Penneys has knocked long-standing leader Guinness off top spot to claim title of Ireland’s most valuable brand, after recording a 9% rise in brand value to €2.4 billion.
Guinness on the other hand was down 24% to €1.9 billion, according to Brand Finance Ireland's Brand Finance 25 2020 report.
2019 marked a strong year for the retailer which trades outside of Ireland as Primark, with the brand celebrating 50 years in business.
The budget clothing giant, continued to defy the high street’s gloomy slow down with strong sales performances and consistent store openings throughout the year.
Following the closure announcement of its 370 stores, across 12 countries last month, suppliers have been warned that no new orders will be processed, and executive staff’s pay has been cut by up to 50% due to the crisis.
Drinks Brands In Top 10
Drink brands that faired well in the ranking include Baileys which secured the number seven position, after posting a staggering 115% increase in brand value to €1,175 for 2020, the annual report showed.
Jameson which came in at number nine, recorded a 3.3% brand value increase to €995 billion.
Food Brands Dominate
Food brands dominate the ranking with six brands featuring in the top 25.
Glanbia-owned brands thinkThin was down 5% to €330 million, Optimum Nutrition was up 2% to €435 million and BSN showed a 6% brand value increase to €225 million the figures indicated.
With a combined brand value of €991 million, if Glanbia brands were consolidated they would etch into the top 10 in the ranking, the report showed.
Kerry Group (up 16% to €634 million) has two sub brands in the ranking, Denny (down 4% to €145 million) and new entrant Richmond (brand value €134 million).
"According to our COVID-19 analysis, the food sector falls within the low impact bracket, therefore both Glanbia’s and Kerry Group’s brands should be somewhat shielded in the coming year compared to their fellow Irish brands," said Simon Haigh, managing director, Brand Finance Ireland.
"Despite having managed their way through the three and a half years of protracted Brexit uncertainty, the leading Irish brands are now facing even more uncertainty in 2020.
Looking ahead, Haigh said that he anticipated that there will be a limited impact from the COVID-19 pandemic on the food brand owners, Glanbia and Kerry Group, in this year’s top 25 ranking, but the banking (AIB, Bank of Ireland, Ulster Bank), apparel (Penneys/ Primark), and aviation (Aer Lingus and Ryanair) brands face a challenging year ahead.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.