they really are were the ones which
every goal the Argentine Squad profited.
scored, Tarjeta Naranja donated
a football field to a community. The evidence invites us to think of the
In the country Maradona and future marketing now at present. The
Messi were born football is like a time is now and opportunities do exist.
religion. Let nobody say otherwise.
39
ARGENTINA
THOUGHT LEADERSHIP
Is there a winner
in the fight
between on and off?
In the context of the slowdown
of global growth, trends are
weakened, and therefore
strategies for advancement must
be reconsidered. In Argentina,
this situation is harder because
of the crisis of a change of
government, which demands that
such strategies are more
and more efficient.
JULIA GONZALEZ TREGLIA
Head Of Business Development & Innovation,
Kantar Millward Brown Argentina
Julia.Gonzaleztreglia@millwardbrown.com
40
Julia has a degree in sociology and began her career in
a local company Research, where she acquired fieldwork
experience first, and analytical capabilities later. After that
she moved to Kantar Millward Brown, and has now been
working there for eighteen years. She began as Senior
Analyst, rising to become CS Director (2005-present). She
developed Neuroscience and M&D business locally, and
is now in charge of those departments, as well as Business
Development.
Julia appears as a guest lecturer at a number of universities
including: UCES, Universidad de San Andres and Universidad
de Buenos Aires.
Technology plays a fundamental role in helping optimize
budgets, both for the production and distribution of
products, and the development and dissemination of
messages. It is precisely here that THE question arises:
Should all my communication be digital? However, we
believe that the question should be reformulated as: How
can I achieve the best possible media mix for my brand?,
and complemented with: I am doing my best in the digital
world?
Today, there can be only a few companies in Argentina
unfamiliar with the benefits of using the digital medium
to amplify their message. We have some of the worlds
highest penetration rates in social media and time
devoted to social media. And even though they dont carry
the same weight as other sectors of the population, even
the lower socioeconomic segments and the elderly are
represented in this medium. During the last Mothers Day,
at least four brands showed in their communications
the intensive use of smartphones among mothers of all
ages. The great penetration of this medium, together
with the huge segmentation advantage it offers, make
it ideal for addressing groups that are outside the
mainstream segment, but who can be the first to start
new consumption trends. If we add how accessible it
is for brands and companies of all sizes, it is not hard
to understand why the inclusion of TV in the media
mix is now being called into question. Besides, its a
fact that watching TV is a decreasing behavior, while
the multiscreen phenomenon is growing, fragmenting
attention during the TV advertising slots.
TV OR NOT TV?
There is local evidence that TV, mostly, is still the
medium that creates the biggest impression, making it
hard to replace this contribution with digital investment.
But being aware of the great contribution the TV brings
to a Brands Equity does not negate our need to review
its efficiency.
The TVs share in the media mix spend can be up to
double that of its share in brand building, showing
the worst efficiency ratio from any media. Should you
therefore stop investing on TV then? This will depend
on the size of the brand and its category, but we
should understand that for large mass brands, TV is
fundamental to increase/maintain their equity.
We also know that virtually a third of brand building in a
campaign results from media synergy. If we omit one of
the medium with the largest contribution, we risk losing
the additional synergy impact, one we are not even
paying for. All of this leads us to state that we should not
ask whether or not to invest on TV, but How much, for
my brand in my market, so that I dont have wastage?
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PROJECT THE RIGHT IMAGE
If we are going to allocate a greater part of the
investment in the digital medium, we should be aware
of the relevance of creativity. On TV, a bad campaign is
only ignored and we lose our investment, but there is no
impact on our brand equity. In contrast, a bad campaign
in the digital world increases the feeling of invasion and
frustration typical that this medium implies. We have seen
cases when this undermines a previously positive image.
Therefore, here are some tips to take into account if you
want to get the most out of your digital communication:
Dont be afraid to show the brand from the
beginning: a brand creatively integrated into the
message can build, even with only five seconds.
Work with the right formats: those offering a
kind of reward or the feeling of control over
the medium (skippable or auto play) are clearly
preferred and can help to decrease rejection of
digital advertising.
Adapt the content to the medium: expectations
and mood are not the same when consuming
content in the digital and in the TV environment,
for example. And the screen size varies, so
details can be lost.
In summary, the temptation to leap into the digital world
is big: we could dramatically reduce communication
budgets. But this does not mean we would be optimizing
our investment; maybe we would only be doing less for
our brand. In order to succeed, we should measure what
is, currently, the contribution of each medium and at what
cost. We should know how to build Equity in the digital
medium, leveraging its full potential, and understand
how to add more, putting both the on and off worlds to
work together in synergy.
41
ARGENTINA
THOUGHT LEADERSHIP
Promo vs.
brand building
BOGOFs; 40% off; on the
second product; CRM; buy
three get four; instant 15% off;
20% off in coupons for the next
purchase; bank promotions;
black weekends. This is how
our market has been operating
over the last few years and
particularly in 2016.
Martin began his career 20 years ago,
in the JWT media department and
then moved to work abroad in other
companies, predominantly at MTV
LatAm based in Miami.
After a few years, he returned to
Argentina, joining Mindshare in 2010.
As a VP Managing Partner, Martin
focuses on client service and new
business. Since 2014 he has also been the
head of the m/SIX division in Argentina.
42
MARTIN LAMMARDO
VP Managing Partner
Mindshare World
Martin.Lammardo@mindshareworld.com
As a result, its very difficult almost impossible to be
honest to convince a client that they should be allocating
budget, or at least a share, to building their own brand.
Yes, the brand which sometimes helps more than a
particular promotion to secure the purchase. These
days, its very tough to tell the difference between all
the retail offers. There is no distinguishing feature in the
promotions.
The point is that the primary KPI in each and every retail
company these days is to sell. Just that. To sell as much as
they can, but spend as little as they can. 100% sales driven.
So, in this environment, we suggest working in a more
efficient way, tracking and measuring as much as we can,
so to create a mix between brand and sales/performance.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
A LIGHT AT THE END OF THE TUNNEL
We believe that, despite the countrys current economic
scenario (where the economy has not taken off yet)
clients could create an interesting and healthy mix
between promotion and brand building. A mix whereby
they can focus on sales but at the same time contribute
little by little to strengthening the brand. Why do we
think that it should be this way? Because in this promo
situation, as we have already said, there is no big
difference between one supermarket promo vs. the
other; the consumers decision depends on location,
loyalty and differentiated benefits that the retail can
offer.
To unlock this black box, we need to show our clients
we have the right team supported by the best tools
(or the skills to develop them). With regard to the
people, we believe that a balanced team should include
Communication Planning; Trading; Entertainment;
Content +; Exchange, all under the digital cloud and
care of the right Account Director.
With regard to the tools, as an agency that knows not
only about media but also about the clients businesses,
we should be able to choose the instruments that will
contribute to making a significant difference in our
clients communication and KPIs. Always taking into
account that each client is totally different from the next
and we need to work uniquely for each one to meet
the challenge; becoming the trusted advisors for them
based on results.
IN THE TOOLBOX
So, what tools can we use to establish a solid multimedia
strategy based on reaching the maximum coverage for
each media, focused on the target and where they are?
Programmatic + Dynamic Creative Optimization (DCO) or
econometric modelling are two examples of these tools.
They let us know what our consumers want and where
they are, and they take us as close as possible to them.
These tools are backed up by studies that support them,
and that give us the confidence that every step we take is
worthwhile.
This strategy enables us to measure, ratify or rectify, on a
daily basis. In turn, this enables us to leverage results with
less investment, while driving a bit of budget towards
brand building, without neglecting the promotional force.
All in all, as an agency we believe that if we do the right
thing and use all company resources to the full (engaging
the WPP network) our clients will increase sales. Not only
by being efficient, but also by having a strong and well
positioned brand.
43
ARGENTINA
THOUGHT LEADERSHIP
Hard-t imes branding:
Building brand value
in t imes of economic
turmoil
Its always a merit for a brand to
be considered among the Latin
Americas Top 50 brands; and for
ever-changing markets such as Latin
American ones, making the cut to
the top 5 in their local markets is
even more commendable.
Carito was born and raised in Peru, has full
Japanese ancestry and work experience
in the US, Brazil and Argentina. She also
has 18 years of experience in advertising
and marketing; agency side and client side;
learning and teaching.
A VCU Brandcenter graduate and Fulbright
Scholar, Carito starts her career in planning
at Ogilvy as a WPP Fellow, first in New
York and later on in Buenos Aires, working
for regional brands such as SpriteGrand
Effie Argentina winner in 2007and
Huggies. In 2008, she packs her stuff
44
CARITO KANASHIRO
Regional Head Of Planning, Geometry Global Latina
Head Of Planning, Geometry Global Argentina
Carito.Kanashiro@geometry.com
and flies back to Peru to join Ogilvy Lima
and lead the regional planning work for
Kimberly-Clark LAO adult care business.
Besider her Ogilvy experience, she spent
a few years at Circus Grey as Planning
Director, winning many Effies there and
helping Circus become the worlds 3rd
most effective agency in 2013 (Effie
Index/Warc). She has also spent a couple
years client-side, as a Brand Manager at
SABMiller for their Bolivia business.
Increasing brand value in times of economic turmoil is
the ultimate challenge for brands, as the temptation
to prioritize price and promotions losing value in the
long run is strong. Argentinian brands have faced such
challenges in the past few years, and with an economy
that didnt recover as expected in 2016 with the change
of government, GDP dropping and an inflation rate
that exceeds 30%, this has been quite a tough year.
Consumption has stalled and brands are faced with the
dilemma of becoming more accessible to customers while
maintaining their worth.
Brand building strategies shouldnt differ much in times of
prosperity and adversity, except for tactical approaches for
specific situations. After all, our mission as marketers and
communications experts is to always understand what is
going on with people and remain relevant and meaningful
to them. In times of struggle, our job is to stay present. For
many categories, especially consumer goods, affordability
is key, but the ultimate goal is to maintain relevance, not
to just reach our (financial) targets; and recessions often
become an opportunity for brands to become stronger
and create even more value for their consumers.
result, Quilmes presented itself as a brand that stands
In January 2015, Carito joined Geometry
Global as Regional Head of Planning,
leading the planning team for the Belcorp
regional account and helping enable
Geometry Globals proprietary strategic
and creative operating system across all
Geometrys markets in the region.
As of June 2016, Carito is back in Buenos
Aires, Argentina, as Head of Planning for
Geometry Global Argentina besides her
GG Latina position.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
AN EXEMPLARY APPROACH
An Argentinian brand that consistently makes it into
the BrandZ Top 50 Most Valuable Latin American
Brands list is Quilmes, by AB InBev. In 2016, amidst
recession and lower consumer spending, they
launched Pacto Porron, an initiative that encourages
use of reusable, individual 340ml bottles. This in
turn helps Quilmes reduce their costs and maintain
a consumer price of $10 (Argentinian pesos) per
individual bottle (called porron). Communication
also played its part and was framed as a pact: if
consumers promise to return the bottles, Quilmes
promise to keep the price at 10 pesos throughout
2016. This is highly relevant in a market with 3%-4%
monthly inflation and constant price adjustments. As a
by their people, makes a commitment and sticks to it.
BRAND EXPERIENCE
CREATES BRAND VALUE
Brand building challenges in a tight economy also
involve restrictions in marketing spend; this means
optimizing budgets and therefore, prioritizing
marketing tasks and making thoughtful channel
choices. This is where brand experience comes into
play. Its not (only) about advertising, but also about
creating the right connections, at the right place
and at the right time for our consumers. This implies
a thorough mapping of customer and shopper
journeys and deep understanding of the mindsets
and motivations at every stage of the decision-making
process so the brand can act with precision and
generate awareness, stimulate conversion or create a
specific behavior change as needed.
In summary, when times are tough, brands have
an even greater chance to create value by staying
relevant and gaining a deeper understanding of
whats going on with their consumers and shoppers.
45
Brazil
BRAZIL
COUNTRY OVERVIEW
Brand strength is
the supporting pillar
in a shaky economy
Once again, the branding
prophecy has been confirmed.
Brands lost on average 30% of
their value in the last year. Much
of this drastic reduction can be
attributed to the economic crisis
and the local currency devaluation.
VALKIRIA GARRE
CEO Brazil, Kantar
Valkiria.Garre@kantar.com
48
We say that the branding prophecy has been
confirmed because brand behavior is not uniformly
reflecting currency devaluation only. There is a more
important component in brand value, which is able
to ensure value even in periods of crisis. A more
detailed analysis of the 50 most valuable brands in
Brazil shows that a group of them have lost more
value than the currency devaluation, others somehow
have withstood the process of decline and others -
around 10% - have had an increment in value.
Valkiria is a chemistry graduate and M.B.A. She started her career
at Unilever, initially working in product development and later in
market research.
With more than 20 years of experience in market research, she
has been working at Kantar Millward Brown Brazil in the last
18. Since early 2016 she has been leading Kantar in Brazil. Her
experience with clients includes a global packaged goods company,
a market-leading soft drinks producer and other clients in the
telecommunications and bank services industry.
Valkiria is a regular speaker on public platforms and at events in
Brazil, especially at ABA (Association of Brazilian Advertisers and
ABEP (Association of Market Research Companies).
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
BRANDS IN TIMES OF CRISIS
The major challenge for brands in times of crisis is to
balance their long-term brand building strategies with
the immediate needs of volume generation, especially
promotion-led. The temptation is to dive into price
promotions to meet immediate needs, but in the long
run it can damage brand equity.
Brand performance analysis clearly shows this
phenomenon. Big brands that are too focused on
volume have suffered more in the downturn than
brands with high added value that justify the premium.
One good example is Bohemia, which has presented a
value growth trajectory every year, even in the current
period of crisis.
Innovation is another aspect that ensures brand value.
An example is the pharmaceutical retail brands Raia
and Drogasil, which merged and went public, bringing
a new dynamic to the category.
The base of this valuation is the innovation that was
introduced within the business model. As evidence, we
can quote state-of-the-art logistics for stock control
and product offers suiting seasonal needs, as well as
the introduction of a service offer positioning that goes
beyond medicine sales. Following the examples seen in
the United States, brands have been offering consulting
services to consumers, involving recommendations on
skin care, hair care, make-up, as well as more specific
care for infants and the elderly. (The latter is a segment
that deserves higher emphasis due to the volume that it
represents now, and their more specific needs).
THE POWER OF CONNECTION
Brands that make a higher connection with consumers,
involving both functional and emotional aspects -
even those that are vulnerable in times of crisis - can
return to prosperity when consumers regain their
consumption power.
Something that should not be overlooked in times
of crisis is the real pressure that consumers face to
balance their family budgets. Brazilians come from the
golden age of consumption euphoria, with a scenario
of economic stability and credit availability. The need
for rational consumption is a game-changer that is
establishing new patterns.
In this trajectory, benefits attributed to brands have to
be much more robust to justify consumption, making it
even harder for the brands. Some consumer segments
are looking for brands that promote philosophical and
existential propositions. Following these paths fulfills
consumers needs for some social and political activism,
pushed by the economic pressure, and it could yet
prove to be a significant challenge for brands.
49
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2017

BRANDZ TOP 50 MOST VALUABLE

BRAZILIAN BRANDS 2017
Brand Value Brand Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand Brand
# # # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution Brand Contribution
Change Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017 2015-2017

7,782 8,500 5 -8% 505 779 3 -35% 256 493 2 -48% 116 310 2 -62%
1 14 27 40
Beer Insurance Loyalty Programs Retail

NEW
3,772 4,185 5 -10% 465 436 3 7% 213 395 2 -46% 109 - 3
2 15 28 41 ENTRY
Beer Food and Dairy Technology Healthcare

2,673 5,202 2 -49% 453 472 1 -4% 212 219 1 -3% 108 301 2 -64%
3 16 29 42
Banks Healthcare Stock Exchange Education

1,943 4,315 2 -55% 427 256 3 67% 207 224 2 -8% 100 198 2 -49%
4 17 30 43
Banks Drugstores Travel Agency Food and Dairy

NEW
1,731 2,757 2 -37% 394 - 4 202 457 2 -56% 100 193 3 -48%
5 18 ENTRY 31 44
Food and Dairy Food and Dairy Education Fashion

1,596 1,859 5 -14% 372 472 3 -21% 199 369 2 -46% 74 244 1 -70%
6 19 32 45
Beer Retail Car Rental Retail

1,331 1,309 5 2% 359 540 2 -34% 196 1,118 1 -82% 68 381 2 -82%
7 20 33 46
Beer Food and Dairy Banks Retail

NEW
974 1,700 5 -43% 332 198 2 67% 181 205 1 -11% 61 - 3
8 21 34 47 ENTRY
Cosmetics Drugstores Airline Fashion

NEW
917 1,072 4 -14% 320 320 2 0% 170 374 1 -54% 56 - 3
9 22 35 48 ENTRY
Retail Retail Aviation Food and Dairy

NEW
734 941 1 -22% 292 401 2 -27% 169 558 3 -70% 56 - 2
10 23 36 49 ENTRY
Credit Cards Loyalty Programs Retail Retail

681 821 1 -17% 289 607 2 -52% 168 218 5 -23% 53 254 5 -79%
11 24 37 50
Energy Beer Apparel Food and Dairy
Source: Kantar Millward Brown and BrandZ
662 843 2 -21% 280 439 4 -36% 122 605 2 -80% Brand contribution measures the influence of brand alone on
12 25 38 earnings, on a 1-to-5 scale, 5 being highest.

Retail Technology Retail

654 541 1 21% 264 312 1 -15% 121 467 1 -74%

13 26 39
Communication Providers Healthcare Mining

50 51
BRAZIL
KEY FACTS AND BRAND STORIES
1 2
PARENT COMPANY Companhia de Bebidas das Amricas AmBev
HEADQUARTERS So Paulo
INDUSTRY Beer
YEAR OF FOUNDATION 1964
WEBSITE www.skol.com.br
BRAND VALUE US $7,782 million
Skol is Brazils most popular beer. Its marketing
emphasizes enjoyment of life and appeals
especially to young people.
The brand, launched in 1964 in Europe and in 1967
in Brazil, has been a pioneer of innovation in the
country. In 1971, Skol was the first canned beer in
the market, in 1989 it launched the first aluminum
can and in 1993 the long neck bottle.
Skols brand positioning is focused on young
people: it has promoted various music festivals
throughout Brazil, which has strengthened the
brand in this segment. Since 1988, it has been the
market leading beer in Brazil.
BRAND VALUE
Total Value of Brazilian Brands
US$ 33.5 BILLION
Brand Value Change 2015 2017
-31%
Source: Kantar Millward Brown and BrandZ
3 4
PARENT COMPANY Banco Bradesco SA
HEADQUARTERS Osasco, So Paulo State
INDUSTRY Banks
YEAR OF FOUNDATION 1943
KEY FACTS WEBSITE www.bradesco.com.br
BRAND VALUE US $2,673 million
Capital City Braslia
Annual GDP at Current Prices Bradesco, with the acquisition of HSBC operations
Currency REAL in Brazil, became the second largest private bank in
Total at current prices: US$ 1.775 trillion (2015) terms of total assets.
Area 8.51 million km2
GDP per capita (annual dollars): US$ 8,539 (2015) Bradesco offers online banking, insurance, pension
Population (THOUSAND) 208,000 (2015)
Growth rate: -4.7% (2015) plans, credit card services, savings bonds, and
Population growth rate (ANNUAL) 0.9% (2010-2015) personal and commercial loans. The bank continues
Countrys share in regional GDP: 33.5% (2015) with its strategy to become Brazils most accessible
Life expectancy 76 years (2015)
Net foreign direct investment: US$ 70.8 billion (2014) bank mainly through a branch presence around
Literacy rate of 15-24 year olds 98.9% (2015) US$ 61.5 billion (2015) the country. It also intends to reach potential new
customers among the countrys rising middle
Unemployment rate 6.8% (2014) Sources: CEPAL, Comisin Econmica ONU
class. Bradesco pioneered the sale of insurance
9.3% (2015) CEPASTAT Database and Statistical Publications
Financial Times Latin America & Caribbean and pension plans through its subsidiary Bradesco
World Bank Seguros.
Unesco
52
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PARENT COMPANY Companhia de Bebidas das Amricas AmBev
HEADQUARTERS So Paulo
INDUSTRY Beer
YEAR OF FOUNDATION 1888
WEBSITE www.brahma.com.br
BRAND VALUE US $3,772 million
Brahma is well known for its innovative and witty
advertising that relies heavily on sex appeal.
Brazils second-largest beer in market share (after
Skol), Brahma is marketed in a total of 31 countries.
Founded in 1888 by Companhia Cervejaria Brahma,
the brand is owned by AB InBev, the worlds largest
brewer. In 2007, Brahma launched Brahma Fresh in
the Northeast region, in order to compete with low-
price beers.
PARENT COMPANY Ita Unibanco Holding
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Banks
YEAR OF FOUNDATION 1945
WEBSITE www.itau.com.br
BRAND VALUE US $1,943 million
Ita is the largest private Brazilian bank in terms of
total assets and the largest financial conglomerate
in the Latin America.
Established 90 years ago, Ita evolved to its current
size as a result of the 2008 merger of Banco Ita
and Unibanco. The bank, which operates in South
America, Europe, Asia and the United States, has
almost 4,200 branches and almost 28,000 ATMs in
Latin America. Following the merger, Ita is building
on a reputation for innovation and efficiency,
emphasizing personal service with the tagline
Feito para Voc (Made for You). It also intends to
attract new customers from Brazils rising middle
class, by offering credit cards to individuals who,
until now, lacked access to bank credit.
53
BRAZIL
BRAND STORIES
5 6
PARENT COMPANY BRF Brasil Foods SA
HEADQUARTERS Itaja, Santa Catarina State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1944
WEBSITE www.sadia.com.br
BRAND VALUE US $1,731 million
Sadia is a leading producer of processed and frozen
foods such as hamburger patties and pizza. It
exports to more than 65 countries.
Founded in 1944 and listed on the stock market in
1971 as Sadia Concrdia SA Indstria e Comrcio,
Sadia also produces dairy products and serves both
consumers and commercial customers, including
fast-food chains. Sadia is part of BRF - Brasil Foods
SA, a public company formed in 2009 by the
merger of Sadia with another food giant, Perdigo.
Exporting activities began in the 1970s with the sale
of frozen halal-certified chicken to the Middle East.
7 8
PARENT COMPANY Companhia de Bebidas das Amricas AmBev
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Beer
YEAR OF FOUNDATION 1853
WEBSITE www.bohemia.com.br
BRAND VALUE US $1,331 million
Bohemia is a leading premium beer in Brazil.
Established in 1853, Bohemia enjoys the distinction
of being the oldest beer brand in Brazil as well as
the leader in the premium segment, thanks to a
strategy of limiting distribution to select locations and
introducing limited edition offers. The Bohemia brand
is available in four variations, including wheat and
dark beers.
Bohemia was acquired by fellow Brazilian brewer
Antarctica Paulista in 1961. The brand became part
of an even larger brewer in 1999 when Antarctica
Paulista and Brahma brewery merged to create
AmBev.
54
PARENT COMPANY Companhia de Bebidas das Amricas AmBev
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Beer
YEAR OF FOUNDATION 1885
WEBSITE www.antarctica.com.br
BRAND VALUE US $1,596 million
Antarctica is a leading Brazilian beer and soft drink.
Launched in 1885 in So Paulo, Antarctica adopted
the image of two penguins as its logo in 1935. It
continues to symbolize the brand. Antarctica beer
is positioned as the beer for the good moments of
life. Antarcticas most popular soft drink is a soda
called Guaran Antarctica, made from the tropical
guaran berry. In 1999, Antarctica combined with
Brazils other large beer brand, Brahma, to form
AmBev, which subsequently joined with Belgiums
Interbrew, becoming the worlds largest beer
marketer, now called AB InBev.
PARENT COMPANY Natura Cosmticos SA
HEADQUARTERS Itapecerica da Serra, So Paulo State
INDUSTRY Cosmetics
YEAR OF FOUNDATION 1969
WEBSITE www.natura.com.br
BRAND VALUE US $974 million
Natura is Brazils leading manufacturer and
marketer of cosmetics.
Formed in 1969 and first publicly traded in 2004,
Natura has used a direct sales approach for more
than 30 years, and now has more than 1.6 million
sales representatives (consultants) in Argentina,
Australia, Brazil, Chile, Colombia, United States,
France, Mexico, Peru and Venezuela. One of the
first cosmetics companies to market natural and
environmentally friendly products, Natura has a
reputation for social responsibility. The company
is also known for its emphasis on research and
development and its use of ordinary people rather
than supermodels in its advertisements.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
9 10
PARENT COMPANY Ultrapar Participaes SA PARENT COMPANY Cielo SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS Barueri, So Paulo State
INDUSTRY Retail INDUSTRY Credit Cards
YEAR OF FOUNDATION 1937 YEAR OF FOUNDATION 2009
WEBSITE www.ipiranga.com.br WEBSITE www.cielo.com.br
BRAND VALUE US $917 million BRAND VALUE US $734 million
Ipiranga is Brazils largest private fuel distribution Cielo is the market leader in persuading merchants
company, with a network of approximately 7,100 to join a credit card network, and in handling the
service stations. payment process.
Ipiranga is a brand well known among Brazilians Formed in 1995 by several financial organizations,
with the slogan Passionate about cars like every including Visa International, Bradesco, Banco do
Brazilian (in Portuguese Apaixonados por carro, Brasil, Banco Real and the now obsolete Banco
como todo brasileiro). Nacional, Cielo was initially known as Visanet. The
company was renamed in advance of its initial
After expanding in rural Brazil during the 1960s public offering (IPO), which was one of the largest
and 70s, Ipiranga became a national brand through in Brazils history. In an industry challenged by
its acquisition of Atlantic in 1993. In 2008, Grupo deregulation, Cielo surpasses its competition in
Ultra bought both Ipiranga (in most regions), and profitability thanks to its competitive pricing and its
Texaco, as Chevron was known in Brazil, and began reputation for a high level of customer service.
to consolidate the gas stations under the Ipiranga
brand. Because the brand name enjoys strong
equity, it plays a role in influencing consumers in a
highly commoditized category where convenience
is often the key driver.
11 12
PARENT COMPANY Petrleo Brasileiro SA PARENT COMPANY Lojas Americanas SA
HEADQUARTERS Rio de Janeiro, Rio de Janeiro State HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Energy INDUSTRY Retail
YEAR OF FOUNDATION 1953 YEAR OF FOUNDATION 1929
WEBSITE www.petrobras.com WEBSITE www.lojasamericanas.com.br
BRAND VALUE US $681 million BRAND VALUE US $662 million
Petrobras is Latin Americas fourth largest company Lojas Americanas operates a national chain of
in market value and the worlds fourth largest energy discount department stores.
company in terms of production of oil and gas.
One of Brazils largest non-food retailers, Lojas
Controlled by the Brazilian government, Petrobras Americanas sells over 60,000 items in categories
is publicly traded and operates in 28 countries. The including apparel, health and beauty, home
brand is highly regarded for its deep-sea exploration furnishings, and toys. With distribution centers in
and is credited with enabling Brazil to achieve So Paulo, Rio de Janeiro, and Recife, the company
energy self-sufficiency. The company also operates has approximately 950 stores in Brazil as well as an
oil refineries and a network of gas stations. This online presence. The brand has a long heritage in
national presence contributes to the brands stature Brazil it was established in 1929 and is popular
in Brazil, which is also enhanced by its reputation for with both low and high income groups.
social responsibility and high-profile sponsorships of
sporting and cultural events.
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BRAZIL
BRAND STORIES
13
PARENT COMPANY Vivo Participaes SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Communication Providers
YEAR OF FOUNDATION 2003
WEBSITE www.vivo.com.br
BRAND VALUE US $654 million
Vivo is the largest telecommunications company in
Brazil, with over 106 million users 82.7 million in
the mobile business, in which it holds the largest
market share (29.3% - June/15), and 23.7 million in
the fixed business.
As the result of a joint venture between Telefnica,
the Spanish telecommunications provider, and
Portugal Telecom (PT), Vivo invests heavily in
advertising to deliver its message, Best coverage
in Brazil. In 2010, Telefnica bought PTs shares,
and Vivo became the brand for phone, TV, and
Internet communication.
15
PARENT COMPANY JBS SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1956
WEBSITE www.seara.com.br
BRAND VALUE US $465 million
Seara is Brazils largest exporter of pork.
The story begins in 1956 in the city of Seara City,
in Santa Catarina (a region of Brazil), with the
inauguration of the first large fridge in the region.
The expansion of business and investments in quality
processes and products made the Seara brand
synonymous with quality in poultry and pigs, both in
natura and processed.
Seara is controlled by JBS Group, a world leader in
processing bovine, ovine meat and poultry which
exports to over 27 countries around the world.
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14
PARENT COMPANY Porto Seguro SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Insurance
YEAR OF FOUNDATION 1945
WEBSITE www.portoseguro.com.br
BRAND VALUE US $505 million
One of Brazils leading insurance companies,
Porto Seguro offers a comprehensive portfolio of
insurance products.
With products spanning vehicle, health, casualty,
life and personal injury insurance, Porto Seguro
offers policies to individuals, families, companies,
and governmental agencies in Brazil and Uruguay
through direct and indirect subsidiaries. Since the
company established an alliance with Ita in August
2009, Porto Seguro products have been available at
the banks branches.
16
PARENT COMPANY UnitedHealth Group
HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Healthcare
YEAR OF FOUNDATION 1972
WEBSITE www.amil.com.br
BRAND VALUE US $453 million
Amil is the largest provider of managed healthcare
in Brazil.
From its beginnings in 1972 with the acquisition
of Casa de Sade So Jos (a small maternity
clinic in the city of Duque de Caxias), Amil has
expanded both organically and through strategic
acquisitions and now has about five million
members. The company provides medical plans for
both individuals and businesses, and its network of
providers includes more than 3,300 hospitals, 11,000
clinics and 12,000 laboratories. UnitedHealth Group,
the giant American healthcare organization, bought
Amil operations in October 2012.
17
PARENT COMPANY Raia Drogasil SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Drugstores
YEAR OF FOUNDATION 1935
WEBSITE www.drogasil.com.br
BRAND VALUE US $427 million
Drogasil is the fourth largest retail drugstore by
sales revenue in Brazil and operates 578 stores
throughout Northeast, Southeast and Midwest
regions.
It operates more than 280 stores in five Brazilian
states and more than 75 cities. The company has
been a retailer of pharmaceutical healthcare, skin
care and personal care products for the past 75
years. In 2011, DrogaRaia and Drogasil merged,
becoming Raia Drogasil S.A., the largest company
in the pharmaceutical retail segment in the country.
19
PARENT COMPANY Iguatemi Empresas de Shopping Centers
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 1979
WEBSITE www.iguatemi.com.br
BRAND VALUE US $372 million
Iguatemi is one of the largest shopping mall
operators in Brazil.
The company designs, develops and operates
regional centers throughout the country. Formed
in 1979, it initiated its shopping center activity with
the acquisition of Construtora Alfredo Matias SA.
The transaction included an ownership interest in
Iguatemi So Paulo, which was constructed in 1966 as
the first shopping center in Brazil. The Company also
developed the first shopping center in the Brazilian
countryside Iguatemi Campinas and the first in the
southern region of Brazil Iguatemi Porto Alegre.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
18
PARENT COMPANY J&F Investimentos
INDUSTRY Dairy
YEAR OF FOUNDATION 1917
WEBSITE www.vigor.com.br
BRAND VALUE US $394 million
Vigor is one of the most important dairy companies
in Brazil.
Vigor was founded in 1917 as a small milk company
in the city of Itanhadu, Minas Gerais and an
operation in So Paulo. In 1982 Vigor acquired the
company Leco and became one of the principal
dairy companies in Brazil. In 2009 Vigor became a
subsidiary of the group JBS and in 2013 it acquired
50% of the Itamb dairy. Vigor has in its portfolio
more than 200 products, is the Brazilian leader in
cream cheese and has more than seven industrial
plants around the country.
20
PARENT COMPANY BRF Brasil Foods SA
HEADQUARTERS Itaja, Santa Catarina State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1934
WEBSITE www.perdigao.com.br
BRAND VALUE US $359 million
The 2009 merger of Perdigo and Sadia into BRF,
created the worlds largest poultry company.
Perdigo is one of Brazils largest food producers,
specializing in frozen and chilled products. Its range
of about 3,000 items is distributed throughout Brazil
and to more than 100 countries. The companys
scale enables it to pursue a low-cost producer
strategy. Established in 1934, as Brandalise,
Ponzonie & Cie, the company changed its name to
Perdigo SA in 1958. It began exporting in 1975 and
went public in 1980.
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BRAND STORIES
21
PARENT COMPANY Raia Drogasil S.A.
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Drugstore
YEAR OF FOUNDATION 1905
WEBSITE www.drogaraia.com.br
BRAND VALUE US $332 million
Droga Raia is the fifth largest retail drugstore by
sales revenue in Brazil, with a 544-store presence
across the southeast, midwest and southern
regions.
The story began in 1905 with the opening of
Pharmacia Raia in Araraquara City in the So Paulo
State. At that time the companys founder created a
relationship model focused on the human element,
the pharmacist figure, who prepared by hand the
prescribed medications.
The name DrogaRaia was officially adopted only in
1982. In 2011, DrogaRaia and Drogasil underwent
a merger, becoming Raia Drogasil S.A., the largest
company in the pharmaceutical retail segment in
the country.
23
PARENT COMPANY Multiplus SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Loyalty Programs
YEAR OF FOUNDATION 2010
WEBSITE www.multiplusfidelidade.com.br
BRAND VALUE US $292 million
Multiplus provides a network of loyalty programs
across diverse business sectors.
The sectors include airlines, hotels, rental cars,
retail, banking and gas stations. Multiplus members
enjoy the flexibility of earning and redeeming
points without restriction within the network. TAM
Airlines formed the company in 2009 to expand
and strengthen its own frequent flyer program.
Besides TAM, the list of partnerships includes Oi
(telecommunications), Livraria Cultura (bookstore),
Accor (hotels), Peugeot (cars) and Apple (technology).
Multiplus also provides services for managing,
interconnecting and operating customer loyalty
programs. Multiplus currently has almost 13.8 million
participants.
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22
PARENT COMPANY Lojas Renner SA
HEADQUARTERS Porto Alegre, Rio Grande do Sul State
INDUSTRY Retail
YEAR OF FOUNDATION 1912
WEBSITE www.lojasrenner.com.br
BRAND VALUE US $320 million
Lojas Renner is Brazils largest fashion retailer.
It expanded rapidly following a public offering in
2005, when the US department store JC Penney
divested its interest. Lojas Renner now operates
around 260 stores all over Brazil. The organization
began in 1912 as AJ Renner, a retailer specializing
in outdoor gear for gauchos in rural areas. The style
became popular with city customers. The company
transformed into a department store retailer,
with an expanded range, during the 1940s. It was
renamed Lojas Renner in 1965 and has been publicly
traded since 1967.
24
PARENT COMPANY Brasil Kirin S.A.
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Beer
YEAR OF FOUNDATION 1939
WEBSITE www.schin.com.br
BRAND VALUE US $289 million
Schin is one of the most widely consumed beers in
the country, with strong and significant presence in
So Paulo State and the northeast region.
The story began with a small and simple plant in
1939 in So Paulo. At that time the production was
limited to producing soft drinks and only in 1989
started producing its first Pilsen beer, which was
soon successful in the market. In 2011, the Japanese
Kirin Holdings acquired Schincariol Group.
Today its product line consists of beer, draft beer,
soft drinks and mineral water, which are distributed
throughout Brazil, as well as several countries across
Asia and Europe.
25
PARENT COMPANY Totvs SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Technology
YEAR OF FOUNDATION 1969
WEBSITE www.totvs.com
BRAND VALUE US $280 million
Totvs is the largest provider of integrated
information technology solutions in Brazil and the
second largest in Latin America.
Known for its innovation and high level of customer
service, Totvs has been raising its brand profile with
extensive advertising featuring a Brazilian media
personality. The company, which traces its origins to
a service bureau called SIGA (Sistemas Integrados
de Gerncia Automtica Ltda, formed in 1969),
grew rapidly. In March 2006, in advance of an IPO,
the company changed its name from Microsiga
Software SA to Totvs SA. Nowadays Totvs is the
leader in ERP in Brazil, with 50% market-share.
27
PARENT COMPANY Smiles SA
HEADQUARTERS Barueri, So Paulo State HEADQUARTERS So Paulo, So Paulo Statee
INDUSTRY Loyalty Programs
YEAR OF FOUNDATION 1994
WEBSITE www.smiles.com.br
BRAND VALUE US $256 million
Smiles is a company in the reward, loyalty and
commercial segment. It was initially developed in
1994, as a mileage program for Varig (a Brazilian
airline company which went bankrupt in 2010).
Today Smiles is an independent business unit, created
to administer, manage and operate exclusively The
Smiles Programs GOL Linhas Areas.
The company has partnerships with companies in
various branches of the market providing benefits,
products and services, in addition to awards for air
services. The Smiles Program has over 10 million
members and 150 air and non-air partners.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
26
PARENT COMPANY Odontoprev SA
HEADQUARTERS Barueri, So Paulo State
INDUSTRY Healthcare
YEAR OF FOUNDATION 1987
WEBSITE www.odontoprev.com.br
BRAND VALUE US $264 million
OdontoPrev is the largest dental benefits company
in Brazil, with over 5 million members.
The organization develops dental plans for
corporate, institutional and not-for-profit clients.
The OdontoPrev network includes approximately
25,000 certified dentists of which roughly 16,000
are specialists and post-graduates, located in more
than 2,000 cities throughout Brazil. To reach people
in the under-served rising middle class, OdontoPrev
recently launched an initiative to sell dental plans
directly to consumers.
28
PARENT COMPANY Naspers
INDUSTRY Technology
YEAR OF FOUNDATION 1999
WEBSITE www.buscape.com.br
BRAND VALUE US $213 million
Buscap is a free search engine for comparing
prices and products in Brazil and Latin America,
connecting consumers and sellers.
It is the largest free search engine in Latin America
with approximately 30 million visits per month
and over 11 million registered products. Buscap
groups and organizes the products in one place,
making the purchase process much quicker and
easier for the customers. For this the company
establishes business partnerships with shops,
brands and products. In 2009, Buscap sold 91%
of its shares to South African media conglomerate
Naspers Limited, through its digital media
company MIH Holdings, which contributed to the
internationalization of the brand.
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BRAZIL
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29
PARENT COMPANY BM&F BOVESPA SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Stock Exchange
YEAR OF FOUNDATION 2008
WEBSITE www.bmfbovespa.com.br
BRAND VALUE US $212 million
BM&F BOVESPA is the leading stock exchange
in Latin America and the second largest in the
Americas.
One of the largest stock exchanges in the world
in terms of market value, BM&F BOVESPA was
created in 2008 through the integration of the
Brazilian Mercantile & Futures Exchange (BM&F)
with the So Paulo Stock Exchange. BM&F
BOVESPA introduced stock investment to a wider
popular audience while at the same time gaining
credibility in the corporate segment with its record
of successful IPOs.
31
PARENT COMPANY Kroton Educacional
HEADQUARTERS Belo Horizonte, Minas Gerais State
INDUSTRY Education
YEAR OF FOUNDATION 1993
WEBSITE www.anhanguera.com
BRAND VALUE US $202 million
Anhanguera Educacional is one of Brazils largest
private education companies.
Founded in 1994 by a group of professors,
Anhanguera Educacional Participaes provides
post-secondary education to prepare individuals
for productive employment. With more than 73
campuses and hundreds of long-distance learning
centers, Anhanguera serves more than 400,000
students, many of who come from lower income
and rural backgrounds. In 2013 Anhanguera was
acquired by Kroton Educacional, creating the worlds
largest educational group with more than 1.4 million
students.
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30
PARENT COMPANY CVC Turismo
HEADQUARTERS Santo Andr, So Paulo State
INDUSTRY Travel Agency
YEAR OF FOUNDATION 1972
WEBSITE www.cvc.com.br
BRAND VALUE US $207 million
CVC is the largest tourism operator in Brazil and
Americas.
CVC was founded in 1972 by two entrepreneurs in
the tourism segment, Guilherme Paulus and Carlos
Vicente Cerchiari (the CVC acronym comes from the
initials of this name). It is based in the city of Santo
Andr (near the capital of So Paulo State).
CVC expanded its business into different areas such
as selling tourism packages with air transportation
and exclusive chartering aircraft. It opened stores
in malls, virtual stores, vessel chartering and even
transatlantic travel. In 2009, American investors from
the private equity fund The Carlyle Group bought
a 63.6% stake from Paulus, leaving him as chairman
of CVC. Today CVC has 936 exclusive stores all over
the country.
32
PARENT COMPANY Localiza SA
HEADQUARTERS Belo Horizonte, Minas Gerais State
INDUSTRY Car Rental
YEAR OF FOUNDATION 1973
WEBSITE www.localiza.com
BRAND VALUE US $199 million
Localiza operates the largest car rental network in
Brazil.
It has 560 branches in 243 cities throughout Brazil
and eight other countries in Latin America. The
franchising of Localizas branches, which started
in 1983, enabled the company to expand its
operations beyond Brazil. Its total fleet is over
118,000 cars. Along with car rentals, Localiza
operates two related businesses: commercial
leasing and used car sales. Localiza established its
rental operations in 1973, with six used and financed
Volkswagen Beetles, in the city of Belo Horizonte.
33
PARENT COMPANY BTG Pactual SA
HEADQUARTERS So Paulo, So Paulo State HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Banks
YEAR OF FOUNDATION 1981
WEBSITE www.btgpactual.com
BRAND VALUE US $196 million
BTG Pactual is the leading investment bank in Latin
America.
BTG Pactual was established in 1983 as a brokerage
in Rio de Janeiro City. In May 2006, UBS AG
purchased Pactual, creating UBS Pactual, the
division of UBS in Latin American countries. Andr
Esteves became CEO of all of UBS Latin American
operations. In October 2008 he and a group of
partners left UBS Pactual and joined Persio Arida
to create BTG, a global investment company with
offices in So Paulo, Rio de Janeiro, London, New
York and Hong Kong. In 2009, BTG acquired UBS
Pactual, resulting in the creation of BTG Pactual.
BTG Pactual specializes in investment banking,
wealth management and asset management.
35
PARENT COMPANY Embraer SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Airlines
YEAR OF FOUNDATION 1969
WEBSITE www.embraer.com.br
BRAND VALUE US $170 million
Embraer is the third largest commercial aviation
company in the world.
Embraer was created in 1969 as an initiative of
the Brazilian government in a strategic project to
implement the aviation industry in the country.
Privatized in 1994, the company designs, develops,
manufactures and markets systems and aircraft. Its
core business is the business segment of Commercial
Aviation, Executive Aviation, and Defense & Security
Systems.
It has factories and offices in various parts of the
world and more than 5,000 aircraft delivered across
all continents. Today it is one of the worlds leading
aerospace export companies.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
34
PARENT COMPANY Gol SA
INDUSTRY Airlines
YEAR OF FOUNDATION 2001
WEBSITE www.gol.com.br
BRAND VALUE US $181 million
Gol is the second largest airline company in the
domestic flight market in Brazil.
With its low cost, low fare business model, Gol
has democratized air travel in Brazil and in South
America. It offers route networks in South America
and the Caribbean, with almost 900 flights a day to
62 destinations, domestic and international, in 13
countries. The company has several partnerships
with large international airlines, such as Delta
Airlines, AeroMexico and Air France.
36
PARENT COMPANY Grupo Po de Acar
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 1948
WEBSITE www.paodeacucar.com.br
BRAND VALUE US $169 million
Po de Acar is a neighborhood supermarket with
a focus on the AB socio-demographic.
Po de Acar is part of the giant retail
conglomerate Group Po de Acar, which began
as a pastry shop in 1948 and now includes more
than 180 stores. Po de Acar is known for quality,
innovation, and strong customer service. The
chain enjoys high levels of shopper loyalty and was
among the first supermarkets to offer imported
products during the 1990s.
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BRAZIL
BRAND STORIES
37
PARENT COMPANY So Paulo Alpargatas SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Fashion
YEAR OF FOUNDATION 1907
WEBSITE www.havaianas.com
BRAND VALUE US $168 million
Havaianas produces the worlds most recognizable
flip-flop sandals.
It sells roughly 360 million pairs annually in over 107
countries. The company introduced the sandals
in the early 1960s, adopting a Japanese design
made from rice straw and producing it in rubber.
With an emphasis on color and design, starting in
early 1990, Havaianas transformed the shoes from
inexpensive and utilitarian to fashion statements.
Havaianas has expanded its operations through
brand franchise stores: currently there are 374
stores across the country.
39
PARENT COMPANY Vale SA
HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Mining
YEAR OF FOUNDATION 1942
WEBSITE www.vale.com
BRAND VALUE US $121 million
Vale is the third-largest mining company in the world
and the largest producer of iron ore and nickel.
The company gains more than 50% of its revenue
from iron ore. Diverse mining operations, including
copper, bauxite, potash and aluminum generate the
balance of revenues. One of Brazils largest logistics
companies, with railroads, ports and fleets of ships,
Vale also operates in the electric energy sector,
participating in several consortia and running nine
hydroelectric plants. Originally government-owned,
Vale became a private company in 1997.
62
38
PARENT COMPANY Grupo Po de Acar
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 1952
WEBSITE www.casasbahias.com.br
BRAND VALUE US $122 million
A retail chain specializing in furniture and home
appliances, Casas Bahia was acquired in December
2009 by Grupo Po de Acar.
The acquisition positioned the company to benefit
from spending by Brazils rising middle class. From
its establishment, in 1957, Casas Bahia has appealed
to low-income customers, offering them store
credit and a reputation for quality and affordability.
Since 2010 Casas Bahia has reached customers
throughout Brazil, with more than 500 stores and a
web presence.
40
PARENT COMPANY Magazine Luiza SA
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 1957
WEBSITE www.magazineluiza.com.br
BRAND VALUE US $116 million
Magazine Luiza is one of Brazils department store
retailers, offering a wide range of household goods
and appliances.
The chain focuses on serving the nations low-
to-middle income consumers. It employs more
than 24,000 people and operates a network of
736 stores. These stores are located across 16
Brazilian states and supported by a network of eight
distribution centers.
Magazine Luiza was one of the first companies
to adopt the multichannel approach to retail; it
is Brazils second largest online retailer and an
innovator in the use of social media to drive online
sales. These grew 40 % last year and now account
for 11 % of total company sales.
41
PARENT COMPANY Fleury
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Healthcare
YEAR OF FOUNDATION 1926
WEBSITE www.fleury.com.br
BRAND VALUE US $109 million
Fleury is one of the most respected medical and
health organizations in Brazil.
Gaston Fleury Silveira founded the company in
1926, initially as a clinical laboratory. From there, the
company began providing medical services in the
area of diagnostics, treatments and medical tests.
In 2010, the company made 27 acquisitions in order
to enter new regions, create a complementary
mix of services and increase its knowledge base.
Today Fleury is part of Fleury Group, which has
many laboratories within the Brazilian healthcare
category.
43
PARENT COMPANY JBS S.A.
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1953
WEBSITE www.friboi.com.br
BRAND VALUE US $100 million
Friboi is the beef brand of JBS Group, the largest
meat processing company in Brazil.
The history of Friboi began in 1953 in Anpolis city
in the state of Gois, where Jos Batista Sobrinho
started selling beef in the neighborhood, later
moving the business to Brasilia, then the new capital
of Brazil.
Ten years later he had established a presence in many
cities in the central-west region and in the 80s and
90s he started selling beef in supermarkets all over
the country. In 2007, Friboi became part of JBS Group.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
42
PARENT COMPANY Estcio Participaes S.A.
HEADQUARTERS Rio de Janeiro, Rio de Janeiro State
INDUSTRY Education
YEAR OF FOUNDATION 1970
WEBSITE www.portal.estacio.br
BRAND VALUE US $108 million
Estcio is one of Brazils largest private-sector post-
secondary groups in terms of number of students.
With a strong presence in almost all the states of
Brazil, Estacio has more than 500,000 students
distributed in university centers and colleges, more
than five thousand teachers offering post-graduate
courses (Bachelor and Bachelor), undergraduate
and among other educational modalities. It is also
known for making Summer Courses open to the
community during July and January.
44
PARENT COMPANY Arezzo Indstria e Comrcio SA
HEADQUARTERS Campo Bom, Rio Grande do Sul State
INDUSTRY Retail
YEAR OF FOUNDATION 1972
WEBSITE www.arezzo.com.br
BRAND VALUE US $100 million
Arezzo is a leading retailer of womens fashion
footwear.
Two brothers, Anderson and Jefferson Birman,
created the Arezzo brand 1972. Today it is Brazils
leading retail brand of womens fashion footwear
and accessories. The brand focuses on high quality
and contemporary designs and introduces about
eight new collections annually. Currently Arezzo
operates 455 brand franchise stores and 53 of its
own stores. The Arezzo Company also markets
under three other brands: Schutz, Anacapri and
Alexandre Birman. Including these brands, the
company is present at more than 2,700 points of
sale. An initial public stock offering last year on
the Brazilian stock exchange raised capital to fund
further store expansion.
63
BRAZIL
BRAND STORIES
45
PARENT COMPANY Walmart do Brasil S.A.
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 2000
WEBSITE www.bompreco.com.br
BRAND VALUE US $74 million
BomPreo, a Walmart Brasil brand, is a traditional
supermarket chain in the northeast region.
The first BomPreo supermarket was established
in 1966. It grew from a small warehouse in the
Brazilian northeast to become one of the largest
supermarket chains in that region. The focus has
always been on quality, convenience and low prices.
In 2004, BomPreo was taken over by major North
American retail chain WalMart. This enabled the
technological modernization and the expansion
of the network that has resulted in 61 stores in the
northeast region.
64
46
PARENT COMPANY Grupo Po de Acar
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Retail
YEAR OF FOUNDATION 1989
WEBSITE www.extra.com.br
BRAND VALUE US $68 million
Extra is a multi-sector banner of Brazils largest retail
conglomerate, Grupo Po de Acar.
Extra operates 137 hypermarkets called Extra
Hiper. The convenience store Minimercado Extra
offers a limited selection of about 3,000 items. In
addition, the company operates about 204 full-line
supermarkets called Extra Supermercado as well as
pharmacies called Drogarias Extra, located within
existing Extra outlets. Similarly, the brand operates
Extra gas stations at some retail locations. It runs
home appliance stores as well, and is present online
as Extra.com.br
47
PARENT COMPANY Hering
HEADQUARTERS Blumenau Santa Cantarina
INDUSTRY Fashion
YEAR OF FOUNDATION 1880
WEBSITE www.hering.com.br
BRAND VALUE US $61 million
Hering is Brazils largest manufacturer and marketer
of clothing for men, women, and children.
Its merchandise is sold throughout South America
in both company-owned and franchise stores as well
as online. The brand is represented in 749 stores in
all Brazilian states: 653 Hering stores, 93 Hering Kids
stores and 3 Hering for You stores. Sales have grown
dramatically over the past several years, suggesting
that customers value the brands combination of
quality casual apparel and enjoyable shopping
experience. Two German immigrants formed the
company 136 years ago, then called Hering Textil.
49
PARENT COMPANY Cencosud
HEADQUARTERS Santiago, Chile
INDUSTRY Retail
YEAR OF FOUNDATION 1955
WEBSITE www.gbarbosa.com.br
BRAND VALUE US $56 million
G Barbosa is the largest retail supermarket chain
in Sergipe, the second largest in the northeast
region and the fourth largest in Brazil.
G Barbosa was founded in 1955 by the brothers
Gentili and Noel Barbosa in Sergipe in the
northeast region of Brazil. Since 2007. G Barbosa
has been part of the Cencosud Group, one of
the biggest retail companies in Latin America.
Currently G Barbosa has more than 180 units
among supermarkets and pharmacies in the
cities of Sergipe, Bahia, Alagoas, Cear and
Pernambuco. It employs more than 12,000 people.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
48
PARENT COMPANY Vigor Alimentos S.A.
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1940
WEBSITE www.itambe.com.br
BRAND VALUE US $56 million
Itamb is a dairy company that has had a market
presence for 66 years.
Every day, the brand processes millions of liters of
milk to create a portfolio of more than 190 products
including yogurts, cheese and dulce de leche.
One of the greatest milk companies in Brazil,
Itamb has more than 7,000 suppliers, five
production plants (four in Minas Gerais and one in
Goinia). Itamb is the leader in the milk market in
the north and northeast regions of Brazil and other
cities like Rio de Janeiro, Gois, Minas Gerais and
Distrito Federal. In 2013 Vigor, which has operated
in the dairy market for over 90 years, bought 50% of
Itamb. In 2016 the brand launched its new brand
identity with the slogan milk is everything.
50
PARENT COMPANY Grupo Po de Acar
HEADQUARTERS So Paulo, So Paulo State
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 2006
WEBSITE www.taeq.com.br
BRAND VALUE US $53 million
Taeq has a wide and varied range of healthy
products.
Taeq, created in 2006, is one of the own-brands
of the Po de Acar Group, a supermarket
network. The brand is the result of research that
identified a type of consumer looking to lead a
healthier life. This led to the creation of products
focused on wellbeing, health and quality of life.
Taeq is a neologism of the Eastern words
TAO (path, balance) and EKI (vital energy).
Currently the Taeq brand is divided into four
segments: nutrition, organic, sports and beauty.
65
BRAZIL
THOUGHT LEADERSHIP
How to grow
in a complex
environment?
Penetration is a growth driver.
Attracting new buyers becomes
fundamental in the current
scenario, and penetration is the
measure that most correlates
to the growth or fall of brands.
Of all the brands that have
risen in Brazil, 81% have gained
penetration.
Christine Pereira holds a BA in Statistics from UFRJ, with
a postgraduate qualification in sampling by ENCE. She
has an MBA in Business Management from USP and
certificate in the advanced program in Business Strategy
at the University of La Verne California.
She is Business & Marketing Director of Brazil Kantar
Worldpanel, with more than 20 years of experience in
market research. Christine has developed her career in
several renowned institutions, managing national and
international projects.
66
CHRISTINE G. T. PEREIRA
Business & Marketing Director
Kantar Worldpanel, Brazil
Christine.Pereira@kantarworldpanel.com
Political and economic instability, combined with urban
chaos, overwork and excess of information, has led to Brazil
becoming one of the most stressed countries in the world.
This has resulted in a tendency towards the pursuit of a
simpler life, in the face of so much disorder. In addition, in
Brazils current scenario, consumers pockets are tighter,
and a lot of family budget-juggling has been seen in recent
years.
Consuming more at home and abandoning snack bars,
restaurants and bars, the population has bet on categories
that serve as the basis for the preparation of dishes,
consolidating the trend of restaurant in the house. The
return to eating at home has led to growth of various
products in food, beverages and cleaning, with more
sophisticated products (facilitating a clean and nice smelling
home) benefiting from this trend.
The consumer, however, is less likely to buy. Data from
Kantar Worldpanel points out that the Brazilian is more
conscious, engaged and demanding when choosing a
product. Today we have a consumer who is increasingly
multi-brand, multi-category, multi-channel purchasing
and conquering this consumer gets increasingly
complex.
In this busy environment, impacted by the crisis and in
which consumers seek simplicity and differentiation,
Kantar Worldpanel and Kantar Futures have identified
three trends: Simplified Life, Fun, and Indulgence and
Diversity.
But the question remains: how to grow in such a
complex reality?
PENETRATION, A GROWTH DRIVER
Following the analysis of opportunities, penetration
continues to be highlighted as a key factor. Attracting
new buyers becomes critical in the current scenario.
Kantar Worldpanel has identified that penetration (the
percentage of households that bought the brand over
a given period) is the measure that most correlates to
the growth or fall of brands. Of all the brands that have
risen in Brazil, 81% have gained penetration. Of brands
that have fallen, 76% lost penetration in the same period.
Another conclusion was that even the leading brands,
which already reach a large number of households,
have growth opportunities for example, 11% of the
population does not buy the leading toothpaste brand,
thats equivalent to 6 million households.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
INNOVATION - A KEY FACTOR TO
KEEPING A VIVA COMPANY
In such a complex and ever-changing world, building
differentiation for brands becomes a key factor for
companies to stay alive in the minds of consumers.
Kantar Worldpanels analysis identifies three more trends
to help companies innovate successfully:
Innovate in categories and products: strengthen
the brands place in the set of consumer preferences.
Be known, recognized, preferred, significant, salient and
different, because there is a high correlation between
brand equity and real purchases!
Create products that meet consumer needs, practical
products that simplify, indulgent products that satisfy,
and differentiated products that surprise them.
Innovate in channels: be available whenever
someone wants to buy, attend every moment of
consumption and be present in every purchase mission.
Its essential to see each act of purchase as a battle to be
won, and have the appropriate assortment per channel.
Focus on meeting the needs of the shopper, with
a suitable assortment, an appropriate and simple
exposition, and an outstanding experience.
Innovate in the business model: companies also
need to constantly innovate in their business models.
Kodak, for example, is trying to reinvent itself with the
recent launch of the Kodak Ektra Smartphone.
Focus on evaluating trends to be able to predict the
future, take advantage of opportunities of the new digital
world and increasingly explore the liquid consumer.
More than ever, simplifying, satisfying and surprising will
be the 3S crucial for anyone who is pursuing successful
brand and business growth.
67
BRAZIL
THOUGHT LEADERSHIP
Data and Creativity
need to come together
Brazil is famous around the world for
the warmth of its people. Whether
in the professional or personal
environment, good relationships are
one of the most important and valued
aspects of our culture. When we
begin a relationship, there is often a
greater effort to charm the person who
sparked our interest. This is why we
take them to a nice restaurant, spend
a weekend at a boutique hotel or give
memorable gifts.
Henrique graduated in Business Administration from Pontifcia
Universidade Catlica do Rio Grande do Sul, Brazil, in 2003. A
year later he gained a marketing certificate from the University of
California, Berkeley, with academic distinction.
Starting at Google in 2005 as one of its first employees in Brazil, he
worked at the company for almost five years, leaving it in 2010 to
start the digital agency Jssi. In September 2015, Jssi was acquired
by the WPP Group, integrating Ogilvys network of agencies.
Henrique is responsible for co-managing Jssi with Marcos Del
Valle and Xavier Penat, all three managing partners at the agency.
Henrique coordinates the media teams and operations at the agency.
68
We do all that because we want the person to reciprocate
our feelings. As we are not familiar with each other yet and
dont know details about what they like or desire, we make
an effort to be more creative than expected, aiming to
charm in order to gain love and respect.
As time goes by, we get to know more and more about the
person. We find out their favorite food, favorite color, what
makes them mad or happy, what they enjoy or hate doing
on weekends, and so forth. Once all this data is compiled
in our minds, we tend not to worry so much about
charming them and focus on doing as little as necessary,
given that we already know what pleases or displeases
them. This is also the recipe for the failure of a relationship.
KEEPING IT FRESH
In a way, this is what is going on in the relationship
between brands and consumers in digital media. Since
we now have the ability to use consumer data in media
campaigns, after the development of programmatic
buying, all of our efforts are put into data.
HENRIQUE RUSSOWSKY
Managing Partner,
Jssi
Henrique.Russowsky@jussi.com.br
walk side by side. The time when we could place things
in separate boxes is gone. Putting together skills and
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
There is no doubt that creativity plays a major role in
communications. However, data and creativity live in
separate worlds. In one world, the creative process is much
the same as 20 or 30 years ago. In the other world, media
works in the organization of audience clusters, hoping that
the creative process comes up with something that adapts
well to one of these clusters. This model must evolve.
Data and creativity must get closer and closer. A positive
attitude is not enough to make it happen. We must act in a
coordinated way, seeking to offer better results for brands.
Creative teams must think more about the consumers
journey and less about campaigns. They must learn how
to create ideas targeted to audience groups that spread
in real time, and learn about formats and new possibilities.
Media, planning and creative departments must talk much
more consistently and on a regular basis and adapt
their communications to the results achieved.
Planning alone is no longer enough. We must plan,
execute, adapt and continue to execute. And do all of
that in a much shorter window than from one campaign to
the next. Above all, we must think of it as a journey, which
unlike a campaign, has no beginning, middle or end just
a beginning and middle.
In any relationship, in order to succeed, it takes
commitment. Not only that. We must understand that
charm and knowledge, meaning creativity and data,
technology to offer consumers memorable brand
experiences is inevitable.
69
BRAZIL TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

In that context we, the advertising professionals,

developed slogans that became part of pop culture and

How the guys in

of peoples daily lives. This is, and has always been, the
goal of advertising: to become a part of peoples lives and
influence them (preferably in a positive way).

But technology started to change fast and, as we all know,

transformed the industry. With no prior warning or alarm
bells going off, consumers became empowered, but many
of us didnt even notice.

the garage impacted

CONSUMER TAKES CENTER STAGE
Everything changed. Countless media channels. Countless
options. Advertising became disoriented, lost in a heap of
new sources and media options. A new civilization.

our brands
A new civilization demands new advertising. And a new
perspective from brands. Passivity is a thing of the past.
The consumer has the stage.

The core issue isnt media channels anymore: online and

offline shouldnt even be topics for discussion, because
theyre the past.

The core issue is finding and understanding motivation

the reason for being. Why do we communicate? Why
do we advertise? What can a brand really represent in
peoples lives? The core issue is about Purpose and
Behavior. About dignity and respect.

Because people demand respect. Because dignity is a

watchword. Because we have grown as a civilization

Some years ago, the advertising industry People have already understood that. They take to the
streets. They call for whats right and noble, they call for
looked much simpler: fewer media channels, respect. Why would they not demand the same from the
corporate entities around them?
fewer and more solid brands - the ever
present blue chip names. The brands were That is why the opinions aired on social networks are so
important. That is why people expect a reasonable answer
in control. And consumers passively believed to their demands.
in the ads and purchased the products.
Technological advances werent significant RISE TO THE OCCASION
and did not directly influence the industry. This is something that brands and advertising urgently
need to understand. That corporate entities are people.
Nor did they threaten a brands life. MARCIA ESTEVES
Corporate people, but people nonetheless. And they
Chief Operating Officer,
Grey Brazil must act as people do: with a clear purpose and a
Marcia.Esteves@Grey.com.br consistent, virtuous and honest message. The age of the
superficial do as I say, not as I do is over.

It doesnt matter whether you have a leading brand today.

Do not stay in your comfort zone. Behave like a startup:
understand human needs. Dont focus on the functional
aspects, but understand that the function should exist
Marcia has over 14 years experience in Client Services and Integrated Channels Operation,
having worked across Latin America, Barcelona and Brazil, across agencies of multiple disciplines.
to serve human needs. Ensure that your brand has a
meaningful purpose. And live in a perpetual beta stage,
She also has been part of the Global Digital Councils (at Rapp and Grey). Marcia graduated because thats how your consumers live and how they
in Communication (FAAP SP) in 2003, Specialist Marketing (IED Milan) in 2004, MBA in interact with the world.
Project Management (FGV SP) in 2007; she also studied at Babson Executive Business Center
(Omnicom University, Boston, USA) in 2009, completing her studies with the first Hyper Island Welcome to the new advertising: virtuous, consistent, true.
Master Class de Digital Acceleration held in Brazil, in 2014.
Welcome to a new era.
Marcia has worked on many award-winning projects (including 7 Cannes Lions and 4 Effie
Awards) and across numerous brands including Pfizer, Natura, Gillette, Downy, Wella, Telefnica,
Banco Ita, Pepsico, Turner, HBO, Danone, Avianca, Samsung, and Brasil Kirim.

70 71
Chile
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW

Price sensitive In the last couple of years, we have seen the Chilean

consumers seek
economy grow only slowly. The causes of the slowdown have
impacted employment, and this, in turn, has affected retail
and financial services, which according to BrandZ analysis
have decreased by 15% and 23% respectively, in brand value
from 2015. In fact, contraction in the value of brands in these
industries explain to a great extent the 12% loss in value of
Chilean brands.

Different perspectives have all shown how Chilean

reasons to trust
consumers have become especially sensitive to prices.
Kantar Worldpanel data confirms that two thirds of
consumers perceive that prices have risen in the past three
months, and four out of every ten Chileans state that their
household income has decreased.

MORE SHOPPING, LESS SPENDING

The years of the great and sustained
Chilean economic growth are over.
This has resulted in increased visits to points of sale but with
a lower purchase amount per visit. The number of places of
purchase has also increased. It is interesting to see that this
increase in places to purchase has driven growth in shopping
at fairs and through promotions. This has not meant that
loyal consumers have decreased. In fact, consumers still feel
fond of their preferred brands and are willing to buy them,
but they do so less frequently while waiting for the turmoil to
pass so they can go back to their regular buying rhythm.

Another prevailing factor for Chilean consumers is that their

trust level has been undermined. Today they do not blindly
Much has been said about its trust either organizations or institutions, based on the events
causes: the fall in the price of of the past few years.

MAURICIO MARTINEZ
CEO Chile,
Kantar
Mauricio.Martinez@millwardbrown.com
Mauricio holds a degree in Business Administration and
Marketing from Universidad Panamericana in Mexico.
He has over 17 years of research experience and has
acted as a consultant for many local, regional and
global brands in different industries.
Before his arrival in Chile, he was head of Client Service
and Client Solutions at Kantar Millward Brown Mexico.
copper, the lack of certainty
generated by large reforms in the
business environment, the reduced
trust among Chileans, and a change
in attitudes towards institutions.
As expected, all these elements
have already permeated the
Chilean atmosphere, impacting its
corporations and brands.
Kantar Millward Brown have learned, from their qualitative
and quantitative practices, that trust is one of the main
commercial and relational assets between a brand and
its consumers. A brand clashing with this dimension is a
weakening brand and, in adverse economic conditions, it
wont be able to justify its value, or it will trigger a diminished
willingness to purchase. Today consumers are citizens.
Although they show a learned hopelessness because of
past events, today they are empowered, and they demand
that the promise of a product or service is fully met.
In this environment, brands must aim at true bonding
programs that manage to establish a closer relationship with
consumers. They must shift from a business purpose to a
brand social purpose and a more symmetrical relationship
with consumers that leads to a perception of win-win deals.

74 75
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 15 MOST VALUABLE CHILEAN BRANDS 2017

BRANDZ TOP 15 MOST VALUABLE

CHILEAN BRANDS 2017
Brand Value Brand Brand Value Brand
Brand Brand
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

4,257 4,709 5 -10% 1,889 2,398 4 -21%

1 6
Retail Airlines

2,689 3,107 5 -13% 810 921 4 -12%

2 7
Retail Retail

2,558 2,758 5 -7% 777 985 5 -21%

3 8
Energy Retail

2,027 2,595 3 -22% 679 459 3 -48%

4 9
Banks Retail

NEW
1,982 2,845 5 -30% 664 - 1
5 10 ENTRY
Retail Communication Providers

575 729 5 -21%

11
Retail

570 427 4 34%

12
Retail

520 446 4 16%

13
Beer

394 536 3 -27%

14
Banks

288 387 2 -26%

15
Banks
Source: Kantar Millward Brown and BrandZ
Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.

76 77
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS AND BRAND STORIES

BRAND VALUE
1 2
PARENT COMPANY S.A.C.I. Falabella PARENT COMPANY Sodimac SA
Total Value of Chile Brands
HEADQUARTERS Santiago HEADQUARTERS Santiago

US$ 20.6 BILLION INDUSTRY Retail

YEAR OF FOUNDATION 1889
INDUSTRY Retail
YEAR OF FOUNDATION 1988
WEBSITE www.falabella.com WEBSITE www.sodimac.cl
Brand Value Change 2015 2017 BRAND VALUE US $4,257 million BRAND VALUE US $2,689 million

-12%
Source: Kantar Millward Brown and BrandZ

Falabella is the leading department store retailer in Homecenter Sodimac is Chiles Leading Home
Chile. Improvement Brand.

Falabella operates 40 large department stores The Homecenter brand appears on 67 stores
throughout Chile and is the leading brand in the throughout Chile that are focused on serving

KEY FACTS retail channel. The brand appeals to Chiles more

Capital City Santiago
Currency Chilean Peso
Area 756 thousand km2
Population (THOUSAND) 17,950 (2015)
Population growth rate (ANNUAL) 1.0% (2010-2015)
Life expectancy 80 years (2015)
Literacy rate of 15-24 year olds 99.1% (2015)
Unemployment rate 6.3% (2014)
6.3% (2015)
Annual GDP at Current Prices
Total at current prices: US$ 240 billion (2015)
GDP per capita (annual dollars): US$ 13,383 (2015)
Growth rate: 2.1% (2015)
Countrys share in regional GDP: 4.5% (2015)
Net foreign direct investment: US$ 9.4 billion (2014) 1988, with the introduction of the Homecenter
US$ 4.6 billion (2015)
Sources: CEPAL, Comisin Econmica ONU
CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco
affluent shoppers with a consistently executed
fashion forward merchandising strategy that
enables it to remain the industry leader. The
brands first store opened in 1958. Following
several decades of expansion throughout Chile,
its presence was extended regionally in the 1990s.
There are now a combined 39 Falabella stores in
Peru, Argentina and Colombia.
The origins of the brand date back to 1889 when
Italian immigrant Salvatore Falabella opened a tailor
shop. Today, the brand he created is synonymous
with department store retailing and also serves
as the corporate identity of parent company SACI
Falabella. This major conglomerate has extensive
interests across the retail industry including the Mall
Plaza shopping center brand, the Sodimac home
improvement brand, the Tottus supermarket brand
as well as financial services offered under the Banco
de Falabella brand created in 1998.
consumer needs for home improvement
products. The Homecenter brand is the most
prevalent of the three formats its parent company
Sodimac uses to serve the home improvement,
building and construction materials market,
which it has segmented by homeowners,
contractors and medium-to-large construction
companies. The origins of the Homecenter brand
date back to the 1940s, when a small company
known as Sogeco began providing construction
companies in Valparaso with building materials.
In 1952, the company became known as Sodimac.
It entered the home improvement retail space in
brand. In 2003, Sodimac became part of the
Falabella retail conglomerate, which just two
years earlier had bought out Home Depots
ownership interest in a joint venture established
in 1997. The Homecenter brand now enjoys a
regional presence beyond Chile, with 52 stores
located in Argentina, Colombia and Peru.

78 79
CHILE
BRAND STORIES
3 4
PARENT COMPANY Compaa de Petrleos de Chile Copec SA
HEADQUARTERS Santiago
INDUSTRY Energy
YEAR OF FOUNDATION 1934
WEBSITE www.copec.cl
BRAND VALUE US $2,558 million
Copec is Chiles Leading Fuel Brand.
Copec has been in existence for 78 years and is Chiles best-
known brand of fuel, with an estimated market share of 62%.
The company leveraged its petrochemical expertise to enter
the market for lubricants in 1996, where its market share is
estimated to be 40%. To enhance the Copec network of
620 fuel stations, the company created a complementary
brand called Pronto. Pronto comprises three convenience
store formats where expanded assortments of general
merchandise and food are offered at Copec branded
service stations, under the banners of Ciudado, Pronto or
Barra. Copec also operates a chain of 200 small format non-
fuel convenience stores under the Punto Copec brand.
80
PARENT COMPANY Banco de Chile SA
HEADQUARTERS Santiago
INDUSTRY Banks
YEAR OF FOUNDATION 1893
WEBSITE www.bancochile.c
BRAND VALUE US $2,027 million
Banco de Chile is one of the nations largest full service bank.
Banco de Chile is a commercial bank focused on serving
individuals and corporations with traditional banking
products and services; it ranks among Chiles leading
consumer lenders and originators of mortgage loans. The
bank operates a branch network consisting of 441 locations
following the 2011 addition of 25 locations under the banners
of Banco de Chile, Banco Edwards-Citi and Banco CrediChile.
Founded in 1893, with the merger of Banco Nacional de
Chile, Banco Agricola and Banco de Valpariso, Banco de
Chile became the nations largest privately held bank. The
bank remained privately controlled through the 1970s when
the Chilean government asserted ownership of other Chilean
banks. The banks long history and record of independence
have enabled the brand to associate itself with stability and
reliability, attributes that were reinforced in 2002 with the
merger of Banco de A. Edwards and again in 2008 with the
Banco de Chile and Citibank Chile merger.
5 6
PARENT COMPANY Walmart Chile SA
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 1976
WEBSITE www.lider.cl
BRAND VALUE US $1,982 million
The Lider supermarket brand is owned by Walmart.
Lider operates 69 supermarkets, as well as 57 smaller
format Express Lider stores. In early 2009 Walmart Stores,
Inc. acquired a controlling interest in the Lider brands
parent company, Distribucin y Servicios D&S SA. The
following year D&S changed its name to Walmart Chile SA.
Under Walmarts ownership the Lider brand has placed an
increased emphasis on everyday low prices in keeping with
the long-standing strategy of its parent company. Growth of
the Lider brand has taken a backseat to Walmart Chiles other
food formats, Ekono and SuperBodega aCuenta, which serve
the market with a no-frills and limited assortment offering.
7 8
PARENT COMPANY S.A.C.I. Falabella
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 2002
WEBSITE www.tottus.cl
BRAND VALUE US $810 million
Tottus, a network of supermarkets and hypermarkets,
was established in Peru in 2002, as part of the Falabella
group. In 2004, Falabella acquired a local supermarket
chain in Chile, called San Francisco, which it renamed
Tottus, bringing the brand to Chile. With 41 sites in Chile
and 34 in Peru, the Tottus chain includes different formats
supermarkets, that sell traditional categories of food
and personal care product, and hypermarkets, that offer
durable goods, appliances, electronics and home ware.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PARENT COMPANY Latam Airlines Group SA
HEADQUARTERS Santiago
INDUSTRY Airlines
YEAR OF FOUNDATION 1929
WEBSITE www.latam.com
BRAND VALUE US $1,889 million
LATAM airlines was born out of the joint operations of LAN
and TAM and is now Latin Americas top airline.
The airline provides passenger services to 15 cities in Chile as
well as to hundreds of destinations throughout the Americas
and overseas. It does so with direct service and through code
share agreements with other carriers and its participation in
the Oneworld alliance. It also operates a cargo business.
The Chilean government established the LAN airline in 1929
as Lan Chile SA. In 2012, LAN merged with top Brazilian
airline TAM SA to create LATAM Airlines Group SA. With
a combined fleet of more than 300 aircraft, the companys
aspiration is to become the 3rd largest carrier in the world.
PARENT COMPANY Cencosud SA
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 1900
WEBSITE www.paris.cl
BRAND VALUE US $777 million
Paris is the second largest department store brand in Chile,
where it operates 36 stores in leading shopping centers.
Paris appeals to shoppers with a differentiated product
assortment that includes brands from well-known designers,
complemented by a range of well-established proprietary
brands in key categories such as apparel, home ware and
electronics.
Spanish entrepreneur Jos Mara Couso established the
Paris brand in 1900 with the opening of the Paris Furniture
store. In 1950, the name changed to Almacenes Paris and in
2005 the companys name was shortened to Paris following
an acquisition by retail conglomerate Cencosud. To enhance
its competitive positioning in recent years, Paris has sought
to project a more modern and stylish image that appeals to
younger shoppers. The brand expanded its presence to Peru
in 2015 with the opening of its first store outside of Chile.
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CHILE
BRAND STORIES
9 10
PARENT COMPANY Parque Arauco
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 1982
WEBSITE www.parquearauco.cl
BRAND VALUE US $679 million
Parque Arauco was founded 32 years ago and is the
third largest shopping mall company in Chile. In the
last four years the companys revenues have shown
a huge growth of 73%. The company has ambitious
international plans to add to its current portfolio of
27 shopping centers in Chile, Peru and Colombia.
11
PARENT COMPANY Cencosud SA
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 1976
WEBSITE www.jumbo.cl
BRAND VALUE US $575 million
Jumbo was the first hypermarket in Santiago in 1976. Three
years later it became Chiles first hypermarket chain with the
opening of its second location.
The chain was founded by a German, Horst Paulmann,
for whom Jumbo served as a steppingstone in building
the parent company Cencosud. Today, this is one of Latin
Americas dominant retail holding companies.
There are now 32 stores operating under the Jumbo brand
in Chile, including 13 in the Santiago area. The company uses
large format stores that average around 8,250 square meters.
Cencosud uses the Jumbo brand for some of its hypermarkets
outside of Chile, particularly in Argentina. The brand offers
shoppers a broad assortment of merchandise at low prices,
backed by a double guarantee, which allows dissatisfied
customers a choice of a refund or double the quantity of a
comparable item.
82
PARENT COMPANY Entel Chile S.A
HEADQUARTERS Santiago
INDUSTRY Communication Providers
YEAR OF FOUNDATION 1964
WEBSITE www.entel.cl
BRAND VALUE US $664 million
Entel is one the biggest providers of telecommunications in
Chile and has been operating here for more than 50 years.
Ripley stores sell apparel and household products. The
Entel offers mobile services, outsourcing IT and call centers,
operating in Peru through its subsidiaries: Entel Peru,
Americatel Peru and Servicios de Calle Center Del Peru.
In 1964, Empresa Nacional de Telecomunicaciones S.A was
created to provide telephone and telegraph services. In
1993, it broadened its scope with the creation of Americatel
Corp to provide services abroad. In 2000 the company
created Entel call centers, expanding the services to Chile
and Peru. In 2008 it formed an alliance with Vodafone,
and in 2010, it acquired the Transam company. 2012
saw expansion of its services into internet and cable TV.
Last year, Entel was in the Top Ten ranking for corporate
reputation in the telecommunications sector.
founded in 1981 and is the leading manager of pension
from Banco Bilbao Vizcaya Argentaria S.A. (BBVA).
12
PARENT COMPANY Ripley Corp SA Y Subsidiarias
HEADQUARTERS Santiago
INDUSTRY Retail
YEAR OF FOUNDATION 1956
WEBSITE www.ripley.cl
BRAND VALUE US $570 million
Ripley operates 39 department stores in Chile and is one of
the major companies within the retail sector in Chile.
Chile for the past 20 years thanks to heavy and consistent
company also operates a financial services arm that offers
credit cards.
Brothers Lazaro and Marcelo Caldern founded Ripley,
opening their first department store in Santiago in 1956. The
brand began expanding outside Santiago in 1986. Originally
focused on serving low-to-middle income customers, Ripley
has broadened its appeal to more affluent shoppers during
the past 15 years. In 1997, Ripley expanded to Peru where it
now operates 16 stores, 11 of which are located in Lima.
14
PARENT COMPANY BBVA Group
HEADQUARTERS Santiago
INDUSTRY Banks
YEAR OF FOUNDATION 1981
WEBSITE www.provida.cl
BRAND VALUE US $394 million
The Pension Fund Administrator Provida (Provida AFP) was
of the few banks that remained private during Chiles period
funds in Chile, operating across 59 branches nationwide.
The main business of Provida AFP is the management of
individual capitalization accounts and the provision of life
and disability benefits, such as retirement pensions. In
October 2013, the company was acquired by MetLife Inc.,
and in 1956, Bci opened its first branch in Valparaso. In 1987
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
13
PARENT COMPANY Compaa de Cerveceras Unidas
HEADQUARTERS Santiago
INDUSTRY Beer
YEAR OF FOUNDATION 1902
WEBSITE www.ccu.cl
BRAND VALUE US $520 million
Cristal is the leading beer brand from Chiles largest brewer.
The Cristal brand has been a market share leader in
advertising support that positions Cristal as a Chilean
brand. It is regarded as the flagship brand of Compaa de
Cerveceras Unidas (CCU).
The origins of the Cristal brand date back to 1850 when
Chiles first brewery was opened in Valparaso by don
Joaqun Plagemann. It later merged with other brewers and
in 1902 became Compaa Cerveceras Unidas SA. In 1992,
the companys shares began trading on the New York Stock
Exchange under the symbol CCU.
15
PARENT COMPANY Banco de Crdito e Inversiones
HEADQUARTERS Santiago
INDUSTRY Banks
YEAR OF FOUNDATION 1937
WEBSITE www.bci.cl
BRAND VALUE US $288 million
The bank offers a full range of financial services and is one
of nationalization.
Since 1984, Bci has relied on the positioning statement, We
are different, reinforcing its identity with a distinctive and
colorful logo. The bank was founded in 1937 in Santiago
the bank created its first subsidiary, Bancrdito Securities
SA Agent. In 1999, the first international branch opened
in Miami. Bcis range of service offerings, and presence
throughout Chile with 300 offices, has seen it retain its
position as one of the nations most important banks.
83
CHILE
THOUGHT LEADERSHIP
Three turning
points in Chile
In order to understand the context of todays
brands movement in Chile, I will begin by
establishing the underlying principle of my
essential argument: brands are in themselves pop
culture, becoming active agents in the generation
of commercial, social and symbolic wealth. The
definition of current Chilean culture and how brands
are articulated in that context becomes a necessary
analysis if we want to insert products and services
significantly and truly into the national market.
Vicente holds a degree in Advertising
and Psychology, a Masters in Media and
Communications from the London School
of Economics and Political Science as well
as a PhD (ABD) in Philosophy from the
European Graduate School.
He started his career in advertising
as an intern at J. Walter Thompson
Chile in 1980 then followed a period of
academic growth overseas specializing in
Psychology and Psychoanalysis. Back from
London, Vicente worked as an Account
Planner at APL Lintas and other agencies.
84
The natural flow of culture, together with the permanent
movements that define it, are the most important source
of trends for anyone willing and able to listen.
Here we define three territories where the brands face
the challenge of moving and growing. They are not the
only three elements, but those most strongly apparent.
1. Multicultural context
Chile today is not the country it used to be. An
emerging feature in our culture that will cause the
2. Digitalized reality
largest change in the medium and long term is the
addition of a significant number of foreigners and
their habits to our daily life.
In Chile, there is a tradition of colonies and an
important history of immigration just looking
at the South of Chile or the city of Antofagasta
brings a view of the myriad colonies settled in
the last century. Today we see that, as a result of
economic improvements, there is a second round
of immigrants from Peru, Haiti, Colombia and other
neighboring countries. These immigrants are settling
in our country and generating the expansion of our
environment, where multiculturalism becomes a
central feature of our cultural reality.
This means that successful brands will need to study
not only these new groups of customers, their habits
and integration patterns, but also assess the impact
3. A new social contract
of their penetration into the national life and culture in
general. Thus, the analysis of the changes brought by
VICENTE VALJALO this new reality in our subjectivity is critical for brands
CEO,
J. Walter Thompson Chile
to become a fundamental part of that subjectivity.
Vicente.Valjalo@jwt.com
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
A second force that will strongly change our daily lives
is digitization. Government data reveals 13.1million
Internet users and that 80% of navigation is via
smartphones; Chile is becoming digital and heavily
mobile. Thus, we will see changes in the way we work,
in how we relate and, clearly, in access to information.
This change will push brands to integrate
communication strategies and formulas for evaluation,
that consider not only indicators of memorability
and scope, but strong engagement measures and
indexes of real business conversion. Likewise, brands
must complement traditional measurements with
new ways of assessing that take into account this new
communication structure present in the digital age.
Finally, the third force in Chile is the need to
establish a new social contract between people
and institutions. Lack of transparency and honesty
has created audiences that adhere less and less to
traditional sources of power. The shortcomings that
corporations have shown in the clarity and certainty
they give to the public
both in Chile and in the world make public opinion
suspicious of them as valid and reliable sources of
information.
Thus, there is a new structure, opinion leaders,
present through blogs and web sites where traditional
power has no influence. This new sphere of opinion
generation is fundamental when creating brand
adherence. The challenge lies in innovation in
the creation of new structures of relationship with
audiences. This new contract must strengthen
honesty, transparency, and the symmetry between
brand and audience.
An attitude that is not true and that does not consider
- as fundamental axis respect and appreciation for
customers, is not viable. Seeing customers as human
beings to whom the company relates, and on whom
its survival depends, is crucial to the companys
sustainability. The new contract between customers
and companies wants everybody to get the same
benefit from the relationship.
85
CHILE
THOUGHT LEADERSHIP
The rise of the
trans-regionalist
ROBERTO ROJAS
Senior Research Executive, Firefly Practice
Kantar Millward Brown
Roberto.Rojas@mbvermeer.com
Prior to joining Firefly, Roberto was part of
the consultancy team at Kantar Vermeer in
Mexico City.
He has worked alongside clients in industries
that span from luxury to FMCG in projects
ranging from brand architecture, positioning
and advertising evaluation to full-on
marketing mix adaptations for entries into
different Latin American markets.
He holds a BA in International Business from
Mexicos ITESM and is currently pursuing a
Masters Degree in Strategic Communication
at Chiles Pontificia Universidad Catlica.
86
With more than 20 trade agreements connecting it to
over 50 countries around the world, Chile has established
itself as one of the economies with the highest
disposition to global commercial openness. Since its
first trade agreement, signed with Canada in 1997, to
the last one, signed with Thailand last year, the Chilean
government has sought access to countries in all four
corners of the world. This trade policy has allowed brands
from the most varied origins and categories to enter the
Chilean market to compete. They have found a more and
more sophisticated consumer, hungry for new brands
and experiences, with a relatively high income against
the Latin American average. It constitutes a territory that,
despite its relatively small population, can represent an
important business opportunity for any brand willing to
make the right bet.
AHEAD OF THE CURVE
However, there is another side to this story that
of Chilean brands going abroad, searching for
opportunities in other places. A quick view of the
BrandZ Top 15 Most Valuable Chilean Brands reveals
some of the great Chilean brands that have seen the
opportunity to operate outside their countrys borders.
A closer analysis enables us to identify an important
feature in them: in contrast with other major international
brands in the region, Chilean brands have been able to
distinguish an opportunity in trans-regionalization, and
are becoming specialists in that.
Isolated by a mountain range to the East, the
Pacific Ocean to the West, a desert to the
North, and a maze of lakes, fjords, forests
and glaciers to the South, it would be easy to
say that Chile is one of the countries with the
most marked natural borders in the world.
Although it is true that for a long time
these geographical conditions significantly
restricted interaction between Chile and
even its closest neighbors, Chile has sought
more and more to connect with the world
surrounding it, recognizing the opportunities
that trade abroad represents.
might have an impact on the path towards bonding.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
What are the reasons behind these dynamics? First,
the nature of the ranking. The Top Chilean Brands
ranking is characterized by being significantly made
up of retail brands, which influences the expansion
patterns we see. In this category, expansion has
taken place in geographically close places, due to
the dependence on operative factors.
Brands such as Falabella, Sodimac, and Ripley have
sought to expand their operations to other countries
within the region, leveraging the experience
acquired in the potentially hardest retail ecosystem
in the region. The experience of these brands has
allowed them to achieve, in a relatively short period
of time, a place within the new markets where
they compete, through robust shop and brand
experiences. Likewise, these brands have known how
to leverage cultural similarities in the region, and
investigate what makes the differences, so as to be
able to create powerful bonds with their consumers.
TAKING FLIGHT
Now, it is not only retail that is expanding and
looking beyond the borders of their country
of origin. Another important case of trans-
regionalization is LATAM, which in the past few
months has joined two important Latin American
brands, merging them into what aspires to become
one of the most important carriers in the world. This
brand seeks to align all their points of contact and
brand efforts to turn this vision into a reality.
With a relatively small population pool, Chilean
champion brands have sought success in other
places, and their sophisticated practices have
managed to generate impact in the markets they
entered. How will they be able to maintain this
steady growth? They will have to face important
adaptations to their Chilean business model, so
that they can compete in other markets, like the
Peruvian and the Colombian markets. For despite
their closeness, they show important differences that
87
CHILE
THOUGHT LEADERSHIP
Brand
environments and
ecosystems in Chile
The Brand Z Top 100 Most Valuable Global Brands is not only
the worlds largest brand database, but also an important source of
information on brand management. Showcasing the Top 100 most
valuable global brands within the same ranking makes it a useful tool for
marketers all around the world, who can use it to learn about strategies
or trends working in other categories or geographies, and discover how
this can generate value for their own consumers or business.
CAROLINA VEGA
Account Director,
Kantar Millard Brown Chile
Carolina.Vega@millwardbrown.com
Carolina holds a degree in Sociology and a combined
academic and market research background. She has taken
part in projects across the Latin American region, coordinating
multidisciplinary teams in subjects such as public opinion,
education and economic competitiveness. She has been an
Account Director at Kantar Millward Brown Chile since 2007.
88
ROBERTO ROJAS
Senior Research Executive, Firefly Practice
Kantar Millward Brown
Roberto.Rojas@mbvermeer.com
Prior to joining Firefly, Roberto was part of the consultancy team
at Kantar Vermeer in Mexico City. He has worked alongside clients
in industries that span from luxury to FMCG in projects ranging
from brand architecture, positioning and advertising evaluation to
full-on marketing mix adaptations for entries into different Latin
American markets. He holds a BA in International Business from
Mexicos ITESM and is currently pursuing a Masters Degree in
Strategic Communication at Chiles Pontificia Universidad Catlica.
Its been several years since great brands within
the Top 100, such as Facebook and Google,
demonstrated the importance of branded
ecosystems: ecosystems formed by brands engaging
consumers and generating value based on synergies.
Think about Alphabet and how it now owns and helps
run YouTube, Google+, Google Search, Android,
Google Play, Google Maps, and so on, or Facebook
and how it integrates Messenger and Instagram to its
platform, where it could also introduce WhatsApp.
What these brands seem to have learned and now
exploit is how to create brand networks, with
consumers generating value at different points
of contact. The network is also used to trap
consumers in an ecosystem they dont feel it is worth
getting out of, given the benefits they get while
being there. We might see this as the next step in a
well-implemented brand architecture, where different
points of contact do not only coexist but also interact.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
LEADING BY EXAMPLE
The top 15 Most Valuable Chilean brands are good
illustrations of branded ecosystems which they have
learned to leverage to generate value for their customers.
Consider Falabella, Tottus, Sodimac and their sister
brand CMR. These brands, pertaining to the Falabella
Holding, have managed to generate a well-known brand
ecosystem in Chile, by creating promotions that are
relevant to consumers in their purchase decision and their
deployment of financial tools.
The power of these branded ecosystems has been
so great that they have even had an impact on the
way Chileans establish relations with almost all other
services, demanding more and more tangible things
of practically every brand. In addition, this model is
successfully spreading to other countries in the region, for
it is now understood that a relationship in which everyone
wins generates a high predisposition to purchase.
For instance, Cencosud is encouraging this model in
Colombia, and Falabella in Peru. These two cases are
reshaping loyalty in the region, for consumers not only feel
they are winning, but are actually getting something more.
The short- and medium-term outcome of these
strategies is clear to everyone, especially in times of
contracting consumption, in which any benefit makes
the difference to what the consumers choose. We have
sound evidence that long-term benefits are associated
with an emotionally positive connection with brands that
cultivate an ecosystem, as consumers can see in them the
endorsement of an ally allowing their access to goods
and services in more favorable conditions that would
otherwise be too complex to achieve.
89
CHILE
THOUGHT LEADERSHIP
E-commerce:
The new rules
ofthe
game
With the ever-growing number of
touchpoints reaching consumers,
and an amazing chance to market
products, leading brands to
good results has become an
increasingly difficult challenge.
CAROLINA LIVACIC
Director Client Management,
Kantar TNS
Carolina.Livacic@tnsglobal.com
Carolina has a degree in Sociology and another in
Customer Intelligence, both from Universidad de
Chile. With more than 13 years of experience in
Quantitative Research Methodologies, she has taken
part in projects across several categories, specializing
in Retail, Telecommunications and FMCG.
She has led, amongst others accounts for key players
in the retail, telcos, financial institutions as well FMCG
in Chile. Carolina joined KANTAR TNS in 2010, taking
over the direction of the Retail & Shopper division.
90
FEDERICO DI NENNO
Director Accounts,
Kantar TNS
Federico.DiNenno@tnsglobal.com
Federico studied Social Communication Sciences at
the University of Buenos Aires. He has been working in
the market research industry since 2004 for different
international companies. For the last seven years he has
been at KANTAR TNS, where he is in charge of both
local and international accounts.
He has focused his professional development in FMCG
in the Consumer & Retail Division. Federico has taken
part in different projects such as CPTs, U&As and
New Product Launches for global and local brands in
categories such as tobacco, alcoholic drinks and FMCG.
Undoubtedly, the use of digital devices
has been gaining significant traction
in how people spend their time.
Whether logging-in to social networks
and messaging, or searching for
entertainment or information, virtually
everything today begins with an online
contact. This is significantly enhanced in
millennials, who today set the trend for
the things that tomorrow will become
habits. They show a strong tendency
to complement the online and the
offline worlds, sometimes choosing
the immediacy of social media through
smartphones and other mobile devices.
According to Kantar TNS Connected
Life , the percentage of Internet
users in Chile is one of the highest
worldwide (80% via smartphones). This
is almost comparable to the level of
penetration in developed countries,
and way above the global average.
Additionally, Chile has great access
to credit, either through banking or
payment opportunities offered by
retailers. These features make Chile a
fertile land, with a really high potential
for the development of e-commerce
without barriers. Only Brazil is above
us regionally, with 65% of the regions
e-commerce.
IN THE ZONE
In this shaping environment, it is
crucial for brands to start considering
these media as a new platform with
particular features, and focusing their
marketing strategy on the online world.
It is here that Chilean Internet users
spends a daily average of six hours,
connected via different devices (54%
of the time mobile ones, with a strong
predominance of social media and
messaging). Another point to keep in
mind is that the challenge for brands
is larger than in offline channels, since
Internet users spend their time in a
space where they have more control
over what they consume. A simple
click allows them to incorporate
something into their consumption, or
make communications in their screen
disappear.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
In this context of multiple channels of
contact with consumers, the online and
offline worlds coexist, complementing
each other and making themselves
stronger. This allows consumers to have
a more all-encompassing experience
with brands according to their needs
and beyond the physical limits of a
shop: they can search for information,
compare prices and characteristics,
and finally purchase from the channel
they find most convenient. Falabella.
com has really understood this. Besides
being one of the brands with the
highest development in e-commerce in
Chile, it has been recognized for three
consecutive years as the best website in
Latin America. Falabella has understood
that its online channel multiplies
opportunities, setting the trend for the
development of electronic commerce
in Chile.
FORWARD TRAVEL
We know that e-commerce has mainly
developed in product categories with a
long lifecycle, such as travel, technology
and finance. For example, travel is the
most developed category for online
purchase in Chile. Almost the same
behavior is seen in all Internet users,
irrespective of their age, sex or socio-
economic realm. Those who travel buy
online. Why? Because they save money
and have more available information to
compare choices. So consumers feel
they are more in control.
LAN (now LATAM), is still the main travel
player, not only in Chile but now in Latin
America. It has played a fundamental
role in tilting the balance towards
e-commerce, inviting consumers to
modify their purchase habits. How? By
delivering a better benefit: optimizing
time, facilitating choice comparison,
and mainly offering better prices than
the offline offer. LAN became leader by
developing digital consumers in Chile.
Another business that has also worked
well in the digital arena is BCI Bank,
which is renowned as an innovator in
local banking, leveraging its positioning
as a different bank in the digital
environment. It has been the first to bet
on mobile apps customized according
to consumers profile, offering solutions
tailored for each consumer.
STRENGTHENING
CONNECTIONS
The main challenge is to understand
how connectivity has changed
consumers behaviors and how to
develop brand content and strategies
that appeal on all levels and that
can turn every contact between
consumers and brands into a useful and
memorable experience.
Finally, it is most important to learn to
play by new rules, for the online space
tends to democratize the asymmetric
power relations that have historically
regulated the market. On the one hand,
consumers face brands with much
more information and demands, and
on the other, smaller players are now
competing with large brands in fairer
conditions than ever before. In this
context, there are great challenges but
also great opportunities that Chilean
and Latin American brands can and
should use to their advantage.
91
CHILE TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Bricks, clicks,
Internet penetration clocks in at 78% of
the population, with smart technology
and mobile penetration equally robust
at 80%*. Age distribution is strongly
Millennial young as it is throughout
ONLINE WINDOW SHOPPING
Abundant and easier than driving
to the mall. Social influencers,
blogs, and YouTube offer an array of

and a global omni-

Latin America. However, well-developed
health services and consumer healthy
lifestyle interests are supporting a
growing mature population. This
presents a multi-dimensional shopper
profile that plays out across several
recommendations and examples of what
to buy and how to enjoy it.
OMNI-BORDER SHOPPING
Retailer expansion across borders and

shopping experience
dimensions, including:
HOME CENTER DIY
The suburban sprawl around
metropolitan Santiago over the wine
vineyards of 10 years ago is now coupled
with on-going seismic disturbance from
unbelievably beautiful volcanic mountain
topography. This trend has supported
the growth of the home center retail
trade in Sodimac, the SACI Falabella
Chiles retail sector is developed and expanding throughout the region. asset that has expanded in Chile and
Despite economic and political uncertainty, the prospects are for growth beyond to Argentina, Uruguay, Peru,
Colombia and Brazil.
of merchandise offers and shopper communities. The foundation is
strong in terms of overall technology acumen and the inevitable IoT like MILLENNIAL MOMS
mobile devices, democratization of Facebook and social media sharing, A smaller core group than in larger
and the aspiration of consumers and corporate retailers.
neighboring countries, but on average
more affluent, technology active and
definitely not the traditional ama de casa.
HEALTHY LIFESTYLE
Proximity to a splendid panorama of
mountain and water sports venues and
a developed palate for wine and food
create a vast opportunity for specialty
retail.
ARTISANAL INTEREST
Turi-shopping support growth of the
large corporate retail interests. Cencosud
and Falabella retail giants have expanded
through the region, with brick and click
shopping options. Favorable economic
and currency factors have drawn
shoppers to Chile from neighboring
countries.
DIGITAL FORWARD
Electronics expansion favor continued
growth in e-shopping and online retail
trade, despite challenges in delivery,
distribution and credit card penetration.
A CONSERVATIVE LEGACY
WITH ENTHUSIASTIC
SOCIAL PRESENCE
Chileans tend to be conservative
with a strong sense of what is socially
responsible that plays out enthusiastically
in social media. They spend leisure
time at home and in private settings.
Family and friends are a central thread
in consumer lifestyles. When away from
home; entertainment, special events and
venues are popular Via del Mar, sports
events and family shopping outings.
These provide consumer context for retail
shopping responses as well as providing
MICRO-CONCENTRATION OF
THE BUSINESS OPPORTUNITY
The majority of consumers live in
Santiago where they shop in four main
areas/centers. Antofagasta is the second
city where old money and new money
come together from the riches of
mineral mining business. Valpairaso and
Via del Mar are a short drive over the
mountains to the coast. Micro targeting,
by geography and by contextual interest,
is available for directing communication,
especially in online and OOH and/or
sponsorship of venues/events.
A HIGHLY ADDRESSABLE
MEDIA MARKET PLACE
Chilean consumers are among the
most connected consumers in Latin
America, and offer a variety of discrete
but aspirational channels for retail. Video
formats are very well received, and
consumer generated content abounds.
This, coupled with an active online
influencer/follower outreach landscape,
creates the opportunity to hyper-target
prime prospects.

CYNTHIA EVANS
Director of Insights,
GroupM Latin America
Cynthia.Evans@mecglobal.com
Cynthia Evans is the Latin America Director of Insights
for GroupM. She has experience in quantitative business
analytics, communication strategy, and research in the offline
and online space, and global experience in FMCG, food and
beverage, automotive and entertainment categories.
In her current position, Cynthia brings insight and strategic
planning to the communication investment function for the
Latin Americas. She has previously held sales and marcom
research positions in the US general market across agencies,
advertisers, and research suppliers.
Cynthia holds an MBA from Northwestern University Kellogg
School with a concentration in quantitative business analysis
and marketing science.
Wine, design, technology, and a
favorable export climate build on a
heritage of higher education to produce
a vibrant specialty and artisanal retail
community, off and online.
CONVENIENCE
Female workforce participation,
professional development, and a growing
number of two-working-parent families
support a consumer need and desire for
convenience. Family food solutions have
benefited. E-shopping groceries for pick-
up on the commute home or delivery
have been available in the market for
several years. Eat-in, take-out, and
delivery restaurants are also active.
*2015 Kantar TGI syndicated research
venues where brands can become part of
the consumer experience.
SPECIAL SHOPPING EVENTS
Cyber Day, Cyber Monday, Black Friday,
Cyber Week and other similar events
have been institutionalized and now
represent key milestones of retail activity
during the year. Sales on these days are
impressive, surpassing by a wide margin
the previous year, (year after year), to
the point of creating queues online.
The best products sell out quickly, its
a madness. Retailers online sales far
exceed brick and mortar during these
event periods.
Basic economic stats are favorable,
amongst the best in the LatAm region,
showing more stability in the face of the
prevailing economic uncertainty. The
retail sector is strong, despite these
economic headwinds; more brands
are arriving in Chile, and more retail
establishments opening.
To sum up, Chile is business-friendly
and brands are increasingly part of a
varied and sophisticated consumer
identity a professional look, the
best technology, a well-dressed home,
suitable car, well-educated children and
so on. Chile is open for business, both
through bricks and mortar and via clicks
online.

92 93
Colombia
COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

COUNTRY OVERVIEW & KEY FACTS

Adapting
to change
After several years of a
growing economy and an
optimistic environment in the
country, 2016 was a year when
uncertainty about the future
began to show in Colombians.
CAROLINA SOLANILLA
CEO Colombia,
Kantar
Carolina.Solanilla@millwardbrown.com
On the one hand, it was a year of
good economic growth, progress in
the peace process, and infrastructure
development. On the other, it was also a
year impacted by the fall of oil prices, the
Boy Phenomenon, which influenced the
internal dynamics, border problems with
our neighbors Ecuador and Venezuela, and
the sharp increase in the price of the dollar.
Economic growth (GDP) was 3.1% in 2015,
a figure below the goal set by the national
bank 3.6% but above the average
growth of Latin American countries.
Commerce and the public sector
(infrastructure works) benefited from this
dynamic.
While the economy grew, inflation did too.
There had not been such a high inflation
level in the country (6.77%) since 2008.
This generated an atmosphere of mistrust
among consumers, and an apparent
reduction in their purchase power. In 2016,
this showed in the fall in the volumes of
some goods and a lower frequency of
visits to retailers.
Undoubtedly, 2017 and the coming years
represent a big challenge for brands. How
can they get the attention of consumers and
be significant to them amidst such a volatile
environment? How can brands engage
consumers with a reduced purchase power,
when they are worried about their immediate
future, and distracted by so many issues? BRAND VALUE
Today, Colombian brands need to find Total Value of Colombian Brands
a purpose that is relevant to todays
Colombians, one that helps consumers US$ 1.3 BILLION
make their lives better and easier. Brands
Brand Value Change 2015 2017
need to give consumers reasons beyond
functional needs, to make sure their brand is
chosen over the competition -48%
Source: Kantar Millward Brown and BrandZ
KEY FACTS
Capital City
Federal
Bogot Distrito
Annual GDP at Current Prices
Currency Colombian Peso Total at current prices: US$ 292 billion (2015)
GDP per capita (annual dollars): US$ 6,056 (2015)
Area 1.14 million km2
Population (THOUSAND) 48,230 (2015) Growth rate: 3.1% (2015)

Carolina began her career in market research at Nielsen
Colombia over 14 years ago. After this, she became
the brand manager for Atun Van Camps in Colombia.
Years later she worked as Latin America Media Director
for McDonalds at OMD Latam and later she held the
position of brand manager of Red Bull for South America,
Andean region and Central America & Caribbean.
Carolina joined Kantar Millward Brown in 2013 as VP
of Client Management in Colombia and she is now
Managing Director.
This is when uncertainty began getting
hold of Colombians, reducing consumers
trust and their willingness to buy durable
goods.
In addition to this, there was political
pessimism, a polarization of opinion
surrounding the peace process, and
constant speculation concerning the price
of the dollar.
Population growth rate (ANNUAL) 0.9% (2010-2015)
Life expectancy 75 years (2014)
Literacy rate of 15-24 year olds 98.7% (2015)
Unemployment rate 10.1% (2014)
9.2% (2015)
Countrys share in regional GDP: 4.9% (2015)
Net foreign direct investment: US$ 12.4 billion (2014)
US$ 7.5 billion (2015)
Sources: CEPAL, Comisin Econmica ONU
CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco

96 97
COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 20 MOST VALUABLE COLOMBIAN BRANDS 2017

BRANDZ TOP 20 MOST VALUABLE 1 2

COLOMBIAN BRANDS 2017 PARENT COMPANY Grupo Bavaria (SABMiller) PARENT COMPANY Grupo Bavaria (SABMiller)
HEADQUARTERS Bogot HEADQUARTERS Bogot
INDUSTRY Beer INDUSTRY Beer
YEAR OF FOUNDATION 1913 YEAR OF FOUNDATION 1930
WEBSITE www.cervezaaguila.com WEBSITE www.cervezapoker.com
Brand Value Brand Brand Value Brand
Brand Brand BRAND VALUE US $3,486 million BRAND VALUE US $2,132 million
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

3,486 3,672 5 -5% 333 688 3 -52% guila was founded in the city of Barranquilla and the Poker is the largest selling beer brand in Colombia.
1 11 origins of this beer can be traced back to 1913.
Beer Airlines It was first brewed in Manizales in 1929 and soon spread to
Initially guila was founded by Bavaria S.A., a Colombian the Coffee Zone and then the Valle del Cauca, becoming
company acquired in 2005 by SABMiller. A cultural icon, the the lead brand in western Colombia. In 2004, Pker began
2,132 2,436 4 -12% 329 997 2 -67%
2 12 brand has sponsored the Colombian national soccer team in a program of national expansion, entering Bogot and the
Beer Banks
every category for over 17 years. It is also recognized for its center of the country and achieving rapid growth. A line
Aguila girls and recently for its non-alcoholic variety: guila extension in 2011 saw the launch of Pker Ligera, a beer with
Cero. The brand is also known as the official sponsor of joy. less alcohol, aimed at expanding consumption occasions.
851 3,476 5 -76% 319 2,198 4 -86%
3 13 In recent years, Pker has been known for its messages
Banks Banks of confidence and positive attitude towards friends, even
creating the Pker friends day, a special day each year to
796 1,039 3 -23% 271 1,867 3 -86% share with friends and celebrate with a good beer.
4 14
Communication Providers Banks

693 905 3 -23% 266 351 1 -24%

5 15
Communication Providers Industry

NEW

3 4
618 695 4 -11% 264 - 3
6 16 ENTRY
Beer Beer

609 714 4 -15% 251 402 5 -37%

7 17
Retail Food and Dairy
PARENT COMPANY Bancolombia SA PARENT COMPANY UNE Telecomunicaciones
HEADQUARTERS Medelln HEADQUARTERS Medelln
554 2,017 1 -73% 236 377 5 -37% INDUSTRY Banks INDUSTRY Communication Providers
8 18 YEAR OF FOUNDATION 1945 YEAR OF FOUNDATION 2006
Energy Food and Dairy WEBSITE www.grupobancocolombia.com WEBSITE www.une.com.co
BRAND VALUE US $851 million BRAND VALUE US $796 million

499 1,636 4 -69% 215 343 5 -37%

9 19
Banks Food and Dairy
Bancolombia is the largest commercial bank in Une is a public company headquartered in Medelln,
NEW Colombia and one of the biggest in Latin America. founded in 2006.
403 644 5 -37% 131 - 4
10 20 ENTRY
The bank was founded in 1945 and is headquartered EPM (Unidad de Negocios Estrategicos) controls the
Food and Dairy Retail in Medelln. It belongs to the group SURA and is part company with 51% share, the other 49% is held by Millicom
Source: Kantar Millward Brown and BrandZ of Grupo Empresarial Antioqueo. The bank has more International Cellular (a Swedish digital solutions company).
Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest. than 8.1 million customers, a branch network of 779
Bancolombia branded locations and 2,876 ATMs. The The main business of the company is to provide
bank employs around 27,000 people. telecommunication services including fixed, local and
long distance calls, wireless and digital television services.
Shares of Bancolombia have traded on the New York UNE aims to offer the ultimate in diverse technological
Stock Exchange since 1995 when it became the first solutions for large, medium and small businesses, as well
Colombian company to enter the US market. The bank as individuals and families.
is a Multilatam company with presence in El Salvador,
Peru, Puerto Rico, Panama and the Cayman Islands.

98 99
COLOMBIA
BRAND STORIES
5 6
PARENT COMPANY Colombia Mvil SA ESP
HEADQUARTERS Bogot
INDUSTRY Communication Providers
YEAR OF FOUNDATION 2006
WEBSITE www.tigo.com.co
BRAND VALUE US $693 million
The Tigo brand was launched in 2006, but its origins date back
two years earlier to when UNE Telecomunicaciones SA ESP
and Empresa de Telecomunicaciones de Bogot ETB SA ESP,
created Colombia Mvil to offer services under the Ola brand.
The brand name changed from Ola to Tigo, a condensed
version of the Spanish word contigo (with you), following
acquisition of a majority position by Luxembourg-based
Millicom International Cellular SA, in 2006. The company then
merged with UNE EPM Telecomunicaciones S.A., Millicom
Spain Cable S.L., EPM and Millicom to offer an integrated
package including fix and mobile communication, as well as
pay TV and internet.
As the countrys third largest mobile brand, Tigo has nearly
4.9 mobile customers in Colombia, 80% of whom use prepaid
service. They were among the first mobile operators to offer
their customers pre-paid cell phones and on demand access
to the web.
7 8
PARENT COMPANY Almacenes xito SA
HEADQUARTERS Envigado
INDUSTRY Retail
YEAR OF FOUNDATION 1949
WEBSITE www.exito.com
BRAND VALUE US $609 million
Founded in 1949 by Mr. Gustavo Toro Quintero in Medellin,
Almacenes Exito S.A. is Colombias leading retail brand.
The company operates 470 stores in Colombia and 54 in Uruguay,
offering food and non-food products. Some of its stores include
brand names like Surtimax, Home Mart, Disco, Devoto, and Geant
brands. Besides its core products, the xito brand is leveraged
across a portfolio of businesses that include consumer credit,
travel agency, insurance, textile and food, e-commerce, gas
stations, and shopping center development businesses. In 1998,
xito began online sales. From 1999, Frances Groupe Casno
acquired an increasing stake in xito, gaining majority control
in 2007. xito expanded internationally for the first time in 2011,
when it acquired 52 Casino stores in Uruguay that were operating
under the banners of Disco, Devoto and Gant. In 2013, the brand
launched Movil xito offering mobile phone services including
voice plans, SMS and data.
100
PARENT COMPANY Grupo Bavaria (SABMiller)
HEADQUARTERS Bogot
INDUSTRY Beer
YEAR OF FOUNDATION 1904
WEBSITE www.pilsen.com.co
BRAND VALUE US $618 million
Brewed since 1904, Pilsen is the leading beer brand
in the Antioquia region.
Pilsen is the official sponsor of the Festival of Flowers
in Medellin and is part of the customs and traditions
of the region. It is promoted as a beer for sharing.
PARENT COMPANY Ecopetrol SA
HEADQUARTERS Bogot
INDUSTRY Energy
YEAR OF FOUNDATION 1951
WEBSITE www.ecopetrol.com.co
BRAND VALUE US $554 million
Formerly known as Empresa Colombiana de
Petrleos S.A., Ecopetrol is Colombias largest
petroleum company; it is ranked 39 worldwide
and in the top four in Latin America.
Ecopetrol is a vertically integrated oil company
with presence in Colombia, Peru, Brazil and the
US Gulf Coast. The companys operations include
exploration, production, transport, supply and
marketing of its own oil surplus and by-products.
Ecopetrol stocks are traded on the BVC (Bolsa
de Valores de Colombia), the New York Stock
Exchange, and the Toronto Stock Exchange.
9 10
PARENT COMPANY Banco Davivienda SA
HEADQUARTERS Bogot
INDUSTRY Banks
YEAR OF FOUNDATION 1972
WEBSITE www.davivienda.com
BRAND VALUE US $499 million
The Davivienda brands presence in the market consists of a
network of 743 bank branch locations in 176 cities, 2,000 ATMs
and nearly 15,000 employees serving 6.6 million customers.
The brand was founded in 1972 as the Corporacin
Colombiana de Ahorro y Vivienda and initially operated
as a savings and loan provider under the brand name
Coldeahorro.
The brand identity changed to Davivienda in 1973 when it
adopted a distinctive logo known as La Casita Roja (little red
house). In 1997, the Corporacin Colombiana de Ahorro y
Vivienda became a commercial bank and changed its name to
Banco Davivienda SA. Davivienda has operations in Panam,
Costa Rica, Honduras, El Salvador and Miami and is part of
the Sociedades Bolvar holding company.
11
PARENT COMPANY Avianca-TACA Group
HEADQUARTERS Colombia
INDUSTRY Airlines
YEAR OF FOUNDATION 2010
WEBSITE www.avianca.com
BRAND VALUE US $333 million
Avianca is a subsidiary of Synergy Group in Brazil and is
the third largest airline in South America, with more than a
hundred destinations around America and Europe.
Formerly known as AviancaTaca Air Holdings Inc., Avianca
Holdings history started in 1910 under the name Sociedad
Colombo Alemana de Transporte Areo, SCADTA. In 1940,
the company was integrated with SCADTA and the Servicio
Areo Colombiano SACO. The first international flights
covered routes to Quito, Lima, Panama, Miami, New York and
Europe. In 2009 the company merged with Central American
carrier TACA Airlines, and during 2010 it formalized a strategic
union which includes Avianca, Tampa Cargo and AeroGal.
The company trades on the New York Stock Exchange as
ANH, and in the Colombian Stock Market as AVT_P.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PARENT COMPANY Nutresa Group
HEADQUARTERS Medelln
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 2001
WEBSITE www.pietran.com.co
BRAND VALUE US $403 million
Pietrn was launched in 2001 and is
owned by Zen
The company specializes in the premium
segment of the category of lean meats.
A key competitive differentiator is that
its products contain 25% less sodium.
12
PARENT COMPANY Grupo Suramericana
HEADQUARTERS Medelln
INDUSTRY Banks
YEAR OF FOUNDATION 1944
WEBSITE www.gruposura.com
BRAND VALUE US $329 million
SURA Business Group focuses on two types of investments:
strategic (focused on financial services, insurance, pensions,
savings and investment) and portfolio investments, mainly
in the processed food, cement and energy sectors.
Grupo Sura SURA Business Group is listed on the Stock
Exchange of Colombia (BVC) and is registered in the
ADR program Level I in the United States. It is also the
only Latin American financial services organization to be
included in the Dow Jones Sustainability Index. This index
recognizes companies that support best practices in
economic, environmental and social issues.
101
COLOMBIA
BRAND STORIES
13
PARENT COMPANY Banco de Bogot
HEADQUARTERS Bogot
INDUSTRY Banks
YEAR OF FOUNDATION 1870
WEBSITE www.bancodebogota.com
BRAND VALUE US $319 million
Banco de Bogot is the oldest bank in Colombia, its history
dates back to 1870 when it opened its doors with COP
$500,000.
Since then, the bank has seen steady growth through mergers
and acquisitions. In 2013, the bank expanded its operations
abroad by acquiring Grupo Financiero Reformador from
Guatemala, through its subsidiary Credomatic International
Corporation, as well as BBVA Panam through its subsidiary
Leasing Bogot S.A. Panam. The banks international
operations are run by its own subsidiaries and agencies in
Panama, the Bahamas, Miami and New York. In Colombia
it has around 263 branches. The brand has in recent years
invested in enhancing its virtual channels and modernizing its
communications with clients and stakeholders.
15
PARENT COMPANY Argos Group
HEADQUARTERS Medelln
INDUSTRY Cement
YEAR OF FOUNDATION 1934
WEBSITE www.argos.com.co
BRAND VALUE US $266 million
Cementos Argos is a leading brand in the Colombian
cement industry.
With 51% market share, Argos is the fourth largest
cement producer in Latin America, the only white cement
producer in Colombia and the second largest in the
South-East of the United States. The company belongs to
Argos Group, founded in Medelln in 1934. The operation
has 388 plants worldwide, with locations that include
Panama, Haiti, Dominican Republic and Surinam. Recently
the company entered the Dow Jones Sustainability Index,
an indicator used to monitor the performance of leading
companies in economic, social and environmental terms.
102
14
PARENT COMPANY Banco Popular SA
HEADQUARTERS Bogot
INDUSTRY Banks
YEAR OF FOUNDATION 1950
WEBSITE www.bancopopular.com.co
BRAND VALUE US $271 million
Banco Popular is a market leader in consumer loans.
The bank was established in 1950 as a government owned
institution and began the process of privatization in 1996
when entities controlled by Colombian finance magnate
Luis Carlos Sarmiento Angulo acquired the bank.
Today, the bank is the seventh largest in Colombia with a
network of 184 branches and 925 ATMs.
16
PARENT COMPANY Grupo Bavaria (SABMiller)
HEADQUARTERS Bogot
INDUSTRY Beer
YEAR OF FOUNDATION 1962
WEBSITE www.clubcolombia.co
BRAND VALUE US $264 million
Club Colombia is a premium lager produced in Colombia
by Grupo Bavaria
(SABMiller). There are three sub-types within the brand:
Dorada, Roja and Negra. The Dorada version gets its
golden tones from the combination of malted barley and
caramel malt with which its made. This beer has been
enjoyed by Colombians since 1962 and has won three gold
medals at the renowned Monde selection in Belgium.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
17 18
PARENT COMPANY Nutresa Group PARENT COMPANY Nutresa Group
HEADQUARTERS Medelln HEADQUARTERS Medelln
INDUSTRY Food and Dairy INDUSTRY Food and Dairy
YEAR OF FOUNDATION around 1950 YEAR OF FOUNDATION 1952
WEBSITE www.industriadealimentoszenu.com.co WEBSITE www.pastasdoria.com
BRAND VALUE US $251 million BRAND VALUE US $236 million
Zen is a well-known name in meat production and Doria is the countrys largest pasta brand, with three product
distribution. lines: Pasta Comarrico, Pastas Doria and Pasta Monticello.
Zen began in Medelln in the 1950s, and today is recognized The original company was founded in 1952 and installed its
for its high technological standards, quality control, unique pulp mill in the former headquarters of Sweets and Pastries
flavor, and for innovating several brands in the canned Papagayo Company in Bogota. The Pastas Doria brand
meats, sausage products and frozen fast foods, among is widely recognized for its mustache-wearing chef with a
others. Today the company has more than 2,500 employees. catchphrase of Ciao bambino which has become the
staple slogan of the brand.
19 20
PARENT COMPANY Nutresa Group PARENT COMPANY Almacenes xito SA
HEADQUARTERS Medelln HEADQUARTERS Envigado
INDUSTRY Food and Dairy INDUSTRY Retail
YEAR OF FOUNDATION 1960 YEAR OF FOUNDATION 1905
WEBSITE www.chocolates.com.co WEBSITE www.carulla.com
BRAND VALUE US $215 million BRAND VALUE US $131 million
Chocolates Jet is a chocolate bar manufactured by The Carulla is a supermarket chain and part of the Grupo Exito.
National Chocolates Company, part of Grupo Nutresa,
headquartered in Medelln. Carulla was founded in 1905 in Bogota by Jos Carulla
Vidal and today has 99 stores around Colombia. Carulla
The company started operations in 1920 as the Red particularly specializes in fresh products, and promotes its
Cross Chocolate Company. The National Chocolates ability to meet every day needs.
Company is known for being the first industrial producer
of chocolate confectionery and for offering the chocolate
drink that has been part of Colombian life since the
1960s. The company produces 27 brands across
chocolate snack treats, hot beverages, milk modifiers,
nuts, cereals and baked-goods. It is widely considered to
be one of the best companies to work for in Colombia.
103
COLOMBIA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Colombia: Where
During 2016, two major events
happened in Colombia that reminded
me again about that revelation. In one
week Colombians said No to the
chance of ending a war that has been

the unpredictable
hurting us for over 60 years and five
days later our President was awarded
the Nobel Peace Prize. Two very
unpredictable events; while the world
was expecting us to say yes to peace,
we said no. But it was not because
we didnt want war to be over, it was

happens
because we were asking for a complete,
better and more meaningful solution
to our needs. The Plebiscite was a
demonstration that Colombians are not
willing to grin and bear it anymore.

GETTING REAL A MORE THOUGHTFUL USING BRAND

Nine years ago, during my first job interview I was
asked which was the agency of the year according
to Advertising Age. My answer was obviously not
correct because the agency of the year was no
agency, it was in fact the Consumer. Despite
the fact that I gave the wrong answer, I got the
job and my career began with this valuable lesson
in expecting the unpredictable.
Marketing and advertising professional.
Passionate about brands, communication and
yoga with an MBA in the University of Exeter,
UK focused on sustainable development. J.
Walter Thompson is the worlds best-known
marketing communications brand, has been
creating pioneering solutions that build
enduring brands and business for more than
150 years. It is a true global network with more
than 200 offices in over 90 countries.
The same situation is happening with
brands; consumers are demanding
more transparency and engagement
and are no longer willing to grin and
bear problems with the product,
services or messages that companies
provide. These shifts in consumer
behavior are making our role as
communicators more challenging
because we cannot pretend to
build meaningful relationships with
consumers if we continue to work under
traditional business models and we
only tackle superficial needs.
The Living Planet Report by the
PAULA ANDREA SIABATO
Planner
Worldwide Fund for Nature (WWF)
in 2016, stated that the human race is
J. Walter Thompson, Colombia
the only one on earth that doesnt live
Paula.Siabato@jwt.com
sustainably; we are exploiting natural
resources as if we have an extra planet
at our disposal. We have become
television watchers, car drivers and
fast-food eaters. However, there is a
new generation that is self-aware of
its consumption patterns and wants to
make a change in the world, and not in
a utopian way.
CONSUMER
According to J. Walter Thompsons
Intelligence Group, this generation
of new consumers has high ethical
expectations from brands, they care
about working practices, political
issues and companies values.
For them, sustainability is key to
preferring or rejecting a brand.
In Colombia, some companies have
approached the worlds issues by
developing eco-friendly credentials,
for example by planting trees or
helping people in need. This social
marketing formula worked for a
while, but it did more harm than good
because consumers lost their faith
when they realized that it was mere
'greenwashing' to boost reputation
or reduce taxes. It would be unfair to
say that all companies in Colombia
are guilty of 'greenwashing', but some
still tackle social responsibility with a
narrow scope, since these initiatives
are not related to the business core
and dont create economic value.
POWER FOR GOOD
This is why brands that understand
that sustainability goes beyond public
service are far more likely to be the
ones that will succeed in the near
future. As Porter and Kramer remarked
in the 2011 Harvard Business Review,
Creating Shared Value is the right way
to build businesses. They argued that
brands can create economic value by
addressing the social and environmental
problems that are related to their core
business.
There is a myriad of difficulties and
unexpected shifts to overcome with
Colombias consumers nowadays, and
brands have enough economic power
and influence to do something. The key
is to solve those issues by using that
power for meaningful purpose.
I believe that our most meaningful work
should transcend advertising and create
something far more valuable for people,
solving their real needs and adapting to
the unpredictable.

The agency consistently ranks among the

top networks in the world and continues a
dominant presence in the industry by staying
on the leading edge. For more information visit
www.jwt.com and follow us @JWT_Worldwide.

104 105
COLOMBIA
THOUGHT LEADERSHIP
Rebusqueas
the origin of local
brand success
Colombia has lived through
troubled times, jumping from
one conflict to the next. Civil
war, guerrilla war and narcos
are all words that we want to
leave behind forever. We are
working on it, give us some time.
In the meantime, I want to share
some thoughts about how this
phenomenon might have actively
changed brands in Colombia.
Martin began his career 20 years ago, in the JWT
media department and then moved to work abroad
in other companies, predominantly at MTV LatAm.
After a few years, he returned to Argentina, joining
Mindshare in 2010. As a VP Managing Partner,
Martin focuses on client service and new business.
Since 2014 he has also been the head of the m/SIX
division in Argentina.
106
MAURICIO BARRIGA
CEO Ogilvy Group, Colombia
CEO Rednet Latin Center
Mauricio.Barrigab@ogilvy.com
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
If you look carefully you will notice that we have a
very strong local brand in almost every category
restaurants, fashion, banks, non- and alcoholic
beverages, confectionery, retail and so on. This is
not common in most LatAm markets, globalization
is having some trouble taking over Colombia.
HARD EARNED SUCCESS
History tells us many international brands left
Colombia when times were rough, leaving a lot
of room for local brands. Colombian people are
creative and rebusque is almost part of our
local identity. It means finding ways to achieve
things. Hard times forge hard people, resilient,
creative and brave, a perfect environment for
early entrepreneurship and family businesses. In
the 70s and 80s when the government was busy
fighting a war against drug cartels led by Escobar,
people decided to fight their own war against
limitations and fear, and lots of businesses were
born and grew against all odds. Alfredo Hoyos
Mazuera opened a Pizza outlet called Frisby that
is now the biggest fast food restaurant, Yonatan
Bursztyn created Totto, one of the biggest brands
in the region. Many more were writing their own
wonderful stories.
The World Economic Forum has named Colombia
the international benchmark in entrepreneurship
because of all the above. Today, Colombia is an
emerging market with huge potential, and big and
famous international brands are trying to come
back or enter for the first time. However, the local
established and rising brands are also taking
advantage and are investing hard in innovation
and fighting aggressively to defend their terrain.
Stay tuned and watch.
107
COLOMBIA
THOUGHT LEADERSHIP
Building strong
brands in a trend of
proprietary brands
The past few years have marked
the development of the age of
hyperconsumption. There were brands
reinventing themselves through product
innovation, trends implementation,
and seductive advertising. Thus,
marketing increasingly encouraged the
consumption of goods and services,
to the point that today we have
hyperconsumers with hedonistic features.
They are prone to self-indulgence, allow
their impulses to drive their choices,
seek to fulfill their individuality, and have
started to look for emotional benefits
generated not only by the brands they
consume, but by increasingly defined
behavioral trends aimed at attaining
increased harmony and well-being.
108
LETICIA NAVARRO TORRES
Head of Client Management - Insights,
Kantar Millward Brown
Leticia.Navarro@millwardbrown.com
Leticia is a graduate in Finance and
International Relations at the University
Externado of Colombia and a
postgraduate in consumer psychology.
Having been with Kantar Millward
Brown since 2005, she has extensive
client-oriented experience.
Leticia developed and led the
Storytelling process at Kantar Millward
Brown Colombia, and is now Head of
Client Management.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
How can we sustain consumption
when a countrys economy is uncertain, A QUESTION OF LOYALTY
consumers trust is affected, and they
But, does this affinity translate into loyalty
seek lean consumption in the face of
to the brands? Do consumers prefer these
such a financial scenario?
brands over other variables such as
The challenge for these brands is to more affordable prices in their uncertain
satisfy those needs and to emotionally economic situation?
connect with people. In Colombia, what
This loyalty depends on how consumers
consumers value most is the emotional
relate to the industry. There are some
relationship with a brand. This is even
industries with more brand loyalty, such
more important than being well known
as OTC, baby care, and some within food,
or differentiated. Brands are aware of
while there are others lacking loyalty and
what consumers want and need to make
thus condemned to compete with a wide
them fall in love with them. Brands that
variety of options. Its important to explain
understand these needs, and have a
this because in Colombia there are many
high level of affinity with consumers,
more small brands building their equity
tend to be more powerful.
than global brands. Only one out of every
three brands has a clear and well-defined
equity.
30%
25%
20%
15%
10%
5%
0%
Clean Limited Specialist Star
Aspirational Fighter Generic Iconic Mainstream Outsider
Colombia Global
Slate
Source: Kantar Millward Brown and BrandZ
This is why over 60% of brands fail to
win a place in the minds of consumers.
products with a good cost-value
ratio, resulting in brands with a long THE SECRET TO
A fact reflected in fierce competitions
in terms of volume share, and the
history being replaced by these chains
proprietary brands.
SUSTAINABILITY
entrance of new brands with a new retail The challenge is to sustain brand
proposal. According to the LatAm 2017 study
by BrandZ, retailers such as D1
value propositions, and to have more
robust categories so as to avoid the
In the past year, we have witnessed (soft discount) and PriceSmart (hard
commoditization of industries in terms
accelerated growth in retail chains discount) have the highest potential to
of brand equity. Only those brands
offering their own brands and products keep growing. With its differentiating
with balanced brand equity, offering
to consumers at better prices. This proposition, D1 has quickly achieved its
trend has leveraged the opportunity place in Colombian consumers minds
value and meaning for consumers, will
be hard to replace. Likewise, they have
to connect with consumers by offering and convinced them to buy its food and
to find the way to balance their value
household cleaners.
equation, since in a more challenging
economic scenario consumers will be
Growth Potential forced to decide whether to stay loyal
to their brands or to look for a better-
80%
70% priced replacement.
60%
Only the most powerful brands, with
50%
40% robust brand equity, will continue to
30% make progress. They will do this by
20% creating a balance within their offering
10% between emotional affinity and the
0% satisfaction of the needs of consumers
Exito D1 Price Cencosud Almacenes Carulla Olimpica Alkosto Surtimax Makro Colsubsidio
Smart Colombia La 14 at a suitable price.
Source: Kantar Millward Brown and BrandZ
109
COLOMBIA
THOUGHT LEADERSHIP
How brands
help new
consumers
in Latam
ALEJANDRO TANCO
Director Firefly Practice, Andean Region,
Kantar Millward Brown
Alejandro.Tanco@fireflymb.com
Alejandro is an anthropologist from the
Universidad de los Andes with more than
15 years of experience in administrative
and market research areas.
He joined Kantar Millward Brown in 2010 as
Director of the Qualitative Area after being
the country manager in Panama for GFK.
His goal is to help customers to grow and
innovate, including the digital ecosystem.
110
Innovation, disruption, equality,
inclusion, entrepreneurship,
opportunity, status, and individuality
these are some of the many words
acquiring a new meaning in a
continent characterized by being
outside global conversations and
where communication and brand
building result from discussions that
frequently do not take it into account.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
However, little by little this market is
becoming interesting; economic growth
is starting to create a middle class
eager to access a glamorous lifestyle,
reflecting success and disruptive of
previous generations.
We are seeing consumers who
consider opportunities and follow
new consumption rationales that
represent a change of values. We are
not only speaking about an increase
in purchasing power, but also of a new
consumption logic.
From this perspective, what made
a brand significant for consumers
is changing, given the new values
emerging in this context of opportunity
and where entrepreneurship,
persistence, effort, and recognition
have just begun to be appreciated.
In a nutshell, we are at a time when
several ideologies coexist, and where
the uncertainty of the future makes
strategies more and more complex.
MEANINGFUL
DIFFERENTIATION
The challenge for brands is to become
or keep on being the reference
for consumers who are seeking new
discourses that will allow them to
express themselves, and justify their
new desires and needs from a more
individualistic perspective. From this
point of view, it is worth considering to
what extent a brand is still meaningfully
different.
In this new reality, it is interesting
to observe how consumers do not
seek brands for them, but like them,
brands that manage to speak in such
a way so that consumers recognize
their individuality. Here, there are two
aspects to be considered:
On the one hand, there are brands that
have achieved success through their
ability to be consistent and innovative,
like in the technology segment. Brands
such as Apple become a symbol of
entrepreneurship, an example of
the possibility of making dreams of
success come true and of creating
opportunities.
On the other hand, local brands
that are close to consumers have
succeeded in adapting to change and
defeating competitors. These brands
are not only admired because of their
capability, but as guides for consumers
who wish to purchase products that
represent an elevation in their lifestyle.
What consumers are looking for are
local brands that help them justify this
new kind of consumption.
All of this makes sense when we get
to communicate in a clear and simple
way with our consumers. We need to
take into account that we face a group
of individuals whose relationship with
the brand is slowly migrating to a more
emotional connection.
In order to connect with this new
consumer, brands should bear these
three factors in mind:
1. They should transmit simple
messages that also help to
justify a more sophisticated
consumption.
2. We are seeing consumers
move from a group/supportive
ideology to an individual one.
3. Brands need to be admired
and stay close the feeling
that they are in reach makes
them relatable and therefore
lovable.
111
Mexico
MEXICO
COUNTRY OVERVIEW
Uncertainty
killing forecast but
detonates act ion
JORGE VARGAS
CEO Mxico,
Kantar
Jorge.Vargas@kantar.com
Jorge rejoined WPP in January 2012 as Managing Director of
Kantar TNS Mexico and since January of 2016 acts as CEO for
Mexico, overseeing both Kantar TNS and Kantar Millward Brown.
He is a passionate professional with deep experience in Market
Research, Managing, Strategic Planning and marketing.
With more than 15 years of experience he has worked both
locally and abroad in global companies such as Nielsen, Research
International, Kantar Millward Brown, Vitro and Synovate. Hes
an habitual speaker on Digital, Brands, Innovation and Shopper
Marketing.
Jorge is a tireless driver of business, human talent and teams.
His professional background in marketing and his data oriented
experience give him a full, actionable and strategic business vision.
114
Mexico stands in a very complex and
shaky balance: On one end the Mexican
economy continues to slow down in the
face of high international volatility and
a growing threat of cutting the influx
of dollars to the Mexican economy
due to President Trumps America First
protectionist policy.
On the other hand, the Mexican
Government will need to balance its
spend to reduce its debt and prevent
a lower rating from international
financial institutions to access credit -
while at the same time avoiding to drive
the economy into a steeper slowdown
by cutting too much of its social and
infrastructure programs.
The International Monetary Fund cut its
growth forecast for Mexico in 2016 from
3.0% to 2.6%. This was mainly due to
the general decrease in Latin America,
the stagnation of China's economy,
the collapse of oil prices, fluctuations
in exchange rates, and the barely
moderate growth of the United States.
In response to speculation to President
Trumps views of NAFTA and Mexico,
both Mexico's Ministry of Finance and
Public Credit and the Bank of Mexico,
highlighted the strength of Mexican
finance and institutions. The first 100
days of Trumps administration will
define if investors speculation is only
temporal or if potential changes in the
bilateral relationship between Mexico
and the US do happen. Uncertainty is
still present.
The structural reforms undertaken by
the Mexican Government seek to bring
comparative advantages to the country,
by reducing the cost of power and
telecommunications, while significantly
increasing educational standards.
But growth has been weaker than
expected, well below the expectations
driven by these reforms because there
has not been a strong focus on the main
problems plaguing the country, such
as insecurity, the informal sector that
employs over 50% of the economically
active population, and the corruption
prevailing in many parts or the country.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
FALLING BRAND VALUE
The Private Consumption Index shows
a decrease of 2.2%, the largest fall in
seven years. At the same time, domestic
demand also slowed, and there has
been only a modest increase in the
Goods and Services Consumption
Index. In short, in this uncertain
economic landscape we are witnessing
the consequences of trust levels that
have not recovered since 2013.
The slowdown in different industries,
such as manufacturing and
construction, the weakness of the
Mexican peso against the dollar, and
the restricted increase of actual salaries,
have all impacted Mexicans' wellbeing
and have impacted spend on brands
and goods.
Many durables like the Auto industry -
saw an increase in 2016 due to Mexicans
anticipating higher prices originated
from a exchange rate with the US dollar.
That is over now that many companies
are finally adjusting their prices to
reflect the exchange rate of a weaker
peso.
The ones that do, come out stronger
A STRATEGY FOR BRANDS
From the perspective of the
corporations, our Insights 2020 report
indicates that the most important
areas of opportunity for brands'
efforts include: consistency in points
of contact (42%), a vision focused on
users and shared by everyone in the
organization (38%), openness to risks
and experimentation (27%), and a skill
for storytelling (38%).
In short, when money is scarce, trust
is low, and corporations lack a vision
focused on consumers, loss of value is
understandable. But let us remember,
this kind of phenomena does not occur
just in the short-term, it develops over
time. We recommend companies
change their mindset and, instead of
focusing only on short term bottom
line actions, continue investing more in
customer satisfaction and retention.
Also, given the political landscape with
the US, brands that focus their message
on vouching for Mexico will benefit of a
higher predisposition from consumers.
In the end, uncertanty calls us to action:
Keep building brands. Keep investing.
when better economic conditions arrive.
115
MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

TOP 30 MOST VALUABLE MEXICAN BRANDS 2017

BRANDZ TOP 30 MOST VALUABLE

MEXICAN BRANDS 2017
Brand Value Brand Brand Value Brand Brand Value Brand
Brand Brand Brand
# # #
(US$ Mil.) Value (US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution Brand Contribution
Change Change Change
2017 2015 Index 2017 2015 Index 2017 2015 Index
2015-2017 2015-2017 2015-2017

7,647 8,476 5 -10% 1,568 1,197 3 31% 611 1,533 3 -60%

1 11 21
Beer Beer Banks

4,598 6,174 3 -26% 1,073 1,411 2 -24% 594 555 5 7%

2 12 22
Communication Providers Retail Beer

NEW
4,035 4,423 3 -9% 1,051 710 4 48% 575 - 3
3 13 23 ENTRY
Communication Providers Food and Dairy Airlines

3,593 3,091 2 16% 1,047 800 4 31% 511 462 3 10%

4 14 24
Retail Beer Retail

3,316 3,604 5 -8% 1,044 1,042 2 0% 510 507 5 1%

5 15 25
Beer Food and Dairy Beer

3,269 2,557 3 28% 990 1,940 2 -49% 508 510 5 0%

6 16 26
Retail Banks Beer

2,990 2,795 4 7% 907 1,107 3 -18% 478 639 2 -25%

7 17 27
Food and Dairy Retail Food and Dairy

2,294 3,039 2 -25% 822 1,236 2 -34% 462 469 2 -2%

8 18 28
Industry Banks Food and Dairy

2,139 2,207 3 -3% 670 475 3 41% 390 666 1 -41%

9 19 29
Banks Airlines Industrial

NEW
2,136 3,554 2 -40% 612 958 3 -36% 341 - 3
10 20 30 ENTRY
Communication Providers Retail Beer
Source: Kantar Millward Brown and BrandZ
Brand contribution measures the influence of brand alone on
earnings, on a 1-to-5 scale, 5 being highest.

116 117
MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

KEY FACTS & BRAND STORIES

1 2
PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Amrica Mvil, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Beer INDUSTRY Communication Providers
YEAR OF FOUNDATION 1925 YEAR OF FOUNDATION 1989
WEBSITE www.corona.com WEBSITE www.telcel.com
BRAND VALUE US $7,647 million BRAND VALUE US $4,598 million

Coronas strong Mexican heritage has allowed it to surpass Telcel is the leader in mobile phone services in Mexico, with
geographic frontiers; it is currently sold in over 180 countries. approximately 71.5 million users.

Corona beer was first launched in 1925; the same year its
parent company Grupo Modelo began operations. The brand
has a rich history of innovation, having been able to tie itself to
Mexican culture through simple, yet iconic communications.
It has created strong brand cues that relate it to relaxation
and music. The groups staple brand across the globe, its the
best-selling Mexican beer in the world and the best-selling
import beer in almost fifty of the markets in which it is present.
Its market share is around 70% of mobiles nationwide. Even
when transferring their old number became an option for
users, Telcel was a net winner of clients, making it evident to
some extent that people value its wide user network, and
certainly reflecting the message of its slogan: Telcel is the
Network. This makes it one of the most important brands
for Amrica Mvil, the leader in telecommunications in Latin
America, owned by the business tycoon Carlos Slim Hel.

BRAND VALUE
Total Value of Mexican Brands

US$ 50.8 BILLION

Brand Value Change 2015 2017

-11%
Source: Kantar Millward Brown and BrandZ
3 4
PARENT COMPANY Grupo Televisa, SAB PARENT COMPANY Walmart de Mxico, SAB de CV
HEADQUARTERS Mexico City HEADQUARTERS Mexico City
INDUSTRY Communication Providers INDUSTRY Retail
YEAR OF FOUNDATION 1930 YEAR OF FOUNDATION 1958

KEY FACTS WEBSITE www.televisa.com

BRAND VALUE US $4,035 million
WEBSITE www.bodegaaurrera.com.mx
BRAND VALUE US $3,593 million

Capital City Ciudad de Mexico

Annual GDP at Current Prices
Currency MEXICAN PESO
Total at current prices: US$ 1,144 trillion
Area 1.96 million km2
GDP per capita (annual dollars): US$ 9,009 (2015)
Population (thousand) 127,000 (2015)
Growth rate: 2.5% (2015)
Population growth rate (annual) 1.3% (2010-2015)
Countrys share in regional GDP: 21.6% (2015)
Life expectancy 77 years (2014)
Net foreign direct investment: US$ 20.3 billion (2014) through other media partners. Televisa also publishes and
Literacy rate of 15-24 year olds 98.7% (2015)
US$ 22.1 billion (2015)
Unemployment rate 3.8% (2014)
Sources: CEPAL, Comisin Econmica ONU
4% (2015) CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco
Founded in 1930, Televisa is the largest communications
company in the Spanish speaking world and one of the most
(2015)
important players in the global entertainment business.
Televisa operates four broadcasters in Mexico, produces,
distributes and exports contents to the American market
through Univision the leading Spanish speaking media
company in the US and to more than 50 countries
distributes magazines, films and owns radio broadcasters
around the country.
Bodega Aurrer is a chain of supermarkets in Mexico,
created for the lower-income sector of the population.
Its offer includes low prices, embodied in Mam Lucha, a
masked luchadora who fights high prices and is constantly
struggling to make it to the end of the month. Bodega
Aurrer is one of the fastest growing business unit of
Walmart de Mxico, partly because of its ability to create
more flexible store formats such as Mi Bodega in small
cities, and Bodega Aurrer Express,. This latter format
is an interesting price-convenience offer that brings high
turnover lines to urban locations which competitors using
bigger formats find more difficult to reach.

118 119
MEXICO
BRAND STORIES
5 6
PARENT COMPANY Grupo Modelo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Beer
YEAR OF FOUNDATION 1925
WEBSITE www.gmodelo.mx
BRAND VALUE US $3,316 million
Founded in 1925 under two brands, Especial and Negra,
Modelo was subsequently relaunched as one of Grupo
Modelos first beers.
Modelo has focused on developing a strong portfolio that
spans different beer types and attracts consumers with
premium offerings through strong positioning cues. In
particular, the use of innovative and differentiated packaging
and emotionally charged campaigns that convey the premium
quality and uniqueness of the products they promote.
7 8
PARENT COMPANY Grupo Bimbo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1943
WEBSITE www.grupobimbo.com
BRAND VALUE US $2,990 million
Bimbo is a brand of huge tradition and heritage with a
presence in the Mexican market dating back to 1943.
Bimbos bakery products are common features in the diet
of many families in Mexico. The image of the Bimbo bear
and the slogan with love as always are widely known by
consumers, and their products reach almost every store
in Mexico through a comprehensive distribution network.
Bimbo also has a significant presence abroad as a result of the
expansion of Grupo Bimbo and its portfolio of over 10,000
products to 22 countries.
120
PARENT COMPANY El Puerto de Liverpool, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Retail
YEAR OF FOUNDATION 1847
WEBSITE www.liverpool.com.mx
BRAND VALUE US $3,269 million
El Puerto de Liverpool S.A.B. de C.V., commonly known as
Liverpool, is a mid-to-high end retailer which operates the
largest chain of department stores in Mexico, operating
17 shopping malls. Its 85 department stores comprise
73 stores under the Liverpool name, 22 stores under the
Fbricas de Francia name, 6 Duty Free stores, and 27
specialized boutiques.
Its aim is to have people perceive it as part of their lives.
In order to get closer to consumers, it has expanded to
cover a huge area of Mexican territory, innovating with
store formats that coexist with shopping centers and malls.
This is because Liverpool not only operates its stores,
but also controls their construction so that it can create
appealing formats. Its income also comes from the lease
of premises and financial leases from loans to consumers.
PARENT COMPANY Cemex, SAB de CV
HEADQUARTERS Monterrey
INDUSTRY Industrial
YEAR OF FOUNDATION 1906
WEBSITE www.cemex.com
BRAND VALUE US $2,294 million
Cemex is a leader in the production and marketing of
concrete, cement and other building materials.
Cemex is a well-known name not only in Mexico, where it has
over 100 years of history, but also in the rest of the world. It
was a local brand that became global, and has been involved
in projects from around the world: tunnels in America,
highways in Asia, social housing in South America.
9 10
PARENT COMPANY Grupo Financiero Banorte, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Banks
YEAR OF FOUNDATION 1947
WEBSITE www.banorte.com
BRAND VALUE US $2,139 million
Banorte is a brand that has become stronger in recent years,
reflecting its slogan The strong bank of Mexico.
Banorte is part of Grupo Financiero Banorte, a Group that
successfully completed mergers and acquisitions to become
the third largest bank in the Mexican financial system (based
on the size of deposits and credits). The bank started
operations in its current guise in 1947 but its origins stretch
back to 1899, under the name Banco Mercantil del Norte.
11
PARENT COMPANY Cervecera Cuauhtmoc Moctezuma, SA PARENT COMPANY Fomento Econmico Mexicano, SAB de CV
de CV (subsidiary of Heinkenen International NV)
HEADQUARTERS Monterrey, Nuevo Len
INDUSTRY Beer
YEAR OF FOUNDATION 1944
WEBSITE www.tecate.com.mx
BRAND VALUE US $1,568 million
Tecate is a beer brand that was founded in 1944 in the City
of Tecate, in the Mexican state of Baja California.
In 1954 Cervecera Cuauhtmoc Moctezuma, a subsidiary of
FEMSA (the largest Coca-Cola bottling company worldwide)
purchased it. The brand is characterized by innovation in its
product presentation it was the first company to use cans
for packaging beer in Mexico. Its communication strategy
is focused exclusively on male audiences, which completely
differentiates it within the category. Its slogan For you, is
well known. Tecate has focused its efforts on increasing its
presence in sports, including big boxing events, and it is a
sponsor for FC Barcelona.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PARENT COMPANY Amrica Mvil, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Communication Providers
YEAR OF FOUNDATION 1947
WEBSITE www.telmex.com
BRAND VALUE US $2,136 million
Telmex is the leader in landline phone services, providing
services nationwide.
Telmex is owned by Telfonos de Mxico, a company created
in 1947, nationalized in 1972 and re-privatized in 1990. At that
point, over 32 billion pesos were invested to set up a wide
fiber optic network, connecting people nationwide and to 39
other countries through submarine cable. In 2010, Amrica
Mvil purchased 59.5% of Telmex shares.
12
HEADQUARTERS Monterrey, Nuevo Len
INDUSTRY Retail
YEAR OF FOUNDATION 1978
WEBSITE www.oxxo.com
BRAND VALUE US $1,073 million
Oxxo is currently the largest chain store in Latin America, with
over 12,850 stores serving almost 9 million customers per day.
Oxxo is owned by FEMSA, the largest Coca-Cola bottling
company worldwide. It was founded in Monterrey in 1978.
The brand is focused on building the countrys convenience
store presence; it sells everyday products but has also
expanded its portfolio to services such as bus tickets and pay
as you go mobile phones.
121
MEXICO
BRAND STORIES
13
PARENT COMPANY Gruma SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1949
WEBSITE www.gruma.com
BRAND VALUE US $1,051 million
Gruma, S.A.B. de C.V., known as Gruma, is a Mexican
multinational corn flour and tortillas manufacturing company
headquartered in Monterrey. Its brand names include
Mission (Misin in Mexico), Guerrero and Maseca. The latter
is Mexicos leading corn flour brand - the base ingredient for
tortilla, one of the countrys food staples.
The brand was launched following Grumas foundation of
the first nixtamal flour facility in the world, in 1949. Beyond
its home territory, Maseca is also an important player in
European, African and Middle Eastern corn grits markets.
The brand has been built upon superior quality and the
omnipresence of the tortilla across the nation.
15
PARENT COMPANY Grupo Bimbo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1954
WEBSITE www.marinela.com.mx
BRAND VALUE US $1,044 million
To bake loads of fine cakes for everyone to enjoy anytime they
want, thats what Marinelas founder aimed when creating
the company in 1954. It soon began producing convenient
bakery-style birthday cakes packed with matches to light the
candles. These were followed by slices and individual-sized
cakes sold without packaging in paper baking cups.
With this mission in mind, Gansito was created as Mexicos include Seguros Inbursa, purchased in 1984 when they were
first industrially manufactured cake. Gansito was so successful
that when Bimbo purchased Marinela, the latter maintained
an exclusive distribution means for its best-selling product.
In 1980 the brand expanded to the United States, and in 1992
entered the South American market.
122
14
PARENT COMPANY CM/Heineken
HEADQUARTERS 1899
INDUSTRY Beer
YEAR OF FOUNDATION 1899
WEBSITE www.sol.com.mx
BRAND VALUE US $1,047 million
El Sol was first launched in 1899 as a popular beer for the
working class.
In 1912 the brand was acquired by Cervecera Moctezuma and
its name changed simply to Sol. In 1980 it began its successful
expansion, first in the United Kingdom, then progressing to
more than 50 countries in Latin America, Europe, Asia and the
Middle East. Its brand portfolio comprises several sub-brands
such as: Sol, Sol Cero (the first non-alcoholic beer in Mexico),
Sol Clamato (beer with tomato juice) and Sol Limn (beer
with lemon and salt). Sols marketing activities has focused on
sponsoring Mexican soccer clubs since 1993, but recently it
has also ventured into music festivals.
16
PARENT COMPANY Grupo Financiero Inbursa, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Banks
YEAR OF FOUNDATION 1992
WEBSITE www.inbursa.com
BRAND VALUE US $990 million
Banco Inbursa, previously known as Inversora Burstil, was
formally created in1992.
It was formed as a result of the government authorizing the
creation of new banks in order to promote competition in the
financial sector. It is a subsidiary of Grupo Financiero Inbursa,
which was created in 1985. Other subsidiaries of the Group
brand focuses primarily on the needs of business travelers
known as Seguros Mxico. The company is owned by Mexican
billionaire, Carlos Slim.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
17 18
PARENT COMPANY Grupo Sanborns, SAB de CV PARENT COMPANY Banco Nacional de Mxico, SA de CV
HEADQUARTERS Mexico City (subsidiary of Citigroup Inc.)
INDUSTRY Retail HEADQUARTERS Mexico City
YEAR OF FOUNDATION 1903 INDUSTRY Banks
WEBSITE www.sanborns.com.mx YEAR OF FOUNDATION 1884
BRAND VALUE US $907 million WEBSITE www.banamex.com
BRAND VALUE US $822 million
Sanborns has grown from a single pharmacy into a large Banamex is a long-standing Mexican bank that was an
department store chain. early pioneer of online banking in Mexico.
Sanborns offers a restaurant and bar, and a selling space Created in 1884 when Banco Nacional Mexicano and
that includes a wide variety of departments such as jewelry, Banco Mercantil Mexicano merged, it was the first
bakery, book store, electronics, and pharmacy. Founded bank to issue banknotes in Mexico. In 1926 it became a
in 1903 as a small pharmacy, the format first expanded by financing entity, and established the first branch of a Latin
adding a soda fountain, in 1918. It opened its first branch American bank in New York. In 1982 it was nationalized by
(La Casa de los Azulejos a building that became a tourist presidential order, and remained so for nine years. In 2002
attraction in Mexico City because of its architecture) in 1919. it became a subsidiary of Citigroup, and that same year the
It was acquired in 1985 by Grupo Carso, and in 1999 Grupo products and services of Citibank and Banca Confa were
Sanborns was created, connecting Sanborns to brands such merged. In recent years, it has launched products that have
as Sears, iShop and Mix Up. revolutionized the market, such as Superservicio Banamex,
Tarjetahabiente Cumplido, Cuenta Bsica Banamex and Mi
Cuenta Banamex. Citigroup has recently unveiled plans to
invest US$1 billion in its Mexican business Banamex, and is
re-branding as Citibanamex. With this new investment, Citi
will equip its branches with smart banking technology and
19
expand operations in major Mexican cities.
PARENT COMPANY Grupo Aeromxico, S.A.B. de C.V.
HEADQUARTERS Mexico City
INDUSTRY Airlines
YEAR OF FOUNDATION 1934
WEBSITE www.aeromexico.com
BRAND VALUE US $670 million
Originally a government owned company, Aeromxico began
operations in 1934. Today, it is the countrys leading airline.
A founding partner of SkyTeam (a global airline alliance),
Aeromxico operates the largest network of routes in Mexico.
It provides more than 616 daily flights, flying to 44 domestic
and 35 international destinations from the country. The
by aiming at providing a high-quality flying experience. The
U.S. Department of Transportation gave preliminary approval
for Delta Air Lines to form a joint venture with Aeromexico
for U.S.-Mexico routes. This would allow the two carriers to
co-operate on scheduling and pricing, essentially acting as a
single airline for the purpose of transborder flights.
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MEXICO
BRAND STORIES
20
PARENT COMPANY Organizacin Soriana, SAB de CV
HEADQUARTERS Monterrey, Nuevo Len
INDUSTRY Retail
YEAR OF FOUNDATION 1905
WEBSITE www.soriana.com
BRAND VALUE US $612 million
Soriana is a grocery and department store retail chain
headquartered in Monterrey, Mexico. The company is 100%
capitalized in Mexico and has been publicly traded on the
Mexican stock exchange since 1987.
It started in 1905 as a business that only sold fabric, until 1958
when it incorporated a self-service store.
The brand continued to grow but only in the northern area of
Mexico until the 1990s, when the decision was made to start
operations in the central area of the country. By 2000 there
were 100 stores nationwide, and new formats were created for
the brand during that decade: the City Club price club and
Super City convenience stores. In 2007, Soriana purchased
205 stores from Gigante, at the time one of the countrys
dominant supermarket operators. In early 2015, the brand
purchased 160 stores from another competitor, Comercial
Mexicana. Soriana currently has over 670 stores countrywide.
124
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
21 22 23
PARENT COMPANY Grupo Modelo, SAB de CV PARENT COMPANY Concesionaria Vuela Compaa de
PARENT COMPANY Grupo Salinas SA de CV
HEADQUARTERS Mexico City Aviacin, S.A.P.I. de C.V.
HEADQUARTERS Mexico City
INDUSTRY Beer HEADQUARTERS Mexico City
INDUSTRY Banks
YEAR OF FOUNDATION 1935 INDUSTRY Airlines
YEAR OF FOUNDATION 2002
WEBSITE www.gmodelo.mx YEAR OF FOUNDATION 2003
WEBSITE www.bancoazteca.com.mx
BRAND VALUE US $594 million WEBSITE www.volaris.com
BRAND VALUE US $611 million
BRAND VALUE US $575 million
The strength of Banco Azteca is based upon almost 60 Victoria beer was first produced in 1865 by Compaa Volaris is an ultra-low-cost airline, offering flights in and out
years of credit experience at Grupo Elektra, an unparalleled Cervecera Toluca y Mxico, which was purchased in 1935 by of Mexico, the United States, Guatemala, Costa Rica and
debt collection system, and state-of-the-art technology that Grupo Modelo. Puerto Rico.
supports solid management practices. With more than 5.2
million savings accounts, Banco Azteca continues showing This Vienna-style beer is the longest-standing product in Volaris offers cheap plane tickets, good quality service
dynamic growth in every banking variable of significance. the portfolio of Grupo Modelo. Particularly popular in the and a vast choice of products. It was formed in 2003
In addition to consumer credit for goods (Credimax) Banco regions of central and southern Mexico, it has also been when Discovery Americas and Columbia Equity Partners
Azteca offers credit cards, personal loans, as well as car successfully exported to the United States since 2010. investment funds joined forces with TACA Airlines to
Victoria has in recent years re-defined its target market; integrate a new Mexican ultra low-cost airline that would
loans and mortgages, among other types of credit. Through
previously considered a beer for the lower-middle class, its offer the opportunity of air travel to more Mexicans.
Empresario Azteca it offers small business loans. Additionally,
communication efforts are now more focused on young and
Banco Azteca offers payrolls systems, and as an agent for
middle-upper class adults. Volaris has the youngest aircraft fleet in Mexico, with an
Procampo, a government agricultural financing program, the
average age of four years; the fleet includes 63 Airbus used
bank has reinforced its presence in rural areas.
for flights to Mexico and the United States. It is listed on the
Banco Azteca currently operates through Grupo Salinas Mexican Stock Exchange and New York Stock Exchange.
stores: Elektra, Salinas & Rocha and Bodega de Remates
which together account for more than 3,762 direct customer
touchpoints. Recent efforts point towards targeting the
middle class with very specific products, and a higher
relevance of digital technology in its offer.
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MEXICO
BRAND STORIES
24
PARENT COMPANY Walmart de Mxico, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Retail
YEAR OF FOUNDATION 1965
WEBSITE www.superama.com.mx
BRAND VALUE US $511 million
Superama is the premium store format of Walmart
de Mxico, focused on offering quality, convenience
and service to consumers.
Superama leverages the medium size of its premises
to enable it to operate from locations close to urban
consumers, offering carefully selected products.
Superama has an innovative streak, as demonstrated
when it developed a phone app and internet sales in
response to changing shopping trends.
26
PARENT COMPANY Grupo Modelo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Beer
YEAR OF FOUNDATION 1925
WEBSITE www.gmodelo.mx
BRAND VALUE US $508 million
Another beer brand from Grupo Modelo, Len positions itself
as a young alternative to more adult and established brands.
From its origin in Yucatan, Len has won important
market share elsewhere in the country. It has leveraged
its positioning by associating itself with young and urban
cultures, especially through music and music festivals. This is
an important trend in the market that has pushed brands to
participate in ever-more complex branded environments and
experience-led marketing efforts.
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25
PARENT COMPANY Grupo Modelo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Beer
YEAR OF FOUNDATION 1925
WEBSITE www.gmodelo.mx
BRAND VALUE US $510 million
Produced since 1900 in Mazatln, an important port
on the Mexican northwestern coast, Pacifico is a beer
brand from Grupo Modelos portfolio.
Pacfico is particularly popular in the Mexican northern
states where it has aimed at building a more friend-
oriented and relaxed brand image, using campaigns
that focus heavily on its distinctive taste and freshness.
27
PARENT COMPANY Grupo Lala, SAB de CV
HEADQUARTERS Durango, Mexico.
INDUSTRY Food and Dairy
YEAR OF FOUNDATION 1949
WEBSITE www.lala.com.mx
BRAND VALUE US $478 million
Grupo Lala is devoted to the production and marketing of
milk and other dairy products.
Established by a small group of milk producers, Grupo Lala
now has 18 plants nationwide and 165 distribution centers,
delivering products to more than 500,000 points of sale. It
also has production plants abroad, in Guatemala and the
United States. The main focus of communication is on the
groups huge portfolio of healthy eating products. Marketing
propositions are built around taking care of those you love
with slogans such as It is so nice to watch them grow.
Grupo Lala joined the Mexican Stock Exchange in 2013.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
28 29
PARENT COMPANY Impulsora del Desarrollo y Empleo
PARENT COMPANY Grupo Bimbo, SAB de CV
Industrial, SAB de CV
HEADQUARTERS Mexico City
HEADQUARTERS Mexico City
INDUSTRY Food and Dairy
INDUSTRY Industry
YEAR OF FOUNDATION 1971
YEAR OF FOUNDATION 2005
WEBSITE www.tiarosa.com.mx
WEBSITE www.ideal.com.mx
BRAND VALUE US $462 million
BRAND VALUE US $390 million
Ta Rosa is one of Grupo Bimbos key brands. It IDEALs aim is to promote the fast development of
specializes in iconic products such as Tortillinas Ta Rosa. physical infrastructure and human capital in Latin America.
Founded in 1971, this brand generates relevance IDEAL was established in 2005 when it was separated
through a promise built around the taste of homemade out from Grupo Financiero Inbursa. In that same year it
products. Ta Rosa marked a milestone in Mexicos was listed on the Mexican Stock Exchange. Its principal
food industry when in 1976 it installed the first wheat activities include the identification, assessment, financial
flour tortilla-making machine. The brand is known for structuring, implementation and operation of long-term
reinterpreting recipes from the countrys rich baking infrastructure projects. To date, IDEAL has worked on
tradition, such as Banderillas, Doraditas and Orejas, and development projects for highways, electricity generation,
giving them their own particular stamp. This, together water treatment, and multimodal terminals.
with a strong distribution network, has made Ta Rosa
one of the key players in the landscape of Mexican food.
30
PARENT COMPANY Grupo Modelo, SAB de CV
HEADQUARTERS Mexico City
INDUSTRY Beer
YEAR OF FOUNDATION 1900
WEBSITE www.montejo.com
BRAND VALUE US $341 million
One of the many beer brands owned by Grupo Modelo,
Montejo was established in 1900 in Merida, Yucatan.
Montejo is an authentic Mexican beer that was named for
the founding father of the city of Merida: Don Francisco
de Montejo. The product was originally a dark Vienna
lager before it became a Czech Pilsner. Today, it has a
light golden color and is renowned for its crisp, refreshing
finish. Montejo has never been brewed outside Mexico
but the brand was recently launched in the United States.
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MEXICO
THOUGHT LEADERSHIP
Living in
uncertain t imes
A DEEPER LOOK AT HOW MEXICAN COMPANIES
NEED TO PUSH THE BOUNDARIES OF RISK
Throughout the last decade, BrandZ
has become one of the most influential
reports on how consumers around
the world think of brands, feel about
products and services, and choose
to spend their money. For sure, some
brands are purely aspirational, such
as the ones we are used to seeing
in luxury categories like Beauty and
Wellbeing. Others are part of our
everyday consumption, whether
at home, school, university, our
workplace or commuting. Technology
is increasingly driving the biggest
revolution in our society and directly
influences the way we stay in touch,
engage and interact with a brand.
128
their brand and/or brand portfolios,
OLIVER PACHT
Director,
Kantar Vermeer
Oliver.Pacht@kantarvermeer.com
After studying Audiovisual Communication at the
University of San Pablo CEU, Madrid, Oliver studied a
Masters degree in Marketing and Advertising at the
University ICADE in Madrid.
He began his career as consultant at Enterprise IG
Madrid, now known as The Brand Union, where he
remained for more than three years, advising clients
such as Sanitas, Renfe or Vodafone.
Oliver has over 12 years of international experience,
leading key strategic accounts across London,
Madrid, Middle East and Mexico. He joined Kantar
Vermeer in October 2015 and is responsible for
the business development in Mexico and Central
America. In Mexico, he initially directed the growth
of MBLM in the region, an independent brand
and interactive design consultancy, leading multi-
disciplinary scope of works for clients such as
Mexichem, Alsea or Banco Azteca
Prior to Vermeer, Oliver developed his career mainly
at Interbrand, where he was responsible for the
management of large international accounts, such as
Repsol, BBVA, British Airways, Amadeus, Carrefour,
Saudi Arabian Railways or Trk Telekom.
These influential touch points, such as
the ones driving our digital ecosystem
(see Uber, Google or our ubiquitous
smartphones) are all part of what we
call brand or customer experience; the
actual delivery of a companies promise,
its reputation and differentiating
associations that it claims it can provide
in a competitive landscape. Consumers
have the power over the purchase
decision, but brands have the capacity
to influence such decisions.
When measuring brand strength, it
is important to distinguish two key
components: brand equity and brand
value. When collating consumers
perceptions about a brand, an industry
or a specific category, we should refer
to equity only. When considering the
brand as the single, most important
intangible asset of a company, we
should always refer to brand value,
financial value. This is precisely what
BrandZ Brand Valuations shows year
on year; how enterprises investing in
consistently grow stronger and minimize
risk.
THE VALUE OF VALUATION
Valuation is important for another
reason: if you own or manage a business
that is likely to be sold at some point
and if you understand valuation you
can run the company to maximize its
value to a potential acquirer. You will
know that acquirers look closely at
specific financial metrics and mostly
ignore others. You will not fall into the
trap of thinking that your business is
just as valuable to anyone else as it is
to you. You will know how to assess
and furthermore, manage, its potential.
A potential largely based on how
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
stakeholders relate to your brands
proposition, your offer, your service,
your communications, your customer
journey and so on.
This years BrandZ Top 30 Most
Valuable Mexican Brands shows how
testing these times are. There are very
few cases that have seen their brand
value significantly increased, whilst the
Top 30 average shows a brand value
change of -11%. It is largely the financial
services and the telecommunications
providers driving this number. Reliant
on their historic lack of competitive
aggressiveness, companies require
more than ever a disruptive, customer-
centric redesign of their commercial
and go-to-market strategies. With an
increasingly greater choice of players
reinventing traditional categories with
beyond the sector best practices,
customers are now empowered to
change the status quo. Companies
failing to anticipate these changes
expected and demanded by customers
are very likely to remain on the edge of
irrelevance.
SIX OUT OF TEN
The good news is that, despite all of
this, there are some great examples that
showcase the way forward. Six Mexican
companies rank among the Top 10
players in the BrandZTop 50 Most
Valuable Latin American Brands 2017
(also adding to the four most prominent
risers), a region with an ongoing status
of uncertainty economic, social,
political, technological, environmental.
Such uncertainty is defining the volatility
in markets like Brazil, the difficulty for
customers in choosing transparent and
reliable product and service providers,
or the ambiguity of where to play
and how to win in order to deliver
sustainable business growth. The
VUCA acronym (Volatility, Uncertainty,
Complexity and Ambiguity) identifies
general systemic and behavioural
failures, which are also characteristic of
organizational failure.
In my little life-experience working and
living in Mexico, I have witnessed how
organizations are not focused enough
on orchestrating an integrated,
holistic and whole-brain approach
towards improving customer-centric
growth. For sure, if you ask them,
customers are always at the heart of
what they do, but the way companies
are organised, led, incentivized and
measured to deliver such customer-
centricity is far from customers actual
expectations and needs. It comes
as no surprise that beer providers
have the most valuable brands across
categories, where emotional delivery
is much easier to fulfil - although here
international competition is growing
stronger than ever. Corporations have
a desperate need to reinvent the
way they engage with customers and
beyond that, the way they transform
into truly influential propositions.
With each year and each BrandZ
ranking report published, new insights
emerge that help companies better
equip themselves to learn from the
present and build for the future.
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MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

If building
brand influence So how does a continuous Brand Compare this to Top 30 Global Brands We constantly hear theres no money/

is notthe No. 1
Influence effort relate to Brand Value?
We all know that consumers are facing
recessionary times in Mexico (no matter
what the Government says). To get out
of these tough times, money needs
to be spent but in addition, emotion
needs to be uplifted. Being wise and
motivated are now more strongly linked.
(which grew 8%) and you see Mexican
brands are almost 19% behind - so
Influence is not good enough. Brands
in Mexico need to be more influential.
Making it to the BrandZ Global
Ranking for the three top Mexican
Brands means that Corona need to
reverse their -10% and grow 137%,
interest to invest in building Brand
Influence, it is not a priority. If it is not
the #1 priority, then what are the other
ways to grow business? Money has to
be invested in expanding Influence and
increasing Brand Value. We strongly
recommend when talking about
business growth, companies speak of it

priority, what is?

Brands that keep this is in mind and
dont remind consumers of their lack of
opportunities, are the ones for which
Brand Value has increased. Take for
instance Bodega Aurrera and Liverpool
with a 16% and 28% Brand Value growth
this year. What is behind their vision of
recession? They both structured their
Brand Influence around consumers
opportunities: save to spend. Bodega
Brands we love are influential. Brands in the BrandZ Top 30 Most Aurrera and Liverpool help their
consumers to be wisely inspired.
Valuable Mexican Brands are influential too. And influential brands
have sustainable businesses. This means Brand Value and Brand DRIVEBUYSPREAD thinking and immersive experiences,
Influence are two sides of the same coin. Nowadays it is no longer a matter of
awareness, engagement or impact.
These harder times demand new KPIs
Everything that happens to business is a consequence of brand to show if a business is really growing.
Influence is the most relevant of all. It
influence. Little influence means poor business growth. Huge influence is because influence integrates three
can mean superb growth. So, to make our brands and business win things: Brand Potential, User Loyalty
and Market Buzz. Brand Potential is
more, we need to start building and measuring our Brand Influence. the contained power to drive sales
continuously, User Loyalty the capacity
to make users keep buying, and Market
Buzz the capacity to spread love for the
Sergio has more than 20 years experience in the transformation of brands.
brand to others. Drive>>Buy>>Spread
Having graduated with an honors in Industrial Design he has brought design are the three constants of an Influential
to a new era: using it as a tool for the new generation of businesses. His Brand.
interest in cultural change led him to study a Masters degree in Education.
He has been Professor at prestigious universities in Mexico including Ibero So what is happening in terms of
and ITAM. Influence in Mexico? The BrandZ
Sergio has worked with more than 100 different companies. From local Top 30 Most Valuable Mexican Brands
businesses to large transnational and international companies. This list lost 11% Brand Value (average) in 2017.
includes; Coca-Cola, Samsung, Cinemex, Philip Morris, The British Council,
SERGIO OLAVARRIETA
Farmacias GI, Ragasa, Michelin, Bachoco, Campbells and Toks.
Associate,
Kantar Vermeer He has been working for Kantar Vermeer for 4 years. He is responsible for the
Sergio.Olavarrieta@mbvermeer.com practice of excellence and his key work tool is Design Thinking.
Telcel reverse their -26% and grow as being a matter of Brand Influence.
227%, and Televisa reverse their -9%
and grow 259%. Beware, if you do not do it now,
tomorrow may be too late. Make Brand
Influence your companys #1 Priority
WHAT DOES IT TAKE today.
TO BE INFLUENTIAL?
Companies first need to have a user-
centered way of working in their teams.
Second, they must have the ability to
create immersive brand experiences.
Third, they need ways of monitoring
Influence. Without user-centered
brands will lose more and have an
increasingly difficult time. Keep this in
mind: it is hard to grow 1% market share,
sure, but losing 1% and then getting
it back is almost impossible. One way
or the other, it requires companies to
be working on Influence. Insights2020,
our global initiative that focuses on
uncovering the drivers of customer-
centric growth, showed that companies
in Mexico have a lack in Touchpoint
Consistency (42 out of 100) and
Customer related KPIs (40 of 100). Big
opportunities exist for companies (and
people) to think and act influentially.
Yet, to create Influential Brands, to make
users Drive>>Buy>>Spread, to expand
our Brand Value, we need a different
mindset.

130 131
MEXICO TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

THOUGHT LEADERSHIP

Brand building
in a digital era PATRICIA RAMREZ
General Manager,
Cohn & Wolfe
Patricia.Ramirez@cohnwolfe.com.mx
ANA MARA MUIRRAGUI
Business Unit Director,
Cohn & Wolfe
Ana.Muirragui@cohnwolfe.com.mx

Patricia has a degree in advertising and public
relationships with a specialty in marketing. During
the past 15 years she has worked in the field of
communications and public relations in areas
such as: technology, healthcare, corporate and;
Its well known that today, brands face an increasingly competitive consumer industry. She joined Cohn & Wolfe in
2008 and in 2014 she became General Director.
market. They must fight to be present and differentiate themselves
In her role she spans the business, focusing on
to a consumer who is more demanding and overwhelmed by the strategy, creativity, and client services.
number of similar brands that exist in the market. Furthermore, when
Ana studied Journalism and Communications at UNAM.
She also studied additional courses in marketing
and organizational communication, as well as digital
strategies at the ITAM and Technologic Monterrey
Universities.
During the past 10 years she has worked in
communications and public relations, supporting
several corporate, consumer, luxury and tourism brands.
She joined Cohn & Wolfe in 2009 as account supervisor,
and in 2015 she became Business Unit Director.

the selling proposition and content is almost the same, and the price
doesnt vary much, what motivates the consumer to make a purchase
decision, or even better, to generate loyalty for its favorite brand?

Its for this reason that brands are investing heavily in
creating a much more aggressive marketing plan, in
order to ensure the final result in the delicate Moment
of Truth. This is the moment when the brands look
the most appealing on the shelf, they are there, ready
and waiting for the consumer to make their choice,
reaching the decision to buy. This action represents
the outcome of a battle waged through different and
constant messages, in both traditional and digital media.
And the outcome of that simple action is one of three
possibilities for the brand and consumers relationship:
falling in love, indifference or disappointment.
THE OPPORTUNITY
Thus, we must amplify the brand message; its the key to
product recognition. Nowadays, communication tools
such as e-commerce and social media are focused on
stimulating the sale of products in more creative and
integrated ways. They strive to amplify the message
through actions, which lead consumers to different
experiences at the point of purchase that they can share
through a broad range of channels. According to the
first study Mobile Commerce in Mexico and the world -
2016, conducted by the Mexican Association of Online
Selling and IAB Mexico, 76% of mobile Internet users
have made some purchase through mobile devices. (The
three top categories of online shopping were clothing
and accessories, digital downloads and entertainment).
Quarterly spending per buyer increased 17% on average
versus 2015, according to the e-commerce study by
AMIPCI, and seven out of ten Mexican Internet users
turned out to be digital buyers, according to purchase
reports from May to July 2016.
Mxico is a key country for e-commerce development in
Latin America. According to information from Euromonitor
International, in 2015, the volume of online sales in Latin
America reached 59 billion dollars; Brazil had the highest
contribution (42%), followed by Mxico (18%), Argentina
(12%), Chile (9%) and Colombia (5%).
WHAT IS HAPPENING
WITH LUXURY BRANDS?
In Mexico, luxury brands face a dilemma in the form of
the dollar vs. our currency. The main function of luxury
stores is evolving beyond giving service in order to make
the sale. They are prioritizing digital strategies, which
have become a key pillar of brands in this sector, creating
experiences that influence a buying decision and that
encourage users to visit digital platforms to interact with
the brand and generate more reach to achieve a final
purchase.
The consumer experience is no longer limited to a good brand experiences in which the consumer is the main
deal in the store. New generations are less attached to character. Such moments can be shared within their
physical stores, and their interaction with the brands tends circles of influence, thus maximizing the message.
to occur through digital channels. Therefore, brands must
generate emotional connections across multichannels, Today, we must take advantage of digital platforms,
linked to tech application in both products and in-store, as especially the search engines, to generate leads
in traditional sales systems. and ultimately support brands to reach their sales
targets. As long as consumers have choices, they will
look for brands that fit their values and give them
THE CHALLENGE something to believe in, as well as the best quality.
The opportunity in Mexico is that those luxury brands that
offer relevant digital experiences will become the perfect
space to tell the story of the brand, through exclusive
face-to-face digital experiences that captivate visually and
allow play with brand products. These experiences must
always maintain the sensation of luxury, through a fusion
of fashion and technology via streaming screens, mirrors
that project and interactive actions that besides being
attractive for the client help to engage the consumer,
taking him to the next stage of the buying funnel.
The digital channels and creativity that are present in
communication and sales strategies, will be a unique
showcase for luxury brands and an example of how a
digitalization process can consolidate the brand within the
luxury market. Not only increasing revenue, but generating
greater brand loyalty with its consumers, involving them in

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MEXICO
THOUGHT LEADERSHIP
The mobile-first
consumer is changing
the retail world
ALBERTO PEA
Head of Business Development
and Digital Lead,
Maxus
Alberto.Pena@maxusglobal.com
As head of Business Development, Alberto
is driving the next stage for Maxus.
He joined Maxus as Digital Director in
2012 and is accountable for digital media
strategy for clients across CPG, B2B, and
e-commerce. Before Maxus, Alberto
was Digital VP at Fleishman Hillard,
Digital Leader at Young&Rubicam and at
Wunderman as Interactive IT Manager.
134
The good news is that every day in
Mexico we have more technology
ready to interact with todays
complex and demanding consumer.
Each week we hear of a new
partner that has new ways to reach/
interact/understand the consumer
journey and how that understanding
will help us to be more effective.
However, the big question we often
hear is: How do we approach a
consumer that has more options,
information and that is exposed
to more advertising white noise?
More and more often we hear this
question, whether we are listening
to a brief about cheese, soap,
condoms, ham or devices to make
mobile payments.
But if we really want to impact sales we must add
mobile to the discussion. With 52.8 million smartphone
users, the way consumers decide how they shop for
products is changing. They commonly spend over 10
hours per week on their mobile device, there is no
other screen that commands more attention. And
its exactly because of this that they receive more
messages each day (advertising or content) than they
used to. Its no surprise that in 2016 mobile advertising
accounted for US$ 699.3 and by 2017 it will surpass
investment in desktop advertising.
ON THE GO
Showrooming right now is a bigger challenge, caused
by the increased connectivity consumers have. Do you
recall your last visit to a mall, public park, supermarket?
Many of them now have free wifi and as different
Mexico is as a market (82% mainly browse internet
through paid wifi and 28% on public wifi ), mobile
influenced decisions are common these days. That
matters to the final shopping decision and sales.
We must expect that many consumers will evaluate
our products in order to make informed decisions and
try to get more details prior to shopping. Even with
promotional events (Buen fin, Christmas season, and
so on) they will compare prices and opinions. Thats
the reason we often hear requests for mobile first,
mobile optimized, mobile journey.
As of today, mCommerce in Mexico is still in
development. However, cinema tickets, flights, clothes,
and event tickets are common purchases, in fact 13%
of Mexicans make a weekly mobile purchase and this
represents a spend of US$1.18 billion. That is a market
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
we cannot ignore, if we reach them at the right time, with
the right message and on the right device, we can fight
for those sales.
MORE THAN JUST MOBILE
But we shouldnt focus only on mCommerce. In
smartphones, we have our most common channel for
interaction online (email 64%, social media 79%, search
58% ), but we also reach a lot of people on mobile who
then go on to bricks and mortar or desktop shopping.
If we as marketers are able to combine profiles/audience
segmentation with mobile-oriented capabilities like
geolocation, temperature, weather and so on, we are
likely to have more successful interaction with potential
consumers.
Those interactions help to build brands and a strong
brand is still going to win on shelf and online. No matter
how technological or hyper-targeted our competitors are,
in the end a consumer trusts more well-known brands and
is more willing to purchase them
If brands want to push sales within this new context,
marketers, agencies and publishers must have the
discipline to build brands within this new ecosystem. This
means looking to make great brand experiences on 3 to
5 screens, taking advantage of mobile device capabilities
and not only as a small test but as a way of having a
frequent contact with potential consumers. Its important
that this is carried over to the retail environment, in
fact its a must. We cant ignore the possibility of the
consumer making the final decision in the retail store.
Having the commitment to create visual impact within tiny
spaces, moving towards a reduced-text, more graphic/
video experience will not only be more mobile friendly
but a more-consumer oriented experience. Consumers
are mobile-first, so we must be ready to build brands
using a mobile-first approach.
Source: eMarketer September 2016, IAB estudio de consumo de medios y dispositivos
entre internautas mexicanos 2016, IAB and asociacin mexicana de ventas online
Mobile eCommerce en Mexico y el mundo
135
Peru
PERU
COUNTRY OVERVIEW
A new government,
lots of expectation,
and a full agenda
for growth
FIDEL A. LA RIVA
Country Manager,
Kantar Worldpanel Peru
Fidel.Lariva@kantarworldpanel.com
Fidel is a Peruvian economist with more than
20 years of professional experience in Market
Research, Marketing and Business consultancy.
He studied and lived in Guadalajara, Mexico
for 5 years. He also worked as a Business
Planning & Analytics Director in Mindshare
Peru and Mindshare Argentina.
For the last 10 years he has worked as a
teacher in many universities and educational
institutes in Latin America. He is an active
member of the Peruvian Association of Market
Research Companies board of directors.
138
When Ollanta Humala was elected
President of Peru in 2011, FMCG
(Fast Moving Consumption Goods)
in the country grew at about 4% per
annum. One of the main drivers of
this growth were cities of the interior
of the country that overall showed
an average 7% growth rate. Another
driver of consumption was that C
and D socio-economic levels, which
constitute 70% of the households
in the country, grew at a rate of 6%.
Today, these levels show virtually
no growth, and provinces have had
twenty-four months in the red.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
It is clear that, due to the collection of unmet
demands of many population segments, the
poor or zero effectiveness of economic measures
from the previous government, and the need for
Peruvian entrepreneurs to rediscover the path to
economic growth, the new Government has been
well received. At least, it has been for its first 100
Corruption issues within regional governments, delay days. However, the ability of PPKs administration
in implementing infrastructure works, reduction in to implement measures to move the countrys
funding for local and regional governments as a result of economic machinery forward, and drive
lower prices in mining commodities, the social conflicts consumption, will be critical. Otherwise, given
that hindered private investment these are some the demands and the lack of tolerance from
of the reasons why, from 2013 onwards, consumption some political sectors, this new administrations
in Perus provinces has slowed. The situation has honeymoon period could end soon.
been exacerbated by the lack of response from the
administration of Ollanta Humala to try to counteract It is important that the construction industry
these problems rapidly and efficiently. starts growing again, that public spending,
namely on large infrastructure projects, is
channeled to activate Perus provinces, and,
A NEW PRESIDENT above all, that there are clear rules established so
that investors decide to take a chance in Peru.
Last July, after a hard-fought presidential election, the
economist and politician Pedro Pablo Kuczynski, born
to a German father and a French-Swiss mother, became
the next president. PPK, as we call him in Peru, is the
oldest president in the history of the country. He takes
office with 77 years of a long and dynamic professional
and political career, both at a national level and in some
international agencies. However, he is taking on the role
at a very complex moment for Peru.
In 2016 and 2017, Peruvian GDP is expected
to be 4%, one of the highest in Latin
America. Approximately 80% of this growth
comes from the mining sector, specifically
from copper production, which encompasses
1% of urban labor in Peru.
Domestic demand is at one of its lowest
levels in the past four years, and FMCG is
growing less than 1%.
Meanwhile, consumers and entrepreneurs
trust is at one of the highest levels of the last
five years. They are all optimistic about the
new Government.
139
PERU
TOP 20 MOST VALUABLE PERUVIAN BRANDS 2017

BRANDZ TOP 20 MOST VALUABLE

PERUVIAN BRANDS 2017
Brand Value Brand Brand Value Brand
Brand Brand
# #
(US$ Mil.) Value (US$ Mil.) Value
Brand Contribution Brand Contribution
Change Change
2017 2015 Index 2017 2015 Index
2015-2017 2015-2017

1,396 1,678 5 -17% 126 175 2 -28%

1 11
Beer Drugstore

1,080 1,108 5 -3% 115 225 2 -49%

2 12
Beer Retail

NEW
1,025 1,808 3 -43% 110 - 4
3 13 ENTRY
Banks Beer

NEW
918 1,479 3 -38% 98 - 2
4 14 ENTRY
Banks Retail

NEW
605 422 5 43% 73 - 1
5 15 ENTRY
Beer Cement

NEW
568 643 5 -12% 53 - 5
6 16

ENTRY
Soft Drinks Food and Dairy

NEW
414 331 4 25% 49 - 2
7 17 ENTRY
Insurance Banks

NEW
333 287 4 16% 49 - 4
8 18 ENTRY
Beer Laundry

NEW
267 169 3 58% 40 - 4
9 19 ENTRY
Retail Food and Dairy

NEW
165 251 2 -34% 38 - 3
10 20 ENTRY
Cement Retail

Source: Kantar Millward Brown and BrandZ

Brand contribution measures the influence of brand alone on earnings, on a 1-to-5 scale, 5 being highest.

140
PERU
KEY FACTS & BRAND STORIES
BRAND VALUE
Total Value of Peruvian Brands
US$ 7.5 BILLION
Brand Value Change 2015 2017
-12%
Source: Kantar Millward Brown and BrandZ
KEY FACTS
Capital City Lima
Currency NEW SOL
Area 1.29 million km2
Population (thousand) 31,376 (2015)
Population growth rate (annual) 1.3% (2010-2015)
Life expectancy 75 years (2014)
Literacy rate of 15-24 year olds 98.9%
Unemployment rate 5.9% (2014)
6.5% (2015)
142
Annual GDP at Current Prices
Total at current prices: US$ 192 billion
GDP per capita (annual dollars): US$ 6,122 (2015)
Growth rate: 3.3% (2015)
Countrys share in regional GDP: 3.6% (2015)
Net foreign direct investment: US$ 7.8 billion (2014) everywhere. Key to this vision is its commitment to
(2015)
US$ 6.8 billion (2015)
Sources: CEPAL, Comisin Econmica ONU
CEPALSTAT Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco
1 2
PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller)
HEADQUARTERS Lima
INDUSTRY Beer
YEAR OF FOUNDATION c.1920
WEBSITE www.cristal.com.pe
BRAND VALUE US $1,396 million
Cristal is promoted as the Peruvian beer that celebrates
national unity.
With values such as diversity, harmony and positivity, its
communications relate to consumers passion by focusing
on soccer-related activities such as club sponsorship and
even the naming of teams as Sporting Cristal.
Cristal is produced by the largest beer company in Peru
Backus, which produces the majority of the countrys
most popular beers: Cristal, Pilsen Callao, Cusquea,
Pilsen Trujillo, Barena, Arequipea and San Juan. UCP
Backus & Johnston is a subsidiary of SABMiller group,
one of the largest brewing groups in the world.
3 4
PARENT COMPANY BCP
HEADQUARTERS Lima
INDUSTRY Banks
YEAR OF FOUNDATION 1889
WEBSITE www.viabcp.com
BRAND VALUE US $1,025 million
BCP is a bank that began operating in Peru in 1889 under the
name Banco Italiano. It became Banco de Credito Peru in
(2015)
1942.
The bank has a huge presence across the country through its
service channels; its challenge is to become well known for
being a bank with customer focus.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller)
HEADQUARTERS Lima
INDUSTRY Beer
YEAR OF FOUNDATION 1863
WEBSITE www.pilsencallao.com.pe
BRAND VALUE US $1,080 million
Created in 1863, Pilsen Callao was the first beer
produced in Peru.
Pilsen Callao is known for its traditional flavor, but in
recent years it has refocused its image to create a
more premium positioning. The positioning focuses
on an emotional connection with consumers, using
the slogan the flavor of true friendship.
PARENT COMPANY Grupo Interbank
HEADQUARTERS Lima
INDUSTRY Banks
YEAR OF FOUNDATION 1897
WEBSITE www.interbank.com.pe
BRAND VALUE US $918 million
One of the largest banks in Peru, Banco Internacional
del Peru (Interbank) has a growing portfolio of
services.
These services include personal credit, vehicle
loans, mortgages, deposits, trade credits and retail.
Interbanks mission is to improve peoples quality of
life, by delivering a fast and friendly service every time,
delivering flawless client service via multiple channels.
143
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

5 6 9 10

PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Corporacin LIndley PARENT COMPANY Interbank Group PARENT COMPANY Unin Andina de Cementos
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Beer INDUSTRY Soft Drinks INDUSTRY Retail INDUSTRY Cement
YEAR OF FOUNDATION 1909 YEAR OF FOUNDATION 1935 YEAR OF FOUNDATION 2005 YEAR OF FOUNDATION 1916
WEBSITE www.cusquena.com.pe WEBSITE www.incakola.com.pe WEBSITE www.realplaza.pe WEBSITE www.unacem.com.pe
BRAND VALUE US $605 million BRAND VALUE US $568 million BRAND VALUE US $267 million BRAND VALUE US $165 million

Cusquea is a premium quality beer, a winner of
many international awards.
The brand was launched in 1909 and today is
exported to countries in America, Europe and Asia.
The beer is produced in four different varieties:
Rubia, Negra, Trigo and Red Lager. In 2000, the
brand was acquired by Backus & Johnston.
Inca Kola drink is the best-selling soft drink in Peru.
Launched in Lima in 1935, it is a characteristic
yellow-gold color. In a country famous for its
gastronomy, this drink is considered to be a good
accompaniment to the nations traditional cuisine,
which focuses on spices and strong flavours. In 1996,
the Coca Cola company acquired 49% of the brand.
Real Plaza is a chain of shopping malls. It is based in
Lima but has a presence in many other cities in Peru.
Launched in 2005, it is part of lnterbank Group (a
Corporate Peruvian Group present in many sectors
like financial, retail, services and industrial). With
ambitious plans for growth, Real Plaza has an in-
house real estate development team focused on
rental and development of new shopping centers
and independent shops.
Cemento Sol is the market leading cement in Per
and UNACEMs best-selling building product.
Backed by more than 40 years of experience, it
is the best-known and most reliable brand in the
market, and widely used by professional builders
and self-builders in Peru.

7 8 11 12
PARENT COMPANY Interbank Group
PARENT COMPANY Credicorp Group PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Interbank Group
HEADQUARTERS Lima
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Retail
INDUSTRY Insurance INDUSTRY Beer INDUSTRY Drugstore
YEAR OF FOUNDATION 2001
YEAR OF FOUNDATION 1992 YEAR OF FOUNDATION 1920 YEAR OF FOUNDATION 1996
WEBSITE www.plazavea.com.pe
WEBSITE www.pacificoseguros.com WEBSITE www.pilsentrujillo.com.pe WEBSITE www.inkafarma.com.pe
BRAND VALUE US $115 million
BRAND VALUE US $414 million BRAND VALUE US $333 million BRAND VALUE US $126 million

Pacifico is the leader in Perus insurance market.
The company was established in 1992 and its main
purpose is to provide clients with risk management
solutions. Pacifico is part of Credicorp, the largest
financial group in Peru. It has more than 5,000
professionals dedicated to providing customers with
a full range of products and services through its three
lines of business: General Risks, Health through its
subsidiary Pacific Health and Life, through Pacific Life.
Pilsen Trujillo beer is associated with the Peruvian
region from where it gets its name the northern
city of Trujillo.
Launched in 1920, Backus & Johnston acquired the
brand in 1994 and it is now widely available across
Peru. The beer is known for the careful control of its
fermentation process, which ensures its quality and
taste are always consistent.
Inkafarma is the largest retail pharmacy chain in Peru.
Inkafarma was founded in 1996 and today has
more than 8,000 employees throughout Peru. The
pharmacy offers a wide range of products including
medicine, perfumery and personal care.
Plaza Vea is a Peruvian brand of hypermarkets and
supermarkets, owned by Interbank Group.
The first store was opened in 2001 and numbers
have since expanded to more than 80 stores across
the country. The brand employs around 10,000
people in Lima and the provinces.

144 145
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

BRAND STORIES

13 14 17 18
PARENT COMPANY UCP Backus & Johnston (subsidiary of SAB Miller) PARENT COMPANY Cencosud PARENT COMPANY Minibanco (subsidiary BCP) PARENT COMPANY licorp
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Beer INDUSTRY Retail INDUSTRY Banks INDUSTRY Laundry
YEAR OF FOUNDATION 1898 YEAR OF FOUNDATION 1992 YEAR OF FOUNDATION 1998 YEAR OF FOUNDATION 1971
WEBSITE www.ariquipena.com.pe WEBSITE www.metro.com.pe WEBSITE www.minibanco.com.pe WEBSITE www.alicorp.com.pe
BRAND VALUE US $110 million BRAND VALUE US $98 million BRAND VALUE US $49 million BRAND VALUE US $49 million

Arequipea originated in the city of Blanca and
today this brand of Pilsen beer is becoming widely
recognized across the world.
The brands producers conduct the preparation
process with great care, hence its use of the slogan
Hecha con Orgulho (made with pride).
Metro Chorrilos was the first hypermarket to open in
Peru, back in 1992.
Since then the brand has built its presence up to
69 units around the country. It is part of one of
the biggest retail organizations in Latin America
(Cencosud). This conglomerate operates in
Argentina, Brazil, Chile, Peru and Colombia across
many segments, including supermarkets, financial
services and shopping centers.
Mibanco is a bank that provides banking, lending
and insurance services for small businesses and
entrepreneurs.
Mibanco started operations in Lima in 1998,
building upon the business of Accin Comunitaria
del Per (ACP), a non-profit civil association
operating in the micro and small business sector.
Bolivar is Perus leading laundry soap bar brand, and
the Bolivar detergent product is the second most
popular in its category.
The Bolivar brand portfolio is owned by licorp, the
largest consumer goods company in the country.

15 16 19 20
PARENT COMPANY Unacem PARENT COMPANY licorp PARENT COMPANY licorp PARENT COMPANY Cencosud
HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima HEADQUARTERS Lima
INDUSTRY Cement INDUSTRY Food and Dairy INDUSTRY Food and Dairy INDUSTRY Retail
YEAR OF FOUNDATION 1956 YEAR OF FOUNDATION 1971 YEAR OF FOUNDATION 1971 YEAR OF FOUNDATION 1942
WEBSITE www.unacem.com.pe WEBSITE www.alicorp.com.pe WEBSITE www.alicorp.com.pe WEBSITE www.wong.com.pe
BRAND VALUE US $73 million BRAND VALUE US $53 million BRAND VALUE US $40 million BRAND VALUE US $38 million

Cemento Andino has been producing cement and
derivative products since 1952. In 2012 it merged with
Cementos de Lima to form Unacem (Unin Andina de
Cementos).
In 2015, Cemento Andino refreshed its image. A new
packaging design promoted the quality and durability
of its cement in an effort to differentiate the product
and create a more premium positioning.
Don Vittorio is a premium pasta and a familiar brand
in households throughout Peru.
Don Vittorio is one of many products from licorp,
the largest consumer goods company in Peru. In
recent years, the Don Vittorio brand has expanded
its range by adding sauces to some of its pasta
products.
Primor is a well-established range of cooking and The Wong supermarket group began as winery in
olive oils. 1942 and has since grown to become one of the
leading names in the countrys retail sector.
The Primor brand portfolio is owned by the licorp
Company which has dominated the oil and fats sector The history of Perus most iconic supermarket
in Peru for the past decade. In 2015, it held a 43% chain began when Erasmo Wong Chiang
value share. founded his winery on Dos de Mayo Avenue in
1942. In 1983, the first Wong supermarket was
founded in Ovalo Gutierrez.

Expansion continued and in 1992 the portfolio

was extended to include the Metro hypermarket
model. In 2007, Wong was acquired by Cencosud,
one of the largest and most prestigious retail
conglomerates in Latin America.

146 147
PERU TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
THOUGHT LEADERSHIP
The power of
Peruvian brands
Beer brands Cristal and Pilsen have
always been in the top positions. They
are able to be part of the LatAm ranking
year after year because of their strong
emotional bond with Peruvian culture.
Additionally, both brands have been
able to reflect Peruvian values, such as
union, each in terms of communication
and by adapting their formats. An
example of this is the large variants
used to share, which perfectly adapt
to the Peruvian consumption format,
where consumers can even share a glass
by passing it around a table.
One of the things that most caught my attention when There are also the banks, such as BCP,
I arrived in Peru was how fond Peruvians are of some Interbank, and also Mi Banco, which
is focused on microcredits. Although
emblematic brands. these brands might generate love
or contempt, they exemplify the
importance of responding clearly to the
This year, with the launch of the BrandZ Top 20 Most needs of both Peruvian employees and
entrepreneurs. In a year when the price
Valuable Peruvian Brands 2017, I have been able to of the dollar had a significant impact on
these brands, their bond with their users
better understand what valuable brands do in Peru. allowed them to continue being leaders.
There is also Inca Kola, the most
consumed soda brand in Peru. Its
historical association with Peruvian
gastronomy has enabled it to maintain
its emotional bond, by celebrating
creativity.
In this year, when for the first time
we have a BrandZ Top 20 Peruvian
Brands ranking, we also find brands
as well-loved as those of Alicorp: Don
Catalina graduated in Psychology from Universidad
de la Sabana and has a Masters in Strategic Marketing
Vittorio (pasta), Primor (oils), and Bolivar
(detergents). Despite their pertaining to
from Toulouse University, France.
such different segments, these brands
CATALINA BONNET MONTOYA She has led market research for over 15 years. In 2001,
CEO Peru, she started her career in Market Research in Colombia,
Kantar where she became part of the Kantar Millward Brown
Catalina.Bonnet@millwardbrown.com team when it opened the Colombia offices (2002). In
2004, Catalina traveled to France, where she worked in
the Kantar Millward Brown Paris office for four years.
In 2008, she returned to Colombia, where she served
as Customer Service Director. From 2015 to date,
Catalina has been Country Manager for Peru.
148
are each anchored in daily family life.
Alicorp is strong evidence that trying
to build robust brands is worthwhile.
This becomes clear when we look at
the three axes of these brands: Their
presence in the minds of housewives,
their differentiating proposition,
and their current work on emotional
bonding are all contributing factors of
success.
RELEVANT PROPOSITIONS
Supermarkets and malls are an
important part of daily life in Peru.
Although traditional markets are still the
cornerstone of household shopping,
supermarkets have, little by little,
managed to offer propositions that
understand the needs of housewives:
Supermarkets Plaza Vea and Metro have
worked hard to be present in the mind
of female users. And Wong, a brand
relying on differentiation, is managing
to reach an audience willing to pay a
little more.
Meanwhile, the brands that understand
the Peruvian culture have been able to
build more and more value, such as Real
Plaza, which has doubled its brand value
year after year.
So we see, brands that have worked to
increase their power, either by being
salient, meaningful, or different, that
have managed to grow within the
market to better ride out these times of
lower economic growth. As the saying
goes: When the going gets tough, the
tough get going.
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THOUGHT LEADERSHIP

Peru
2020
However, Peru is not unresponsive to this new
reality, and there is a growing phenomenon
that today places Peru as the seventh of 25
countries with the greatest growth projection
for the penetration of smartphones up to
2020*. This heralds a change in the landscape
for brand building, since formerly advertising
relationships depended exclusively on the
traditional mass media, such as TV, but the
reality is that today the mobile phone is the
main screen and medium through which to
connect people with brands.
ADAPTING TO A NEW ORDER
We need to start viewing the digital mobile as
a space for strategic brand building, not only
as a support or a space where we need to be
because others are there.
If brands wish to continue building this
relationship in the long term, and add value,
it is important to understand the human
dynamics associated with the use and
consumption occasions of our target audience.

PAUL THORNDIKE
CEO,
Wunderman Phantasia
Paul.Thorndike@wunderman.com
Paul is a graduate of Business Management
from the Universidad del Pacfico, Lima, Peru.
Under his leadership, Wunderman Phantasia,
working for companies such as Backus
SABMiller, Movistar, Nestle, and BCP,
has been often recognized as the most
important digital agency in Peru.
In addition, he is on the Board of Directors of
several companies and start-ups.
This leads people to discover and create The traditional model of message interruption
a connection with new brands that have and repetition does not work in the same way
become hyper relevant in a really short time. that it did 10 years ago. Today technology
How can the brands that have always been allows us, through different platforms such as
This sounds like the title of a science relevant to Peruvians continue to be so? Google, Facebook, or other external tools,
fiction book, but frightening and to understand consumers in depth and learn
what they do, when they do it, and in what
surprising as it may seem, we have only moment a brands message and product are
relevant to them.
three more years before we enter the
third decade of the 21st century. For our To the extent that these brands understand
the processes of information consumption,
clients and agencies, this third decade will they will have to adapt to them with relevant
messages within adequate time, and provide
present a myriad of challenges to continue brand experiences that people value.
building valuable and relevant brands. This new digital technological environment
demands a change in vision for the short term,
so as to achieve strategic brand building in
the long term. This will mean more precise
The world is experiencing radical changes in the building metrics, fed with sources of information almost
of brands because of shared economies, digitization, in real time, where brands have greater control
and the impact of the new technologies in the business of investment and messages and are able to
environments. Consequently, there are more empowered adapt rapidly to circumstances.
people and a constant search for individualization, but also
This does not have to be at the cost of losing
a shared fight for creating fairer and equitable societies. In
relevance or neglecting strategic brand
addition, we demand brands to be more crystal-clear and
building. But it will mean in Peru, in 2020, these
responsible, as part of the changes shaping this new reality.
brands will be equally valued, but by then it
will be because of their deep understanding of
MAINTAINING RELEVANCE the populations social and cultural dynamics.
Peru values brands that have always been there for
consumers, despite the social, economic or political
conditions in any given moment. This is why it is not
surprising to see how international Brands find it more
difficult to compete and gain ground in comparison to
other markets.
* according to E-marketer

150 151
PERU
THOUGHT LEADERSHIP
Brand value
proposition
the great differential in
times of economic slowdown
The reverberations of the economic slowdown
in Latin America are being felt by Peruvian
consumers. This is despite the fact that Peru has
the highest expansion rates in the region.
According to Kantar Worldpanel, the food and
dairy sectors are experiencing the most significant
decrease, especially among medium-low and low
socio-economic segments, and in the provinces.
In these areas, consumers are increasingly looking
for a good value proposition.
Olivia holds a BSc in Actuarial Sciences from Instituto Tecnolgico
Autnomo de Mxico (ITAM) and an Applied Statistics Diploma and
Management Skills Diploma, also from ITAM.
Olivia joined Kantar Millward Brown Mexico in 2005 and moved to the
Peru office in 2012. She has over 20 years of experience in market research
helping clients to build valuable brands and communication efficiency.
152
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
OLIVIA HERNNDEZ
Client Management Director,
Kantar Millward Brown Per
Olivia.hernandez@millwardbrown.com
This creates a great challenge for brands, particularly
those in FMCG. Through analysis of various categories
using BrandDynamics, we have found that in
2016, demand for a good price (28%) and quality/
performance (12%) have significantly increased.
This clearly suggests a constant search for a
value equation. It is important to point out that
Peruvian consumers are not only looking for lower
prices. Inexpensive brands that dont deliver good
performance wont be the ones winning the battle;
instead, winning brands will be those offering
consumers quality at a good price.
BALANCING THE EQUATION
Consumption of brands with prices higher than the
category average might be impacted if they do not
develop marketing strategies that create empathy
with consumers, by being supportive and close. There
are plenty of ways to do this. For instance, during the
economic crisis in Argentina in 2002, the Skip brand of
detergents increased the availability of smaller packs
and also introduced cheaper large sizes, offering
consumers a better value equation.
We are not suggesting price decreases, just as
long as the brands deliver added value. This can be
done by offering intangible benefits that are hard
to replicate (Premium). Brands need to carry out
tactical activities that in the medium term retain
their consumers and in the long term become more
significant, consolidating their brand power in
preparation for when the economy recovers.
153
PERU
THOUGHT LEADERSHIP
The power of us
The Peruvian brands currently in the BrandZ
Top 20 Most Valuable Peruvian Brands 2017
are clear examples of the power of local
brands to emotionally connect through
content, values, languages, gestures, and
symbols that are relevant to the local culture.
HCTOR NAVARRETE J.
Firefly Practice Director,
Kantar Millward Brown Peru
Hector.Navarrete@fireflymb.com
Hector has a BA in anthropology,
an MA in social anthropology and
Advanced Diplomas in marketing
and advertising planning.
Hector joined Kantar Millward
Browns Peru office as Director of
Firefly in 2016.
He brings broad experience
across LATAM and Middle East
markets, accumulated while
working for Kantar Millward Brown
in both Colombia and Dubai.
154
The power of local brands is a
phenomenon we have been analyzing in
several emerging countries, where the
close relationship consumers build with
national brands is mediated by a growing
feeling of belonging, community, pride,
and nationalism. Thus, it is not surprising
that many of the brands appearing today
in the ranking connect with Peruvians
from three key axes: The recognition of
collective values, empowerment, and the
mestizo symbolism.
PRIDE IN WHAT WE ARE
Peru is one of the worlds most
community-minded markets, and
brands have been able to capitalize
on this desire for belonging amongst
Peruvian consumers. Brands that
highlight the value of the neighborhood
(Cristal), of friendship (Pilsen Callao),
or a sense of national identification
through unique flavors (Inca Kola), have
managed to connect with Peruvian
consumers.
This is not the result of recent work: the
credentials and credibility to speak to
Peruvian consumers about collective
values have been built by investing
and looking for consistency through
decades. Several brands that have
managed to be included in this Top
20 have been transmitted from one
generation to the next one.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
EMPOWERING
IMPROVEMENT
In a global and regional context of
uncertainty, Peru has been billed as
one of the few markets that retains
expectations of important growth
for the next few years. Consumers,
especially those from the emerging
middle class, want to connect with this
feeling of improvement, hope, and
growth, and brands building messages
from these territories stand out in the
ranking. Besides promoting growth,
outstanding brands are those that
manage to connect with the feeling of
empowerment resulting from the access
to goods and services of high quality
from a local provider. This has been the
key element for brands from industries
as diverse as banking, malls, detergents,
and food.
MESTIZO SYMBOLISM
The Peruvian symbolic universe
has multiple historical layers, built
by decades of cultural interactions
between indigenous cultures, and
African, Asian and of course European
migration. Brands have managed to
include within their communication
these explicit symbolic elements, such
as music, food, or local humor. Some
have even gone beyond, generating
their own symbolic universes from
Peruvian elements, such as the magic
cuy (BCP), whose meaning and
coherence can only be explained in
the context of the local culture. The
emotional connection that those
Peruvian brands establish by correctly
using local symbolism is relevant, for it
allows them to stand out from a place of
empathy and affinity.
155
Resources
RESOURCES
BRANDZ BRAND
VALUATION METHODOLOGY
Introduction
The brands that appear The BrandZ valuation methodology
can be uniquely distinguished from
in this report are the its competitors by the way we use
consumer viewpoints to assess brand
most valuable in Latin equity, as we strongly believe that how
America. They were consumers perceive and feel about
a brand determines its success and
selected for inclusion failure. We conduct worldwide, on-
going, in-depth quantitative consumer
in the BrandZ Top research, and build up a global picture
50 Most Valuable Latin of brands on a category-by-category
American Brands 2017
and market-by-market basis.
based on the unique and
Globally, our research covers 3.2 million
consumers and more than 100,000
objective BrandZ brand different brands in over 50 markets.
This intensive, in-market consumer
valuation methodology research differentiates the BrandZ
that combines extensive methodology from competitors that
rely only on a panel of experts, or
and on-going consumer purely on financial and market desktop
research.
insights with rigorous
Before reviewing the details of this
financial analysis. methodology, consider these three
fundamental questions: why is brand
important; why is brand valuation
important; and what makes BrandZ
the definitive brand valuation tool?
IMPORTANCE OF BRAND
Brands embody a core promise of
values and benefits consistently
delivered. Brands provide clarity
and guidance for choices made by
companies, consumers, investors and
other stakeholders. Brands provide
the signposts we need to navigate the
consumer and B2B landscapes.
158
At the heart of a brands value is its
ability to appeal to relevant customers
and potential customers. BrandZ
uniquely measures this appeal and
validates it against actual sales
performance. Brands that succeed in
creating the greatest attraction power
are those that are:
MEANINGFUL
In any category, Meaningful brands
appeal more, generate greater
love and meet the individuals
expectations and needs.
DIFFERENT
Different brands are unique in a
positive way and set the trends,
staying ahead of the curve for the
benefit of the consumer.
SALIENT
Salient brands come spontaneously
to mind as the brand of choice for key
needs.
IMPORTANCE OF
BRAND VALUATION
Brand valuation is a metric that
quantifies the worth of these powerful
but intangible corporate assets. It
enables brand owners, the investment
community, and others to evaluate
and compare brands and make faster
and better-informed decisions.
Brand valuation also enables
marketing professionals to quantify
their achievements in driving business
growth with brands, and to celebrate
these achievements in the boardroom.
The Valuation Process
DISTINCTION OF BRANDZ
BrandZ is the only brand valuation
tool that peels away all of the financial
and other components of brand value
and gets to the core how much
brand alone contributes to corporate
value. This core, which we call Brand
Contribution, differentiates BrandZ.
STEP 1: CALCULATING
Branded Earnings and multiply that
FINANCIAL VALUE
PART A
We start with the corporation. In some
cases, a corporation owns only one
brand. All Corporate Earnings come
from that brand. In other cases, a
corporation owns many brands, and we
need to apportion the earnings of the
corporation across a portfolio of brands.
To make sure we attribute the correct
portion of Corporate Earnings to each
brand, we analyze financial information
from annual reports and other sources,
such as Kantar Retail. This analysis yields
a metric we call the Attribution Rate.
We multiply Corporate Earnings by the
Attribution Rate to arrive at Branded
Earnings, the amount of Corporate
Earnings attributed to a particular
brand. If the Attribution Rate of a brand
is 50 percent, for example, then half the
Corporate Earnings are identified as
coming from that brand.
PART B
What happened in the past or even
whats happening today is less
important than prospects for future
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
earnings. Predicting future earnings
requires adding another component to
our BrandZ formula. This component
assesses future earnings prospects as
a multiple of current earnings. We call
this component the Brand Multiple.
Its similar to the calculation used by
financial analysts to determine the
market value of stocks (Example: 6X
earnings or 12X earnings). Information
supplied by Bloomberg data helps us
calculate a Brand Multiple. We take the
number by the Brand Multiple to arrive
at what we call Financial Value.
STEP 2: CALCULATING
BRAND CONTRIBUTION
So now we have got from the total value
of the corporation to the part that is the
branded value of the business. But this
branded business value is still not quite
the core that we are after. To arrive at
Brand Value, we need to peel away a
few more layers, such as the in-market
and logistical factors that influence
the value of the branded business,
for example: price, availability, and
distribution.
What we are after is the value of
the intangible asset of the brand
itself, which exists in the minds of
consumers. That means we have to
assess the ability of brand associations
in consumers minds to deliver sales by
predisposing consumers to choose the
brand or pay more for it.
We focus on the three aspects of
brands that we know make people buy
more and pay more for brands: being
Meaningful (a combination of emotional
and rational affinity), being Different (or
at least feeling that way to consumers),
and being Salient (coming to mind
quickly and easily as the answer when
people are making category purchases).
We identify the purchase volume and
any extra price premium delivered by
these brand associations. We call this
unique role played by brand, Brand
Contribution.
Heres what makes BrandZ so unique
and important. BrandZ is the only
brand valuation methodology that
obtains the customer viewpoint by
conducting worldwide on-going, in-
depth quantitative consumer research,
online and face-to-face, building up a
global picture of brands on a category-
by-category and market-by-market
basis. Our research now covers 3.2
million consumers and more than
100,000 different brands in over 50
markets.
STEP 3: CALCULATING
BRAND VALUE
Now we take the Financial Value and
multiply it by Brand Contribution,
which is expressed as a percentage
of Financial Value. The result is Brand
Value. Brand Value is the dollar amount
a brand contributes to the overall
value of a corporation. Isolating and
measuring this intangible asset reveals
an additional source of shareholder
value that otherwise would not exist.
159
RESOURCES
BRANDZ BRAND
VALUATION METHODOLOGY
Why BrandZ is
the definitive brand
valuation methodology
All brand valuation
methodologies are similar up
to a point. All methodologies
use financial research and
sophisticated mathematical
formulas to calculate current
and future earnings that
can be attributed directly to
a brand rather than to the
corporation. This exercise
produces an important but
incomplete picture.
Whats missing? The picture
of the brand at this point lacks
input from the people whose
opinions are most important
the consumers. This is where
the BrandZ methodology
and the methodologies of our
competitors part company.
ELIGIBILITY CRITERIA
The brands included in the BrandZ Top 50 Most Valuable Latin American
Brands 2017 report meet two eligibility criteria:
Brands are owned by an enterprise listed on stock exchanges in Latin America
Bank brands derived at least 25 percent of earnings from retail business
160
HOW DOES THE
COMPETITION DETERMINE
THE CONSUMER VIEW?
Interbrand derives the consumer point
of view from panels of experts who
contribute their opinions. The Brand
Finance methodology employs a
complicated accounting method called
Royalty Relief Valuation.
WHY IS THE BRANDZ
METHODOLOGY SUPERIOR?
BrandZ goes much further and is
more relevant. Once we have the
important, but incomplete, financial
picture of the brand, we communicate
with consumers, people who are
actually paying for brands every day,
constantly. Our on-going, in-depth
quantitative research includes three
million consumers and more than
100,000 brands in over 50 markets
worldwide.
WHATS THE
BRANDZ BENEFIT?
The BrandZ methodology
produces important benefits for two
broad audiences.
Members of the financial
community, including
analysts, shareholders,
investors and C-suite,
depend on BrandZ for
the most reliable and
accurate brand value
information available.
Brand owners turn to
BrandZ to more deeply
understand the causal links
between brand strength,
sales, and profits, and to
translate those insights
into strategies for building
brand equity and fuelling
business growth.
BRANDZ REPORTS,
APPS AND IPAD MAGAZINES
Going Global?
WE WROTE THE BOOK
BRANDZ COUNTRY REPORTS:
ESSENTIAL TRAVEL GUIDES
FOR GLOBAL BRAND BUILDING
BrandZ Top 100 Most
Valuable Global Brands 2016
This is the definitive global brand valuation
study, analyzing key trends driving the
worlds largest brands, exclusive industry
insights, thought leadership, B2B trends and
a look at the Future of Brands.
BrandZ Top 50 Most Valuable
Indonesian Brands 2016
Now in its second year, this study analyzes
the success of Indonesian brands, examining
the dynamics shaping this fast-emerging
market and offering insights for building
valuable brands.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
Our BrandZ country reports unique consumer insights derived
contain unparalleled market
knowledge, insights, and thought
from our proprietary BrandZ
database.
leadership about the worlds most
exciting markets.
If youre planning to expand
internationally, BrandZ country
Youll find, in one place, the reports are as essential as a
wisdom of WPP brand building
experts from all regions, plus the
passport.
BrandZ Top 100 Most BrandZ Top 50 Most
Valuable Chinese Brands 2016 Valuable Indian Brands 2016
The report profiles Chinese brands, outlines This in-depth study analyzes the
major trends driving brand growth and success of powerful and emerging Indian
includes commentary on the growing brands, explores the Indian consumers
influence of Chinese brands at home and shopping habits, and offers insights for
abroad. building valuable brands.
Spotlight on Myanmar Spotlight on Mongolia
The story of Myanmar is one of huge Mongolias GDP has grown at rates as high
potential, as a new era of openness signals as 17 percent in recent years, encouraging
strong growth opportunity. Now is the time a growing number of international brands
for brands to make an impression in this to gravitate toward this fast-growth market
emergent economy. and make a beeline for one of Asias
hidden gems.
161
RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

The BrandZ China BrandZ Brand

Insights Reports Building Tools
IN-DEPTH BRAND-BUILDING INTELLIGENCE ABOUT TODAYS CHINA
The opportunity to build brands in
China is greater than ever. But so are
the challenges.

The fastest growth is happening deep

in the country, in less well-known
cities and towns. Consumers are more
sophisticated and expect brands to
deliver high-quality products and
services that show real understanding
of local market needs.
WPP has been in China for over 40
years. We know the Chinese market
in all its diversity and complexity. This
experience has gone into our series of
BrandZ China reports. They will help
you avoid mistakes and benefit from the
examples of successful brand builders.
Unmasking the Individual Chinese Investor
This exclusive new report provides the first
detailed examination of Chinese investors,
what they think about risk, reward and the
brands they buy and sell. This will help
brand owners worldwide understand market
dynamics and build sustainable value.
nd Potential of the C nd insight, and forms
part of a growing library of WPP reports
about China. It explores the meaning and
significance of the Chinese Dream for
Chinese consumers as well as its potential
impact on brands.
TrustR
Engaging Consumers in the
Post-Recession World
Trust is no longer enough. Strong brands
inspire both Trust (belief in the brands
promise developed over time) and
Recommendation (current confirmation of
that promise). This combination of Trust plus
Recommendation results in a new metric
called TrustR.
RepZ
Maximizing Brand
and Corporate Integrity
Major brands are especially vulnerable to
unforeseen events that can quickly threaten
the equity cultivated over a long period
of time. But those brands with a better
reputation are much more resilient. Four key
factors drive Reputation: Success, Fairness,
Responsibility and Trust. Find out how your
brand performs.
CharacterZ
Brand personality analysis
deepens brand understanding
Need an interesting and stimulating way to
engage with your clients? Want to impress
them with your understanding of their brand?
A new and improved CharacterZ can help! It
is a fun visual analysis tool, underpinned by
the power of BrandZ, which allows detailed
understanding of your brands personality.

SocialZ is the new social media data visualisation

BrandZ Top 30 Chinese
Global Brand Builders 2017
This groundbreaking study aims its
radar at the edge of the Chinese brand
universe, exploring developed country
markets where only a few Chinese
brands have dared to go so far.
The Chinese Golden Weeks
in Fast Growth Cities
Using research and case studies, the
report examines the shopping attitudes
and habits of Chinas rising middle class
and explores opportunities for brands
in many categories.
product from BrandZ that enables you to
The Chinese New Year easily track, visualise and present a data-driven
in Next Growth Cities
The report explores how Chinese families
approach using the real-time view of social
celebrate this ancient festival and describes landscape surrounding any brand.
how the holiday unlocks year-round
opportunities for brands and retailers,
especially in Chinas lower-tier cities.

Only available via your WPP Agency

162 163
RESOURCES

BRANDZ REPORTS, BRANDZ ON THE MOVE

APPS AND IPAD MAGAZINES

The BrandZ Get this new report - BrandZ Top 50 Latin American
Brands 2017 - on your smartphone or tablet.

Industry Insights Reports Download mobile apps for other important BrandZ reports,
including: Top 100 Most Valuable Global Brands 2016, Top 100 Most
Valuable Chinese Brands 2016, BrandZ Top 30 Chinese Global
Brand Builders 2017, Top 50 Most Valuable Indian Brands 2016, Top
50 Most Valuable Indonesian Brands 2016, along with Spotlight on
Myanmar and Spotlight on Mongolia.

To download the mobile apps for these and other BrandZ reports
go to www.brandz.com/mobile (for iPhone and Android).

BrandZ is the worlds largest and most reliable customer-focused

source of brand equity knowledge and insight.

To learn more about BrandZ data or studies, or view one of our

industry insight videos, please visit www.BrandZ.com, or contact
any WPP company.

LEADERS IN THE HOT SEAT BrandZ Top 25 Most Valuable

Behind the brands that shape lives and build value Global Retail Brands 2016/2017

Interviews with chief marketing officers from some of
the worlds most valuable global brands reveal the
ingredients of brand strength, value and longevity.
Shifting shopper habits and evolving priorities are
transforming the retail sector and the balance of
power among retail brands. Insights, analysis,
key trends and retailer profiles support
this exclusive WPP report.

164
RESOURCES
WPP COMPANY CONTRIBUTORS
These companies contributed
knowledge, expertise and
perspective to the report
COHN & WOLFE
Cohn & Wolfe, a global communications
agency, builds brands and corporate
reputations through an uncompromising
commitment to creativity. The agencys
strategic approach unearths fresh insights
leading to communications solutions that
deliver measurable success. Throughout
its 45- year history, Cohn & Wolfes brand
marketing work and world-class digital
campaigns have attracted top global
brands, winning awards at the Cannes
Health Lions, the Global SABREs and the
Global PRWeek Awards. Cohn & Wolfe has
more than 50 offices across Asia, EMEA,
Latin America and North America, and has
been named a Best Place to Work by The
Holmes Report, PRWeek and PRNews.
www.cohnwolfe.com
Patricia Ramrez
General Manager
Patricia.Ramirez@cohnwolfe.com.mx
168
GEOMETRY
Geometry Global, the worlds largest
and most international brand activation
agency, drives conversion, action
and purchase through award-winning
programs that change behavior and inspire
people to buy well. With teams in 56
markets, Geometry Global has expertise in
shopper, digital, experiential, relationship,
promotional and trade marketing.
Geometry Global is a WPP company.
www.geometry.com
Paula Bernasconi
Regional Director,
Business Development
Paula.Bernasconi@ogilvy.com
GREY
Grey Group ranks among the largest global
communications companies. Under the
banner of Grey Famously Effective Since
1917, they continue to break new ground in
brand experience across every platform and
create lasting consumer connections. The
agency serves a blue-chip client roster of
many of the worlds best known companies:
Procter & Gamble, GlaxoSmithKline,
Honda, Mitsubishi, BCA, Orang Tua Group
to name a few. Grey offers complete service
covering advertising, activation, shopper
marketing and digital.
www.grey.com/latam
Patricia Quintero
Director Business
Development LatAm
Patty.Quintero@grey.com
GROUP M
GroupM is the leading global media
investment management company serving
as the parent to WPP media agencies
including Mindshare, MEC, MediaCom,
Maxus, and Essence, as well as the
programmatic digital media platform, Xaxis,
each global operations in their own right
with leading market positions. GroupMs
primary purpose is to maximize performance
of WPPs media agencies by operating as
leader and collaborator in trading, content
creation, sports, digital, finance, proprietary
tool development and other business-
critical capabilities. GroupMs focus is to
deliver unrivaled marketplace advantage to
its clients, stakeholders and people.
www.groupm.com
Cynthia Evans
Latin America Director of Insights
Cynthia.Evans@groupm.com
KANTAR MILLWARD BROWN KANTAR TNS
Kantar Millward Brown is a leading global
research agency specialising in advertising
effectiveness, strategic communication,
media and brand equity research. Kantar
Millward Brown helps clients grow great
brands through comprehensive research-
based qualitative and quantitative solutions,
embracing the latest technologies and
leveraging them to develop new products
and services to help marketers compete
and win today and in the future. Part of
Kantar, WPPs data investment management
division, Kantar Millward Brown operates in
more than 55 countries.
www.millwardbrown.com
Gabriel Castellanos
CEO Hispanic LatAm
Gabriel.Castellanos@kantar.com
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
J. WALTER THOMPSON
J. Walter Thompson Worldwide, the worlds
best-known marketing communications
brand, has been creating pioneering
solutions that build enduring brands
and business for more than 150 years.
Headquartered in New York, J. Walter
Thompson is a true global network with
more than 200 offices in over 90 countries,
employing nearly 10,000 marketing
professionals. The agency consistently
ranks among the top networks in the world
and continues to be a dominant presence
in the industry by staying on the leading
edgefrom hiring the industrys first
female copywriter to developing award-
winning branded content today.
www.jwt.com
Leopoldo (Polo) Garza
New Business Development
Polo.Garza@jwt.com
Kantar TNS is one of the worlds largest
research agencies with experts in over 80
countries. With expertise in innovation,
brand and communication, shopper
activation and customer relationships Kantar
TNS helps clients identify, optimize and
activate the moments that matter to drive
growth for their business. They are part
of Kantar, one of the worlds leading data,
insight and consultancy companies.
www.tnsglobal.com
Gabriel Castellanos
CEO Hispanic LatAm
Gabriel.Castellanos@kantar.com
JUSSI
Jssi is a performance digital agency
located in Sao Paulo, Brazil that is focused
on delivering business results within digital
channels. Created in 2010 with a significant
growth year after year Jssi is the leading
online performance, programmatic and
conversion digital agency in Brazil. With
a goal driven thinking approach Jssi
applies a digital strategic approach
and cutting edge technologies across a
portfolio of blue chip advertisers.
www.jussi.com.br
Henrique Russowsky
Managing Director
Henrique.Russowsky@jussi.com.br
KANTAR VERMEER
Kantar Vermeer is the only global
marketing consultancy that helps
managing and optimizing brand value.
Specialize in understanding stakeholders
commercial potential, anticipating the
financial impact of marketing actions and
developing organizational structures
capable of generating sustained growth.
Kantar Vermeers whole-brain thinking
brings an intrinsically multi-lens approach
to creating solutions for strategic marketing
challenges. Kantar Vermeer is part of WPPs
Kantar, one of the worlds leading data,
insight and consultancy companies.
www.KantarVermeer.com
Eduardo Tomiya
Managing Director
Eduardo.Tomiya@kantarvermeer.com
169
RESOURCES
WPP COMPANY CONTRIBUTORS
KANTAR WORLDPANEL
Kantar Worldpanel is the global expert in
shoppers behavior. Through continuous
monitoring, advanced analytics and tailored
solutions, Kantar Worldpanel inspires
successful decisions by brand owners,
retailers, market analysts and government
organizations globally.
With over 60 years experience, a team of
3,500, and services covering 60 countries
directly or through partners, Kantar
Worldpanel turns purchase behavior into
competitive advantage in markets as diverse
as FMCG, impulse products, fashion, baby,
telecommunications and entertainment,
among many others.
www.kantarworldpanel.com
Sonia Bueno
CEO LatAm
Sonia.Bueno@kantarworldpanel.com
170
MAXUS
Maxus Global is a global network of local
media agencies that embraces technology
and innovation to deliver tangible business
benefits for clients. Maxus has a clear
vision: to lead clients into change and the
brilliant opportunity that change creates.
Maxus delivers meaningful business results
through a mix of smart organic growth
and by strengthening and expanding its
specialist services. Clients include NBCU,
LOral, Church & Dwight, BT, Huawei and
Aldi. Maxus is part of GroupM, the worlds
largest media investment management
group, responsible for nearly one-third of
all media investment worldwide and serving
as parent company for all of WPPs media
agencies. Founded in 2008, Maxus employs
around 3,000 people across 55 countries in
70 offices and has been the worlds fastest
growing media network for six consecutive
years, according to RECMA.
www.maxusglobal.com
Hugo Gmez
CEO
Hugo.Gomez@maxusglobal.com
MINDSHARE
Mindshare is a global media agency network
with billings in excess of US$34.5 billion
(source: RECMA). The network consists of
more than 7,000 employees, in 116 offices
across 86 countries spread throughout North
America, Latin America, Europe, Middle
East, Africa and Asia Pacific. Each office is
dedicated to forging competitive marketing
advantage for businesses and their brands
based on the values of speed, teamwork and
provocation. Mindshare is part of GroupM,
which oversees the media investment
management sector for WPP, the worlds
leading communications services group.
www.mindshareworld.com
Jorge Guglielmone
CEO, Latin America
Jorge.Guglielmone@mindshareworld.com
OGILVY & MATHER
Ogilvy & Mather is one of the largest
marketing communications companies in
the world. It was named the Cannes Lions
Network of the Year for five consecutive
years, from 2012 to 2016; and the EFFIEs
Worlds Most Effective Agency Network
for two consecutive years, 2012 and 2013.
The company comprises of industry
leading units in disciplines including
advertising; public relations; branding
and identity; shopper marketing; digital
and relationship marketing; branded
content and entertainment; and specialist
communications. In Indonesia, Ogilvy
has had a presence since 1972 and has
consistently been a leading agency working
with influential Indonesian and global
brands.
www.ogilvy.com
Paula Bernasconi
Regional Director,
Business Development
Paula.Bernasconi@ogilvy.com
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
WUNDERMAN PHANTASIA
Wunderman is Creatively Driven. Data
Inspired. A leading global digital agency,
Wunderman combines creativity and data
into work that inspires consumers to action
and delivers results for brands. Wunderman
has won multiple creative awards including a
Cannes Lion Grand Prix and in 2015, industry
analysts named Wunderman a leader in
marketing database operations as well as a
strong performer in customer engagement
strategy. Headquartered in New York, the
agency brings together 7,000 creatives, data
scientists, strategists and technologists in
175 offices in 60 markets.
www.wunderman.com
Paul Thorndike
Managing Director
Paul.Thorndike@wunderman.com
WPP is the worlds largest
communications services group
with billings of US$73 billion and
revenues of US$19 billion. Through
its operating companies, the
Group provides a comprehensive
range of advertising and marketing
services including advertising &
media investment management;
data investment management;
public relations & public affairs;
branding & identity; healthcare
communications; direct, digital,
promotion & relationship marketing
and specialist communications.
The company employs 194,000
people (including associates and
investments) in over 3,000 offices
across 112 countries. For more
information, visit www.wpp.com.
WPP was named Holding Company
of the Year at the 2016 Cannes Lions
International Festival of Creativity
for the sixth year running. WPP was
also named, for the fifth consecutive
year, the Worlds Most Effective
Holding Company in the 2016
Effie Effectiveness Index, which
recognizes the effectiveness of
marketing communications. In 2016
WPP was recognised by Warc 100 as
the Worlds Top Holding Company
(second year running).
For more information please
visit www.wpp.com
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RESOURCES
BrandZ Top 50
Latin American Team
DAVID ROTH
CEO, The Store WPP, EMEA and Asia
David.Roth@wpp.com
David Roth is the CEO of the
Store WPP for Europe, the
Middle East, Africa and Asia, and
leads the BrandZ worldwide
project. Prior to joining WPP,
David was main Board Director
of the international retailer, B&Q.
172
IGOR TOLKACHEV
The Store WPP, EMEA and Asia
Igor Tolkachev@wpp.com
Igor Tolkachev manages Business
Development at The Store
WPP and manages BrandZ
worldwide project. He is involved
in the development of content
and overall project management
for BrandZ LatAm Top 50.
EDUARDO TOMIYA
Managing Director, Latin America
Kantar Vermeer
Eduardo.Tomiya@kantarvermeer.com
Eduardo Tomiya is the Managing
Director of Kantar Vermeer Latin
America (ex BrandAnalytics, of
which Eduardo was the founder).
He runs projects on brand valuation
and brand strategy for companies
such as Bradesco, Petrobras, Vale,
Santander, Fiat and O Boticrio.
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017
ANA VALDESPINO ROBERTO DE NAPOLI DOREEN WANG
Marketing Lead of Insights Director, Latin America Global Head of BrandZ
Kantar in Latin America Kantar Vermeer, South America Kantar Millward Brown
Ana.Valdespino@kantar.com Roberto.Napoli@kantarvermeer.com Doreen.Wang@millwardbrown.com
Ana is a marketing manager at Roberto is a Director at Kantar Doreen Wang is the Global Head
Kantar Mexico. She helps with Vermeer. He is responsible for of BrandZ, and a seasoned
project management of the valuation and analysis for the executive with 16 years experience
BrandZ LatAm Top 50 report and BrandZ LatAm 50 rankings and in providing outstanding market
is leading the launch of the report. other ad hoc brand valuation projects. research and strategic consulting
for senior executives in Fortune 500
companies in both the US and China.
With special thanks and appreciation to:
Amandine Bavent, Catalina Bonnet Montoya, Elspeth Cheung, Tuhin Dasgupta,
Lucy Edgar, Jay Makwana, Anthony Marris, Oliver Pacht and Jessica Velasco.
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RESOURCES TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2017

The BrandZ
Brand valuation in Latin America

contact details We help build valuable brands

Our WPP companies have been engaged

in Latin America for nearly 100 years.
Today, approximately 23,000 WPP
professionals including associates work
The brand valuations in the BrandZ Top 50 Most across the region.

Valuable Latin American Brands are produced by They provide the advertising, marketing,
insight, media, digital, retail, shopper
Kantar Millward Brown using market data from marketing, PR, knowledge, insight, and
Kantar Worldpanel, along with Bloomberg. implementation necessary to understand
Latin America and build and sustain
brand value. To learn more about how to
apply this expertise to benefit your brand,
please contact any of the WPP companies
The consumer viewpoint is derived from the BrandZ database. that contributed to this report or contact:
Established in 1998 and constantly updated, this database of brand
analytics and equity is the worlds largest, containing over three Ann Newman
million consumer interviews about more than 100,000 different brands Country Head
in over 50 markets. WPP Latin America
Ann.Newman@wpp.com
For further information about BrandZ
contact any WPP Group company or: For further information about WPP
companies worldwide, please visit:
Doreen Wang www.wpp.com/wpp/companies
Global Head of BrandZ
Kantar Millward Brown or contact:
+1 212 548 7231
Doreen.Wang@millwardbrown.com David Roth
CEO The Store, WPP EMEA and Asia
Martin Guerrieria David.Roth@wpp.com
Global BrandZ Research Director
Kantar Millward Brown
+44 (0) 207 126 5073
Martin.Guerrieria@millwardbrown.com

Elspeth Cheung
Global BrandZ Valuation Director
Kantar Millward Brown
+44 (0) 207 126 5174
Elspeth.Cheung@millwardbrown.com

www.brandz.com
Bloomberg
The Bloomberg Professional service is the source of real-time and historical financial
news and information for central banks, investment institutions, commercial banks,
government offices and agencies, law firms, corporations and news organizations in
over 150 countries. (For more information, please visit www.bloomberg.com)

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 www.brandz.com

Methodology and valuation by