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BrandZ_2015_LATAM_Top50_Report

TOP

50

41 42 43 44 45 46 47

48 49 50

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

TOTAL VALUE OF LATIN

AMERICAN TOP 50 BRANDS

2014

US$ 129 Bil.

+2%

Brand

MOST VALUABLE COUNTRY BRANDS

ARGENTINA BRAZIL

2 brands in the Top 50

US$ 2,644 Mil.

(2% of Total LatAm Value)

11 brands in the Top 50

US$ 32,017 Mil.

(24% of Total LatAm Value)

+71% +5%

% Brand Value Change 2014-2015 % Brand Value Change 2014-2015

Top 3 Argentinian Brands

Top 3 Brazilian Brands

Value

Change

2014-2015

2015

CHILE

US$ 131.9 Bil.

TOP 10 MOST VALUABLE LATIN AMERICAN BRANDS

Beer

US $8,500 Mil.

+20%

% Brand Value Change 2014-2015

Beer

US $8,476 Mil.

+6%

Communication Providers

US $6,174 Mil.

+16%

Banks

US $5,202 Mil.

+25%

7 brands in the Top 50

US$ 19,398 Mil.

(15% of Total LatAm Value)

-23%

% Brand Value Change 2014-2015

Retail

US $4,709 Mil.

-23%

Communication Providers

US $4,423 Mil.

NEWCOMERS

# 49

US $997 Mil.

Banks

# 38

US $1,411 Mil.

Retail

# 42

US $1,118 Mil.

Banks

# 41

US $1,197 Mil.

Beer

# 36

US $1,533 Mil.

Banks

# 46

US $1,069 Mil.

Communication

Providers

1 US $1,575 Mil. 1 US $8,500 Mil. 1 US $4,709 Mil. 1 US $3,672 Mil. 1 US $8,476 Mil. 1

US $1,808 Mil.

2 US $1,069 Mil. 2 US $5,202 Mil. 2 US $3,107 Mil. 2 US $3,476 Mil. 2 US $6,174 Mil. 2

US $1,678 Mil.

3 US $729 Mil. 3 US $4,315 Mil. 3 US $2,845 Mil. 3 US $2,436 Mil. 3 US $4,423 Mil. 3

US $1,479 Mil.

+22%

COLOMBIA MEXICO PERU

9 brands in the Top 50

US$ 19,339 Mil.

(15% of Total LatAm Value)

Top 3 Chilean Brands Top 3 Colombian Brands Top 3 Mexican Brands Top 3 Peruvian Brands

Banks

US $4,315 Mil.

+28%

17 brands in the Top 50

US$ 49,385 Mil.

(37% of Total LatAm Value)

4 brands in the Top 50

US$ 6,073 Mil.

(5% of Total LatAm Value)

-4% +15% +15%

% Brand Value Change 2014-2015 % Brand Value Change 2014-2015 % Brand Value Change 2014-2015

www.brandz.com

Beer

US $4,185 Mil.

+17%

Download the Mobile app www.brandz.com/mobile

Beer

US $3,672 Mil.

+3%

Beer

US $3,604 Mil.

+4%

HIGHEST

RISERS

% - Brand Value Change

2014-2015

# - Ranking Position

$ - Brand Value

Beer

# 30

US $1,859 Mil.

Banks

# 37

US $1,479 Mil.

Banks

# 7

US $4,315 Mil.

Banks

# 40

US $1,236 Mil.

Banks

# 4

US $5,202 Mil.

Communication

Providers

# 6

US $4,423 Mil.

Beer

# 1

US $8,500 Mil.

Beer

# 39

US $1,309 Mil.

Banks

# 34

US $1,636 Mil.

Banks

# 31

US $1,808 Mil.

Source: Millward Brown and BrandZ

+62%

+43%

+28%

+28%

+25%

+22%

+20%

+20%

+19%

+17%

16 17 18 19 20 21 22 23 24 25

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26


LATIN AMERICA

CONTENTS

Colombia............................. 81

Introduction.........................9

Thought Leadership

The Macroeconomic Environment

Gonzalo Fuentes, CEO, .Millward Brown Latin America

LatAm vs. Emerging Markets

Doreen Wang, Global Head of BrandZ, Millward Brown

Overview

Latin American Economic Context

Headline News

Key Findings and Future Trends

Brand Value Distribution by Country

Performance by Indsutry Sector

Comparison With Other BrandZ TM

Brand Valuation Rankings

Top 50 Brands

Argentina............................ 25

Thought Leadership

Argentina Keeps Building its Own Labyrinth

Julio Fresno Aparicio, Managing Director,

Millward Brown, Argentina

Overview

Key Market Facts

The Top 5 Brands Chart

Brand Stories

Thought Leadership

Change Is Inevitable; Development is Optional

Mariana Fresno Aparicio, Client Service Director

Millward Brown, Argentina

The Battle of the Table

Sebastián Corzo, CS Senior Consultant

Millward Brown, Argentina

Brazil ..............................37

Overview

The Top 50 Brands Chart

Key Market Facts

Brand Stories

Thought Leadership

How are Brands Adapting to the

Economic Shift?

Roberto De Napoli, Director of Operations,

Millward Brown Vermeer, South America

Challenges for Brands in the Brazilian Market

Valkiria Garré, Managing Director, Millward Brown Brazil

Crisis or Opportunity?

Aurora Yasuda, Knowledge Management,

Millward Brown, Brazil

Neuroscience: Helping Brands

Make The Connection

Francisco Bayeux, Global Innovations, Millward Brown, Brazil

'Dear Brand, I Recall You.

But I Don't Want To Buy You'

Renato Duo, Strategic Planning Manager

J. Walter Thompson, São Paulo

Chile ...............................65

Overview

The Top 15 Brands Chart

Key Market Facts

Brand Stories

Thought Leadership

Making Progress on a Slower Road

Mauricio Martínez Vázquez, Managing Director,

Millward Brown, Chile

Three New Influences on Chilean Consumers

Marcela Pérez De Arce, Client Service Director,

Millward Brown, Chile and Mauricio Yuraszeck,

Client Service Director, Firefly Millward Brown

Chile Amidst The Perfect Storm

Claudio Apablaza, Business Development Director,

Millward Brown, Chile

"New Media, Old Fashioned Values"

Annetta Cembrano Perasso, CEO, MEC Chile

Overview

The Top 20 Brands Chart

Key Market Facts

Brand Stories

Thought Leadership

Opportunities for Peace

Gabriel Enrique Castellanos, Managing Director,

Millward Brown, Andean Region

Brands in an Ever-Changing Environment:

Time To Be Meaningfully. Distinct!

Oscar Ladino, Group Account Director,

Millward Brown, Colombia

People Hate Our Job

Alvaro Meléndez Ortiz, Planning Director,

Ogilvy & Mather, Colombia

Mexico ...............................97

Overview

The Top 30 Brands Chart

Key Market Facts

Brand Stories

Thought Leadership

A Kaleidoscope of Challenges

and Opportunities

Ricardo Barrueta, Managing Director, .Millward Brown

Mexico, Central America and the Caribbean

Evolving Paradigms in an

Unpredictable Market

Jorge Alagón, Chief Client Solutions Officer Latam,

Millward Brown

Constancy Amidst Chaos

Fernando Alvarez Kuri, Vice President<

Millward Brown Vermeer

How to Grow Great Brands in a

Fast Changing Scenario

Pedro Egea, President & CEO, Grey México

A Story of David and Goliath in

The Digital Media Era

Lilia Barroso, CEO, GroupM México

The Role of PR in Building Strong Brands

Daniel Karam, President & Managing Director,

H+K Strategies Mexico

Creating Great Brands in an

Extreme Market

Gabriela Lijo, General Manager, Lambie-Nairn, México

Peru .............................125

Overview

The Top 12 Brands Chart

Key Market Facts

Brand Stories

Thought Leadership

Exporting Peruvian Brands

Catalina Bonnet Montoya, Managing Director,

Millward Brown, Peru

Has The Slowing Peruvian Economy

Impacted Brand Value?

Olivia Hernández, Client Service Director,

Millward Brown, Peru

Building Meaningfully Differentiated

Brands in Peru

Jeanette Yañez Pajuelo, Account Group Director

Millward Brown, Peru

What's New in Peru's Local Market?

Fidel La Riva Cruz, Country Manager,

Kantar Worldpanel, Peru

From Analytical to 'Curiosytical'

Eduardo Velasco Maximiliano, Managing Director,

MEC Peru

Resources..........................141

Methodology

BrandZ TM Publications

BrandZ TM Mobile

WPP Company Contributors

The BrandZ TM Brand Valuation Contact Details

WPP in Latin America

6 7


LATIN AMERICA

WELCOME

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

A DECADE OF

DEVELOPMENT, A

YEAR OF CHANGE

2015 marks ten years since the first BrandZ

Top 100 Most Valuable Global Brands study was

conducted. In the intervening decade, Millward

Brown has researched and valued over 100,000

brands across 50 country markets, to identify

the drivers of long-term brand value growth.

With each year and each BrandZ Ranking

report published, new insights emerge that

help equip brands – especially the aspiring

newcomers from the fast-growing markets – to

learn from the present and build for the future.

GROWING BRANDS

IN ALTERED

CIRCUMSTANCES

For most of the countries featured in the

BrandZ Top 50 Most Valuable Latin

American Brands 2015, the past year

has seen a continuation of the economic

challenges that began to emerge in

2013/14. For the past two years, the

Latin American region has presented

relatively low GDP growth rates of

around 2%. China’s slowing economy and

turbulence in the global oil industry have

been contributory factors, but political

unrest and uncertainty have also played

their part.

However, even in these testing times,

companies that have strong brands

remain more valuable than the average

of the market. This is illustrated by the

fact that the Top 50 LatAm portfolio

increased 2% in USD, while almost all

economic indices such as GDP, Country

risk and Company’s market value showed

a substantial decrease.

So, what’s the secret to the strong

performance of these brands? There is no

single secret, but what is clear from this

report is that many of them are applying

some or all of the following principles in

order to create differentiation and value:

Be close to consumers

Successful brands are not limiting

themselves to promoting just their

features and benefits but instead are

aiming to reflect the same values as their

consumers. In looking at life through their

customers’ eyes, they are better able to

innovate in ways that will really resonate

with them. This may translate into the

development of new formats, new sales

channels and service centers, or new

sizes or varieties that can maintain the

loyalty ties that the brand has been

building over time.

Create a dialogue through digital

The voice of the consumer is now

clearly heard and amplified through

multiple channels: where once brand

communications were one-way, now

social media gives each individual the

power to praise or reproach. This shift

from monologue to dialogue creates new

possibilities but also pitfalls. The most

successful brands are embracing the

transparency that these open channels of

communications provide and using it to

build stronger, longer-term relationships

with their customers.

Experience counts

Creating or supporting shared

experiences that unite people and make

them feel happy build brand equity

and encourage consumers’ loyalty.

The success of this approach is clearly

demonstrated by the brand in the

number one spot of the BrandZ Top 50

Most Valuable Latin American Brands

2015, Skol. Investment by Skol has been

heavily focused on relationship building

through the interests of the brand’s

target audience, in particular through

sponsorship of music festivals.

Faced with household budget

constraints, consumers need good

reasons to validate their purchasing

decisions. A clearly communicated

brand proposition that reflects its

understanding of the consumers’ needs,

and respect for their freedom to choose,

go a long way towards delivering the

reassurance these consumers are looking

for.

ABOUT BRANDZ TM

This report is 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 nearly 100 years.

Within these companies are specialists

in advertising; insight; branding and

identity; direct, digital, promotion

and relationship marketing; 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 presence

in 112 countries. By connecting all this

talent and wisdom, we explore global

trends and insights that help our clients

in useful and unique ways.

The backbone of all this intelligence

remains the WPP proprietary

BrandZ database, the world’s

largest, customer-focused source of

brand equity knowledge and insight,

and the BrandZ brand valuation

methodology of Millward Brown, a

WPP company.

Other titles in our industry leading

BrandZ resource library include:

the BrandZ Top 100 Most Valuable

Global Brands 2015, the BrandZ Top

100 Most Valuable Chinese Brands

2015; the BrandZ Top 50 Most

Valuable Indonesian Brands 2015.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 learn more, please contact any of

the WPP companies that contributed

expertise to this report. Turn to

the resource section at the end of

this report for summaries of each

company and the contact details of

key executives. Or feel free to contact

me directly.

DAVID ROTH

CEO The Store WPP, EMEA

David.Roth@wpp.com

Twitter: davidrothlondon

Blog: www.davidroth.com

8 9


INTRODUCTION


LATIN AMERICA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THE MACROECONOMIC

ENVIRONMENT:

A CHALLENGE

TO BE OVERCOME

At the beginning of this year, I

had the chance to take part in

an event in Ecuador, attended

by the main entrepreneurs and

celebrities of the country. There,

a famous economist was talking

about “the perfect storm”:

a decrease in global demand,

the collapse in the price of oil

(on which so many countries in

our region depend), and the US

dollar high appreciation.

GONZALO FUENTES

CEO

Millward Brown, Latin America

Gonzalo.Fuentes@millwardbrown.com

In addition to this challenge shared by the whole region,

Mexico and Brazil, the two largest economies in the region,

are facing barely positive scenarios. At the end of July,

Standard & Poor’s kept Brazil’s country risk rating at –BBB,

but changed its outlook from “stable” to “negative”.

In the case of Mexico, the Enrique Peña Nieto administration

was confident that last year’s structural reforms would

boost the country’s economic growth. However, the impact

of these reforms was strongly affected by a difficult

economic and social environment, which led to a very large

cut in public investment and expenditure.

WITH CHALLENGE

COMES OPPORTUNITY!

Although the social and economic environment is

challenging, investment in the creation of great brands is

needed more than ever. This is evidenced by the fact that in

our ranking BrandZ Top 50 Most Valuable Latin American

Brands, the joint value of the 50 main brands in the region

had a 2% increase against last year. The Brazilian beer brand

Skol had a 20% growth, which made it the most valuable

brand in our region.

How can brands continue to grow in such adverse scenarios?

Brands that grow do so because they adapt to the new rules

of the game, they understand how these impact consumers,

and based on this they look for solutions considered

innovative and relevant by their market. Thus, the secret is

simple, but it is the details that count.

A good example of adaptation to a new scenario is the

Mexican brand Bodega Aurrerá. Seeking to respond to the

evolution of demand (consumers with less time “to do the

shopping”, but still looking for inexpensive and local options),

in 2008 it created a format called Bodega Aurrerá Express.

This has helped it to gain share in the informal market, due

to its value proposal: low prices and convenience. In 2014,

Bodega Aurrerá continued this expansion, adding 45 stores

in that format. The success is clear: in a sector with brands

facing important challenges —brand value in the retail

sector as a whole decreased 15%— Bodega Aurrerá had a 10%

value increase.

The new challenge for the retail sector will be related to

the development of e-commerce in our region. In 2014, 110

million Latin Americans made at least one purchase online,

almost 13 million more people than in 2013. This constitutes

a challenge not only for this sector —for brands from other

categories such as Alibaba already present in Brazil— but

also for brands, since the purchase process and the context

are clearly different.

BRANDS AS 'EXPERIENCES'

ACTIVATORS

There is no doubt that consumers are human beings first,

and that some countries in our region are going through a

difficult situation. Brands have the opportunity here to offer

playful experiences that unite consumers and allow them to

enjoy small pleasures, while building equity and encouraging

consumers’ loyalty.

The digital development allows acceleration of this

process and going from “brand image building” to “creating

experiences with brand content”. The trick is doing this

without the brand seeming too intrusive.

Skol is a brand that understands its role is not that of the

main character at the party, so to speak, but a vehicle for

its consumers to have a great time: it takes advantage of

important social events to join the party.

Last years’ events provided an amazing stage to become

this companion: from being the main sponsor of Rock in

Rio, to taking part in the traditional Festas Juninas and the

Brazilian Carnival, and all the way to the Football World Cup,

Skol made great efforts to become part of these playful and

high-engagement moments.

For example:

• This brand invests in more than 2,000 events so as to

“stay close to customers”.

• For the World Cup it created “Albergues-Consulados”

( Embassy Shelters), where consumers were invited to

become Skol ambassadors and receive foreigners in the

different host cities.

• It also used a digital platform to create what was called

“Gringo your selfie”. In this activity Skol asked Brazilian

consumers to take selfies with fans from all the countries

competing in the Cup in less than 24 hours. The prize? A

trip around the world!

To sum up, the changes and challenges our region is facing

constitute opportunities to grow by means of the elements

that have always worked: innovation and relevance. My

advice is that, now that we are tempted by too much

information and all kinds of data, we should not forget the

basics: to be close to our consumers. This book and the

BrandZ Latin American ranking present 50 brands that

seem to understand this quite clearly. Enjoy!

12 13


LATIN AMERICA

LATAM VS. EMERGING MARKETS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

TIPS FOR FUTURE

SUCCESS FOR

BRANDS IN FAST-

GROWING MARKETS

DOREEN WANG

Global Head of BrandZ

Millward Brown

Doreen.Wang@millwardbrown.com

It’s getting harder to enter – and

remain in – the BrandZ Global Top

100 Most Valuable Brands. A total of

58 of the brands ranked in 2006 are

still there, while 42 have been replaced.

Many of the new brands within the ranking are from fastgrowing

markets. The number of Chinese brands in the

BrandZ Global Top 100 has risen from just one in 2006

to 14 in 2015, and their total Brand Power has increased

1,004%. Latin American brand Natura appears in the

personal care sector rankings, and Skol and Brahma rank

in the beer category. The majority of these local brands are

not yet truly globalized, but they’re ambitious and growing

in value extremely fast – and they will change the global

competitive landscape.

In the past 10 years Millward Brown has researched and

valued over 100,000 brands across 50 country markets,

to identify the drivers of long-term brand value growth.

It is these lessons that will equip brands – especially the

aspiring newcomers from the fast-growing markets – to be

the winners over the next 10 years.

BEING DIFFERENT

MAKES A DIFFERENCE

In a world of so much product sameness,

brands which consumers view as

“different” achieve higher value. Those

that have remained in the top half of the

BrandZ ranking over the last 10 years

are scored very highly on “difference”

by consumers, and have grown 124% in

brand value. In contrast, brands in the

bottom half of the ranking score lower

and have increased only 24% in value.

Difference can enable a brand to

command a higher price and yield a

higher profit. It isn’t just about the

product; differentiation can also be found

through purpose, personality, values, and

design. Category leaders like Coca-Cola

and BMW need to guard leadership and

keep refreshing their brand messages

to be always unique. Compared to the

established multinational brands, the

local brands from fast-growing markets

are relatively weak on “difference”, how to

develop a differentiating proposition that

is meaningful to the consumers would be

the key question to answer.

CLEAR PURPOSE FAST-

TRACKS BRAND EQUITY

It’s not enough to be different for the

sake of it. To be meaningful, brands

must have a strong purpose that goes

beyond “making money”, and is inspiring

and relevant to consumers. This means

striving to improve people’s lives in some

way – making them easier, healthier or

more interesting – and if it’s a “higher

purpose” that contributes to making the

world a better place, all the better.

In the digital era in which difference is

harder to achieve, for many brands with

comparable functionality and emotional

appeals, purpose can become a true

differentiator and accelerate brand equity

growth.

INNOVATION

DRIVES SUCCESS

Consumers see brands that set trends

as different and as leaders, and these

perceptions pay dividends. Over 10 years,

the brands that scored highest against

the BrandZ “trend-setting” metric

increased an average of 161% in brand

value, while those that scored lowest

increased only 13%. Many of these brands

are from the technology sector, but we

also see Chipotle, Nike, UPS and PayPal

scoring highly.

To be a trendsetter means anticipating

the directions consumers will want to

go in, identifying the gaps where needs

are unmet, and getting there first. This

is a risky strategy, which a brand can

mitigate by knowing their consumers

well.

LOVE ISN'T ALL

YOU NEED - BUT

IT'S POWERFUL

Love has a multiplier effect. Over the

past decade, the rise in value for brands

scoring high in the BrandZ “love”

metric was 10 times greater than that

of their low-scoring rivals. Love usually

follows great performance and a great

experience – and it’s amplified by social

media. Brands from across categories

score highly on love, from Visa to KFC.

They have one thing in common: they

try to understand the world from the

customer’s point of view.

Innovation and love form a virtuous circle.

A true innovation that makes people’s

lives easier can quickly generate love,

but even the most trendsetting brands

swing between periods of intensive

innovation and iterative progress, when

love provides a ”cushion” until the next

wave of creative development. Microsoft,

a trendsetter now, could do with a dose

of love to balance this out.

To remain competitive through the

next decade, brands from fast-growing

markets, and those aspiring to join

their ranks, should stop seeing brand

building as a cost and view it as an

investment in future financial success.

They need a holistic brand building

system that focuses on every aspect

– from communications to CRM to

creating the whole experience – to

make consumers’ lives better, build

meaningful difference and embrace

disruptive technologies. Brands are a

fabulous investment, and need to be

nurtured and cared for accordingly.

14 15


LATIN AMERICA

OVERVIEW

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THE LATIN AMERICAN

ECONOMIC CONTEXT

In the last two

years the Latin

American region

presented relatively

low GDP growth

rates, around 2%.

This is far removed from the prosperous

scenario seen from 2004 to 2012, when

the rates reached over 5% in many

years, according to CEPAL – Economic

Commission for Latin America and

the Caribbean. In 2014, the region had

a 1.3% GDP growth, the second worst

performance in the last 10 years (in

2009 the region showed a -1.8% GDP

growth, a reflection of the world financial

crisis).

The countries that most contributed

to the slowdown in the economy

performance of the region in 2014 were

Brazil, Argentina and Venezuela. Brazil,

the largest country with around 50% of

participation in the region’s GDP, had

almost a zero growth of 0.1%, Argentina

grew only 0.5% and Venezuela dropped

4.0%. Other important countries in the

region such as Colombia achieved a GDP

growth rate in 2014 of 4.6%, 2.4% for

Peru, while Mexico and Chile registered

2.1% and 1.9% respectively. However,

almost all of these countries, with

the exception of Mexico, have shown

decreasing GDPs in the last two years.

Latin American GDP growth

It was the first time that Latin America grew less than the average of the 34

countries of The Organization for Economic Cooperation and Development (OECD).

5%

5.7%

4.2%

5.3%

5.3%

1.8%

0%

1.3%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

-1.8%

Source: CEPAL

GDP growth

0%

2.7%

2013

2014

0.1%

2.9%

0.5%

4.9%

4.6%

1.4%

3.5%

2.1%

5.8%

6.1%

2.4%

4.6%

4.2%

Brazil Argentina Colombia Mexico Peru Chile

3.1%

1.9%

1.3%

2.6%

Venezuela

Brazil is in bad shape, with political

and economic problems in addition to

inflation. Argentina also faces political

and economic problems, and Venezuela

has had serious problems with internal

supply, high inflation and political issues.

The deceleration of the economy in the

region – decreasing steadily since 2010,

when it reached a high 6.1% GDP growth,

can be explained by the following factors:

1. In the most important countries,

much of the growth in 2010 was

due to the increase in middle class

purchase power and relative stability

of public accounts. Also, prices of

commodities were high and China

grew 2-digits per year – China is a

huge market for Latin American

companies.

2. For the domestic market, factors like

the ascension of middle class and

stability of public policies failed from

2011-2014 and generated a very small

growth in the period. For 2015, the

World Bank is forecasting a worse

scenario, with a GDP growth for Latin

America of merely 0.4%. According to

the bank, the region is practically in

recession.

3. During the same period, prices of

commodities like iron, steel and oil,

decreased substantially. Part of

the problem is the slowing Chinese

economy, but also, in the case of oil,

it was strongly influenced by the

industry context.

In addition to this unfavorable scenario,

Moody’s Investors Service has

downgraded Brazil’s government bond

rating from Baa2 to Baa3, a clear signal

that the country has delivered less

than expected in terms of economic

performance.

Another important index that reflects

the economic instability in Latin

America is the Emerging Markets

Bonding Index – EMBI+, produced by

JP Morgan, which tracks emerging

markets, government debt and

corporate debt asset classes.

Country risk - EMBI +

Almost all the main countries in the

region have risen in terms of risk

(except Chile).

3%

2%

1%

0%

2013 2014 July 2015

Brazil Chile

Mexico Peru

Source: JP Morgan

Colombia

As a consequence of all these factors,

market capitalization of Latin American

public traded companies in the region

suffered a substantial decrease, as

shown in the chart below

The region has to learn how to deal with

the new external context: lower growth

of emerging economies, less dynamism

of developed economies and lower

prices of raw materials. All these factors

greatly affect the economic growth and

development of the region, which require

significant changes to aspects such

as investment levels and productivity

growth with a long-term perspective.

Companies’ Market Value

Market capitalization of Latin American

public traded companies in the region

suffered a substantial decrease.

10%

0%

-10%

-20%

-30%

2013 2014 July 2015

Brazil Ibovespa

Mexico IPC

Source: Bloomberg

Chile IGPA

Peru BVL

Colombia IGBC

Source: CEPAL

-4.0%

16 17


LATIN AMERICA

HEADLINE NEWS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

HEADLINE

NEWS

BRAND VALUE

Total Value of Latin American Top 50 Brands

US$ 131.9 BILLION

Brand Value Change 2014-2015

+2%

Source: Millward Brown and BrandZ

The total value of the BrandZ Top 50

Most Valuable Latin American Brands

2015 increased 2% in comparison to

2014 (US$ 129.2b in 2014 vs. USD

131.9b in 2015), despite the low

economic activity in the region since

2014. This demonstrates that strong

brands can better face difficult periods,

with less damage to the shareholder

value.

If we consider the Top 10 BrandZ

LatAm, the variation was +10% in US$

from 2014 to 2015.

Brands from the Financial Institutions,

Services and Beer, Food & Personal

Care segments performed rather well,

with growth rates of 18%, 11% and 9%,

respectively.

On the other hand, brands from the B2B

and Retail segments performed poorly:

they decreased by 34% and 15% in 2015,

respectively.

THE TOP FIVE BRANDS

For the first time, the most valuable

Latin American brand was Skol, the

Brazilian beer brand that belongs to

Ambev, an AB Inbev company. This

performance reflects the consistency

in brand positioning of Skol, targeting

its products to younger audiences

more willing to adopt a brand for a

lifetime and supporting its strategy

with sponsorships of music festivals,

which has strengthened the brand

relationship with this audience.

Once again Beer, Retail,

Communication Providers and Banks

categories took the top 5 positions:

Skol (Beer – Brazil), Corona (Beer

– Mexico), Telcel (Communication

Providers – Mexico), Bradesco (Banks –

Brazil) and Falabella (Retail – Chile).

BEER MAKES THE

TOP 10 FOR THE THIRD

CONSECUTIVE YEAR

The beer category dominated the

ranking again in 2015, conquering five

of the top ten positions – four of the

brands belonging to AB Inbev: Skol,

Corona, Brahma and Modelo.

Skol, the most valuable Brazilian

brand, had a 20% growth to US$ 8,500

million, followed by Corona, the most

valuable Mexican brand, with a value of

US$ 8,476 million, a 6% growth.

1 US $8,500 Million

2 US $8,476 Million

NEW ENTRIES

The BrandZ Top 50 LatAm

saw six new entrants in 2015:

MEXICO

36

38

41

BRAZIL

42

ARGENTINA

46

Banks

Retail

Beer

Banks

Communication Providers

8 US $4,185 Million

COLOMBIA

49 Banks

9 US $3,672 Million

10 US $3,604 Million

18 19


LATIN AMERICA

KEY FINDINGS AND FUTURE TRENDS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

1

2

3

4

Even in a crisis context, companies that have strong brands

were more valuable than the average of the market: BrandZ

Top 50 LatAm portfolio increased 2% in USD, while almost all

economic indices such as GDP, Country risk and Company’s

Market capitalization showed a substantial decrease.

Most popular brands and local icons in the Latin American

region like Skol (Brazilian Beer), Telcel (Mexican Communication

Provider), Bradesco (Brazilian Bank), Bancolombia (Colombian

Bank), Falabella (Chilean Retail) and Televisa (Mexican

Communication Provider) are examples of brand strategies

focused on the massive middle class and low-end population,

exploring emotional attributes that are heavily associated with

local needs.

According to The Economist magazine, in Europe the foreign

commerce flow inside the European bloc is almost 72%, while

in the Latin American region it is less than 30%. This is one

reason why the BrandZ Top 50 Most Valuable Latin American

Brands 2015 has predominantly local brands. However, this

situation represents a great opportunity for local brands to

expand their operations overseas, breaking geographical and

cultural barriers. Corona (Mexican Beer), Falabella (Chilean

Retail), Claro (Latin American Communication Provider) and

Itaú (Brazilian Bank) are good examples of this movement.

The Financial Institution category had the most impressive

performance in the ranking, growing 18% from 2014 to 2015.

The Brazilian financial market showed a significant recovery

with the M&A operations, which favored the perception of the

current players, together with the reduction in the credit costs

of the Stated-Owned Enterprises (SOE) banks, mainly Banco

do Brasil and Caixa Econômica Federal. Another outstanding

performance was Bancolombia, which increased its value by

16% in the period. The bad news in the category came from the

Chilean banks, due to the economic instability of the country.

BRAND VALUE

DISTRIBUTION

BY COUNTRY

The value distribution by country in the BrandZ Top 50

Most Valuable Latin American Brands 2015 was a repeat

of what happened in 2014: Mexico dominated the ranking,

growing from 33% to 37% share. Brazil remained in second

position, with a steady contribution of 24%.

1. Mexico grew its contribution to the

BrandZ Top 50 Most Valuable

Latin American Brands 2015 for the

third consecutive year, from 33% to

37%. The categories Beer, Food &

Personal Care, Financial Institutions

and Services – which combined

value grew 15%, led this growth. It

is a combination of solid financial

performance with an increase in

the perception of consumers in that

market.

2. Brazil maintained its contribution

to the BrandZ Top 50 LatAm at

24%. The country performed well in

the categories Beer, Food & Personal

Care and Financial Institutions, but

this was neutralized by the weak

performance in the B2B category

that is mainly represented by the oil

company Petrobras (decreased in

75%), which suffered with corruption

and operational problems in 2014.

3. Chile, with a portfolio of BrandZ

Top 50 LatAm based in Retail,

decreased from 20% to 15% from

2014 to 2015. This industry, which

comprises 9 brands in the Top 15

Chilean ranking and represents

almost 60% of the Chilean

ranking, dropped 17%. A more

detailed analysis of this variation

showed that Financial Market

Capitalization decreased 22.8%.

Apparently, a strong brand helps

companies to reduce the impact of

financial valuations within the crisis

context.

4. Colombia, the fourth on the list,

dropped from 16% to 15% due

to a decrease in value from an

important brand, Ecopetrol. On the

other hand, Financial Institutions,

the main category in the country,

increased by 3%.

16%

20%

15%

15%

4%

5%

3%

2%

2014

2015

1%

2%

33%

24%

37%

24%

20 21

Mexico

Brazil

Chile

Colombia

Source: Millward Brown and BrandZ

Peru

LatAm

Argentina


LATIN AMERICA

PERFORMANCE BY INDUSTRY SECTOR

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

Performance by industry sector

11% 7%

33% 35%

15% 16%

19%

2014

Beer, Food & Personal Care

Source: Millward Brown and BrandZ

BEER, FOOD &

PERSONAL CARE

The category has been the main

contributor to the BrandZ Top 50

LatAm for the third consecutive year,

representing 35% of the total value in

2015 (against 33% in 2014). Beer, the

main sub-category, represented 82%

of the category in 2015, against 78%

in the previous year. Brazil, the main

contributor in the sub-category Beer

with participation of 42%, grew 25% in

brand value, followed by Mexico, with

participation of 35% and 15% growth.

This good performance is once again

justified by the capital markets’

financial performance of the owners

of the beer brands of these countries

(Anheuser Busch, Grupo Modelo and

Heineken). The segment has benefited

from the boost in consumption

of popular brands in the region.

According to Euromonitor, since 2008

the consumption of beer in Latin

America has increased by 6% per year.

2015

16%

22% 25%

Financial Institutions

Retail Services B2B

FINANCIAL

INSTITUTIONS

(BANKS AND INSURANCE)

The Financial Institutions category

enhanced its contribution to the

BrandZ Top 50 LatAm, from 22% in

2014 to 25% in 2015. In terms of brand

value, the category had the largest

growth in the ranking (18%). All the

countries that make up the category

showed growth in brand value.

Brazil became the leader of the

Financial Institutions category, with

a participation of 34% (30% in 2014),

a 41% growth in terms of brand value.

Part of this increase is because this

is the first time that BTG Pactual

is on the list. Also, we could see the

results from a consolidation in this

market (mergers that happened in

2010-2013) and also some recovery

of spreads caused by SOE (Stated-

Owned Enterprises) banks (Banco do

Brasil and Caixa) in 2012/2013.

Colombia, the second largest in

the category, saw its participation

decreasing from 39% in 2014 to 33%

in 2015. However, the brand value

of Financial Institutions in Colombia

increased 3% in the period.

Both Mexico and Peru had a growth

in share in the category (from 20% to

21% and from 10% to 11%, respectively).

Mexico grew 32% and Peru 28% in

brand value.

RETAIL

This category, which showed the

highest growth in 2014 (14%),

decreased 15% in 2015.

Chile, one of most mature retail

markets in the region, showed a weak

performance in its brands Falabella

and Sodimac – the Top 2 most

valuable brands in the country. These

decreased 23% and 24%, respectively.

In Brazil the retail segment as a whole

had in 2014 the worst performance

in the last 11 years: it increased

2.2% in 2014 in comparison to 2013

as a reflection of the crisis and a

complete review of the hypermarket

model. Cash&Carry model retailers

like Atacadão and Assai have gained

substantial market share compared

to hypermarkets format.

SERVICES

(COMMUNICATION PROVIDERS

AND AIRLINES)

The Service category (which had

a 4% fall in 2014) increased 11%

in 2015, despite the decrease of

Claro (LatAm communication

Provider, -12%) and LAN (Chilean

Airline, -22%). It benefited mainly

from the Mexican Communication

Provider brands Telcel, Televisa and

Telmex – the Top 3 of the category

– which grew 16%, 22% and 15%,

respectively. The good performance

of these three Mexican brands was

mainly due to financial reasons.

B2B

(ENERGY / OIL AND INDUSTRIAL)

B2B showed again the worst

performance in 2015, a 34% fall

(-19% in 2014), mainly dominated

by the subcategory Energy/Oil,

which decreased 44% due to the fall

in the commodity’s price, exchange

rate depreciation and problems in

terms of corporate governance.

The Mexican cement company

Cemex had an 11% growth, which

compensated for part of this fall.

COMPARISON WITH OTHER

BRANDZ TM BRAND VALUATION RANKINGS

The distribution of the Latin American rankings by category is very distinct in comparison to

the Chinese and the Global rankings, due to the economic specificity of each region. While in

the Latin America rankings generally the most important category is Beer, Food & Personal

Care – mainly explained by the growth of the consumption of popular brands, in both China

and Global rankings, Technology appears as one of the most important categories.

Looking at the evolution from 2014 to 2015,

we can see that Technology has gained

importance in both Chinese and Global

rankings. In China the category grew 50%

(from 16% to 24%), due to important portal

and media companies that have enhanced

2015 Brand Valuation Summary

their operations in the country. In the Global

ranking, Technology, the most important

category, grew 15% (from 27% to 31%). Even

in Brazil, the Technology category is starting

to appear in the ranking – the search engine

Buscapé makes its debut here this year.

Category Latam * Brazil * Mexico * Chile * Colombia * Peru * Argentina * China ** Global ***

Technology 2% 24% 31%

B2B 7% 3% 6% 12% 9% 3% 34% 6% 8%

Beer, Food & Personal Care 35% 47% 37% 2% 33% 48% 16% 6% 11%

Financial Institutions 25% 25% 12% 15% 44% 42% 14% 28% 16%

Retail 16% 11% 19% 61% 3% 5% 0% 14% 8%

Services 16% 12% 26% 10% 10% 2% 36% 19% 13%

Others† 3% 12%

Source: Millward Brown and BrandZ

* BrandZ Top 50 Most Valuable Latin American Brands 2015

** BrandZ Top 100 Most Valuable Chinese Brands 2015 (considering the Top 50)

*** BrandZ Top 100 Most Valuable Global Brands 2015 (considering the Top 50)

2014 Brand Valuation Summary

Category Latam * Brazil * Mexico * Chile * Colombia * Peru * Argentina * China ** Global ***

Technology 16% 27%

B2B 11% 12% 6% 11% 15% 2% 43% 7% 10%

Beer, Food & Personal Care 33% 41% 38% 2% 33% 56% 18% 8% 12%

Financial Institutions 22% 21% 10% 15% 41% 39% 6% 40% 17%

Retail 19% 12% 21% 61% 3% 2% 0% 1% 7%

Services 15% 13% 24% 11% 9% 2% 33% 24% 13%

Others† 3% 15%

Source: Millward Brown and BrandZ

† Cars, Motor Cycles, Motor Fuels, Lubricants, Detergents, Jewelry, Paints, Mosquito Repellents, Real State, Home Appliances, Tobacco, Apparel.

22 23


LATIN AMERICA

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 50 MOST VALUABLE

LATIN AMERICAN BRANDS 2015

Argentina

Brazil

Chile

Colombia

Mexico

Peru

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1

8,500 7,055 4 20%

Beer

14

3,091 2,804 2 10%

Retail

27

2,017 3,446 1 -41%

Oil & Gas

40

1,236 969 2 28%

Banks

2

8,476 8,025 4 6%

Beer

15

3,039 2,748 1 11%

Industry

28

1,940 1,759 1 10%

Banks

41

1,197 - 4

Beer

NEW

ENTRY

3

6,174 5,308 3 16%

Communication Providers

16

3,008 3,426 1 -12%

Communication Providers

29

1,867 2,084 3 -10%

Banks

42

1,118 - 1

Banks

NEW

ENTRY

4

5,202 4,177 2 25%

Banks

17

2,845 2,486 4 14%

Retail

30

1,859 1,145 3 62%

Beer

43

1,108 1,076 5 3%

Beer

5

4,709 6,084 4 -23%

Retail

18

2,795 2,608 3 7%

Food & Dairy

31

1,808 1,540 3 17%

Banks

44

1,107 1,058 2 5%

Retail

6

4,423 3,625 2 22%

Communication Providers

19

2,758 3,181 4 -13%

Oil & Gas

32

1,700 2,236 5 -24%

Personal Care

45

1,072 1,103 3 -3%

Retail

7

4,315 3,376 2 28%

Banks

20

2,757 2,466 2 12%

Food & Dairy

33

1,678 1,630 5 3%

Beer

46

1,069 - 2

Communication Providers

NEW

ENTRY

8

4,185 3,585 4 17%

Beer

21

2,595 3,175 3 -18%

Banks

34

1,636 1,379 4 19%

Banks

47

1,042 1,182 2 -12%

Food & Dairy

9

3,672 3,565 5 3%

Beer

22

2,557 2,687 3 -5%

Retail

35

1,575 1,545 1 2%

Oil & Gas

48

1,039 931 3 12%

Communication Providers

10

3,604 3,477 4 4%

Beer

23

2,436 2,365 4 3%

Beer

36

1,533 - 2

Banks

NEW

ENTRY

49

997 - 2

Banks

NEW

ENTRY

11

3,554 3,097 2 15%

Communication Providers

24

2,398 3,058 4 -22%

Airlines

37

1,479 1,037 3 43%

Banks

50

985 1,262 4 -22%

Retail

12

3,476 3,006 4 16%

Banks

25

2,207 2,494 2 -12%

Banks

38

1,411 - 1

Retail

NEW

ENTRY

Source: Millward Brown and BrandZ

13

3,107 4,107 5 -24%

Retail

26

2,198 2,457 3 -11%

Banks

39

1,309 1,094 4 20%

Beer

24 25


ARGENTINA


ARGENTINA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

ARGENTINA

KEEPS BUILDING ITS

OWN LABYRINTH

KEY FACTS

Capital City

Currency

Buenos Aires

ARGENTINE

NEW PESO

Area 2.78 million km 2

Population (THOUSAND) 418,000 (2014)

Population growth rate (ANNUAL) 0.8% (2010-2015)

ANNUAL GDP AT CURRENT PRICES

Total at current prices: US$ 540 million (2014)

GDP per capita (annual dollars): US$ 12,922 (2014)

Growth rate: 0.5% (2014)

Country’s share in regional GDP: 11.3% (2014)

We are sure about one thing:

after twelve years managing the

country from the Pink House,

the Kirchner family is leaving

the government in December,

after the general elections that

will be held in October. But… are

they going to give up power?

JULIO FRESNO APARICIO

Managing Director

Millward Brown, Argentina

Julio.Aparicio@millwardbrown.com

Either Buenos Aires Province Governor Daniel Scioli, a follower

of Kirchner policies, or Buenos Aires City Mayor Mauricio

Macri – the main representative of the opposition to the

government – will assume the Presidency of the Republic in

a few months. And even though the main question should be

whether they will change the current policies or not, the real

issue is whether they will have the capacity to get rid of the

inherited way of doing politics in Argentina.

The main macroeconomic indicators (GDP, employment,

exports/imports) are not showing a clear reaction. The

industrial activity has been declining for several periods in

a row, and the private sector is not creating many new jobs.

The monetary expansion is not followed by an increase in

the level of reserves at Central Bank, so the currency price is

slowly trickling day by day. On top of that, tax pressure and

the growth in raw material and conversion costs are shrinking

the margins. In spite of the stagnation of consumption,

inflation rates remain amongst the highest in the world,

forcing consumers to boost creativity in order to protect their

purchasing power.

Consumers have been struggling with high inflation rates

since 2008, continuously adapting their consumption

patterns and habits. Nonetheless, the defensive techniques

have evolved and behaviors have become even more

unpredictable.

Life expectancy 76 years (2013)

Literacy rate of 15-24 year olds 99.2% (2012)

Unemployment rate 7.1% (2013)

7.4% (2014)

CONSUMERS ARE SAVING,

NOT SPENDING

Under this political and economic uncertainty, consumers

are much more selective in their spending, and they look for

special prices and promotions before deciding on a purchase.

In 2012 and 2013 there was an impressive demand for

cars, electronic devices and big-ticket items in general as a

defensive strategy for fighting inflation, the devaluation of

the local currency and the reduced financing options. But in

2014 and during the first half of 2015, consumers have been

choosing to save more. In other words, they have turned from

spendthrift to thrifty.

Actually, we are observing two apparently contradictory

trends: more shoppers buying only what they need for the

next few days (careful consumers) and at the same time,

more shoppers buying a large amount of items in wholesalers,

since they recognize that they can save up to 30% by buying

in bulk compared to supermarkets and hypermarkets.

As a consequence of these changes, we are starting to

naturalize peculiar behaviors: a consumer, even from a high

socioeconomic level, might buy a pack of frozen hamburgers

in a hard discount shop, a bottle of Malbec wine in a Chinesearound-the-corner

store, and a six-pack of Coke in a

wholesaler or another supermarket just to save a few pesos.

Net foreign direct investment: US$7.9 billion (2014)

US$4.5 billion (2015)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

QUALITY STILL COUNTS

However, looking for the best deal does not necessarily mean

that quality is less relevant. Argentinian consumers want

no substitutes for self-indulgence and reward; they want to

enjoy the money now, but in a clever and convenient way.

And tourism is a great example of this: many people are

spending money on expensive trips to exotic or glamorous

destinations, but they wait for the right moment to buy the

tickets, in general, after an exhaustive search for promotions

(and of course, paying in twelve installments in local currency,

expecting a devaluation of the peso after the elections.)

In conclusion, despite the negative context you can never

be pessimistic about the long term development of this

market. Regardless of the current difficulties, there are signs

of a great hidden potential: Argentina holds the highest

broadband and smartphone penetration levels in Latin

America, and it ranks third globally in the use of social media

networks, according to ComScore. There are forces merely

sleeping out there, and islands of underdeveloped talent that

only need an initial spark and predictable game rules to get

connected and expand.

28 29


ARGENTINA

KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 5

MOST VALUABLE

ARGENTINIAN

BRANDS 2015

BRAND VALUE

Total Value of Argentinian Brands

US$ 4.6 BILLION

Brand Value Change 2014-2015

+29%

Source: Millward Brown Vermeer

#

Brand

1

2

3

4

5

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1,575 1,545 1 2%

Oil & Gas

1,069 766 3 40%

Communication Providers

729 649 5 12%

656 - 3

Beer

NEW

ENTRY

613 439 3 40%

Banks

Communication Providers

Source: Millward Brown and BrandZ

1 2

PARENT COMPANY YPF

HEADQUARTERS Buenos Aires

INDUSTRY Oil & Gas

YEAR OF FOUNDATION 1922

WEBSITE www.ypf.com

BRAND VALUE US $1,575 million

YPF is Argentina’s leading energy company and largest

fuel producer.

It operates a fully integrated oil and gas business with

leading market positions across the domestic upstream

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 range of petroleum

products, petroleum derivatives, petrochemicals, propane

and bio-fuels. YPF operates a network of more than 1,600

filling stations and has the ability to produce 530,000

barrels of oil daily from 91 production areas transported

by 2,700 kilometers (1,677 miles) of pipeline. The

company was founded in 1922 and operated as a state

run enterprise until 1993 when a public offering reduced

the government’s ownership stake to a minority position.

In 1999, Spain’s Repsol acquired majority ownership

of YPF, but early in 2012 the government reasserted

ownership with a presidential decree to nationalize YPF.

PARENT COMPANY The Telecom Group

HEADQUARTERS Buenos Aires

INDUSTRY Communication Providers

YEAR OF FOUNDATION 1990

WEBSITE www.telecom.com.ar

BRAND VALUE US $1,069 million

Personal is the mobile brand of The Telecom Group.

Personal has 18.2 million customers in Argentina and

nearly 70% of those rely on the company’s prepaid service.

Personal drives brand awareness through sponsorship

of signature events, such as the annual Personal Fest

musical festival that draws roughly 70,000 attendees

over two days. The company offers products for different

segments of the market, from the high end Personal

Black handset to the more value priced Personal Touch

smartphone offering. The brand also seeks to drive

loyalty through its Club Personal program. Personal’s

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 under the symbol TEO

30 31


ARGENTINA

KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

3 4 5

PARENT COMPANY Cervecería y Maltería Quilmes

HEADQUARTERS Buenos Aires

INDUSTRY Beer

YEAR OF FOUNDATION 1890

WEBSITE www.cerveceriaymalteriaquilmes.com

BRAND VALUE US $729 million

PARENT COMPANY Macro Group

HEADQUARTERS Buenos Aires

INDUSTRY Banks

YEAR OF FOUNDATION 1988

WEBSITE www.macro.com.ar

BRAND VALUE US $656 million

PARENT COMPANY The Telecom Group

HEADQUARTERS Buenos Aires

INDUSTRY Communication Providers

YEAR OF FOUNDATION 1990

WEBSITE www.telecom.com.ar

BRAND VALUE US $613 million

Quilmes is Argentina’s best-known beer brand.

Cervecería y Maltería Quilmes is the top brewer in

Argentina and part of the Anheuser-Busch InBev

group’s 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.

Macro is a private bank that has undergone

enormous growth in the last ten years.

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 Suquía,

Banco Nuevo Bisel, and Banco Privado de Inversiones

Banco Tucumán. This ambitious acquisition program

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

outstanding to the private sector. Macro Bank was

listed in the New York Stock Exchange (NYSE) in

2006, becoming the first Argentine company to be

listed abroad since the end of the 1990’s.

Telecom Argentina is one of the main national

telecommunication companies in Argentina.

Telecom Argentina offers local and long distance fixedline

telephony, cellular, data transmission and Internet

services. The company offers mobile service through

its Personal brand and Internet broadband services

through its Arnet brand, which in 2013 launched a video

streaming service called Arnet Play. The increased

bundling of services, coupled with new products and

service introductions, has helped the company achieve

a record low level of customer turnover. Telecom

Argentina is one of the largest employers in the country

with over 15,600 employees nationwide. It began

operations in 1990 after the Argentinian government

completed a transaction allowing for public ownership

of the company, which now trades on the New York

Stock Exchange under the symbol TEO.

32 33


ARGENTINA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

MARIANA FRESNO APARICIO

Client Service Director

Millward Brown, Argentina

Mariana.Aparicio@millwardbrown.com

CHANGE IS

INEVITABLE;

DEVELOPMENT

IS OPTIONAL

We are living in a liquid age, since nothing

seems to be stable, nothing lasts forever.

Suddenly, those things that were safe turned

into something unstable, while some new trends

arose and changed the rules. We all live and

work in the same environment, and in the jungle

of business, those who best adapt to the current

context are the ones who thrive and survive.

The political and economic context poses

short-term challenges and mid-term

uncertainties. But all-level management

is used to facing changes, and brands

in Argentina have mastered the skills

of elasticity. As a result, we see a lot of

examples of brands that look ahead,

despite the success of their past.

CREATING

EVER CLOSER

RELATIONSHIPS

Technological development and its

cascade to a larger population have

enabled a dramatic change, since the new

media environment is shaping the way

we communicate with our friends and

family. By using different applications

and platforms, we are able to talk with

someone who is in China, at no cost, while

sharing files and videos. In this context,

the notion of distance and closeness has

to be redefined. And this also applies to

the relationship between brands and

consumers: What does it mean for a

brand to be close to its consumers? How

can we foster the technical advancement

to get closer? What does it take to

remain meaningful?

Let’s consider some concrete examples

of brands that are surfing the new trends

while tackling specific consumers’ issues:

• In Argentina, Unilever is the

undisputed leader in the personal

care market in general, and in

antiperspirant deodorants for women

in particular, is managing two wellknown

brands: Rexona and Dove.

While taking care of the environment

is an established trend, consumers are

not so willing to spend more money in

favor of eco-friendly products, since

many of them could not meet the

basic functional needs of the category.

But Unilever is challenging this

pattern, because they are launching

smaller packaging which saves raw

materials (less aluminum and others)

but keeps the protective power of the

product, promising to last the same as

the original pack. This bold initiative

requires a clear communication using

a wide range of touchpoints in order

to convey the message in a believable

way. We are confident that with this

Unilever will reaffirm its leadership by

offering a technical solution that keeps

protecting you against perspiration

while setting new trends in the

category.

• Ford Argentina is another illustration

of a brand clearly focused on using

technology as a way to differentiate

from competitors and to command a

premium price. All the recent launches

have endorsed the idea of “Kinetic

Design”, which allowed the parent

brand to leverage all the efforts made

by each model in each segment. The

last campaign successfully introduced

specific features (automatic opening,

push-bottom star, active park assist,

lane-keeping system, automatic brake

at low speed) using an impactful

and synergetic communication that

promoted both the vehicles and the

brand. As a result, Ford remain close

to their customers and challenges

the status quo of the category by

implementing high-end technology.

• There is a preconception that

traditional media such as newspapers

or TV channels are the most

concerned about the development of

new platforms. However, successful

companies are able to see the

opportunity in every crisis, and TV

channel Telefé is proof of that. Instead

of fighting the alternative screens,

they look for ways of integrating

them into their content, thus they

can create a new experience for the

audience. They have launched a mobile

app (Mi Telefé) that allows people to

see exclusive content that enriches

the experience of watching a TV show,

by giving the chance to participate

and to follow “behind the scenes”.

TV Series “Aliados” was a hit among

teenagers, because they could interact

with the story wherever and whenever

they wanted, and they could watch

webisodes before aired.

In conclusion, the key to success is to

embrace technological change in a way

that creates value for the consumers,

making their lives easier and more

enjoyable. Following Socrates’ principle,

the secret of change is to focus all the

energy not on fighting the old, but on

building the new.

34 35


ARGENTINA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THE BATTLE

OF THE TABLE

Try to visualize this for a moment: an independent teenager,

aiming to give the impression of being irreverent and

careless, walks down the street listening to music with

an icy can of a soft drink in his hand. This could be the

stereotyped key visual of an ad for Coke or Pepsi, couldn’t it?

Well, back to the current reality of the Argentinian market,

I bet you won’t easily find any ad like this for Coke nor for

any other soft drink in the frenetic, hectic and multiscreen

media environment.

SIZE MATTERS

The numbers speak for themselves: offtrade

channels account for 93% of soft

drinks volume, and that explains why

the companies are focusing their efforts

on in-home consumption. In order

to increase revenues by selling more

liters, major players have developed

complex price-pack architectures, and

launched bigger bottles. This is the case

with Danone’s Villa del Sur Levité, that

pushed 2.25 liters bottles instead of

the traditional 1.5lt pack. This is great

news for a savvy consumer who looks

for the best deal, because this change

in the bottle size means a higher out of

pocket, but a lower price per liter.

From the communication perspective,

it’s one thing to develop formats

targeted to social occasions, but

creating advertising platforms to win

the battle of everyday lunches and

dinners is a totally different story.

Forget about the celebrities, forget

about the epic music and the majestic

scenery! Now is the time of ordinary

people, sharing an ordinary meal in a

middle-class living room, with a large

bottle of something colorful and tasty

on the table.

Sounds dull? Definitely not! The

resource that most of the companies

have chosen to stand out and gain

differentiation is humor: a wide variety

of jokes and funny situations that

everyone can relate to.

EARNING

THEIR PLACE

I could give you lots of different

examples, but I’d like to highlight the

ones that best identify a distinctive

insight:

1

2

We by Ser, a non-sugar flavored

water brand managed by Danone,

launched the campaign “The angel

of the tables” under the claim

“tables have changed”. The idea is

that in every group of young-adult

friends, you can find someone

with very special preferences, so

disagreements become a special

ingredient of each meeting. H2Oh!,

Pepsico’s flagship in the flavored

water market is adopting a similar

strategy: they developed a campaign

(Silver Effie Award in 2014) in which

a very particular member of a

conservative family causes trouble

in his attempt to bring new flavors of

H2oh! to the table.

Coca-Cola has been working hard

with a “Meals” platform for a couple

of years. The last campaign shows a

rebel rocker girl sitting at the table

complaining about her family. Then

her mom brings her an electric-guitar

shaped fried egg and changes her

mood, helping her to recognize that

in the end family is really important

to her, but in a witty way.

3

Tang, the leader of powder juices,

was challenged by the presence

of new players and substitutes on

the table. With “La mesa de Lucas”

(Lucas’ table) campaign, Mondelez’s

brand tried to reinstate the role

of the kids during lunch or dinner,

since they are the ones who bring

joy to the table. Thanks to a creative

game, Lucas turns a dull moment

into an interactive and dynamic one,

changing the mood of the family.

Tang’s main competitor, the local

brand Arcor, is also attacking the

table but a with more edgy approach,

using an acid humor that focuses on

the conflicts that arise between the

father and his mother-in-law every

time they sit at the table.

To sum up, although many players

may look for ways to increase their

presence during meals so they can gain

market share, not all of them will be

victorious in the battle of the table. It is

necessary to convey relevant messages

to meet the needs of a more demanding

consumer, while commanding a fast

pace of innovation in order to maintain

differentiation. And, as everyone knows,

winning a battle doesn’t guarantee that

you’ll win the war…

SEBASTIÁN CORZO

CS Senior Consultant

Millward Brown, Argentina

Sebastian.Corzo@millwardbrown.com

36 37


BRAZIL


BRAZIL

TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 50 MOST VALUABLE

BRAZILIAN BRANDS 2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1

8,500 7,055 4 20%

Beer

14

779 665 2 17%

Insurance

27

436 287 2 52%

Food & Dairy

40

244 - 2

NEW

ENTRY

Retail

2

5,202 4,177 2 25%

Banks

15

709 422 2 68%

Banks

28

401 345 2 16%

Loyalty Programs

41

224 231 2 -3%

Travel Agencies

3

4,315 3,376 2 28%

Banks

16

607 - 2

NEW

ENTRY

Beer

29

395 - 2

NEW

ENTRY

Technology

42

219 278 1 -21%

Stock Market

4

4,185 3,585 4 17%

Beer

17

605 915 1 -34%

Retail

30

381 609 2 -37%

Retail

43

218 343 4 -36%

Apparel

5

2,757 2,466 2 12%

Food & Dairy

18

558 702 2 -21%

Retail

31

374 328 1 14%

Airlines

44

210 245 3 -14%

Food & Dairy

6

1,859 1,145 4 62%

Beer

19

541 555 1 -3%

Communication Providers

32

369 360 3 3%

Car Rental

45

205 227 1 -10%

Airlines

7

1,700 2,236 5 -24%

Personal Care

20

540 1,005 2 -46%

Food & Dairy

33

320 275 2 16%

Retail

46

198 - 2

NEW

ENTRY

Retail

8

1,309 1,094 4 20%

Beer

21

493 278 2 78%

Loyalty Programs

34

312 320 1 -2%

Health Care

47

198 - 3

NEW

ENTRY

Food & Dairy

9

1,118 896 1 25%

Banks

22

472 509 1 -7%

Health Care

35

310 329 3 -6%

Retail

48

193 235 3 -18%

Apparel

10

1,072 1,103 4 -3%

Retail

23

472 449 3 5%

Retail

36

301 260 2 16%

Education

49

188 - 2

NEW

ENTRY

Retail

11

941 791 1 19%

Payments

24

467 862 1 -46%

Mining

37

268 - 1

NEW

ENTRY

Communication Providers

50

176 199 3 -12%

Airlines

12

843 845 2 0%

Retail

25

457 326 2 40%

Education

38

256 134 3 91%

Retail

Source: Millward Brown and BrandZ

13

821 3,252 1 -75%

Oil & Gas

26

439 434 3 1%

Technology

40 41

39

254 - 4

NEW

ENTRY

Food & Dairy


BRAZIL

KEY FACTS AND BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

1

2

PARENT COMPANY Companhia de Bebidas das Américas – AmBev

HEADQUARTERS São Paulo

INDUSTRY Beer

YEAR OF FOUNDATION 1964

WEBSITE www.skol.com.br

BRAND VALUE US $8,500 million

PARENT COMPANY Banco Bradesco SA

HEADQUARTERS Osasco

INDUSTRY Banks

YEAR OF FOUNDATION 1943

WEBSITE www.bradesco.com.br

BRAND VALUE US $5,202 million

BRAND VALUE

Total Value of Brazilian Brands

US$ 48.4 BILLION

Brand Value Change 2014-2015

+6%

Source: Millward Brown and BrandZ

KEY FACTS

Skol is Brazil’s most popular beer. Its marketing

emphasizes enjoyment of life and appeals especially

to young people.

The brand was launched in 1964 in Europe and in 1967

in Brazil. By 1988, it had risen to become the market

leader for beer in Brazil, a position it still retains.

A pioneer of innovation, in 1971 Skol was the first

canned beer in the market, in 1989 it launched the first

aluminum can and in 1993 the long necked bottle.

Its brand positioning is focused on young people: Skol

has promoted various music festivals throughout Brazil,

which has strengthened the brand with this audience.

3

PARENT COMPANY Itaú Unibanco Holding

HEADQUARTERS São Paulo

INDUSTRY Banks

YEAR OF FOUNDATION 1945

WEBSITE www.itau.com.br

BRAND VALUE US $4,315 million

With the acquisition of HSBC operations in Brazil,

Bradesco became the second largest private bank in

terms of total assets. The bank is the world’s thirtysecond

largest in market capitalization in 2014.

Bradesco offers online banking, insurance, pension

plans, credit card services, savings bonds, and

personal and commercial loans. The bank continues

with its strategy to become Brazil’s most accessible

bank, mainly by having its own branches around

the country. It also intends to reach potential new

customers among the country’s rising middle class.

Bradesco pioneered the sale of insurance and pension

plans through its subsidiary Bradesco Seguros.

4

PARENT COMPANY Companhia de Bebidas das Américas – AmBev

HEADQUARTERS São Paulo

INDUSTRY Beer

YEAR OF FOUNDATION 1888

WEBSITE www.brahma.com.br

BRAND VALUE US $4,185 million

Capital City

Brasília

Currency

REAL

Area 8.51 million km 2

Population (THOUSAND) 202,000 (2014)

Population growth rate (ANNUAL) 0.8% (2010-2015)

Life expectancy 74 years (2013)

Literacy rate of 15-24 year olds 98.6% (2012)

Unemployment rate 5.4% (2013)

4.9% (2014)

ANNUAL GDP AT CURRENT PRICES

Total at current prices: US$ 2.3 trillion (2014)

GDP per capita (annual dollars): US$ 11,612 (2014)

Growth rate: 0.1% (2014)

Country’s share in regional GDP: 49.2% (2014)

Net foreign direct investment: US$ 67.5 billion (2013)

US$ 66 billion (2014)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

Itaú is the largest Brazilian private bank in terms of

total assets, the largest financial conglomerate in

Latin America and the world’s twenty-third largest

bank in terms of market value in 2014.

Established 70 years ago, Itaú evolved to its current

size as a result of the 2008 merger of Banco Itaú 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, Itaú is building on its reputation

for innovation and efficiency, emphasizing personal

service with the tagline Feito para Você (Made for You).

Like its competitor Bradesco, Itaú is also aiming to

attract new customers from Brazil’s rising middle class,

by offering credit cards to individuals who, until now,

lacked access to bank credit.

Brahma is well known for its innovative and witty

advertising that relies heavily on sex appeal.

Brazil’s 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 world’s largest

brewer.

In 2007, Brahma launched the Brahma Fresh in the

Northeast region, in order to compete with low-price

beers.

42 43


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

5

6

9

10

PARENT COMPANY BRF – Brasil Foods SA

HEADQUARTERS Itajaí

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1944

WEBSITE www.sadia.com.br

BRAND VALUE US $2,757 million

PARENT COMPANY Companhia de Bebidas das Américas – AmBev

HEADQUARTERS São Paulo

INDUSTRY Beer

YEAR OF FOUNDATION 1885

WEBSITE www.antarctica.com.br

BRAND VALUE US $1,859 million

PARENT COMPANY BTG Pactual SA

HEADQUARTERS São Paulo

INDUSTRY Banks

YEAR OF FOUNDATION 1981

WEBSITE www.btgpactual.com

BRAND VALUE US $1,118 million

PARENT COMPANY Ultrapar Participações SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1937

WEBSITE www.ipiranga.com.br

BRAND VALUE US $1,072 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 Concórdia SA Indústria e Comércio,

Sadia also produces dairy products and serves

both consumers and commercial customers,

including fast-food chains. Sadia is part of BRF, a

public company formed in 2009 by the merger of

Sadia with another food giant, Perdigão. Exporting

activities began in the 1970s with the sale of frozen

halal-certified chicken to the Middle East.

Antarctica is a leading Brazilian beer and soft drink.

Launched in 1885 in São Paulo, Antarctica adopted

the image of two penguins as its logo in 1935. This

logo continues to symbolize the brand. Antarctica

beer is positioned as “the beer for the good moments

of life.” The brand’s most popular soft drink is a soda

called Guaraná Antarctica made from the tropical

guaraná berry.

In 1999, Antarctica combined with Brazil’s other

large beer brand, Brahma, to form AmBev, which

subsequently joined with Belgium’s Interbrew to

become the world’s largest beer marketer, now

called AB InBev.

BTG Pactual is the leading investment bank in Latin

America.

It was established in 1983 as a brokerage in Rio de

Janeiro. In May 2006, UBS AG purchased Pactual,

creating “UBS Pactual”, the division of UBS in Latin

American countries. In October 2008, a group of

partners left UBS Pactual and joined with Persio

Arida to create BTG, a global investment company

with offices in São 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.

Ipiranga is Brazil’s largest private fuel distribution

company, with a network of approximately 7,100

service stations.

After expanding in rural Brazil during the 1960s and

70s, Ipiranga became a national brand through its

acquisition of Atlantic in 1993. In 2008, Grupo Ultra

bought both Ipiranga (in most regions), and Texaco,

as Chevron was known in Brazil. The collection of gas

stations began to consolidate under the Ipiranga name.

The brand, with its slogan “Passionate about cars, like

every Brazilian” (“Apaixonados por carro, como todo

brasileiro”) is well known by Brazilians. This strong

equity plays a role in swaying consumer decisions in a

highly commoditized category where convenience is

often the key driver.

7

8

11

12

PARENT COMPANY Natura Cosméticos SA

HEADQUARTERS Itapecerica da Serra

INDUSTRY Personal Care

YEAR OF FOUNDATION 1969

WEBSITE www.natura.com.br

BRAND VALUE US $1,700 million

PARENT COMPANY Companhia de Bebidas das Américas – AmBev

HEADQUARTERS São Paulo

INDUSTRY Beer

YEAR OF FOUNDATION 1853

WEBSITE www.bohemia.com.br

BRAND VALUE US $1,309 million

PARENT COMPANY Cielo SA

HEADQUARTERS Barueri

INDUSTRY Payments

YEAR OF FOUNDATION 2009

WEBSITE www.cielo.com.br

BRAND VALUE US $941 million

PARENT COMPANY Lojas Americanas SA

HEADQUARTERS Rio de Janeiro

INDUSTRY Retail

YEAR OF FOUNDATION 1929

WEBSITE www.lojasamericanas.com.br

BRAND VALUE US $843 million

Natura is Brazil’s 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.

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 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 created Ambev. Then in

2004, Belgium-based InterBrew acquired a majority

interest in AmBev to form a new global brewing giant

known as InBev. In 2008 Bohemia became part of a still

larger company known as Anheuser-Busch InBev.

Cielo is the leader in persuading merchants to join

a credit card network, and in handling the payment

process.

Formed in 1995 by several financial organizations,

including Visa International, Bradesco, Banco do Brasil,

Banco Real and the now obsolete Banco Nacional,

Cielo was initially known as Visanet. The company was

renamed in advance of its initial public offering (IPO),

which was one of the largest in Brazil’s history. In an

industry challenged by deregulation, Cielo surpasses its

competition in profitability thanks to its competitive

pricing and reputation for good customer service.

Lojas Americanas operates a national chain of

discount department stores.

One of Brazil’s largest non-food retailers, Lojas

Americanas sells over 60,000 items in categories

including apparel, health and beauty, home

furnishings, and toys. With distribution centers in

São Paulo, Rio de Janeiro, and Recife, the company

has approximately 950 stores in Brazil as well as

an online presence. The brand has a long heritage in

Brazil – it was established in 1929 – and is popular

with consumers from all income groups.

44 45


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

13

14

17

18

PARENT COMPANY Petróleo Brasileiro SA

HEADQUARTERS Rio de Janeiro

INDUSTRY Oil & Gas

YEAR OF FOUNDATION 1953

WEBSITE www.petrobras.com

BRAND VALUE US $821 million

PARENT COMPANY Porto Seguro SA

HEADQUARTERS São Paulo

INDUSTRY Insurance

YEAR OF FOUNDATION 1945

WEBSITE www.portoseguro.com.br

BRAND VALUE US $779 million

PARENT COMPANY Grupo Pão de Açúcar

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1952

WEBSITE www.casasbahias.com.br

BRAND VALUE US $605 million

PARENT COMPANY Grupo Pão de Açúcar

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1948

WEBSITE www.paodeacucar.com.br

BRAND VALUE US $558 million

Petrobras is Latin America’s fourth largest company

in market value and the world’s fourth-largest energy

company in terms of production of oil and gas.

Controlled by the Brazilian government, Petrobras

is publicly traded and operates in 28 countries. The

brand is highly regarded for its deep-sea exploration

and is credited with enabling Brazil to achieve

energy self-sufficiency. The company also operates

oil refineries and a network of gas stations. This

national presence contributes to the brand’s stature

in Brazil, which is also enhanced by its reputation for

social responsibility and high-profile sponsorships of

sporting and cultural events. Since 2014 the company

has suffered problems with falling oil prices, exchange

rate depreciation and corporate governance.

One of Brazil’s leading insurance companies, Porto

Seguro offers a comprehensive portfolio.

With products spanning vehicle, health, accident, life

and personal injury insurance, Porto Seguro offers

policies to individuals, families, companies, and

government agencies in Brazil and Uruguay through

direct and indirect subsidiaries. Since the company

established an alliance with Itaú in 2009, Porto Seguro

products have been available at the bank’s branches.

A retail chain specializing in furniture and

home appliances, Casas Bahia was acquired in

2009 by Grupo Pão de Açúcar.

Since its establishment in 1952, Casas Bahia has

appealed to low-income customers by offering

in-store credit and a reputation for quality and

affordability. The acquisition by Grupo Pão de

Açúcar meant the company was then well placed

to benefit from increased consumer spending

by Brazil’s rising middle class. Since 2010 Casas

Bahia has reached customers throughout Brazil,

with more than 500 stores and a web presence.

Pão de Açúcar is a neighborhood supermarket with a

focus on the middle class consumer.

Pão de Açúcar is part of the giant retail conglomerate

Group Pão de Açúcar, which began as a pastry shop

in 1948 and now includes more than 180 stores. The

brand 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.

15

16

19

20

PARENT COMPANY Banco do Brasil SA

HEADQUARTERS Brasília

INDUSTRY Banks

YEAR OF FOUNDATION 1908

WEBSITE www.bb.com.br

BRAND VALUE US $709 million

PARENT COMPANY Brasil Kirin SA

HEADQUARTERS São Paulo

INDUSTRY Beer

YEAR OF FOUNDATION 1939

WEBSITE www.schin.com.br

BRAND VALUE US $607 million

PARENT COMPANY Vivo Participações SA

HEADQUARTERS São Paulo

INDUSTRY Communication Providers

YEAR OF FOUNDATION 2003

WEBSITE www.vivo.com.br

BRAND VALUE US $541 million

PARENT COMPANY BRF – Brasil Foods SA

HEADQUARTERS Itajaí

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1934

WEBSITE www.perdigao.com.br

BRAND VALUE US $540 million

Banco do Brasil is the oldest active bank in Brazil

and one of the oldest financial institutions in the

world. It is also the largest Latin American bank in

terms of total assets (considering both SOE and

private banks).

Banco do Brasil played an important role during

the global financial crisis in 2008-2009, providing

credit at affordable rates to small- and mediumsized

companies. Founded in 1808 by Prince Regent

João VI to fund the debt of a kingdom that included

Portugal, Brazil, and the Portuguese colonies in

Africa, Banco do Brasil is a publicly traded company

that is controlled by the Brazilian government.

The Schin brand is one of the most popular beers in

the country, with a significant presence in São Paulo

State and the northeast region.

The story began with a small and simple plant in 1939

in São Paulo. At that time, the production line was

limited to soft drinks; it only started producing its first

Pilsen beer in 1989. Today the brand’s product line

consists of beer, draft beer, soft drinks and mineral

water. These are distributed throughout Brazil, as well

as several countries of Mercosur, Asia and Europe.

Japanese Kirin Holdings acquired the Schincariol Group

in 2011.

Vivo is the largest telecommunications company in

Brazil, with over 106 million users: 82.7 million in

mobile (in which it holds the largest market share

29.3% - June/15), and 23.7 million fixed-line users.

As the result of a joint venture between Telefónica, the

Spanish telecommunications provider, and Portugal

Telecom (PT), Vivo invests heavily in advertising to

deliver its message, “Best coverage in Brazil.” In 2010,

Telefónica bought PT’s shares, and Vivo has since

advanced Telefónica’s strategy by building brands

around the convergence of phone, TV, and Internet

communication.

The 2009 merger of Perdigão and Sadia into BRF,

created the world’s largest poultry company.

Perdigão is one of Brazil’s 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 company’s scale

enables it to pursue a low-cost producer strategy.

Established in 1934 as Brandalise, Ponzonie & Cie, the

company changed its name to Perdigão SA in 1958. It

began exporting in 1975 and went public in 1980.

46 47


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

21

22

25

26

PARENT COMPANY Smiles SA

HEADQUARTERS Barueri

INDUSTRY Loyalty Programs

YEAR OF FOUNDATION 1994

WEBSITE www.smiles.com.br

BRAND VALUE US $493 million

PARENT COMPANY UnitedHealth Group

HEADQUARTERS Rio de Janeiro

INDUSTRY Health Care

YEAR OF FOUNDATION 1972

WEBSITE www.amil.com.br

BRAND VALUE US $472 million

PARENT COMPANY Kroton Educacional

HEADQUARTERS Belo Horizonte

INDUSTRY Education

YEAR OF FOUNDATION 1993

WEBSITE www.anhanguera.com

BRAND VALUE US $457 million

PARENT COMPANY TOTVS SA

HEADQUARTERS São Paulo

INDUSTRY Technology

YEAR OF FOUNDATION 1969

WEBSITE www.totvs.com

BRAND VALUE US $439 million

Smiles is engaged in loyalty rewards. It was initially

developed in 1994, as a part of Varig (a Brazilian

airline company that went bankrupt in 2010).

Today Smiles is an independent business unit that

administers, manages and operates exclusively The

Smiles Program’s GOL Linhas Aéreas

The company has partnerships with companies and

various branches of the market providing benefits,

products and services institutions, in addition to

rewards for air services. The Smiles Program has over

10 million members and 150 air and non-air partners.

Amil is the largest provider of managed health care

in Brazil.

From its beginnings in 1972 with the acquisition of

Casa de Saúde São José (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 Amercian

healthcare company, bought Amil operations in 2012.

Anhanguera Educacional is one of Brazil’s largest

private education companies.

Founded in 1994 by a group of professors, Anhanguera

Educacional Participações provides post-secondary

education to prepare individuals for productive roles

in Brazil’s fast-developing economy. 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 world’s largest

educational group with more than 1.4 million students.

TOTVS is Brazil’s largest provider of integrated

information technology solutions and the second

largest in Latin America.

Known for its innovation and high level of customer

service, TOTVS has been growing rapidly and

delivering strong financial results. The company’s

origins date back to a service bureau called SIGA

(Sistemas Integrados de Gerência Automática

Ltda, formed in 1969. In 2006, in advance of an

IPO, the company changed its name from Microsiga

Software SA to TOTVS SA. It is currently the leader

in ERP in Brazil, with 50 percent of market share.

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PARENT COMPANY Iguatemi Empresas de Shopping Centers

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1979

WEBSITE www.iguatemi.com.br

BRAND VALUE US $472 million

PARENT COMPANY Vale SA

HEADQUARTERS Rio de Janeiro

INDUSTRY Mining

YEAR OF FOUNDATION 1942

WEBSITE www.vale.com

BRAND VALUE US $467 million

PARENT COMPANY JBS SA

HEADQUARTERS São Paulo

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1956

WEBSITE www.seara.com.br

BRAND VALUE US $436 million

PARENT COMPANY Multiplus SA

HEADQUARTERS São Paulo

INDUSTRY Loyalty Programs

YEAR OF FOUNDATION 2010

WEBSITE www.multiplusfidelidade.com.br

BRAND VALUE US $401 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, the company initiated its

shopping center activity with the acquisition of

Construtora Alfredo Matias SA. The transaction

included an ownership interest in Iguatemi São

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 shopping center in the southern

region of Brazil – Iguatemi Porto Alegre.

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 percent of its

revenue from iron ore. Diverse mining operations

including copper, bauxite, potash and aluminum

generate the balance of revenues. One of Brazil’s

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 governmentowned,

Vale became a private company in 1997.

Seara is Brazil’s largest exporter of pork meat.

The story began in 1956 in the city of Seara City,

in Santa Catarina (a state in 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 and exporting of bovine, ovine

meat and poultry.

Multiplus provides a network of loyalty programs

across diverse business sectors and currently has

almost 13.8 million participants.

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. In addition to 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.

48 49


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

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PARENT COMPANY Naspers

HEADQUARTERS São Paulo

INDUSTRY Technology

YEAR OF FOUNDATION 1999

WEBSITE www.buscape.com.br

BRAND VALUE US $395 million

PARENT COMPANY Grupo Pão de Açúcar

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1989

WEBSITE www.extra.com.br

BRAND VALUE US $381 million

PARENT COMPANY Lojas Renner SA

HEADQUARTERS Porto Alegre

INDUSTRY Retail

YEAR OF FOUNDATION 1912

WEBSITE www.lojasrenner.com.br

BRAND VALUE US $320 million

PARENT COMPANY OdontoPrev SA

HEADQUARTERS Barueri

INDUSTRY Health Care

YEAR OF FOUNDATION 1987

WEBSITE www.odontoprev.com.br

BRAND VALUE US $312 million

Buscapé is a free search engine for comparing prices

and products and 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. Buscapé establishes

business partnerships with shops, brands and products

and groups and then organizes their goods and services

in an online marketplace, making the purchase process

much quicker and easier for customers. In 2009,

Buscapé sold 91% of its shares to South African media

conglomerate Naspers Limited, through its digital

media company MIH Holdings – a move which has

contributed to the internationalization of the brand.

Extra is a multi-sector banner of Brazil’s largest

retail conglomerate, Grupo Pão de Açúcar.

Extra’s retail portfolio includes over 130 hypermarkets

called Extra Hiper; the convenience store Minimercado

Extra and approximately 204 full-line supermarkets

called Extra Supermercado. The brand also includes

pharmacies called Drogarias Extra, (located within

existing Extra outlets) and operates Extra gas

stations at some retail locations. It runs home

appliance stores and is also present online.

Lojas Renner is Brazil’s largest apparel retailer.

Having expanded rapidly following a public offering

in 2005, 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 became publicly traded in 1967.

OdontoPrev is the largest dental benefits company in

Brazil, with over five 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 approximately 16,000 are specialists

and post-graduates, located in more than 2,000 cities

throughout Brazil. To reach people in the underserved

rising middle class, OdontoPrev recently launched an

initiative to sell dental plans directly to consumers.

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PARENT COMPANY Embraer SA

HEADQUARTERS São Paulo

INDUSTRY Airlines

YEAR OF FOUNDATION 1969

WEBSITE www.embraer.com.br

BRAND VALUE US $374 million

PARENT COMPANY Localiza SA

HEADQUARTERS Belo Horizonte

INDUSTRY Car Rental

YEAR OF FOUNDATION 1973

WEBSITE www.localiza.com

BRAND VALUE US $369 million

PARENT COMPANY Magazine Luiza SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1957

WEBSITE www.magazineluiza.com.br

BRAND VALUE US $310 million

PARENT COMPANY Estácio Participações SA

HEADQUARTERS Rio de Janeiro

INDUSTRY Education

YEAR OF FOUNDATION 1970

WEBSITE www.portal.estacio.br

BRAND VALUE US $301 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 establish

the aviation industry in the country. Privatized in 1994,

the company designs, develops, manufactures and

markets systems and aircrafts. 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 on all

continents. Today it is one of the leading aerospace

exporters in the world.

Localiza operates the largest car rental network in

Brazil.

Localiza began its rental operations in 1973, with six

used and financed Volkswagen Beetles in the city

of Belo Horizonte. Today it has 560 branches in 243

cities throughout Brazil and eight other countries in

Latin America. The expansion beyond Brazil was made

possible by the franchising of Localiza’s branches. Its

total fleet is over 118,000 cars. Localiza also offers

commercial leasing and used car sales.

Magazine Luiza is one of Brazil’s largest appliance

retailers.

The chain focuses on serving the nation’s low-to-middle

income consumers. It employs more than 24,000

people and operates a network of 736 stores. These

stores are located in 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. Brazil’s second

largest online retailer, it is also an innovator in the use

of social media to drive online sales, which grew 40

percent last year and now account for 11 percent of

total company sales.

Estácio is one of Brazil’s largest private-sector postsecondary

groups, in terms of student numbers.

With a strong presence across most of Brazil, Estacio

has more than 500,000 students distributed in

university centers and colleges. There are more than

5,000 teachers offering post-graduate courses,

undergraduate and other educational courses. It is also

well known for offering Summer Courses open to the

community in the months of July and January.

50 51


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

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PARENT COMPANY Global Village Telecom SA

HEADQUARTERS Curitiba

INDUSTRY Communication Providers

YEAR OF FOUNDATION 2000

WEBSITE www.gvt.com.br

BRAND VALUE US $268 million

PARENT COMPANY Raia Drogasil SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1935

WEBSITE www.drogasil.com.br

BRAND VALUE US $256 million

PARENT COMPANY CVC Turismo

HEADQUARTERS Santo André

INDUSTRY Travel Agencies

YEAR OF FOUNDATION 1972

WEBSITE www.cvc.com.br

BRAND VALUE US $224 million

PARENT COMPANY BM&F BOVESPA SA

HEADQUARTERS São Paulo

INDUSTRY Stock Market

YEAR OF FOUNDATION 2008

WEBSITE www.bmfbovespa.com.br

BRAND VALUE US $219 million

GVT is one of the country’s three most recognized

brands in the segment of fixed line and pay TV.

Present in Brazil since 2000, Global Village Telecom

(GVT) was originally a subsidiary of a Dutch company

with the same name and the American companies

ComTech Communications Technologies and RSL. In

2009 GVT was sold to Vivendi, a French media group.

Three years ago GVT was sold to Telefónica.

GVT’s offering spans high speed internet, pay TV, fixed

line and telecom solutions for corporate enterprise.

Drogasil is the fourth largest retail drugstore by sales

revenue in Brazil and has 578 stores throughout

northeast, southeast and midwest regions.

The company has been a retailer of pharmaceutical

healthcare, skin care and personal care products

for the past 75 years. Today it operates more than

280 stores in five Brazilian states and more than 75

cities. In 2011, DrogaRaia and Drogasil merged to

become Raia Drogasil S.A., the largest company in the

pharmaceutical retail segment in Brazil.

CVC is the largest tourism operator in Brazil and

Americas.

CVC was founded in 1972 by Guilherme Paulus and

Carlos Vicente Cerchiari (the CVC brand comes from

the initials of this name). It is based in the city of Santo

André (near capital of São Paulo State).

Over the decades, CVC has expanded its business

into selling tourism packages with air transportation,

and exclusive chartering of transatlantic vessels and

aircraft. It has also opened stores in malls and today

has 936 outlets across the country, as well as a virtual

presence. In 2009, the private equity fund The Carlyle

Group bought a 63.6% stake from Paulus.

BM&F BOVESPA is the leading stock exchange in Latin

America and the second largest in the Americas.

BM&F BOVESPA was created in 2008 through the

integration of the Brazilian Mercantile & Futures

Exchange (BM&F) with the São Paulo Stock Exchange.

BM&F BOVESPA introduced stock investment to

a wider audience while at the same time gaining

credibility in the corporate segment with its record of

successful IPOs.

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PARENT COMPANY Grupo Pão de Açúcar

HEADQUARTERS São Paulo

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 2006

WEBSITE www.taeq.com.br

BRAND VALUE US $254 million

PARENT COMPANY Walmart do Brasil SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 2000

WEBSITE www.bompreco.com.br

BRAND VALUE US $244 million

PARENT COMPANY São Paulo Alpargatas SA

HEADQUARTERS São Paulo

INDUSTRY Apparel

YEAR OF FOUNDATION 1907

WEBSITE www.havaianas.com

BRAND VALUE US $218 million

PARENT COMPANY M Dias Branco

HEADQUARTERS Porto Alegre

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1951

WEBSITE www.adria.com.br

BRAND VALUE US $210 million

Taeq offers a varied range of healthy products.

Currently, the TAEQ brand is divided into segments

covering nutrition, organic, sports and beauty.

Created in 2006, Taeq is an own-brand of the

supermarket network Pão de Açúcar Group.

Research commissioned by the Group identified a

type of consumer looking to lead a healthier life.

These findings prompted the creation of a brand

focused on wellbeing, health and quality of life: Taeq.

(The name comes from the Eastern words “TAO”

(path, balance) and “EKI” (vital energy).

BomPreço, a Walmart Brasil brand, is a traditional

supermarket chain known for quality, convenience

and low prices.

The first BomPreço supermarket began in 1966 in a

small warehouse within the Brazilian northeast. It has

since grown to become one of the largest supermarket

chains in that region.

The input of its parent company, the major North

American retail chain WalMart, has enabled the

technological modernization and the expansion of the

BomPreco network to 61 stores.

Havaianas produces flip-flop sandals, selling around

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.

Adria produces and distributes crackers, cookies,

biscuits, and pasta products.

The brand was established in 1951 in Porto Alegre,

southern Brazil, by a family of Italian immigrants.

In 2001, four companies within the sector (Adria,

Basilar, Isabela and Zabet) integrated to centralize

strategic planning, streamline operational processes

and maximize market opportunities. In 2003, Adria

was acquired by Group M. Dias, a national leader in

the manufacture and sale of biscuits and other food

products.

52 53


BRAZIL

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

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PARENT COMPANY Gol SA

HEADQUARTERS São Paulo

INDUSTRY Airlines

YEAR OF FOUNDATION 2001

WEBSITE www.gol.com.br

BRAND VALUE US $205 million

PARENT COMPANY Raia Drogasil SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 1905

WEBSITE www.drogaraia.com.br

BRAND VALUE US $198 million

PARENT COMPANY Walmart do Brasil SA

HEADQUARTERS São Paulo

INDUSTRY Retail

YEAR OF FOUNDATION 2006

WEBSITE www.mercadotododia.com.br

BRAND VALUE US $188 million

GOL is the second largest airline company for

domestic fights in Brazil.

With its low cost, low fare business model, Gol has

democratized air travel in Brazil and South America.

GOL has a route network 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 key international airlines, such as Delta Airlines,

AeroMexico and Air France.

Droga Raia is Brazil’s fifth largest retail drugstore (by

sales revenue), with a strong presence in southeast,

midwest and southern regions throughout 544 stores.

The story began in 1905 with the opening of Pharmacia

Raia in Araraquara City in the São Paulo state. At that

time, the pharmacist prepared his customer’s medical

prescriptions entirely by hand. The name DrogaRaia

was adopted in 1982 and in 2011, DrogaRaia and

Drogasil merged, becoming Raia Drogasil S.A., the

largest company in Brazil’s pharmaceutical sector.

Todo Dia’s ‘neighborhood store’ format focuses on

providing low-price every day goods to the consumers.

Todo Dia opened in 2006 in the northeast region of

Brazil. Today it is a network of supermarkets and

hypermarkets of approximately 180 stores throughout

the country. A strong sense of corporate social

responsibility means the company gives priority to

hiring people from the communities where it operates.

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PARENT COMPANY JBS SA

HEADQUARTERS São Paulo

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1953

WEBSITE www.friboi.com.br

BRAND VALUE US $198 million

PARENT COMPANY Arezzo Indústria e Comércio SA

HEADQUARTERS Campo Bom

INDUSTRY Retail

YEAR OF FOUNDATION 1972

WEBSITE www.arezzo.com.br

BRAND VALUE US $193 million

PARENT COMPANY TAM SA

HEADQUARTERS São Paulo

INDUSTRY Airlines

YEAR OF FOUNDATION 1961

WEBSITE www.tam.com.br

BRAND VALUE US $176 million

Friboi is the beef brand of JBS Group, the largest

meat processing company in Brazil.

Friboi began in 1953 in Anápolis city in the state of

Goiás, where José Batista Sobrinho started selling

beef in his local neighborhood. Later he moved the

business to Brasilia, then the new capital of Brazil.

Within a decade his company had a presence in

many cities in the central-west region and by the

1980s he was selling beef to supermarkets all over

the country.

Friboi became part of JBS Group in 2007.

Arezzo is a leading retailer of women’s fashion

footwear and accessories.

Two brothers, Anderson and Jefferson Birman, created

the Arezzo brand in 1972. Today the brand focuses on

high quality and contemporary designs, introducing

around eight new collections annually. Currently Arezzo

operates 455 brand franchise stores and 53 own

stores. The Arezzo Company also markets under three

other brands: Schutz, Anacapri and Alexandre Birman.

With the inclusion of these brands, the company is

present at more than 2,700 points of sale.

TAM is the largest airline of Brazil and Latin America.

Although TAM is now known for its domestic and

international passenger service, the airline began in

1961 as an airfreight company, operating small oneengine

planes from its base in Marília in the state of

São Paulo. As the company grew, it acquired regional

carriers and developed a reputation for good customer

service. In 2010, the company signed an agreement

with LAN, the Chilean airline, to form the LATAM Airline

Group.

54 55


BRAZIL

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

HOW ARE BRANDS

ADAPTING TO THE

ECONOMIC SHIFT?

ROBERTO DE NAPOLI

Director of Operations

Millward Brown Vermeer, South America

Roberto.Napoli@millwardbrown.com

Brazil – the largest economy

in Latin America – has seen an

economic decline since 2010 that

has been reflected in the steady

decrease of GDP, according to

Cepal – Economic Commission for

Latin America and the Caribbean.

In 2014 the GDP closed with almost zero growth,

a mere 0.1%. In addition to this low economic

performance scenario, other important events marked

the year such as the presidential elections, the world’s

biggest sporting event – the World Cup FIFA – and the

discovery of the corruption scheme involving the main

oil company in the country, Petrobras.

The Brazilian economic slowdown in 2014 was

mainly caused by the decrease in investments due

to falling domestic production, lower capital goods

importation of machinery and equipment and negative

performance of civil construction. Overall, there was

poor industry performance - a drop of 1.2%, and high

inflation of 6.41%, which reduced consumer purchasing

power. Furthermore, the slowdown in the Chinese

economy affected some industries, as China is an

important market for Brazil.

2014 was a year marked by one of

the toughest electoral disputes in

the country’s history. The elections

occurred in the middle of public

demonstrations where the Brazilians

fought against issues such as

corruption and lack of investments

in health, safety and infrastructure.

The final result was the re-election of

President Dilma Rousseff (Workers’

Party - PT) with the tightest vote

margin since the return of direct

elections in 1989, with only 3

percentage points compared to the

opponent Aécio Neves (Brazilian Social

Democratic Party - PSDB).

In the pre-World Cup period, the

government made strong efforts to

convince everyone that the event

would help boost the local economy,

and bring new opportunities such as

job creation through investment and

the attracting of a large number of

tourists to the country. However, after

the event it was confirmed that the

tournament’s overall effect on GDP was

only negligible.

This environment of political and

economic uncertainties was reflected

in 2014 in the decline in confidence of

the business sector and the constraint

on public finances in Brazil. In the

coming years the real economic growth

is expected to remain low: World Bank

is forecasting a 1.3% GDP growth in

2015 and 1.1% in 2016.

How are the brands dealing with this

economic scenario? It depends on

the category we are referring to.

Brands from the B2B segment like

Petrobras (oil) and Vale (steel) – with

less dependency on the role played

by the brands in the purchasing

decision process when compared to

consumer goods brands – suffered

with the slowing Chinese economy,

which affected the commodities

prices. In addition, Petrobras had

problems related to corruption and

corporate governance. Petrobras

and Vale decreased 75% and 46% in

brand value, respectively, and the

segment as a whole dropped 71%.

The Retail macroeconomic segment

in Brazil experienced its weakest

performance in the last eleven years:

the sales grew only 2.2% in 2014. As

a consequence, the segment showed

a decrease of 2% in comparison to

the previous ranking.

Service was another category that

observed a drop in brand value in

2015, decreasing 5%. The segment

saw the number of brands dropping

from 18 in the previous ranking to 14

in 2015. Moreover, the sub-segments

Health Care, Communication

Providers and Airlines also had a

weak performance in the year.

The good news came from the Beer,

Food & Personal Care and Financial

Institutions categories.

Beer, Food & Personal Care showed a

19% growth in 2015, mainly driven by

the AB Inbev’s beer brands Skol – the

most valuable Brazilian brand, Brahma,

Antarctica and Bohemia, which

combined value grew 23%. On the other

hand, Natura, the cosmetic company,

saw its brand value drop 26%: the

company has seen competitors

increase their sales channels very

quickly.

The recovery in the banking spreads

and the consolidation of M&A

benefited the brands from the

Financial Institutions category, which

grew 26% in terms of value in 2015.

Bradesco and Itaú, which account for

almost 80% of the segment, increased

25% and 28%, respectively.

These two categories – Beer and

Finance – also observed a significant

movement in 2014: some important

brands sought ways to keep their

growth and profitability, such as Skol

and Bradesco, which have focused

their brand strategy on attracting

middle class consumers. This strategy

seems to be paying-off: these two

brands – the top two most valuable

Brazilian brands – raised their brand

values by 20% and 25%, respectively -

impressive performances.

56 57


BRAZIL

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CHALLENGES FOR

BRANDS IN THE

BRAZILIAN MARKET

The BrandZ ranking for the most valuable brands in Brazil

consolidates Skol as a three-time winning brand. Consistent

communication investment by Skol and relationship building

aimed at the brand target’s interests, especially music (music

festivals), are the basis for this success. The ranking also shows

Ambev’s expertise in the proper management of its brand portfolio,

positioning four brands among the ten most valuable in Brazil.

VALKIRIA GARRÉ

Managing Director

Millward Brown, Brazil

Valkiria.Garre@millwardbrown.com

Even in challenging times, the brands in this segment

can still grow in value, and Bradesco and Itaú are

positioned as second and third respectively.

Petrobrás is the brand most significantly affected by

the economic crisis, mainly due to the lack of brand

value. In 2015, it was the brand most impacted by

political issues. In the past the most valuable brand

in Brazil, it has lost 75% of its value, falling back 8

positions in the ranking for 2015. The political issues

and allegations of corruption at the company have also

significantly affected the economy of some Brazilian

regions and cities that were closely linked to the oil

exploration industry.

The slowdown and disruption or freezing

of contracts in the construction

area of major infrastructure projects

have added to the current level of

unemployment.

In a scenario of problems and

challenges, a positive indicator stands

out. Reaping the results of ‘Bolsa

Familia’ — the federal program for

income distribution — the HDI (human

development index) rose one position,

according to UNDP (United Nations

Development Program). It ranks 79th

in the world surpassing the average for

Latin America and the Caribbean.

CONSCIOUS

CONSUMPTION

The government’s social programs

(and specifically the ‘Bolsa Familia’),

combined with easy access to credit and

the economic stability, helped realize

the dreams of many people, giving them

access to aspirational items.

However, the 2015 global economic

crisis coupled with the disruptive

scenario of the local political arena has

created quite a challenging environment

for the economy and for brands.

Affected by the crisis, people had their

earlier dreams shattered. Credit has

become more rare and more expensive,

the level of debt is significant and

the population is under pressure to

practice conscious consumption. This

means buying only what is necessary,

significantly changing purchasing

patterns.

The trading-down process permeates

behaviors in every social class: trading

a trip to Disney for a Brazilian beach;

instead of eating out in restaurants

a shared lunch at family’s or friends’

home; young people crowding the streets

drinking beer kept in coolers; cars

replaced at longer intervals, often for

less aspirational brands or used cars –

there are many more such examples.

This prevailing attitude has also seen the

informal economy grow, with the sale

of homemade products and handmade

items sold by street vendors.

CONCERNS FOR

THE FUTURE

The major change in the economy a

return to very high interest rates and

inflation, which had been under control

for almost two decades.

The economic instability requires

government intervention in the exchange

rate, significantly devaluing the Real

(local currency). This devaluation

positively meets the expectations of the

export market, especially in agricultural

and mineral raw commodities, making

it more competitive. On the other hand,

the devaluation creates challenges in

the investment field especially when it

comes to expanding production capacity.

Brazil still depends on importing

technology and equipment developed

abroad.

With the growth and stability of two

decades slowing down, 2015 is a year of

change. In this landscape, brands may

need to dig deep in order to grow back.

58 59


BRAZIL

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CRISIS OR

OPPORTUNITY?

Ancient Chinese wisdom shows that the words “opportunity” and “crisis”

are complementary concepts, or two sides of the same coin. In the brand

scenario, where major changes take place, this duality represents a

critical moment that requires short-term, effective action without losing

its focus on relationship-building strategy and the brand background.

AURORA YASUDA

Knowledge Management

Millward Brown, Brazil

Aurora.Yasuda@millwardbrown.com

After two decades of economic

stability, the 2015 financial crisis,

combined with the disruptive scenario

of the local political environment, puts

brands at a crossroads never before

experienced. More than ever, flexibility,

creativity, optimism, resilience and

many other adjectives attributed to

Brazilians are the tools that brands

will need too.

Facing new levels of unemployment

and debt, the key words have become

‘conscious consumption’ i.e. buying what

one can currently afford and meeting the

basic needs. This is a significant change

in Brazilians’ buying patterns. A plentiful

table has always meant wealth, power

and happiness.

The most important thing is to

understand consumer needs in this

situation and offer alternatives that can

maintain the loyalty ties that brands

have been building over time. In the

categories without actual differentiation

between brands, it becomes an

interesting trade-off for cheaper brands

and a choice of promotions and sale.

It’s worth nothing that learnings

and historical monitoring of brand

performance by BrandZ show that

promotional and pricing strategies can

undermine brand value, despite being

effective at returning a more immediate

result. And it shows that strong

brands, after a critical situation, more

quickly bounce back to previous levels

as consumers return to their earlier

patterns of consumption and purchase.

ALL TOGETHER NOW

Another seismic shift is being created by

the sharing economy, which emerges as

a great opportunity. ”Sharing” is the new

trend that requires a breaking away from

the traditional business models.

In the sharing economy there is no capital

ownership nor is it subject to government

regulation. Examples of shared

businesses that have challenged the

status quo are AIRBNB and UBER, in the

accommodation and urban transportation

(taxis) businesses respectively.

In these two examples, despite

movements against them, the trend

appears to be permanent. AIRBNB

has even been nominated as a

recognized accommodation source and

recommended for the 2016 Olympic

Games in Rio de Janeiro.

Shared home offices emerge; food items

and cleaning products are collectively

purchased by condominiums, buildings,

family and friends. Sharing is the new

buzzword: share talents in cooking, arts,

crafts and also in professional projects.

Changing the mindset has created new

businesses opportunities.

Will the brands that participate in

the sharing economy be the strongest

brands in the future, following in Google’s

and Facebook’s footsteps? How about

conscious consumption? How can brands

include in their scope and in their offering

something that plays to this perspective?

The 2015 economic and political situation

bring innovation opportunities for brands.

The key is to find a way to both be part of

the sharing economy and meet the need

for conscious consumption without losing

sight of what the brand stands for.

60 61


BRAZIL

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

NEUROSCIENCE:

HELPING BRANDS

MAKE THE

CONNECTION

FRANCISCO BAYEUX

Global Innovations

Millward Brown, Brazil

Francisco.Bayeux@millwardbrown.com

2015 has been a challenging year for Brazil

so far. Inflation is increasing faster than

predicted, and it’s not clear when the

economic downturn will pass.

Maybe this is all a reflection of the

current political crisis in the country

as many expert analysts point to, but

whatever the cause, one thing is a

certainty: brands will need to work hard

to make consumers pay a premium for

them.

And what is the key thing to take into

account to maintain a strong brand in

a scenario like this? Before answering

this question, let’s take one step back

and get some context for the consumer

response to this, which is to understand

how a purchase decision is made.

Neuroscience has taught us that both

the intuitive and reflexive parts of our

brain play a role in decision making,

but that we pay more attention to the

intuitive/automatic portion of our brain.

The reason for this is very clear, it is

because it takes more energy to access

the reflexive portion of our brain.

However, it’s fairly obvious that in

difficult economic periods, people

will think more about the things they

need to buy, be it by questioning the

importance of making that particular

purchase or wondering if they need to

spend less money on certain categories

that they are used to buying.

But this doesn’t mean that in this

scenario brands will need to work

harder on their ‘rational’ justifications of

why they are a good purchase, because

as explained before, people will continue

to initially react instinctively to a brand

before reflecting on the reasons to buy

it. The one thing that gains importance

in this period is making the bridge

between the intuitive associations a

certain brand may have and the rational

arguments of why to buy it.

A WELL

CONNECTED BRAND

The Brazilian beer brand Skol is a great

example to help understand this (once

again, it’s top of this country’s brand

ranking with a positive variation of

20% in its brand value). If you ask any

Brazilian what they think of Skol, they

will probably instantaneously mention

things like ‘fun’, ‘playful’, ‘happiness’,

‘friends’. These associations have been

built over the years that the brand has

been communicating under the ‘Desce

redondo’ big idea (something that

can be translated as ‘easy to drink’).

Making the connection between these

emotional/positioning aspects with

the product functional benefit of being

a light beer to drink really cold is quite

natural. It is in just this kind of situation,

when people are having fun, that

they want to drink a beer with these

characteristics – therefore, the rational

arguments to buy the brand come

even more easily to mind because

of the intuitive, automatic footprint

that it has built, mainly through its

communication efforts.

It is these clear connections

between the brand proposition and

the positive functional benefits

that will help brands maintain a

strong relationship with consumers

as they seek more justification for

their purchasing decisions. And this

may mean an even more important

role for the brand communication

efforts, as it is the best way you can

reinforce or build these associations.

62 63


BRAZIL

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

'DEAR BRAND,

I RECALL YOU.

BUT I DON'T

WANT TO BUY YOU'

RENATO DUO

Strategic Planning Manager

J. Walter Thompson, São Paulo

Renato.Duo@jwt.com

Emotional promises made by

brands are no longer merely passive

messages received by the consumer.

Brand equity is built on relevance of

purpose that is meaningful to the

empowered consumer´s point of view.

You know those awesome emotional

benefits your brand has? The ones that

were generated after a meticulous

decision-making process? Decisions

that included a very complex process

with many costly and timely steps

like: thousands of hours of analysis,

form-filling, an infinite number

of emails, pre-trials, discussions,

rejections, approvals, brainstorming

and what-ifs, inside marketing and

communication departments or

agencies’ communication and branding

rooms.

Is this picture familiar?

Well, it’s better to forget it.

Or, being less apocalyptic: you need to

rethink it.

The new game requires more extensive

perspective and a deeper dive. The

building of positive equity in this

postmillennial, post comments, post

everything era requires more complex

thinking.

In this new world, the borders around

emotional promises are wider. And

easier to breach.

AS A CONSUMER,

I NEED TO BELIEVE

It’s no longer an issue of advertising in

itself. It’s something much bigger, that

goes beyond equity building. Nowadays,

any movement made by the brand

counts. Even the more prosaic decisions

in a production line help to define this

emotional bonding. Building equity is

becoming more and more complex.

Everything brands do in their daily

routines to sustain business has an

enormous influence on the consumers

when they are at the point of sale,

deciding whether to choose the box

on the top or bottom shelf. Nothing

escapes the consumer’s radar.

THE 'BUT' SYNDROME:

A NEW TENSION

IN THE BRAND-

CONSUMER

RELATIONSHIP

My bank is constantly telling me that

it is there when I need it. But they raise

fees every year and I keep reading

how they have been breaking revenue

records.

My mobile phone carrier had very good

reception. But I heard someone in

customer services added an abuse to

the system and that was printed on the

client’s bill.

There’s a delicious yogurt brand. But I

read a blogger talking about the amount

of preservatives used to make it creamy

and that scared me.

There is always a “but”. That’s one of the

results of this hyper-information era.

This tiny little word has damaged many

relationships, especially between brands

and consumers. We are all looking for

relationships that we can hold on to in

the long term to support us, introduce

to our parents and take out to dinner

unashamedly. You wouldn’t do any of

that if you were in doubt, would you?

Relationships between brands, people

and channels are becoming more and

more liquid. It’s up to the brands to pick

up on this fluidity and truly embrace

transparency. After all, perceptions

change at every turn.

J. Walter Thompson Worldwide,

the world’s 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 hold a dominant presence

in the industry by staying on the

leading edge—from hiring the industry’s

first female copywriter to developing

award-winning branded content today.

For more information, follow us @JWT_

Worldwide.

www.jwt.com

64 65


CHILE


CHILE

KEY FACTS AND TOP 15 MOST VALUABLE CHILEAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 15

MOST VALUABLE

CHILEAN BRANDS 2015

BRAND VALUE

Total Value of Chilean Brands

US$ 23.6 MILLION

Brand Value Change 2014-2015

-17%

Source: Millward Brown and BrandZ

#

Brand

6

7

8

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

2,398 3,058 5 -22%

985 1,262 5 -22%

921 987 4 -7%

Airlines

Retail

Retail

9

729 932 5 -22%

Retail

#

Brand

1

2

3

4

5

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

4,709 6,084 5 -23%

3,107 4,107 5 -24%

2,845 2,486 5 14%

2,758 3,181 5 -13%

Retail

Retail

Retail

Oil & Gas

2,595 3,175 3 -18%

Banks

10

11

12

13

14

15

536 550 3 -2%

Banks

459 414 4 11%

Retail

446 557 4 -20%

Beer

427 763 4 -44%

Retail

387 406 2 -5%

Banks

328 348 5 -6%

Retail

KEY FACTS

Capital City

Santiago

Currency

CHILEAN PESO

Area 756 thousand km 2

Population (THOUSAND) 17,770 (2014)

Population growth rate (ANNUAL) 0.8% (2010-2015)

Life expectancy 80 years (2013)

Literacy rate of 15-24 year olds 98.9% (2012)

Unemployment rate 5.9% (2013)

6.4% (2014)

ANNUAL GDP AT CURRENT PRICES

Total at current prices: US$ 258 billion (2014)

GDP per capita (annual dollars): US$ 14,520 (2014)

Growth rate: 1.9% (2014)

Country’s share in regional GDP: 5.4% (2014)

Net foreign direct investment: US$ 9.3 billion (2013)

US$ 9.9 billion (2014)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

Source: Millward Brown and BrandZ

68 69


CHILE

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

1 2 5

6

PARENT COMPANY S.A.C.I. Falabella

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1889

WEBSITE www.falabella.com

BRAND VALUE US $4,709 million

PARENT COMPANY Sodimac SA

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1988

WEBSITE www.sodimac.cl

BRAND VALUE US $3,107 million

PARENT COMPANY Banco de Chile SA

HEADQUARTERS Santiago

INDUSTRY Banks

YEAR OF FOUNDATION 1893

WEBSITE www.bancochile.cl

BRAND VALUE US $2,595 million

PARENT COMPANY Latam Airlines Group SA

HEADQUARTERS Santiago

INDUSTRY Airlines

YEAR OF FOUNDATION 1929

WEBSITE www.lan.com

BRAND VALUE US $2,398 million

Falabella is the leading department store retailer in Chile.

Falabella operates 40 large department stores throughout Chile

and is the leading brand in the retail channel. The brand appeals

to Chile’s more affluent shoppers with a consistently executed

fashion forward merchandising strategy that enables it to remain

the industry leader. The brand’s first store opened in 1958.

Following several decades of expansion throughout Chile, its

presence was extended regionally in the 1990s.

There are now 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.

Homecenter Sodimac is Chile’s Leading Home Improvement

brand.

The Homecenter brand appears on 67 stores throughout

Chile that are focused on serving consumer needs for home

improvement products. The brand is the most prevalent of

the three formats its parent company Sodimac uses to serve

the home improvement, building and construction materials

– a market 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 Valparaíso with building materials. In 1952, the

company became known as Sodimac. It entered the home

improvement retail space in 1988, with the introduction of

the Homecenter brand. In 2003, Sodimac became part of

the Falabella retail conglomerate, which just two years earlier

had bought out Home Depot’s 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.

Banco de Chile is one of the nation’s largest full service

financial institutions.

Banco de Chile is a commercial bank focused on serving

individuals and corporations with traditional banking products

and services. It ranks among Chile’s leading consumer lenders

and originators of mortgage loans. The bank’s branch network

has 441 locations. As part of a plan adopted in 2010, Banco

de Chile is focused on expanding its branch network in areas

outside of Santiago.

Founded in 1893, with the merger of Banco Nacional de

Chile, Banco Agricola and Banco de Valpariso, Banco de Chile

became the nation’s largest privately held bank. The bank

remained privately controlled through the 1970s when the

Chilean government asserted ownership of other Chilean

financial institutions. The bank’s 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.

LAN is Chile’s top airline.

The LAN brand is instantly recognizable throughout Latin

America due to the company’s extensive aircraft fleet,

which features a distinctive blue and white color scheme

and the signature LAN logo in large letters. LAN provides

passenger service to 15 cities in Chile as well as to hundreds of

destinations throughout the Americas and overseas with direct

service and through code share agreements with other carriers

and participation in the Oneworld alliance since 2000. LAN also

operates a cargo business that generates nearly 30 percent

of its revenue. The Chilean government established the airline

in 1929 as Lan Chile SA. In 1989, LAN began a privatization

process that was concluded in 1994. LAN is finalizing a merger

with top Brazilian airline TAM SA that has created a company

known as LATAM Airlines Group SA. With a combined fleet of

more than 300 aircraft, the new company’s aspiration is to

become the 3rd largest carrier in the world.

3 4 7

8

PARENT COMPANY Walmart Chile SA

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1976

WEBSITE www.lider.cl

BRAND VALUE US $2,845 million

PARENT COMPANY Compañía de Petróleos de Chile Copec SA

HEADQUARTERS Santiago

INDUSTRY Oil & Gas

YEAR OF FOUNDATION 1934

WEBSITE www.copec.cl

BRAND VALUE US $2,758 million

PARENT COMPANY Cencosud SA

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1900

WEBSITE www.paris.cl

BRAND VALUE US $985 million

PARENT COMPANY S.A.C.I. Falabella

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 2002

WEBSITE www.tottus.cl

BRAND VALUE US $921 million

The Lider supermarket brand is owned by Walmart.

Lider operates 69 supermarkets and 57 smaller format Express

Lider stores. In early 2009, Wal-Mart Stores, Inc. acquired

a controlling interest in the Lider brand’s parent company,

Distribución y Servicios D&S SA. The following year D&S

changed its name to Walmart Chile SA. Under Walmart’s

ownership, the Lider brand has placed an increased emphasis

on everyday low prices in keeping with the longstanding

strategy of its parent company. In addition, growth of the Lider

brand has taken a backseat to Walmart Chile’s other food

formats, Ekono and SuperBodega aCuenta, which serve the

market in a no frills and limited assortment fashion.

Copec is Chile’s leading fuel brand.

Copec has been in existence for 78 years and is Chile’s best-known

brand of fuel, with an estimated market share of 62 percent.

The company leveraged its petrochemical expertise to enter the

market for lubricants in 1996. To enhance the Copec network of

620 fuel stations, the company created a complementary brand

called Pronto. Pronto describes 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, introduced in 2000.

Paris is the second largest department store brand in Chile.

Spanish entrepreneur José María 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

company’s name reverted to Paris following an acquisition by

retail conglomerate Cencosud.

Paris is the second largest department store brand in Chile

where it operates 36 stores in leading shopping centers. It

appeals to shoppers with a differentiated product assortment

that includes brands from well-known designers complemented

by a range of well-established proprietary brands available in

key categories such as apparel, home and electronics.

Tottus, a network of supermarkets and hypermarkets, was first

established in Peru in 2002, as part of the Falabella group. In

2004, Falabella brought the brand to Chile by acquiring a local

supermarket chain and renaming it Tottus. With 41 outlets in

Chile and 34 in Peru, the Tottus chain includes supermarkets that

sell traditional categories of food and personal care product, and

hypermarkets offering durable goods, white goods, electronics

and homeware.

70 71


CHILE

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

9 10

13

PARENT COMPANY Cencosud SA

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1976

WEBSITE www.jumbo.cl

BRAND VALUE US $729 million

PARENT COMPANY BBVA Group

HEADQUARTERS Santiago

INDUSTRY Banks

YEAR OF FOUNDATION 1981

WEBSITE www.provida.cl

BRAND VALUE US $536 million

PARENT COMPANY Ripley Corp SA Y Subsidiarias

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1956

WEBSITE www.ripley.cl

BRAND VALUE US $427 million

Jumbo was Chile’s first hypermarket chain.

Jumbo opened its first hypermarket in Santiago in 1976. Founded

by German Horst Paulmann, he used Jumbo as a stepping

stone to build parent company Cencosud into what today is

one of Latin America’s dominant retail holding companies.

Currently, there are Jumbo 32 stores in Chile, including 13 in the

Santiago area. The company operates large format stores that

average 8,250 square meters. Cencosud uses the Jumbo brand

for some of its hypermarkets outside of Chile, particularly in

Argentina. The brand offers a broad assortment of merchandise

at low prices. It also offers private brands, backed by a double

guarantee that allows dissatisfied customers a choice of a refund

or double the quantity of a comparable item.

The Pension Fund Administrator Provida (Provida

AFP) is the leading manager of pension funds in

Chile, with 59 branches nationwide.

Founded in 1981, the main business of Provida AFP is

the management of individual capitalization accounts

and the provision of life and disability benefits, such

as senior retirement pensions. In October 2013, the

company was acquired by MetLife Inc., from Banco

Bilbao Vizcaya Argentaria S.A. (BBVA).

Ripley is a major brand within the retail sector in Chile,

operating 39 department stores that sell apparel and

household products.

The company also has a financial services arm that offers credit

cards and other financial services. Brothers Lazaro and Marcelo

Calderón founded Ripley in Santiago in 1956. The brand began

expanding outside of 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 its presence to Peru.

11 12 14

15

PARENT COMPANY Parque Arauco

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1982

WEBSITE www.parquearauco.cl

BRAND VALUE US $459 million

PARENT COMPANY Compañía de Cervecerías Unidas

HEADQUARTERS Santiago

INDUSTRY Beer

YEAR OF FOUNDATION 1902

WEBSITE www.ccu.cl

BRAND VALUE US $446 million

PARENT COMPANY Banco de Crédito e Inversiones

HEADQUARTERS Santiago

INDUSTRY Banks

YEAR OF FOUNDATION 1937

WEBSITE www.bci.cl

BRAND VALUE US $387 million

PARENT COMPANY Cencosud SA

HEADQUARTERS Santiago

INDUSTRY Retail

YEAR OF FOUNDATION 1993

WEBSITE www.easy.cl

BRAND VALUE US $328 million

Parque Arauco was founded 32 years ago and it is the third

largest shopping mall company in Chile. The company has

ambitious plans for international expansion; currently its

portfolio includes 27 shopping centers that operate in Chile,

Peru and Colombia.

Cristal is the leading brand from Chile’s largest brewer.

The Cristal brand has been a market share leader in Chile for

the past 20 years thanks to strong and consistent advertising

support. It is regarded as the flagship brand of Compañía de

Cervecerías Unidas (CCU). The origins of the brand date back

to 1850 when Chile’s first brewery was opened in Valparaíso by

don Joaquín Plagemann. It later merged with other brewers and

in 1902 became Compañía Cervecerías Unidas SA. In 1992, the

company’s shares began trading on the New York Stock Exchange

under the symbol CCU.

Bci specializes in savings & deposits, securities brokerage,

asset management and insurance.

The bank enjoys the distinction of being one of the few

financial institutions that remained private during Chile’s

period of nationalization. Since 1984, Bci has promoted its

positioning statement, “We are different.” The bank reinforces

that brand identity with a distinctive and colorful logo. The

bank was founded in 1937 in Santiago and opened its first

branch, in Valparaíso, in 1956. In 1987 it created its first

subsidiary, Bancrédito Securities SA Agent and in 1999, the

first international branch opened in Miami. Bci’s range of service

offerings, and presence throughout Chile with 300 offices, has

enabled it to remain one of the nation’s most important banks.

Easy is Chile’s second largest home improvement retailer.

The Easy brand was founded in Argentina in 1993 with the

opening of its first home improvement store. The following

year saw the brand enter Chile where it now operates 29 stores

(compared with 39 Easy stores in Argentina). Easy stores

stock roughly 35,000 items and a core aspect of the brand’s

value proposition is low prices. Easy offers a “never pay more,”

guarantee that provides shoppers a 10 percent discount on

comparable items if they find a lower price elsewhere. Easy is

among the leading retail brands owned by Cencosud, Chile’s

largest retail conglomerate.

72 73


CHILE

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

MAKING

PROGRESS ON A

SLOWER ROAD

MAURICIO MARTÍNEZ VÁZQUEZ

Managing Director

Millward Brown, Chile

Mauricio.Martinez@millwardbrown.com

The economic slowdown experienced

by Chile from mid-2014 has resulted

in more cautious consumers. In an

environment full of turbulence and

mistrust, they are more concerned than

ever about making the best decisions.

The question that arises is: What do

the most valuable brands in Chile do to

ride out this atmosphere of distrust and

extreme caution and thus remain leaders

in the market where they compete?

The information we collect from BrandZ

provides interesting answers as to the

elements these brands share and what

they represent to consumers, allowing us to

see their implications for the participating

businesses.

STAYING IN VIEW

First, it is clear that their marketing teams

focus on achieving excellent visibility for

brands and a high level of engagement with

consumers, which enable them to stand

out. This is especially important because,

in times of slowdown and mistrust, people

search for safe options, and these highly

popular and salient brands represent their

best purchase choice.

But that is not all. The most valuable brands

in Chile show a clear balance between

benefits and price. They are brands willing

to keep refining those benefits – usually,

key qualities consumers want to receive –

so they do not need to reduce prices, for

they are perceived as brands whose value is

justified.

Although the most valuable brands have

a long-lasting history in the market, they

also manage to remain relevant because

they understand consumers’ dynamics

and expectations. Thus, they dare to take

new paths, keeping Chileans attentive and

enthusiastic about the road taken.

Consumers’ expressed wish to visit, hire

or purchase a product or service is often

diminished in times of economic difficulties.

However, the most valuable brands take the

opportunity to display a more accessible

face to these consumers, in terms of their

portfolio management, the development

of new formats, new sales channels and

service centers, or new sizes or varieties.

Consequently, most of these brands protect

their volume significantly by preserving their

margins. This perspective is contrary to the

one adopted by brands that choose to work

almost exclusively with the price variable, by

either discounts or promotions. In addition

to sacrificing their margin, they will find it

harder to justify any future increase.

Great brands face the challenge of

transcending and consolidating themselves

in new markets, replicating their meaning

but also presenting themselves as different

and avant-garde. With the path to success

in Chile having become slippery and even

dangerous, moving ahead quickly requires

new scenarios if brands are to utilize their

full power.

74 75


CHILE

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THREE NEW

INFLUENCES ON

CHILEAN CONSUMERS

MARCELA PÉREZ DE ARCE

Client Service Director

Millward Brown, Chile

Marcela.PerezdeArce@millwardbrown.com

MAURICIO YURASZECK

Client Service Director

Firefly Millward Brown

Mauricia.Yuraszeck@fireflymb.com

It is not news that consumers have undergone profound

changes in recent years. Specifically in Chile, these changes

have deepened noticeably in the past two years and are marked

by three essential phenomena: digitalization, both in terms of

social participation and consumption, consumers’ growing lack

of confidence in the economy and institutions, and consumption

premiumization, from coffee and yogurt to jewelry. In the context

of an economic slowdown, the landscape looks extremely

challenging: Consumers want it all, together and conveniently...

How are brands responding to this changing environment?

IN CHILE,

EXPERIENCE RULES

Today in Chile, it is experience that

rules. In terms of either services or

mass consumption products and

retail, consumers prefer those things

that make a mark on their purchase

experience, their consumption, or even

their recall of advertising.

While in some countries salience –

meaning the establishment of a quick

bond with the specific consumption

need – works better, in Chile many

brands have discovered that today’s

consumers demand a more enduring

bond.

It is important to remember that

the three brand strategies (salience,

meaningfulness, and differentiation)

are complementary, and that the

preeminence of one over the other

two is closely linked to the particular

category a brand belongs to. For

example, when it comes to cars, brands

in that category will usually tend to

highlight the driving experience or the

aspiration of being seen driving a certain

car model. But when it comes to soft

drinks, in most countries brands will

tend to automatically relate to thirst

and the need for easy enjoyment.

Meanwhile, luxury brands will look for

differentiation wherever they are.

BRANDS' STRATEGIES

So... what have brands done in Chile? A

growing trend is the emergence of the

“Chilean Premium”. These are initiatives

with a local touch, either Chilean or

Andean, focused on the life in the

neighborhood, trying to relive childhood

memories, or restoring the value of

native cultures, without forgetting

about quality. In other words: mere

experience.

A clear example of success in this line

is Emporio La Rosa: an ice-cream shop

born in a traditional neighborhood in

Santiago that has become a renowned

coffee shop chain. The solidity of the

brand and what it represents has

allowed the presence of its coffee

shops to reach even inside shopping

malls without losing their neighborhood

touch. Food brands such as Tika or

Buka, decoration stores, coffee shops,

beer brewers, and restaurants have

delivered a design of a local quality

experience that does not initially imply

high prices but that can afford to set

prices appropriate to their quality

because they deliver not only a product,

but also an experience connected

with consumers. It seems this trend

will prevail in the future not only

because it has successfully shown its

sustainability, but also because it has

created consumption areas and types of

consumers that previously seemed alien

to those domains. This is a different

commercial attempt, in dialogue with

marketing strategies that are also

different as well, consistently conceived

for all its points of contact with these

neo-consumers. It also relates to the

back to basics concept, since it shows it

can perfectly coexist with high quality

products and services.

Another trend, 100% oriented to

experience is e-shopping, a sphere

where the Dafiti brand has completely

redefined the landscape of clothing

shoppers in Chile. There is no doubt

Dafiti’s consolidation results from a

great shopping experience, accompanied

by low prices, wide variety at a single

site, an easy purchase method, delivery

to any place consumers want, and the

possibility of returning the product

bought and receiving a complete refund.

All of these make Dafiti an addictive

experience. Online purchasing is not

limited to this brand. There are a

potent and growing percentage of retail

sales – particularly large stores and

supermarkets – being made through

this platform. The important thing is

that today digital display reflects a

different purchase experience, one that

meets certain needs and allows a kind of

contact with the brand that exists only

in that medium. The digital world has

its own rules, follows its own patterns,

and establishes specific relationship

codes that also constitute purchase

experiences, rather than canceling them.

Both trends have emerged from

successful strategies aimed at building

meaningful brands for consumers. An

essential part of this formula is the

great experience, but both of them have

also made efforts to fight consumers’

growing mistrust, in a context where

value must be continuously justified.

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CHILE

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CHILE AMIDST THE

PERFECT STORM

In terms of Chile’s sporting performance, 2015 has been the

opposite of 2014. In 2015, the America Football Cup took

place in our country and Chile was the star – unlike the 2014

World Cup in which we were knocked out by Brazil.

The country’s economic situation however looks worse than

before. Consumers’ and entrepreneurs’ expectations are

pessimistic, and there is an additional element: a massive

unveiling of cases of corruption, something new in Chile.

This has destroyed people’s trust in politics, precisely at a

time of structural reforms that require a high degree of trust

in institutions so that these processes can be legitimized.

The picture could not be more different:

we were proud and happy about our

sporting victory, but once the event was

over our feelings were quite the opposite.

1Economic predictions announced a

low growth rate – 3.0% in August,

2014 – but in fact this growth

is even lower than expected:

2.4% in the first quarter of 2015,

according to Banco Central de Chile. The

future does not look any better: current

expectations anticipate a 2.2% growth.

All of this is taking place in the context

of a significant decrease – 25% according

to COCHILCO – in the price of copper,

our main export. Due to the slowdown of

China’s economy, this price is expected

to continue decreasing. There is one

more element: private investment has

already gone into the red.

2

This situation has had an impact

on consumers: sales growth

is about 1%, due exclusively to

clothing and shoes, but sales

of durable goods and even food

have decreased (source: Chile’s National

Chamber of Commerce). Households

have restricted consumption although

their income has not been reduced, and

expectations for them are as low as those

prevailing during the sub-prime crisis.

3Concerning institutions, just

as Chile has been undergoing

the most important process

of structural transformations

in the past 50 years, a political

scandal has emerged as a result of cases

of illegal funding of political campaigns

by companies. For the first time in Chile’s

history, there are serving legislators,

mayors, members of Congress, heads of

political parties, officials and businessmen

facing judicial proceedings, making us

Chileans question our reputation as a

country without major corruption.

What have brands done in this scenario?

Many of them have substantially

reduced their marketing budgets, merely

communicating promotions and low

prices. But there are also brands that

have somehow taken charge of the

situation, for instance communicating

values of transparency and reliability.

Here is a seeming contradiction: a

number of sources present a sustained

premiumisation of consumption.

However, amidst this ‘perfect storm’,

this is not actually a new phenomenon.

Other critical periods have shown that in

times like these, consumers tend to take

refuge in the most solid brands. In this

case, consumers seem to prefer safe

investments, choosing therefore higher

quality products.

In this context of disappointment,

mistrust, and pessimism, those brands

that adapt by making something

different – different even to the

strategies employed during the subprime

crisis – will be the ones riding out

the bad weather.

CLAUDIO APABLAZA

Business Development Director

Millward Brown, Chile

Claudio.Apablaza@millwardbrown.com

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CHILE

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

"NEW MEDIA,

OLD FASHIONED

VALUES"

ANNETTA CEMBRANO PERASSO

CEO

MEC, Chile

Annetta.Cembrano@mecgobal.com

In the last decade, digital media has seen

strong growth: multiple platforms such

as e-readers, tablets and smartphones

present many channels for a continuing

flow of messages, content and images.

In this context, do we still consider TV

the main media for brands to connect to

people´s homes and hearts?

MEC is committed to growth. Growth for our people, our clients and our industry. MEC

pushes the boundaries of what’s possible in order to thrive in Digital / Mobile / Search

/ Social / Performance Marketing / Data / Analytics / Insight / Sponsorship / Branded

Entertainment / Multi-cultural / Content / Retail and Integrated Planning. Our 5,000

highly talented and motivated people work with category-leading advertisers in 93

countries and we are a founding partner of GroupM. #dontjustlivethrive.

www.mecglobal.com

In fact, what we see today is that

instead of being undermined by

digital media, TV has retained its place

as the core brand advertising medium in

all market territories, and promises to

remain so for the foreseeable future.

Although TV has kept its relevance, there

is a transformation happening in the media

environment surrounding it. We see a media

ecosystem characterized by multi-screening and

people accessing their favorite stories through

multiple channels. They are watching open and

cable TV, recording programs or listening to their

favorite music via YouTube; reading newspapers

and watching their preferred content (movie, series

or shows) on their computer; but also in the palm

of their hands – on their cell phones – they are

watching, streaming or downloading video. Social

media travels mouth to mouth in a multi-scale

buzz of instant wonder, novelty and harsh criticism.

Tomorrow’s newspaper or magazine will comment

on the already “old” content, and the circuit of

content-exhibition-conversation will start again.

In this scenario, we believe the way for a brand to

get attention lies in its story and in its capability to

deliver messages that identify with the audience

because they are true and authentic, in harmony

with the brand, and with people’s lives.

A TEST OF CHARACTER

We had an interesting challenge this year as the

media agency of ABASTIBLE, a gas distribution

client. The challenge was intensified because

the rival company is very popular due to a longstanding

advertising campaign featuring a funny

dog that represents Chilean character traits in a

very witty way.

In the course of the year, a major TV national

network broadcast the Master Chef talent show,

looking for the best chef. One of the finalists was

a lady in her eighties, who was immediately liked

by all audiences across age and social brackets

because she – and her excellent cooking –

represented precisely the permanent values and

warmth of a traditional household.

Taking into consideration her charisma and

personal characteristics we chose her as the

main character for our client´s ad campaign. This

campaign features Juanito, the company man,

who delivers the gas bottles to the home of the

lady chef, where humorous and idiosyncratic

situations then take place. TV was selected as the

core medium to broadcast the spots. In addition,

the campaign included social media, internet, radio

and outdoor. Popular newspapers interviewed

Sra. Eliana (Naná), our lady chef, broadening the

impact of the campaign by creating conversations

about her and how the brand continues to

supports her talents. In addition to TV the

campaign used digital and traditional media. The

conversation was held across social media with

radio and newspapers capturing that coverage too.

Emotional engagement through identification with

a main relevant character was the key factor.

The result of this campaign was the recognition

of our client´s brand by the public, diminishing

the previously existing brand gap with its main

competitor.

We believe that as long as great brands discover

simple, identifiable, and relevant core values that

can remain untouched, new and changing media

will always add value to their growth.

80 81


COLOMBIA


COLOMBIA

KEY FACTS AND TOP 20 MOST VALUABLE COLOMBIAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 20 MOST

VALUABLE COLOMBIAN BRANDS 2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

#

Brand

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1

3,672 3,565 5 3%

Beer

11

884 988 3 -10%

Banks

2

3,476 3,006 5 16%

Banks

12

714 794 4 -10%

Retail

3

2,436 2,365 4 3%

Beer

13

695 675 4 3%

Beer

4

2,198 2,457 4 -11%

Banks

14

688 640 3 7%

Airlines

5

6

2,017 3,446 1 -41%

Oil & Gas

1,867 2,084 3 -10%

Banks

15

16

644 620 5 4%

Food & Dairy

402 387 5 4%

Food & Dairy

KEY FACTS

7

8

9

10

1,636 1,379 4 19%

Banks

1,039 931 3 12%

Communication Providers

997 824 2 21%

Banks

905 811 3 12%

Communication Providers

17

18

19

20

377 362 5 4%

Food & Dairy

351 400 1 -12%

343 330 5 4%

318 - 3

Cement

Food & Dairy

NEW

ENTRY

Banks

Capital City

Currency

Bogotá Distrito Federal

COLOMBIAN PESO

Area 1.14 million km 2

Population (THOUSAND) 48,930 (2014)

Population growth rate (ANNUAL) 1.3% (2010-2015)

Life expectancy 74 years (2013)

Literacy rate of 15-24 year olds 98.2% (2012)

Unemployment rate 10.6% (2013)

10.1% (2014)

ANNUAL GDP AT CURRENT PRICES

Total at current prices: US$ 377 billion (2014)

GDP per capita (annual dollars): US$ 7,720 (2014)

Growth rate: 4.6% (2014)

Country’s share in regional GDP: 7.9% (2014)

Net foreign direct investment: US$ 9.1 billion (2014)

US$ 12.1 billion (2014)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

Source: Millward Brown and BrandZ

84 85


COLOMBIA

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

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3

4

BRAND VALUE

Total Value of Colombian Brands

US$ 25.6 BILLION

Brand Value Change 2014-2015

+10%

Source: Millward Brown Vermeer

PARENT COMPANY Grupo Bavaria (SABMiller)

HEADQUARTERS Bogotá

INDUSTRY Beer

YEAR OF FOUNDATION 1913

WEBSITE www.cervezaaguila.com

BRAND VALUE US $3,672 million

One of Colombia’s best-known products, Águila has

over one hundred years of heritage and is a cultural icon.

Águila stems from the city of Barranquilla in 1913 and its

origins can be traced to eternal rivalry between the cities

of Cartagena and Barranquilla. Initially Águila was brewed

by Bavaria S.A., a Colombian company acquired in 2005

by SABMiller. The brand has sponsored the Colombia

national soccer team in every category for over 17 years.

Recently the brand’s alcohol-free version has also gained

traction in the market.

PARENT COMPANY Grupo Bavaria (SABMiller)

HEADQUARTERS Bogotá

INDUSTRY Beer

YEAR OF FOUNDATION 1929

WEBSITE www.cervezapoker.com

BRAND VALUE US $2,436 million

Póker is the largest selling beer brand in Colombia.

It was first brewed in Manizales in 1929 and soon spread to

the Coffee Zone and the Valle del Cauca, becoming the lead

brand in western Colombia. In 2004, Póker began a program

of national expansion, entering Bogotá and the center of the

country and achieving rapid growth. A line extension in 2011

saw the launch of Póker Ligera, a beer with less alcohol, aimed

at expanding consumption occasions.

In recent years, Póker has been known for its messages

of confidence and positive attitude towards friends, even

creating the ‘Póker friend’s day’, a special day each year to

share with friends and celebrate with a good beer. The brand

is currently working on boosting consumption on other days

with a consumer advertising campaign running on Thursdays.

PARENT COMPANY Banco de Bogotá

HEADQUARTERS Bogotá

INDUSTRY Banks

YEAR OF FOUNDATION 1870

WEBSITE www.bancodebogota.com

BRAND VALUE US $2,198 million

Banco de Bogotá 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 Panamá through its subsidiary

Leasing Bogotá S.A. Panamá . The bank’s 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 recently been

investing in enhancing its virtual channels and modernizing its

communications with clients and stakeholders.

2

5

6

PARENT COMPANY Bancolombia SA

HEADQUARTERS Medellín

INDUSTRY Banks

YEAR OF FOUNDATION 1945

WEBSITE www.grupobancocolombia.com

BRAND VALUE US $3,476 million

PARENT COMPANY Ecopetrol SA

HEADQUARTERS Bogotá

INDUSTRY Oil & Gas

YEAR OF FOUNDATION 1951

WEBSITE www.ecopetrol.com.co

BRAND VALUE US $2,017 million

PARENT COMPANY Banco Popular SA

HEADQUARTERS Bogotá

INDUSTRY Banks

YEAR OF FOUNDATION 1950

WEBSITE www.bancopopular.com.co

BRAND VALUE US $1,867 million

Bancolombia is the largest commercial bank in Colombia and

one of the largest in Latin America.

The bank was founded in 1945 and is headquartered in

Medellín. It belongs to the group SURA and is part of Grupo

Empresarial Antioqueño. The bank has more than 8.1 million

customers and a branch network of 779 Bancolombia branded

locations and 2,876 ATMs. The bank employs around 27,000

people.

Shares of Bancolombia have traded on the New York Stock

Exchange since 1995 when Bancolombia became the first

Colombian company to enter the US market. The bank is

a Multilatam company with presence in El Salvador, Peru,

Puerto Rico, Panama and the Cayman Islands.

Formerly known as Empresa Colombiana de Petróleos S.A.,

Ecopetrol is Colombia´s largest petroleum company; it is

ranked 39 worldwide and in the top four in Latin America.

It is a vertically integrated oil company with presence in

Colombia, Peru, Brazil and the US Gulf Coast. The company´s

operations include exploration, production, transport,

supply and marketing of its own oil surplus and by-products.

Ecopetrol is a mixed economy company that operates under

the laws of Colombia and is directed and administered by the

Shareholders’ General Assembly, the Board of Directors and

the company´s President, the company´s stocks are traded at

the BVC (Bolsa de Valores de Colombia), the New York Stock

Exchange, and the Toronto Stock Exchange. In the last year, it

has lost much of its value due to falling oil prices.

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 ATM’s.

86 87


COLOMBIA

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

7

8

11

12

PARENT COMPANY Banco Davivienda SA

HEADQUARTERS Bogotá

INDUSTRY Banks

YEAR OF FOUNDATION 1972

WEBSITE www.davivienda.com

BRAND VALUE US $1,636 million

PARENT COMPANY UNE Telecomunicaciones

HEADQUARTERS Medellín

INDUSTRY Communication Providers

YEAR OF FOUNDATION 2006

WEBSITE www.une.com.co

BRAND VALUE US $1,039 million

PARENT COMPANY Banco de Occidente SA

HEADQUARTERS Santiago de Cali

INDUSTRY Banks

YEAR OF FOUNDATION 1965

WEBSITE www.bancodeoccidente.com.co

BRAND VALUE US $884 million

PARENT COMPANY Almacenes Éxito SA

HEADQUARTERS Envigado

INDUSTRY Retail

YEAR OF FOUNDATION 1949

WEBSITE www.exito.com

BRAND VALUE US $714 million

An iconic logo makes Davivienda one of Colombia’s most

recognizable brands.

The Davivienda brand’s 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 Corporación

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). It’s among the most identifiable corporate logos in

Colombia. In 1997, the Corporación Colombiana de Ahorro y

Vivienda became a commercial bank and changed its name to

Banco Davivienda SA. Davivienda has operations in Panamá,

Costa Rica, Honduras, El Salvador and Miami and is part of the

Sociedades Bolívar holding company.

UNE provides telecommunication services including fixed,

local and long distance calls, wireless and digital television

services.

Founded in 2006, UNE is a Colombian public company

headquartered in Medellín. Control of the company lies with

EPM (Unidad de Negocios Estrategicos) with a 51% holding; the

other 49% is held by Swedish company Millicom International

Cellular. UNE strives to get to know its customers in detail,

identifying their consumption practices and then designing

products and services accordingly.

Banco de Occidente focuses on businesses and affluent

individuals.

Founded in 1965 in Cali, Banco de Occidente was acquired by

one of Colombia’s wealthiest individuals and major bankers,

Luis Carlos Sarmiento Angulo, in 1971. The fifth largest bank

in Colombia, it offers comprehensive banking services with a

special focus on serving large and medium sized businesses

along with medium and high income clients. Today, Grupo Aval

and other entities controlled by Sarmiento Angulo own 85.5%

of Banco de Occidente.

Founded in 1949 by Mr. Gustavo Toro Quintero in Medellìn,

Almacenes Exito S.A. is Colombia´s 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.

Besides its core products, the Éxito 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, Éxito

began online sales. From 1999, France’s Groupe Casíno acquired

an increasing stake in Éxito, gaining majority control in 2007.

Éxito 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 Géant. In 2013, the brand

launched “Movil Éxito” offering mobile phone services including

voice plans, SMS and data. In December 2014, the Éxito Group’s

Colombia store portfolio reached the 100 mark.

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10

13

14

PARENT COMPANY Grupo Suramericana

HEADQUARTERS Medellín

INDUSTRY Banks

YEAR OF FOUNDATION 1944

WEBSITE www.gruposura.com

BRAND VALUE US $997 million

PARENT COMPANY Colombia Móvil SA ESP

HEADQUARTERS Bogotá

INDUSTRY Communication Providers

YEAR OF FOUNDATION 2006

WEBSITE www.tigo.com.co

BRAND VALUE US $905 million

PARENT COMPANY Grupo Bavaria (SABMiller)

HEADQUARTERS Bogotá

INDUSTRY Beer

YEAR OF FOUNDATION 1904

WEBSITE www.pilsen.com.co

BRAND VALUE US $695 million

PARENT COMPANY Avianca-TACA Group

HEADQUARTERS Bogotá

INDUSTRY Airlines

YEAR OF FOUNDATION 2010

WEBSITE www.avianca.com

BRAND VALUE US $688 million

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.

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.

The country’s third largest mobile brand, Tigo has nearly 4.9 mobile

customers in Colombia, 80 percent of whom use prepaid service.

The brand’s origins date back to 2004 when UNE

Telecomunicaciones SA ESP and Empresa de Telecomunicaciones

de Bogotá ETB SA ESP created Colombia Móvil 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 fixed and

mobile communication, as well as pay TV and internet.

In Colombia, Tigo were among the first mobile operators to offer prepaid

cell phones and on demand access to the web

Brewed since 1904, Pilsen is the leading brand in the

Antioquia region.

Pilsen is the official sponsor of the Festival of Flowers in

Medellìn and aligned to the customs and traditions of the

region. The brand is promoted as being ideal for sharing with

friends after work.

Avianca is a subsidiary of Synergy Group in Brazil and is the

third largest flight company in South America, with more

than a hundred destinations around America and Europe.

Formerly known as AviancaTaca AirHoldings Inc., Avianca

Holdings’ history started in 1910 under the name “Sociedad

Colombo Alemana de Transporte Aéreo, SCADTA.” In 1940, the

company was constituted after the integration of SCADTA and

the Servicio Aéreo 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 at the New York Stock Exchange

as ANH, and in the Colombian Stock Market as AVT_P.

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COLOMBIA

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

15

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19

PARENT COMPANY Nutresa Group

HEADQUARTERS Medellín

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 2001

WEBSITE www.pietran.com.co

BRAND VALUE US $644 million

PARENT COMPANY Nutresa Group

HEADQUARTERS Medellín

INDUSTRY Food & Dairy

YEAR OF FOUNDATION around 1950

WEBSITE www.industriadealimentoszenu.com.co

BRAND VALUE US $402 million

PARENT COMPANY Nutresa Group

HEADQUARTERS Medellín

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1960

WEBSITE www.chocolates.com.co

BRAND VALUE US $343 million

Pietrán was launched in 2001 and is owned by Zenú.

The company specializes in the premium segment of the

category of lean meats and is a highly recognized brand in the

sector. A key competitive differentiator is that its products

contain 25% less sodium.

Zenú is a well-known name in meat production and

distribution.

Zenú began in Medellìn in the 1950s, and today is recognized

for its high technological standards, quality control, unique

flavor, and for innovating several brands in canned meats,

sausage products and frozen fast foods, among others. Today

the company has more than 2,500 employees and continues

to be one of the most reputable companies in the country.

Chocolates Jet is a chocolate bar manufactured by The

National Chocolates Company, part of Grupo Nutresa,

headquartered in Medellìn.

The company started operations in 1920 as the Red

Cross Chocolate Company. The National Chocolates

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 was the first

company to be certified as a Healthy Organization by the

Colombian Heart Foundation. Recently it has been judged

to be one of Colombia´s top three best companies to

work for and number one to work for in the food sector.

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20

PARENT COMPANY Nutresa Group

HEADQUARTERS Medellín

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1952

WEBSITE www.pastasdoria.com

BRAND VALUE US $377 million

PARENT COMPANY Argos Group

HEADQUARTERS Medellín

INDUSTRY Cement

YEAR OF FOUNDATION 1934

WEBSITE www.argos.com.co

BRAND VALUE US $351 million

PARENT COMPANY Grupo Aval Acciones Y Valores

HEADQUARTERS Bogotá

INDUSTRY Banks

YEAR OF FOUNDATION 1972

WEBSITE www.avvillas.com.co

BRAND VALUE US $318 million

Doria is the country’s largest pasta brand, with three

product lines: Pasta Comarrico, Pastas Doria and Pasta

Monticello.

The original company was founded in 1952 and installed

its pulp mill in the former headquarters of Sweets and

Pastries Papagayo Company in Bogota. Pastas Doria has

long been a well-known brand in Colombia, widely recognized

for its mustache-wearing chef with a catchphrase of”Ciao

bambino” – which has become the staple slogan of the brand.

Cementos Argos is a major player in the Colombian cement

industry.

With 51 percent 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 Medellìn

in 1934. The operation has 388 plants worldwide, with locations

that include Panama, Haiti, Dominican Republic and Suriname.

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.

Banco AV Villas began in 1972 as Savings and Housing

Corporation Villas, an entity dedicated to financing for the

construction sector.

In 1998, the company joined Grupo Aval Acciones y

Valores SA, making it part of one of the largest financial

conglomerates in Colombia. As well as the AV Villas Bank

the group includes Banco de Occidente, Banco de Bogotá,

Pension Management Company, Porvenir and Banco Popular.

In 2002, AV Villas officially became a commercial bank in

order to provide a large portfolio of products and services.

90

91


COLOMBIA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

OPPORTUNITIES

FOR PEACE

Colombia is still one of the countries in Latin America with the

quickest growing GDP — an average 4.5% per year in the last 3 years.

In 2014, the Colombian economy enjoyed an overall healthy

development. Aspects worth highlighting include high investment

activity, a favorable macroeconomic environment, a more

competitive exchange rate, a single-digit unemployment rate, and a

controlled level of population in poverty.

GABRIEL ENRIQUE CASTELLANOS

Managing Director

Millward Brown, Andean Region

Gabriel.Castellanos@millwardbrown.com

However, we should also point out

that this has been a difficult year,

especially because of the uncertainties

of the regional and global context. The

international price collapse of products

such as oil — with Ecopetrol the most

affected company — the slowdown of

China’s economy, and the weak recovery

of the United States and Europe, are

all alarming factors. In addition, the

economies of some other countries in

the region, including Brazil, Venezuela

and Argentina, faced a critical situation.

GROWTH FOR SOME

BUT NOT FOR ALL

Although Colombia achieved a positive

growth rate, not all sectors participated

in that growth. For instance, industry is

still lagging behind other activities and

in comparison to the total GDP. In fact,

in the last 3 years industry’s average

growth has been almost 4 points below

the total GDP growth. This healthy

GDP makes many of our clients wonder

why their businesses are not going

that well when the country seems to

be thriving. The answer is that, while

there is more money circulating, it has

been used for other purposes, such

as paying off more credit and debts.

Also sometimes — even if it means

sacrificing products in the basic market

basket — it’s being spent on luxury

products, entertainment or clothing.

Such goods are being purchased as

a result of the occasion’s emotion

rather than of the traditional rationale

behind buying necessities like food and

beverages, for example. Thus, household

consumption, leveraged by the financial

sector, is one of the pillars of Colombia’s

economic growth. Therefore, it is

extremely important to pay attention to

possible signs of household expenditure

restrictions and to the development

of political events, such as the local

elections taking place next October, and

the evolution of the peace process.

Taking all of this into consideration,

Colombia’s growth for 2015 will

probably be slightly above 3.6%. The

current administration revised this

goal around the end of this year’s first

quarter on account of, among other

things, the new circumstances resulting

from the collapse of oil prices and

the dollar’s rise —to almost $3,000

pesos, the highest exchange rate in the

country’s history.

Colombia’s great challenges remain:

to reduce poverty and inequality, to

increase education opportunities and

access to the local public health system,

and to improve and enhance the

country’s infrastructure so as to align

with current productivity levels.

A RISING DIGITAL TIDE

Meanwhile, in 2014 the absolute growth

of advertising investment in Colombia

was about 8%. TV is still the medium

with the largest investment, followed by

radio and print materials. Even though

investment in digital media represents

less than 5% of the total advertising

spending, in 2014 it grew over 18%

against 2013. Furthermore, it keeps

strengthening its position as the most

important medium for some brands

— including alcoholic beverages, in

which it plays a more and more decisive

role in media plans. It is also relevant

to note that technology’s presence is

spreading to everyday aspects such

as transportation or basic household

needs, and at all socioeconomic levels.

SIGNS OF PEACE?

With an estimated population of 48.2

million people in 2015, Colombia is

still looking forward to the definite

signing of the peace accord. If it

were to happen, there would be more

development opportunities for the

country, for its economy, and for all

the brands in the Colombian market.

It would constitute a major change

after 60 unfortunate years of violence

and doubtless encourage an economic

takeoff within foreign investment,

accelerated household consumption,

and regional leadership. This is what we

Colombians largely hope for in 2016.

92 93


COLOMBIA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDS IN AN

EVER-CHANGING

ENVIRONMENT: TIME

TO BE MEANINGFULLY

DISTINCT!

What is the secret of the most

valuable brands in Colombia?

During the past year, the most successful brands

in the Colombian market contributed 25% to

the GDP growth. They have shaped the local

economy by offering products and services that

take into account Colombians’ unique culture,

traditions, and physical, social and economic

aspects. In some cases, these brands have also

paid attention to regional differences within the

country, developing different purchase channels,

customer service models and even products.

OSCAR LADINO

Group Account Director

Millward Brown, Colombia

Oscar.Ladino@millwardbrown.com

BRIDGING THE

GENERATION GAP

Most of these brands have been present

in the market for over 50 years, which

forces them to face great challenges:

They must respond distinctively to the

needs of 3 different generations — our

parents, us, and our children — so they

are forced to innovate constantly without

losing their history, values, or roots.

Today, Colombian customers can access

more information and are therefore

more demanding: in a matter of minutes,

they can compare prices, suppliers

and sales online. Successful brands

have concentrated on always meeting

their purchasers’ needs, on performing

properly, and also on creating closeness

by triggering emotional responses in their

potential consumers. Such is the case of

brands as Águila Beer and Bancolombia,

which in addition to meeting the basic

needs of their categories, resort to

emotional levers such as the Águila girls,

the Colombian national football team,

or campaigns like “Le estamos poniendo

el alma” (“Our soul is in this”) so as to

remind us that, besides being a delicious

beer or a trustful bank, they exist in order

to entertain us or help us progress in our

daily lives.

NEW BRANDS

FROM ABROAD

When considering that brands face an

ever-changing environment, we can see

the challenge for them is still greater. In

the last few months, we have witnessed

how foreign brands, including beer

brewers and financial institutions, have

entered the Colombian market — or

have shown interest in doing so. In fact,

our research in the local sphere has

found that spontaneous brand recall

is lower than three years ago, despite

the fact that advertising investment

has grown faster than inflation during

the same period of time. This means

that, today, there are more brands

addressing consumers but fewer brands

in consumers’ minds. Colombian

consumers have tried more brands in

the past 3 years than ever before and

have been exposed to a larger number of

purchase channels, both traditional and

new, including direct credit, global-chain,

and even digital formats.

FROM RESEARCHING

ONLINE, TO

PURCHASING ONLINE

Regarding the digital environment, it

has become more and more common

to see consumers finding all kinds of

information in digital channels: they

really get thorough knowledge online

about what is it that brands offer. Little

by little, the need and the opportunity to

use these media as purchase channels

are growing, even among categories we

did not imagine could participate in the

digital environment. They constitute

safe channels that generate trust and

will continue consolidating in the future.

1.

All of this has resulted in customers who

are less loyal and more into the repertoire

market, and they outnumber those

simply searching on price.

BRANDS MUST

BE BOLDER

Taking all of this into account, and in an

effort to be “meaningful” to Colombian

consumers, brands must seek innovation,

generating trends within their categories

and being bold. This has been the case

with Águila Beer, which in the past

months launched an alcohol-free beer:

Águila Cero. This beer is targeted at the

niche of non-alcohol consumers, creating

more occasions for consumption,

far from traditional ones, and even

promoting drinking it at home. Initiatives

like this one should not be provisional, but

rather the result of brands’ permanent

policies of investment in research and

development, keeping always in mind the

purpose of making consumers’ life easier,

teaching them to use their products, and

searching for new business opportunities.

If companies want to continue being

successful, they must validate their

business basics, be willing to revise their

price and packaging strategies, leverage

what they have built, and be ready to

help in the ever-changing economic

environment all of us will be facing.

94 95


COLOMBIA

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

PEOPLE HATE

OUR JOB

Today, people are so bored by what we do that they are willing to do

anything they can not to receive our advertising messages. They

even pay large sums of money to prevent it, as shown by companies

offering ad-free contents, such as Spotify, Netflix and many others.

I love how the great David Droga puts it, “People’s attention has to

be earned. We can’t just assume that we can bombard them [with

messages] into submission anymore, which is how it used to be.”

ALVARO MELÉNDEZ ORTIZ

Planning Director

Ogilvy & Mather, Colombia

Alvaro.Melendez@ogilvy.com

Big companies – or big brands with large

budgets – don’t run the show anymore.

Now, each person has the power, from his

or her house, on the bus or while standing

in line, waiting to order a burger. Likes,

retweets, shares and comments are

the new trophies that the best brands

are striving to collect. They want them

because that’s the new way to show

affection, give a reward, and ultimately,

to be relevant.

Being relevant must be a key goal of any

brand. The art lies in how to achieve it.

People like what they like and they always

like something that provides some value.

It can be a smile, a great experience or

any help to raise their children.

It is essential that the brand understands its goal

and really strives to fulfill it. A long time ago, a

conversation between an Amazon customer service

representative and a Thor’s fan became viral all

over the world. The representative introduced

himself as Thor, and the customer asked if he could

be Odin, during the conversation. The resulting

role-play was a wonderful, fun-to-read chat full of

commitment to provide a top quality service. I’m

sure that this chat built a lot more brand value for

Amazon than many of its traditional campaigns,

for many reasons, but mainly because it is real,

credible and special.

SHOW, DON'T TELL

Jeff Rosenblum produced the inspiring

documentary “The Naked Brand.” In it, Alex

Bogusky says “Being a great company is the new

brand.” True. People believe in what they see and

not in what advertising says. Modern brands

must know that actions speak louder than words.

Toms or Zappos are clear examples of that. Their

business model claims to offer value to people,

Toms donates a pair of shoes for every pair of

shoes sold and Zappos has built its whole campaign

around an unparalleled customer experience. Close

to home, we can take a look at Andrés Carne de

Res, an iconic Colombian brand that became big

because of the experience it offers to customers,

from its beautiful graphics to the presentation of

each dish and the service provided by each of the

serving staff.

This is why our job as advertisers has become

more exciting now than ever. Now we cannot limit

ourselves to think in terms of the 30” story we

will air. Now we have to have liquid ideas, as David

Ogilvy said, “There is no need for advertisements

to look like advertisements.” We need ideas that

travel and transform in the hands of people who

make them theirs.

These ideas can be audiovisual, or a physical

experience, a service or a product. The important

thing is that they feed great brands, always giving a

clear purpose and offering value to people.

I am convinced that the new challenge of our

profession as advertisers and marketers is to help,

coming up with ideas, so that brands provide value

to people’s lives. If we can do that, maybe we won’t

save the world, but we will surely make it a better

place, and that will make people love our job again

as much as we do.

Ogilvy & Mather is a leading

communication network. The

company comprises strong offerings

in: advertising, social media, direct

marketing, data analytics, retail

marketing, rural marketing, activation,

public relations and healthcare.

www.ogilvy.com

96 97


MEXICO


MEXICO

KEY FACTS AND TOP 30 MOST VALUABLE MEXICAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 30 MOST VALUABLE

MEXICAN BRANDS 2015

#

Brand

1

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

8,476 8,025 5 6%

Beer

#

Brand

11

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1,940 1,759 2 10%

Banks

#

Brand

21

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

666 555 1 20%

Industrial

BRAND VALUE

Total Value of Mexican Brands

US$ 57.3 BILLION

Brand Value Change 2014-2015

+11%

Source: Millward Brown Vermeer

2

3

6,174 5,308 3 16%

Communication Providers

4,423 3,625 3 22%

Communication Providers

12

13

1,533 - 3

NEW

ENTRY

1,411 891 2 58%

Banks

Retail

22

23

639 612 2 4%

Food & Dairy

629 668 3 -6%

Retail

KEY FACTS

Capital City

Ciudad de Mexico

4

3,604 3,477 5 4%

Beer

14

1,236 969 2 28%

Banks

24

585 797 3 -27%

Retail

Currency

MEXICAN PESO

Area 1.96 million km 2

5

3,554 3,097 2 15%

Communication Providers

15

1,197 819 4 46%

Beer

25

555 549 5 1%

Beer

Population (THOUSAND) 123,800 (2014)

Population growth rate (ANNUAL) 1.1% (2010-2015)

Life expectancy 77 years (2013)

6

3,091 2,804 2 10%

Retail

16

1,107 1,058 3 5%

Retail

26

510 504 5 1%

Beer

Literacy rate of 15-24 year olds 98.9% (2012)

Unemployment rate 5.7% (2013)

6.1% (2014)

7

3,039 2,748 2 11%

Cement

17

1,042 1,182 2 -12%

Food & Dairy

27

507 501 4 1%

Beer

ANNUAL GDP AT CURRENT PRICES

8

9

10

2,795 2,608 4 7%

Food & Dairy

2,557 2,687 3 -5%

2,207 2,494 3 -12%

Retail

Banks

18

19

20

958 1,109 3 -14%

800 - 4

710 - 4

Retail

NEW

ENTRY

Beer

NEW

ENTRY

Food & Dairy

28

29

30

475 - 3

NEW

ENTRY

Airlines

469 485 2 -3%

Food & Dairy

462 637 3 -27%

Retail

*Modelo concentrates three brands: Modelo Light, Modelo Especial and Negra Modelo.

Source: Millward Brown and BrandZ

Total at current prices: US$ 1.2 trillion (2014)

GDP per capita (annual dollars): US$ 10,361 (2014)

Growth rate: 2.1% (2014)

Country’s share in regional GDP: 26.9% (2014)

Net foreign direct investment: US$ 25 billion (2014)

US$ 17.6 billion (2014)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

100 101


MEXICO

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

1 2 3 4 5 6

PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Beer

YEAR OF FOUNDATION 1925

WEBSITE www.corona.com

BRAND VALUE US $8,476 million

PARENT COMPANY América Móvil, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Communication Providers

YEAR OF FOUNDATION 1989

WEBSITE www.telcel.com

BRAND VALUE US $6,174 million

PARENT COMPANY Grupo Televisa, SAB

HEADQUARTERS Mexico City

INDUSTRY Communication Providers

YEAR OF FOUNDATION 1950

WEBSITE www.televisa.com

BRAND VALUE US $4,423 million

PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Beer

YEAR OF FOUNDATION 1925

WEBSITE www.gmodelo.com

BRAND VALUE US $3,604 million

PARENT COMPANY América Móvil, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Communication Providers

YEAR OF FOUNDATION 1947

WEBSITE www.telmex.com

BRAND VALUE US $3,554 million

PARENT COMPANY Wal-mart de México, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Retail

YEAR OF FOUNDATION 1958

WEBSITE www.bodegaaurrera.com.mx

BRAND VALUE US $3,091 million

Corona’s strong Mexican heritage

has allowed it to surpass geographic

frontiers, and it is currently sold in over

180 countries.

Corona was first launched in 1925; that

same year its parent company Grupo

Modelo began operations. The brand

has a rich history of innovation, having

been able to unite itself to Mexican

culture through simple, yet iconic

communication efforts. It has created

strong brand cues that relate it to

relaxation, music. The group’s staple

brand across the globe, it’s the bestselling

Mexican beer in the world and the

best-selling import beer in almost fifty of

the markets in which it has presence.

Telcel is the leader in mobile

phone services in Mexico, with

approximately 71.5 million users.

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 América

Móvil, the leader in telecommunications

in Latin America, owned by the

business tycoon Carlos Slim Helú.

Televisa is the largest communications

company in the Spanish speaking world

and one of the most important players

in the entertainment business around

the globe.

Founded in 1930, 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 through other media partners.

Televisa also publishes and distributes

magazines and films, and owns radio

broadcasters around the country.

Founded in 1925 under two brands,

Especial and Negra, Modelo was

subsequently relaunched as one of

Grupo Modelo’s first beers.

Modelo has focused on developing a

strong portfolio that spans different

beer types and can catch 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.

Telmex is the leader in landline phone

services, providing services nationwide.

Telmex is owned by ‘Teléfonos de

México’, 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, América Móvil

purchased 59.5% of Telmex shares.

Bodega Aurrerá is a chain of

supermarkets in Mexico, created for the

lower-income sector of the population.

Its offer includes low prices, embodied

in its brand cue ‘Mamá Lucha’, a masked

luchadora who fights high prices and is

constantly ‘struggling’ to make it to the

end of the month. Bodega Aurrerá is one

of the fastest growing business units of

Walmart de México, partly because of

its ability to create more flexible store

formats such as ‘Mi Bodega’ in small

cities, and ‘Bodega Aurrerá 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.

102 103


MEXICO

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

7 8 9 10 11 12

PARENT COMPANY Cemex, SAB de CV

HEADQUARTERS Monterrey

INDUSTRY Cement

YEAR OF FOUNDATION 1906

WEBSITE www.cemex.com

BRAND VALUE US $3,039 million

PARENT COMPANY Grupo Bimbo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1943

WEBSITE www.grupobimbo.com

BRAND VALUE US $2,795 million

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 $2,557 million

PARENT COMPANY Grupo Financiero Banorte,

SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Banks

YEAR OF FOUNDATION 1947

WEBSITE www.banorte.com

BRAND VALUE US $2,207 million

PARENT COMPANY Grupo Financiero Inbursa,

SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Banks

YEAR OF FOUNDATION 1992

WEBSITE www.inbursa.com

BRAND VALUE US $1,940 million

PARENT COMPANY Grupo Salinas SA de CV

HEADQUARTERS Mexico City

INDUSTRY Banks

YEAR OF FOUNDATION 2002

WEBSITE www.bancoazteca.com.mx

BRAND VALUE US $1,533 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.

Cemex was a local brand that became

global, and has been involved in projects

around the world: tunnels in America,

highways in Asia, social housing in

South America. As a company, it is

making efforts to become a more

agile competitor capable of meeting

the growing demand for housing and

infrastructure all over the world during

the next four decades.

Bimbo is a brand of huge tradition

and heritage with a presence in the

Mexican market dating back to 1943.

Bimbo’s 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 an excellent

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.

Liverpool is a brand of department

stores offering clothing and homewares.

As a brand, its aim is to have people

perceive it as a “part of their lives”. In

order to get closer to consumers, it has

expanded to cover a huge area of the

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

granted to consumers.

Banorte is a brand that has become

stronger in recent years, reflecting their

slogan ‘The strong bank of Mexico’.

Banorte is a 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 granted.

But beyond such strategic movements,

this bank (which started operations in

1947 but was created in 1899 with the

organization of ‘Banco Mercantil del

Norte’), has received various accolades,

among which the 2013 Best Commercial

Bank awarded by World Finance and The

Banker stands out.

Banco Inbursa, previously known

as Inversora Bursátil, was formally

created in September 1992.

This was as a result of the government

authorizing the creation of new banks

in order to promote competition in the

financial sector. It is a company of Grupo

Financiero Inbursa, which was created

in 1985. Other subsidiaries of the Group

include Seguros Inbursa, purchased in

1984 when they were known as Seguros

México. Services offered by the Group

include: investment services, insurance,

credit, transportation and pensions.

Back in 2002, Banco Azteca was

created to serve the needs of the lowincome

segment.

The bank began by issuing credit only

and has diversified its products since.

Today it is the bank that issues the

highest volume of personal credit – in

2014 it issued over 60% of the total

volume in Mexico. The strength of

Banco Azteca is based on almost 60

years of credit experience at Grupo

Elektra, its holding company that

was founded in 1950. Banco Azteca

currently operates through Grupo

Salinas’ 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. This sets a challenge for a

brand that is positioned as serving the

low-income segment, but being a strong

brand with customer service expertise

provides a strong foundation.

104 105


MEXICO

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

13 14 15 16 17 18

PARENT COMPANY Fomento Económico

Mexicano, SAB de CV

HEADQUARTERS Monterrey

INDUSTRY Retail

YEAR OF FOUNDATION 1978

WEBSITE www.oxxo.com

BRAND VALUE US $1,411 million

PARENT COMPANY Banco Nacional de México,

SA de CV (subsidiary of Citigroup Inc.)

HEADQUARTERS Mexico City

INDUSTRY Banks

YEAR OF FOUNDATION 1884

WEBSITE www.banamex.com

BRAND VALUE US $1,236 million

PARENT COMPANY Cervecería Cuauhtémoc

Moctezuma, SA de CV (subsidiary of Heinkenen

International NV)

HEADQUARTERS Monterrey

INDUSTRY Beer

YEAR OF FOUNDATION 1944

WEBSITE www.tecate.com.mx

BRAND VALUE US $1,197 million

PARENT COMPANY Grupo Sanborns, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Retail

YEAR OF FOUNDATION 1903

WEBSITE www.sanborns.com.mx

BRAND VALUE US $1,107 million

PARENT COMPANY Grupo Bimbo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1954

WEBSITE www.marinela.com.mx

BRAND VALUE US $1,042 million

PARENT COMPANY Organización Soriana, SAB de CV

HEADQUARTERS Monterrey

INDUSTRY Retail

YEAR OF FOUNDATION 1905

WEBSITE www.soriana.com

BRAND VALUE US $958 million

Oxxo is currently the largest chain of

stores in Latin America, over 12,850

stores serving almost 9 million of

buyers per day.

Oxxo is owned by FEMSA, the

largest Coca-Cola bottling company

worldwide. It was founded in Monterrey

in 1978 with the purpose of promoting

the products manufactured by

Cervecería Cuauhtémoc Moctezuma. In

1994 it was consolidated as a separate

unit independent of the beer company.

In 2009, the brand was established in

Colombia. Oxxo as a brand is focused

on building the country’s convenience

store par excellence: not only does

it sell everyday products but has

expanded its portfolio to services such

as bus tickets and cellphones.

Banamex is the Mexican bank of

tradition but was also an early pioneer

of online banking in Mexico.

Created in 1884 when Banco Nacional

Mexicano and Banco Mercantil Mexicano

merged, it was the first bank to issue

banknotes in Mexico. In 1926 it became

a financing entity, and established the

first branch of a Latin American bank

in New York. In 1982 it was nationalized

by presidential order, and remained in

that situation for nine years. In 2002

it became a subsidiary of Citigroup,

and that same year the products and

services of Citibank and Banca Confía

were merged. In recent years it launched

products that revolutionized the

market, such as Superservicio Banamex,

Tarjetahabiente Cumplido, Cuenta Básica

Banamex and Mi Cuenta Banamex.

Tecate was born in 1944 in the City of

Tecate, in the Mexican state of Baja

California.

In 1954 Cervecería Cuauhtémoc

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.

Sanborns has grown from a single

pharmacy into a large department

store chain.

Sanborns is not only a restaurant and

bar, but its selling space also includes

a wide variety of departments such as

jewelry, bakery, book store, electronics,

and pharmacy, among others. Founded

in 1903 as a small pharmacy, the

format first expanded through adding

a soda fountain in 1918. It opened its

first branch (La Casa de los Azulejos –

a building that even became a tourist

attraction in Mexico City because

of its architecture) in 1919. It was

acquired in 1985 by Grupo Carso, and

in 1999 Grupo Sanborns was created,

connecting Saborns to brands such

as Sears, iShop and Mix Up. In 2007

the Group was removed from listings

in the Mexican Stock Exchange, but

joined again in February 2013.

Marinela was created in 1954,

initially as a bakery with the aim of

incorporating pastries into the Mexican

daily diet.

With this mission in mind, ‘Gansito’

was created as the first industrially

manufactured pastry in Mexico.

Gansito was so successful that when

Bimbo purchased Marinela, the latter

maintained an exclusive distribution

means for its star product. But Gansito is

far from being the only star in Marinela’s

portfolio, it has many widely appealing

options. In 1980 the brand expanded to

the United States, and in 1992 entered

the South American market.

Soriana 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

90s, 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, leasing rights were purchased

from Gigante for over 200 stores. In

early 2015, they agreed to purchase

160 stores from competitor Comercial

Mexicana. Soriana currently has over

670 stores countrywide.

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BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

19 20 21 22 23 24

PARENT COMPANY Cervecería Cuauhtémoc

Moctezuma, SA de CV

HEADQUARTERS Monterrey

INDUSTRY Beer

YEAR OF FOUNDATION 1899

WEBSITE www.sol.com.mx

BRAND VALUE US $800 million

PARENT COMPANY Gruma SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1949

WEBSITE www.gruma.com

BRAND VALUE US $710 million

PARENT COMPANY Impulsora del Desarrollo y

Empleo Industrial, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Industrial

YEAR OF FOUNDATION 2005

WEBSITE www.ideal.com.mx

BRAND VALUE US $666 million

PARENT COMPANY Grupo Lala, SAB de CV

HEADQUARTERS Durango

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1949

WEBSITE www.lala.com.mx

BRAND VALUE US $639 million

PARENT COMPANY Grupo Elektra, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Retail

YEAR OF FOUNDATION 1950

WEBSITE www.grupoelektra.com.mx

BRAND VALUE US $629 million

PARENT COMPANY Grupo Palacio de Hierro,

SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Retail

YEAR OF FOUNDATION 1891

WEBSITE www.palaciodehierro.com.mx

BRAND VALUE US $585 million

“El Sol” was first launched in 1899 as

a popular beer for the working class.

In 1912 the brand was acquired by

Cervecería Moctezuma and its name

changed simply to Sol. In 1980 it began

its successful internationalization in

the United Kingdom, and continued its

expansion 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 (first beer to be declared

as non-alcoholic in Mexico), Sol

Clamato (beer with tomato juice) and

Sol Limón (beer with lemon and salt).

Sol’s marketing activities have focused

on sponsoring Mexican soccer clubs

since 1993, but recently it has also

ventured into music festivals.

Maseca is Mexico’s leading corn flour

brand – the base ingredient for tortilla,

one of the country’s food staples.

The brand was launched following

Gruma’s 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.

IDEAL’s aim is to promote the creation

and fast development of physical

infrastructure and human capital in

Latin America.

IDEAL was established in 2005 when

it was separated out from Grupo

Financiero Inbursa. In that same year

it was listed on the Mexican Stock

Exchange. Its principal activities include

the identification, assessment, financial

structuring, implementation and

operation of long-term infrastructure

projects. To date, IDEAL has worked

on development projects for highways,

electricity generation, water treatment,

and multimodal terminals.

Grupo Lala is a company devoted to

the production and marketing of milk

and other dairy products.

Born from 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 by the

Group is on its huge portfolio of healthy

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.

Elektra is a part of Grupo Elektra,

founded in 1950 as a company

devoted to the manufacture of radio

transmitters.

In 1957 it started operations as a

marketing business, opening its first

Elektra store. This remains one of the

current business units in the group,

together with its sister brand Salinas

y Rocha. This brand has 990 stores in

Mexico and 199 in Central and South

America. Since Elektra targets low-tomiddle

class segments in LatAm, each

one of its 1,244 branches includes a

Banco Azteca, aimed at offering their

clients a financial institution that meets

their specific needs. Elektra offers

products such as electronics, white

goods, domestic appliances, furniture,

motorcycles, tires, mobile phones,

computers, money wire transfers and

extended guarantees. In late 2013, Grupo

Elektra completed its latest purchase,

Blockbuster de Mexico SA de CV, with

Elektra becoming the affiliate in charge

of handling all 293 Blockbuster stores.

Palacio de Hierro has been in Mexico

for 125 years and offers some of the

world’s most valuable luxury brands,

such as Louis Vuitton, Gucci and Prada.

From its early days it has been known for

its exclusive products, and is responsible

for putting an end to the practice of

bargaining which was common in the

late nineteenth century in Mexico. In

1995, Palacio de Hierro created its

slogan “Soy Totalmente Palacio”; a

phrase which has found a place in pop

culture in the country. Describing itself

as more than a department store, it

considers itself a lifestyle trend-setter

for a sophisticated audience. The brand

also has a commercial, credit and real

estate division, and a multi-channel

approach to e-commerce.

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MEXICO

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

25 26 27 28 29 30

PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Beer

YEAR OF FOUNDATION 1935

WEBSITE www.gmodelo.com

BRAND VALUE US $555 million

PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Beer

YEAR OF FOUNDATION 1925

WEBSITE www.gmodelo.com

BRAND VALUE US $510 million

PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Beer

YEAR OF FOUNDATION 1925

WEBSITE www.gmodelo.com

BRAND VALUE US $507 million

PARENT COMPANY Grupo Aeroméxico, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Airlines

YEAR OF FOUNDATION 1934

WEBSITE www.aeromexico.com

BRAND VALUE US $475 million

PARENT COMPANY Grupo Bimbo, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Food & Dairy

YEAR OF FOUNDATION 1971

WEBSITE www.tiarosa.com.mx

BRAND VALUE US $469 million

PARENT COMPANY Wal-Mart de México, SAB de CV

HEADQUARTERS Mexico City

INDUSTRY Retail

YEAR OF FOUNDATION 1960

WEBSITE www.superama.com.mx

BRAND VALUE US $462 million

Victoria beer was first produced in

1865 by Compañía Cervecera Toluca y

México, which was purchased in 1935

by Grupo Modelo.

This Vienna-style beer is the longest

standing in the portfolio of Grupo

Modelo (over 150 years). Particularly

popular in the regions of central and

southern Mexico, it has also been

successfully exported to the United

States since 2010. Victoria has in

recent years re-defined its target

market; previously considered a beer

for the lower-middle class, now its

communication efforts are focused on

young and middle-upper class adults.

Another beer brand from Grupo

Modelo, León positions itself as a

young alternative to more ‘adult’ and

established brands.

Born in Yucatan, León has won

important market share elsewhere in

the country. It has been leveraging 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 branded environments

and experience-led marketing efforts.

Produced since 1900 in Mazatlán,

an important port on the Mexican

northwestern coast, Pacifico is

another brand from Grupo Modelo’s

brand portfolio.

Pacífico is particularly strong in the

Mexican northern states where it has

aimed at building a more friend-oriented

and relaxed brand image through

campaigns that focus heavily on its

distinctive taste and its freshness.

Originally a government owned

company, Aeroméxico began

operations in 1934. Today, it is the

country’s leading airline.

A founding partner of SkyTeam (a

global airline alliance), Aeroméxico

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 brand focuses primarily

on the needs of business travelers

by aiming at providing a high quality

flying experience. Aeroméxico seeks to

continue its leadership in the market

through its strengths: an integral

offering for business passengers, a

vast flight connectivity, attractive

strategic alliances and a young,

flexible and modern fleet.

Tía Rosa is one of the key brands of

Grupo Bimbo and specializes in iconic

sweet bread and products such as

Tortillinas Tía Rosa.

Founded in 1971, this brand has

managed to generate relevance through

a clear promise built around the taste of

homemade products. Tía Rosa marked

a milestone in Mexico’s food industry

when in 1976 it installed the first

wheat flour tortilla-making machine.

The brand is known for reinterpreting

recipes from the country’s rich baking

tradition, such as Banderillas, Doraditas

and Orejas, and giving them their own

particular stamp. This, together with a

strong distribution network, has made

Tía Rosa one of the key players in the

landscape of Mexican food.

Superama is the premium store format

of Wal-Mart de México, focused on

offering quality, convenience and

service to consumers.

Superama takes advantage of the

medium size of their premises to be

located close to urban consumers,

offering carefully selected products.

Superama showed its innovative streak

when it developed its phone app and

internet sales in response to changing

shopping trends.

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THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

A KALEIDOSCOPE

OF CHALLENGES

AND OPPORTUNITIES

In an environment of surprising significant growths and

slowdowns, Mexico is one of the regional economies remaining

somewhat constant. This is worth mentioning, since it has been

achieved despite the fact that the Mexican economy has been

shaken by oil production, oil prices, the United States growth, and

the financial volatility of international markets. Although at first

sight and from a macroeconomics perspective it might seem only

weakly active, both Mexican society and government have been

forced to make adjustments here and there so as to maintain the

relative stability of LatAm’s second largest economy.

RICARDO BARRUETA

Managing Director

Millward Brown, Mexico, Central America and the Caribbean

Ricardo.Barrueta@millwardbrown.com

A SLOWING ECONOMIC

ENVIRONMENT

The reality is clear: in the 2014-2015 period, Mexico has

slowed down. On July 9th of the current year, the IMF

reduced its estimated growth for Mexico from the already

reduced 3% it had anticipated in April, to 2.4%. Among other

things, this reduction was related to the weakness shown

in the first months of 2015 by the economy of the United

States, Mexico’s most important commercial partner.

Although lower than expected, Mexico’s growth is headed

up by manufacturing exports —largely the result of the

two-digit increase, for the fifth consecutive year, in the

automobile sector. However, local demand has not kept

pace: private consumption is burdened by consumers’ low

trust levels and scarce wage growth. Nonetheless, private

investment has seemed to be more active in the past few

months.

Foreshadowing a longer-lasting drop in oil prices, the

Mexican government announced a 2015 budget cut

equivalent to 0.7% of the GDP and is planning an additional

cut in public expenditure for 2016. The lower public

expenditure will slow the pace of economic growth, despite

the trust that disciplined tax practices will bring economic

benefits.

Growth has been lower than expected, and there has

not been a strong connection between growth and the

reduction of poverty. The latter might be the result of the

circumstances prevailing in the labor market: in recent

years, not enough employment opportunities have been

created, nor have there been jobs paying adequate wages. In

addition, the labor force has increased, due to demographic

changes, balanced migration to the US, and more female

participation in the workforce, all of which the Mexican

economy has failed to absorb. There is a positive aspect,

both government transfers, particularly in urban zones,

and a lower dependency rate have contributed to the

improvement of some poverty indexes in the country.

REFORMS FOR GROWTH

The Mexican government has made progress in its

structural reforms agenda, specifically in the labor and

education areas, competition laws, the financial sector,

telecommunications and laws for the energy sector, all of

which are aimed at increasing productivity, competitiveness

and the potential growth of Mexico in the international

arena. Today, the administration is devoted to the

implementation of these reforms. Opening the energy sector

to private investment is especially promising for promoting

growth, for it is expected to lead to an increase in oil and

gas production and to provide cheaper energy supplies to

Mexican industry. Assessing the distributive impact of these

reforms, the regulations associated with them, and their

implementation will be important, but their nature endows

them with strong potential to drive Mexico’s growth.

Thus, an acceleration of economic activity is expected

for 2017. On the one hand, it’s not anticipated that public

expenditure will be reduced again; on the other, the gradual

growth of US demand will support a continuous and strong

performance of manufacturing exports. This is expected

to result in a gradual recovery of private consumption and

investment.

ELECTIONS, CONSUMERS,

AND BRANDS

The first half of 2015 is a good example of the dynamism

in the market during the period we’re evaluating. Midterm

elections became the main character not only in the political,

but also in the social scenario. The different political parties

reflected — though by means of blaming one another,

rather than presenting proposals — society’s concern about

topics such as security, income, and corruption. Mexican

consumers, who have an essentially short-term view,

think in even more immediate terms thanks to the 24/7

messaging they’re receiving about overly-simple solutions to

complex social issues.

The ever-changing environment leads Mexican consumers

to appreciate particularly three basic features: convenience,

accessibility, and playfulness. In the face of change, Mexican

society prefers brands’ prioritizing “making life easier and

more bearable” over other engagement messages. The

brands with the most marked growth in the last year

definitely prove this. The cases of Oxxo and Tecate, the two

Top Risers of the portfolio, are worth highlighting.

Oxxo is and has been the epitome of accessibility and

convenience in Mexico. With over 12 thousand stores and

an opening pace of a new branch every eight hours, the

brand is emerging as the largest retail chain in this region.

The geographical expansion of Oxxo and the variety of

products it offers have made it a widely known brand,

capable of generating a meaningful difference that has led to

exponential growth not only in terms of sales floor but also

in the minds of consumers.

The Tecate brand has managed to base its growth on a

communication so powerful that it has transcended to an

iconic status in the minds of Mexican consumers. Through

creative campaigns with messages for “the Mexican

macho”, Tecate has become a real cultural happening: a

playful escape that has led its most recent campaign,

featuring Sylvester Stallone, to become part of Mexico’s

pop culture. Tecate has created differentiation, salience,

and meaningfulness by presenting itself as a friend to

consumers, an ally in their best moments.

The learnings brought about by Oxxo, Tecate, and some other

Mexican ranking champions are crystal clear: in an everchanging

environment, Mexican consumers prefer brands

that help them keep pace, acting as important buffers against

uncertainty, and making them forget their difficulties. The

secret is to become a close ally who invites others to think

about the good times to come.

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MEXICO

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

EVOLVING PARADIGMS

IN AN UNPREDICTABLE

MARKET

Mexico is in a time of

economic uncertainty.

There is no open talk

of economic recession

but GDP shows little

growth and the dollar

reached a historical

high against the

Mexican peso, whilst

trust in government

is at an all-time low.

JORGE ALAGÓN

Chief Client Solutions Officer LATAM

Millward Brown

Jorge.Alagón@millwardbrown.com

At times like these, marketers tend to

shift their focus from long-term strategy

to short-term sales. Many will choose to

meet revenue targets by lowering prices

to maximize short-term sales while

cutting investment in long-term brandbuilding

activities.

However, lessons from recent recessions

provide powerful arguments for

maintaining a longer-term view, even in

the face of pressure to cut advertising

in favor of promotions. Marketers

who resist this pressure and use their

budgets effectively and creatively will

find that their brands emerge from the

tough times in good competitive shape.

Players that go in the opposite direction

and engage in price wars may seemingly

solve the immediate challenges but

are damaging the brands’ equity and,

ultimately, their revenue and profit.

THE POWER OF

ASSOCIATION

While economic conditions are

continually changing, successful brands

have learned that despite the particular

challenges of any given moment, the

need to keep building strong associations

between a brand and the consumers

is permanent. Furthermore, because

the volume of communications that

the market generates is low due to the

crises, it is the perfect time to invest.

This approach seems counterintuitive but

has been proven across the most varied

recession scenarios, benefitting those

who have understood it.

Our analysis (see chart below) shows

that the strongest brands – those in

the BrandZ Global Top 100 – have

outperformed both the S&P 500 and the

MSCI World Index since recovery began in

mid-2009. Clearly, brand strength needs

to be nurtured and maintained through

good times and bad. Doing so, the brand’s

equity becomes both a shield when the

crises arrive, minimizing the negative

effects of the environment, and a boost

to the market share of the brands once

the crises has passed. Once the dust

settles and the economy recovers its

pace, the efforts made in the middle of

the turmoil pay off.

To make things more complicated, the

Mexican consumer has changed too and

will continue to do so. Technology has

transformed how we interact with one

another and with brands, and of course,

the way we buy.

DIGITAL INFLUENCE

The power of social media has been

demonstrated in Mexico. With an

estimated 50 million Facebook users

(roughly 70% of internet users, 40% of

population) and close to 10 million Twitter

accounts, it is not surprising to see new

independent digital media outlets with

a reach to rival traditional mass-media.

Think of werevertumorro with 15 million

Facebook followers, 10.3 million YouTube

subscribers and 6.6 million Twitter

followers; or El Pulso de la República

with 1.2 million YouTube subscribers. The

influential power of Aristegui Noticias

(5.2 million followers in Facebook, 4.6

million in Twitter) created an outcry

over president Enrique Peña Nieto’s $7

mansion, the “White House scandal”.

These factors both influence and help to

explain the all-time low approval score for

the President´s performance, at 2.8 out of

10 (Survey conducted by Millward Brown

through Google Consumer Surveys).

Brands would do well to read the

politicians’ current situation; people, either

in their roles as citizens or consumers,

now have a voice that is immediately

heard. Traditionally, brands and politicians

lived in a one-way communication cycle.

Now, through social media, the everyman

has the power to give instant feedback,

which opens up new possibilities and

brings new responsibilities for everyone.

MOVING WITH THE

MARKET

Brand owners can no longer expect people

to adapt to their business practices;

marketers need to adapt to people’s new

behavior and expectations, and even

collaborate with their consumers or risk

being swamped by new entrants and

innovative business models.

Consider Uber and how it has disrupted

the transport industry in Mexico City.

Uber is one of those rare businesses

that truly think outside the box. They

constantly surprise users and prospects

alike with creative value propositions.

For example, in response to taxi drivers’

demonstration against Uber, they gave

two free rides up to $150 Mexican pesos

(around USD$10).

While Uber certainly sacrificed immediate

profit with this initiative, through it they

built strong associations with the brand,

and even better, their app downloads

soared, opening the door for a massive

number of potential users. The whole

event serves as a great example of both

building long term equity for the brand,

even at the cost of sacrificing short term

sales, and of the creative use of social

media, being available where it is most

relevant for their target market. Uber

doesn´t advertise in traditional media,

but the free ride campaign resonated

strongly without any media investment.

The brand followed up this momentum

with UberPet, UberCulinary and a joint

promotion with Häagen-Dazs that

surprised and delighted users, continuing

to strengthen its equity.

AMAZON FLOWS

INTO MEXICO

Surprisingly, only 20% of 51.2 million

internet users make online purchases.

This seems a huge opportunity for

Strong brands generate superior shareholder returns

BrandZ Strong Brands Portfolio vs. S&P 500 vs. MSCI World Index.

April 2006 - April 2015

100%

0%

-60%

BrandZ Strong Brands Portfolio

S&P 500

MSCI World Index

Source: Millward Brown and BrandZ

102.6%

63%

30.3%

Amazon, which has just landed in Mexico

in a formal way. It already enjoys a strong

positioning and has a significant base of

clients that mainly use the US store. It will

challenge mainstream retail businesses

to fully embrace e-commerce as a vital

strategy for growth, with excellent

consumer experience and logistics. It

will also nudge every business to deliver

products faster, at lower prices, with

one-to-one marketing and a user-friendly

platform.

We will see a shift from rigid structures of

a product distributed in one channel by one

company to an on-demand model where

the consumer is in command, where the

business no longer solely benefits itself but

also benefits the consumer, evolving the

relationship between brand and consumer

from a merely transactional one to a

partnership. The brand no longer wants just

your money but genuinely wants to make

your life easier. In this landscape, clever

brands will no longer be company-centric,

but client-centric, refocusing their essential

views and acting accordingly. They will no

longer limit themselves to sell features/

benefits but instead stand for something

deeper that reflects the values of their

consumers.

So, what should brands

in Mexico do in uncertain

times like these?

• Think and act long-term,

maintaining marketing investment

to outperform competitors.

• Explore alternative channels

of communication and of

distribution, being mindful that

they transmit both ways. Don’t

ignore the feedback.

• Be truthful to your brand’s

purpose and improve people’s life

through your product or service.

114 115


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THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONSTANCY

AMIDST CHAOS

Once, in some book by a classic author, I read

that in Greek mythology the word chaos did

not refer to “disorder”, but to a “different

kind of order”. Now that I’m looking for

that concept in texts by Ovid and Hesiod,

I wonder if my memory is true or rather

something I invented about my college

days. In any case, I think the idea is worth

mentioning in current times, when we live

surrounded by headlines that keep reminding

us change is all around us at a regional level,

but also day after day in our country.

FERNANDO ALVAREZ KURI

Vice President

Millward Brown Vermeer, Mexico

Fernando.Alvarez@millwardbrown.com

CONTRASTS: A WAY

OF LIFE IN MEXICO

I remember a foreign friend of mine, who

has been living here for years, defined

Mexico as ‘the country of eternal crisis’.

I think this term accurately describes

the constant change we experience as

a society. This is not only reflected in

our fluctuating economy: commercial

opening policies and media development

display before us a whole new array of

brand options, of experiences and needs

we now consider ours. Mexico’s opening

up, which started in the late 80s — a

process that positioned the country in

second place in terms of commercial

opening, preceded only by Chile — created,

probably unintentionally, consumers who

are more and more sophisticated, who

search for experiences they know are

ordinary in the First World and which they

expected to arrive here, but did not. Thus,

Mexicans became consumers avid for new

experiences, for new brands that let them

dream about an alternate reality where

they can foresee a better future.

Mexicans are people of contrasts, and

we must remember the country itself is

that way: urban and rural, modern and

traditional, a country with high poverty

levels but with the world’s richest man.

Mexicans might seek modernity, but

they will never relinquish the sense of

security that tradition offers them.

We are consumers who follow habits,

finding a kind of comfort — extremely

appealing — in the options we are

already familiar with.

IN PURSUIT OF

MODERNITY AND

TRADITION

In this context, it is no surprise that

the most valuable categories in our

country are the same year after year:

retail, beers, and telecommunications.

Together, the 18 brands within these

three categories represent over 70%

of the country’s Top 30 value. Retail

and beers are examples of brands that

have long been part of Mexican life

— they have the earliest foundation

average among the categories

listed in the ranking: 1927 and 1925,

respectively, against the median

foundation of the portfolio, which is

1945. Telecommunications is not that

new, either: its foundation dates back

to around the 1950s. Although these

categories and the brands within them

have “a history”, most of them are not

considered old brands by consumers,

since in Mexico they are the categories

that change the most.

Mexico’s telecommunications sector

is witnessing the entry of new

competitors as a result of last year’s

reform. Brands entering the market,

such as Izzi — an element in Televisa’s

strategy to steal share from Mexico’s

historic telecommunications giant,

Telmex, — are trying to simplify the

category’s value proposals, offering a

fresh perspective against the virtual

monopoly of its main competitor. The

presence of new options has posed an

important threat to the new leader,

which has responded by adopting the

same distinctive element that Izzi

used in its attempt to dethrone the

king: service prices, whilst also taking

advantage of the long-lasting tradition

in consumers’ minds.

ENTER THE GIANTS

In the case of beers, the past few years

have been decisive. The acquisition

of the two large Mexican brewers by

Heineken International and Anheuser-

Busch InBev marked a “before and

after” in the category. Large brands

with sophisticated practices suddenly

faced an environment of increasing

competitiveness as the introduction of

new brands — iconic in the rest of the

world — became a reality they were

forced to confront.

The entry of these two giant players

intensified the competitive scenario and

led local large brands to seek closeness

with users so as to gain relevance. From

Corona and its massive investment in

media during the FIFA World Cup 2014

— being official sponsor of this global

event for the first time — to Tecate,

which has chosen to try to become a

masculinity and pop culture maestro.

It’s done this through campaigns like

the one with the already famous phrase

“te hace falta ver más box” (“You need

to watch more boxing”). In short, beer

brands have sought to create solid

positionings that bring them closer to

their consumers’ daily lives.

As for retail commerce, 2015 was

a year of reorganization. The sale

of large formats and foodservice

of Comercial Mexicana —the third

largest supermarket chain in the

country — stands out. Soriana, the

second largest chain, surpassed

only by Walmart Mexico and Central

America, has strengthened its

presence by the purchase of large

areas (a total of 160 stores). Grupo

Gigante acquired Comercial Mexicana’s

foodservice business, which included

2 brands: California and The Beer

Factory. In this way, Grupo Gigante

has also strengthened its portfolio,

which includes the management in

this country of brands as important

as Petco and Panda Express. This

rearrangement of Comercial Mexicana’s

assets will result in an enormous change

in the retail sector in Mexico, since

it means not only a transformation

in terms of sales floor, but also the

disappearance of key promotions that

marked consumption trends in the

country, such as Julio Regalado: a 35

year-long discount campaign that set a

parameter for all competitors.

There is no doubt that Mexico is not the

same country as it was 50 years ago.

Furthermore, it is not the same country

as in the early years of the past decade.

Today, Mexicans live in an environment

quite different from the so-called

‘Mexican miracle’, a period in the late

20th century when commercial opening

and neo-liberal policies claimed, through

official statements, the country’s

triumphal entry to the ‘First World’.

Global financial crisis and public policies

to tackle competitiveness issues, and

delayed structural reforms – that are

only recently starting to take shape in

the Mexican market – became burdens

that undermined Mexican ideals in favor

of ‘the path to the glories of the First

World’. Brands and consumers grew up

in this environment: one where small

adjustments were —and are— made

here and there in pursuit of a better

future. Consumers expect brands to be

allies capable of fulfilling their promises:

we are a society looking for new

traditions that bring the certainty of a

better lived life.

116 117


MEXICO

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

HOW TO GROW

GREAT BRANDS IN

A FAST CHANGING

SCENARIO

PEDRO EGEA

President & CEO

Grey, Mexico

Pedro.Egea@grey.com

“The world’s changing”: This is one of the

most frequently heard statements in the

sphere of communication and, whether

we like it or not, it is true. How can brands

adapt to these changes? How can a

successful business stay on track? Or, how

can certain directions be reoriented in such

shifting times? I think the answer lies in

understanding consumers, since they are

modifying their habits, interests, and the

aspects that drive their purchase decisions.

Today, consumers are far more

complex: a decade ago they referred

to a couple of sources to make a

decision, now they look for at least 12

of them. In this social, economic, and

cultural context, brands are forced to

offer extra value to their products for

a simple reason: new consumers now

have tools to make comparisons with a

single click.

There are two other aspects to

bear in mind: First, expectations of

products are higher, buying decisions

are determined by needs but also by

the experiences generated by certain

products. Second, we live in a society

with new structures that have created

another audience (the social media

savvy), an audience we must analyze

so as to articulate the appropriate

messages for it.

Thus, the most important thing in a

world of technology trends and complex

consumers is to be close to them, to

their behavior, preferences, and habits.

This requires strategies focused on the

elements influencing the purchasing

path of shoppers, meaning, those who

make the final decision at point of sale,

either physical or digital. Today there

should be no difference between these

shoppers, but the industry is reluctant

to accept its own natural progress. .

LEVERAGING

THE TRENDS

Some of the marketing trends

contributing to the evolution of brands

are based on: Shopper Marketing,

Brand Entertainment, Storytelling,

Crowd Sourcing, and Contextual

Marketing. However, all of these

strategies will be of no use if we fail to

connect with audiences and to provide

messages that are relevant to them.

And what about E-Commerce? The

challenge companies are currently

facing is to captivate a larger number

of internet users. This channel

constitutes a real opportunity, since

today only 6% of internet users in

Mexico buy or acquire products or

services through it.

Today, we must think of acquisition

processes in a more cohesive

way. Retailers are adapting to

consumers’ evolution, so we must

devise strategies that follow in their

footsteps, that is, we must rely on

a strategic partner who identifies

multichannel users’ trends, who

understands, attracts and retains

customers. Then we must diagnose

the areas of opportunity in terms

of communication so as to connect

brands by means of relevant

messages delivered through adequate

channels. Once consumers have

been guided to the point of sale, we

must promote purchase decisions,

customer service, and experience at

POS. All of these will result in value

offers and comprehensive experiences.

These trends represent an

opportunity to gain new audiences.

Once again, the key is getting to

know them so that we can enhance

the opportunities brands have to

communicate with them. But there

is no secret recipe. Although certain

diagnoses might be similar, not all

remedies will work for all of them.

To conclude, we must remember that

marketing is addressed to audiences,

so that all companies, regardless of

their sector, must be attentive to who

is it that they are talking to. This will

help them be aware of their market,

of its needs and how to meet them.

People in charge of companies and

advertisers must carry out thorough

diagnoses so as to create Famously

Effective messages – messages

that people talk about and help the

business move forward.

Grey is one of the ten largest advertising

agencies in the world, with offices in over

83 countries. It has one overriding focus:

to produce truly great creative work,

to produce work that soars, makes us

proud and fosters the brand relationship

with consumers—work that helps our

clients prosper. Grey Worldwide provides

highly creative services including brand

ideas and strategies, brand planning,

creative development and production.

Our agency is organized into four

geographical units: North America;

Europe, Middle East & Africa (EMEA),

Asia-Pacific and Latin America..

www.grey.com

118 119


MEXICO

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

A STORY OF DAVID

AND GOLIATH IN THE

DIGITAL MEDIA ERA

The changes that the communication industry has to face in Mexico

today – including the telecommunications reforms, the analog

turnoff, and the growth of content delivered through new platforms

– remain the major topic of discussion.

*Source: E-Marketer, July 2015

LILIA BARROSO

CEO

GroupM, Mexico

Lilia.Barroso@groupm.com

Today, advertising in digital media

continues to grow and gain relevance:

in 2014, there was an 11 billion pesos

investment in Mexico, according to IAB.

Of special interest are the platforms

with video, which in 2014 had an impact

on 83% of internet users in Mexico, as

well as the mobile platforms, which have

a total of 83.1 million users, with almost

half of them (38.5 million) owning a

smartphone.*

Is the story of David and Goliath

repeating itself in the 21st century?

What can brands expect from this

battle and how to know which opponent

to back?

DAVID AND GOLIATH

IN 2015

The same characteristic that made

traditional means of communication

– our Goliath – strong and invincible is

perhaps their greatest weakness today:

organizational complexity and large

infrastructure. These make it difficult

for them to adopt new technologies or

to understand and adapt to new media

consumption habits.

However, and positively for them, they

still have their large-scale vision, the

ability to connect with big audiences

and to generate an immediate

mass impact and, thanks to this,

the likelihood of influencing current

consumers.

Meanwhile, digital media – our David –

are naturally less complex organizations.

They tend to operate as cells (business

units) to achieve their objectives in

the short term and wind up grouped

as comprehensive communication

offerings and platforms that provide

solutions to consumers’ needs.

Likewise, digital media have focused on

perfecting their most powerful weapon:

their ability to measure and quantify

the results of their solutions. This allows

them to understand the potential of

the million niches existing today among

consumers and to deliver relevant

messages to each of them.

However, data measurement and

analysis has still a long way to go: the

industry has much to do in terms of

standardization and the use of reliable

digital metrics that favor interaction

and data crossing among different

points of contact.

THE STORY IS

NOT OVER YET

Although it seems that my analogy

establishes who I think the winner will

be, the truth is that there is a noticeable

and natural wish on the part of the huge

digital players to become preeminent

and gain a larger part of advertising

investment. On the other hand,

traditional media make remarkable

efforts to create new models, adopt

new technologies, and get close to an

audience that will soon become their

potential consumers: youngsters.

Thus, circumstances in our industry are

constantly changing, the roles of David

and Goliath are interchangeable, and

therefore nothing is definite yet.

SO... WHO'S THE

WINNER OF THIS

BATTLE?

Doubtless, up to this point the ultimate

winner of this battle are brands, which

now have a wider variety of means to

combine and consequently present

their messages in a more efficient and

customized way.

Nevertheless, brands will only be able to

make this victory theirs and capitalize

upon it if they use a media mix that

allows them to interact with consumers

using the strengths of both David and

Goliath.

THE GIANT’S PERCEPTION:

Because mass media consumption,

especially television, is still preeminent

in Mexico, all these means must

be integrated into communication

strategies working as important action

triggers. Then, these actions can

become more specific and focus on the

different niches through supplementary

means connected with media

consumption habits.

AIMING AT THE OBJECTIVE:

More than ever before, the traces (data)

left behind by consumers when going

through media must be collected,

measured and analyzed. This will

provide the information needed to

develop an assertive strategy, allowing

brands to connect with consumers at

the right moment and in the right way,

so as to support the closing of the sale.

MEDIA AGILITY:

The growth of mobility and access to

the internet in Mexico forces brands

to accompany and interact with

consumers in real time. Those already

able to do this and take advantage of

spontaneous events are the brands that

are top of consumers’ mind.

RESILIENT CONTENT:

Besides being relevant, from the very

moment of its conception, brands’

marketing and messaging content must

be able to blend with each medium’s

distinctive features so as to connect

naturally with consumers and thus

enhance the chance for those messages

to be heard.

Finally, I think all of these

characteristics constitute the

advantage that, as a group of media

agencies, we should offer brands:

• Deliver acute and objective knowledge

of consumers – supported by

qualitative and quantitative data,

derived from the use of technology

and our proprietary metrics and realtime

analysis tools.

• Put into use our large-scale

implementation and negotiation

abilities so as to execute multiplatform

strategies suitable to each

brand’s needs and audiences.

• Collaborate with each of our clients

in order to develop – from strategy

to implementation – innovative and

relevant content for their consumers

and thus build, together.

GroupM is the leading global media investment management operation serving as

the parent company to WPP media agencies including Mindshare, MEC, MediaCom,

and Maxus, each global operations in their own right with leading market positions.

GroupM’s primary purpose is to maximize performance of WPP’s media agencies

by operating as leader and collaborator in trading, content creation, sports, digital,

finance, proprietary tool development and other business-critical capabilities.

GroupM’s focus is to deliver unrivaled marketplace advantage to its clients,

stakeholders and people.

www.groupm.com

120 121


MEXICO

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THE ROLE OF

PR IN BUILDING

STRONG BRANDS

“Communicating Character”

DANIEL KARAM

President & Managing Director

H+K Strategies, Mexico

Daniel.Karam@hkstrategies.com

In a world where more information than ever

is available to consumers who use it to guide

their purchasing decisions, it has never been

harder for brands to gain – and hold – the

trust of the public.

When the public evaluates a company

it does so through three main criteria:

brand (what it says about itself),

reputation (what others say about it)

and behavior (how it acts). The lack

of any of these forces will make it

harder for the company to enjoy a solid

reputation and long-term financial

health.

These factors cannot be managed

independently and its intersection is

what we call “Character.”

Character drives perception, sales

and loyalty; character inspires people.

Building character means telling

real stories that make an emotional

connection with the public. If brands

fail to make that connection they will

lose its attention and trust.

HOW DO WE DO THIS?

Here “content” is king. Brands used

to push messages. Now they must

communicate character. A great brand

is a human story and stories are what

“communicating character” is all about.

In this new age of transparency,

consumers are hearing about brands’

reputations and learning through the

experiences of their peers, rather

than crafted brand messages through

advertising. This shows not just a

growth in interconnectedness, but also

a decline in trust in paid media.

It’s necessary to engage the public

in a broader story about a brand’s

character, sharing its specific

commitments for responsible behavior

and engaging in an honest dialogue

with consumers, who believe that

brands with strong character are

trustworthy and care about their

products and their customers.

NOW IT'S PERSONAL

They’re looking for the equivalent of

a personal connection. They want

brands to transparently communicate

their efforts to be responsible. And

as character is what defines a brand,

those who communicate it in a

consistent and authentic way cannot

only prevent crisis, but will create

stronger connections with the public

that will ultimately improve their image

and financial value.

According to the findings of

a survey conducted by H+K

Strategies, examining the impact of

communicating character on public

opinion, nine out of ten people believe

that companies need to do more

to bring their behaviors in better

alignment with their publicly stated

values. Beyond that, nearly half of

them think that companies’ behaviors

are out of alignment with the values

they publicly promote.

We must bear in mind that these

authentic stories will compete with all

the other information consumed by

the public. The brand’s character must

therefore reach people through all the

available media platforms such as

mobile devices, laptops and traditional

media channels.

In summary, leading companies need to

carefully manage brand, reputation and

behavior in order to understand that

any disharmony in these elements can

severely damage public perceptions of

their character. And beyond this, we

strongly believe that communicating

character is an important part of

playing offense in today’s business

environment, and a way to stand out

from competitors.

Hill+Knowlton Strategies is a leading

global strategic communications

consultancy, providing services to local

and multinational clients worldwide. The

firm is globally headquartered in New

York City, with 88 offices in 49 countries

- including 13 offices in the US. Led by

Global Chairman and CEO Jack Martin,

Hill+Knowlton Strategies serves as a

trusted advisor to clients, developing

and executing communications

campaigns and business strategies to

manage the impact of the public on an

organization’s reputation, brand and

bottom line.

www.hkstrategies.com

122 123


MEXICO

THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CREATING GREAT

BRANDS IN AN

EXTREME MARKET

Stating that in today’s

competitive and ever changing

market, companies must know

how to be distinct is a no-brainer.

It’s also obvious that, in order to

achieve distinctiveness, a correct

strategy and brand positioning

are decisive. But sometimes, it is

just not that simple.

GABRIELA LIJO

General Manager

Lambie-Nairn, Mexico

G.Lijo@lambie-nairn.com

Today we are more informed, more connected, and busier

than ever. Our society wants to do and have it all. We have

abandoned the old habit of living moderately and adopted

a life of extremes. We want to have lots of experiences and

live more intensely, but at the same time we want to have

the utmost happiness and peace. We want to be utterly

successful but we also want to have a better quality of life.

In this context, brands and branding will become even

more important than they currently are, since they will be

the ones guiding consumers through extreme situations:

understanding them, making their lives easier, and helping

them make better decisions. Brands are constantly

present in a number of already traditional activities, such

as smartphones, tablets, computers, television, and so on,

but little by little new ones are being implemented so as to

satisfy new senses like smelling, touching, or tasting, in order

to boost a memorable experience.

STRONG BRANDS

CREATE STRONG BONDS

Brands creating meaningful experiences will be the ones we

pay attention to, for they will be capable of establishing close

bonds with their consumers and thus continue being top

of mind. Only strong brands are capable of creating these

bonds: thinking otherwise is nonsense. Bearing this in mind,

let us review the characteristics that all successful brands

share, for those are the keys to creating the brands that will

survive in this extreme market.

First, we must take into account that, for any brand, a strong

brand strategy is a necessity rather than a luxury. A recent

study published by Lambie-Nairn together with Millward

Brown and The Partners has shown that branding is more

important than advertising as a brand value driver. Brands

with a strong strategy focused on the brand and weak

advertising had a 76% increase in value, while brands with

weak branding and strong advertising had a value increase of

only 27%. Take Apple, for example: it was #1 in the BrandZ

2015 ranking, and it is globally recognized because of its

unique brand proposition, its iconic identity, and a design that

consumers love. Its value has increased 67% since 2014.

A GREAT BRAND

MUST KNOW ITSELF

The brand must be directly related to the business strategy,

aware of the company’s objectives and its market, so as to

clearly understand what is it that it can or cannot achieve

in order to be credible when reaching its target audience. A

great brand must perfectly know its DNA, its brand code, and

the characteristics that make it unique and distinct from all

the other brands. When a brand is true to itself, it generates

confidence in consumers and thus it is capable of influencing

their behavior. This does not mean a brand cannot surprise

us, nor does it imply that its communication should be boring,

but that it must be clearly aware of how far it can go without

losing its own identity. For instance, the Krispy Kreme brand

surprised everybody with its acceptance of new technologies

and the creation of an app called “Hot Light”, which lets

followers know when and where fresh donuts are being sold.

A GREAT BRAND MUST KNOW HOW

TO INVENT AND REINVENT ITSELF

As mentioned above, a brand can and should surprise

us. To do so, it must be constantly evolving, it must be a

living being going beyond the product or service offered,

encouraging loyalty among consumers and turning them

into brand spokespersons, into its fans. Who doesn’t have

an acquaintance who, besides buying a car or a pair of shoes

from a specific brand, insists on our buying the very same

product? This is the way those brands become leaders within

their categories, to set trends that their competitors will have

to follow. Nike is a perfect example of a leading brand that has

transcended its category. Nike claims that “if you have a body,

you are an athlete”. Nike is a benchmark for athletes and in the

overall sphere of sports, not merely a sneakers manufacturer.

A GREAT BRAND MUST BE

CAPABLE OF GENERATING UNIQUE

EXPERIENCES AND EMOTIONS

In the end, it is not only about selling a product or providing

a service: a brand must always seek to establish a link, an

emotional connection with its target audience so that it turns

into a long-lasting bond. For example, Dove is perfectly aware

of its target audience’s needs and wishes: all those women

who do not feel reflected by magazines’ beauty standards.

By means of its campaign “for real beauty”, Dove managed to

create an emotional bond with its audience, becoming thus

something far beyond a personal care company.

A GREAT BRAND MUST

BE CONSISTENT

A brand is not just a logo, a word, or a slogan. When a brand

is coherent and consistent with its communication, everyone

recognizes it. This is why it is important to have a recognizable

framework, a visual image that leaves no doubt as to who is

addressing us, even if we are not looking at the brand. This

framework should be consistent regardless of the country

and the communication format or platform. Movistar is a

good example of this. Due to its distinctive elements, such as

the blue sky, the clouds, the typography used, and a rigorous

program by Lambie-Nairn, this brand is now recognized in all

the territories where it operates, with no need to be identified

by its logo.

A strong brand is authentic and humane, regardless of how

small or large it is. When a brand manages to speak in the

same language its consumers use, their connection is far

closer. This can be accomplished by being funny, intelligent,

understanding, or the like. We can think of brands such

as Google, which changes its illustrations every day, Red

Bull, which pushes the limits of human capabilities, or even

Beyoncé, with her 7/11 video that seems home-made.

A GREAT BRAND

MUST BE RELEVANT

Let us remember that the key to generating trust is to act as

consumers want and expect, that is, to understand what is

important to them. Therefore, a great brand must aspire to

be, by itself, whatever people want it to be, and try to generate

strong associations among the audience.

Established in 1976, Lambie-Nairn is a branding agency that

creates emotive and dynamic brands. Lambie-Nairn believes

that brands are capable of living at every touch point, even

when consumers are driving the brand interaction. By doing

this Lambie-Nairn creates brands that stimulate and establish

a stronger emotional bond with their audiences.

www.lambie-nairn.com

124 125


PERU


PERU

KEY FACTS AND TOP 12 MOST VALUABLE PERUVIAN BRANDS 2015

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM TOP 12

MOST VALUABLE

PERUVIAN BRANDS 2015

BRAND VALUE

Total Value of Peruvian Brands

US$ 8.5 BILLION

Brand Value Change 2014-2015

+17%

Source: Millward Brown and BrandZ

#

Brand

4

5

6

®

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1,108 1,076 5 3%

643 594 5 8%

Beer

Soft Drinks

422 410 5 3%

Beer

KEY FACTS

Capital City

Lima

Currency

NEW SOL

Area 1.29 million km 2

Population (THOUSAND) 30,770 (2014)

Population growth rate (ANNUAL) 1.1% (2010-2015)

Life expectancy 75 years (2013)

#

Brand

1

2

3

Source: Millward Brown and BrandZ

Brand Value

(US$ Mil.)

2015 2014

Brand

Contribution

Index

Brand

Value

Change

2014-2015

1,808 1,540 3 17%

1,678 1,630 5 3%

1,479 1,037 3 43%

Banks

Beer

Banks

7

8

9

10

11

12

331 263 4 26%

287 279 4 3%

Insurance

251 137 1 84%

225 141 2 59%

175 110 2 59%

169 - 3

Beer

Cement

Retail

Retail

NEW

ENTRY

Retail

Literacy rate of 15-24 year olds 98.7% (2012)

Unemployment rate 5.9% (2013)

6.1% (2014)

ANNUAL GDP AT CURRENT PRICES

Total at current prices: US$ 203 billion (2014)

GDP per capita (annual dollars): US$ 6,594 (2014)

Growth rate: 2.4% (2014)

Country’s share in regional GDP: 4.3% (2014)

Net foreign direct investment: US$ 10 billion (2014)

US$ 7.8 billion (2014)

Sources:

CEPAL, Comisión Económica ONU

CEPASTAT – Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank

Unesco

128 129


PERU

BRAND STORIES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

1 2 3

7 8 9

PARENT COMPANY BCP

HEADQUARTERS Lima

INDUSTRY Banks

YEAR OF FOUNDATION 1889

WEBSITE www.viabcp.com

BRAND VALUE US $1,808 million

PARENT COMPANY UCP Backus & Johnston

HEADQUARTERS Lima

INDUSTRY Beer

YEAR OF FOUNDATION Around 1920

WEBSITE www.cristal.com.pe

BRAND VALUE US $1,678 million

PARENT COMPANY Grupo Interbank

HEADQUARTERS Lima

INDUSTRY Banks

YEAR OF FOUNDATION 1897

WEBSITE www.interbank.com.pe

BRAND VALUE US $1,479 million

PARENT COMPANY Credicorp Group

HEADQUARTERS Lima

INDUSTRY Insurance

YEAR OF FOUNDATION 1992

WEBSITE www.pacificoseguros.com

BRAND VALUE US $331 million

PARENT COMPANY UCP Backus & Johnston

HEADQUARTERS Lima

INDUSTRY Beer

YEAR OF FOUNDATION 1920

WEBSITE www.pilsentrujillo.com.pe

BRAND VALUE US $287 million

PARENT COMPANY Unión Andina de Cementos

HEADQUARTERS Lima

INDUSTRY Cement

YEAR OF FOUNDATION 1916

WEBSITE www.unacem.com.pe

BRAND VALUE US $251 million

BCP is a financial institution that has

been operating in Peru since 1889.

Originally it was named Banco Italiano

but became Banco de Creditor Peru in

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.

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 soccerrelated

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 country’s

most popular beers: Cristal, Pilsen Callao,

Cusqueña, Pilsen Trujillo, Barena, Arequipeña

and San Juan. UCP Backus & Johnston is

a subsidiary of SABMiller group, one of the

largest brewer groups in the world.

One of the largest financial institutions

in Peru, Banco Internacional del Peru

(Interbank) has a growing portfolio

in personal credit, vehicle loans,

mortgages, deposits, trade credits and

retail.

Its mission is to improve people’s quality

of life by delivering a fast and friendly

service every time, in every place. Key

to this vision is its commitment to

delivering client service flawlessly and via

multiple channels.

Pacifico is the leader in the insurance

market in Peru.

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 its

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, it is now widely

available across Peru. Backus & Johnston

acquired the brand in 1994.

Cemento Sol is the market leader in Perú

and UNACEM’s best-selling product.

Backed by more than 40 years of

experience, making it the best-known and

most reliable brand in the market, it is

also the most widely available. Cemento

Sol is the most widely used cement by

builders and self-builders in Peru.

4 5 6

®

10 11 12

PARENT COMPANY UCP Backus & Johnston

HEADQUARTERS Lima

INDUSTRY Beer

YEAR OF FOUNDATION 1863

WEBSITE www.pilsencallao.com.pe

BRAND VALUE US $1,108 million

PARENT COMPANY Corporación LIndley

HEADQUARTERS Lima

INDUSTRY Soft Drinks

YEAR OF FOUNDATION 1935

WEBSITE www.incakola.com.pe

BRAND VALUE US $643 million

PARENT COMPANY UCP Backus & Johnston

HEADQUARTERS Lima

INDUSTRY Beer

YEAR OF FOUNDATION 1909

WEBSITE www.cusquena.com.pe

BRAND VALUE US $422 million

PARENT COMPANY Interbank Group

HEADQUARTERS Lima

INDUSTRY Retail

YEAR OF FOUNDATION 2001

WEBSITE www.plazavea.com.pe

BRAND VALUE US $225 million

PARENT COMPANY Interbank Group

HEADQUARTERS Lima

INDUSTRY Retail

YEAR OF FOUNDATION 1996

WEBSITE www.inkafarma.com.pe

BRAND VALUE US $175 million

PARENT COMPANY Interbank Group

HEADQUARTERS Lima

INDUSTRY Retail

YEAR OF FOUNDATION 2005

WEBSITE www.realplaza.pe

BRAND VALUE US $169 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

activity focuses on an emotional

connection with consumers, using the

slogan “the flavor of true friendship”.

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 nation’s

traditional cuisine. In 1996, the Coca-

Cola Company acquired 49% of the brand.

Cusqueña 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.

Plaza Vea is a Peruvian brand of

hypermarkets and supermarkets

belonging to Interbank Group.

The first store was opened in 2001

and there are currently more than 80

stores across the country. Plaza Vea

employs more than 10,000 people in

Lima and the provinces.

InkaFarma is the largest retail

pharmacy chain in Peru.

InkaFarma was founded in 1996 and

today has more than 8000 employees

throughout Peru. The pharmacy offers

many products such as pharmaceuticals,

perfumery and personal care.

Real Plaza is a chain of shopping malls

based in Lima and with 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 internal real estate development team

focused on rental and development of new

shopping centers and independent shops.

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TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

EXPORTING

PERUVIAN BRANDS

There is also the example of Aje Group, which has

achieved presence in 23 countries by promoting the right

product at an affordable price for a very specific segment.

This group has strengthened in the past few years, but

it is interesting to see that the company is daring to try

something new in order to build its brands beyond the

price element. It is seeking a new understanding of its

consumers, who are also in need of a bond with the brand

beyond the product. Clearly, these kinds of companies are

prepared to reinvent themselves whenever necessary so

as to go on competing in international markets.

Faced with a fluctuating domestic

economy, several Peruvian

companies are looking to increase

their international footprint,

presenting their business models

and brands on a broader stage.

These brands seek to become

emblematic to the wider LatAm

region and even worldwide.

CATALINA BONNET MONTOYA

Managing Director

Millward Brown, Peru

Catalina.Bonnet@millwardbrown.com

Examples like Belcorp and Yanbal International (Unique) have

shown Latin America a strong business model in the Beauty

and Personal Care category, posing a threat to big global

companies. Their secret has been a local understanding

of middle class consumers. The key to confronting global

brands with strong presence has been to build meaningful

differentiation, especially aimed at the Latin American

emerging classes. What are these population segments

looking for? A friend who provides honest beauty advice, one

that a consumer trusts enough to try new things in front of

without feeling judged. This is what the business model of

these two companies is based upon.

Brand Equity - Beauty Brands, Peru

Unique

192

189

2 2.9

113

Esika

117

Meaningful Different Salient Power

100 (100 is an average score; 105 and above is a good score)

15.6

159

138

Source: Millward Brown and BrandZ

Brand Equity - Banks, Peru

Interbank

94

Mibanco

108 97

95

8.9

120

6.8

84

Meaningful Different Salient Power

100 (100 is an average score; 105 and above is a good score)

Source: Millward Brown and BrandZ

In the sphere of finance, a perfect example of

internationalization is Interbank, a bank with a

differentiated and aspirational proposal that has become

stronger in some countries of this region. There is also the

example of Mibanco, a microfinance offer addressing the

niche of small and medium-sized companies, which find

this brand relevant because it understands what they need

in order to grow – whereas traditional banks do not. This

bank’s challenge is to consolidate its emotional bonding

and its market differentiator.

Global ambition can also be seen in other large companies

such as Alicorp, Química Suiza, and Gloria. These

companies are now interested in understanding Latin

American consumers, and are preparing to build strong

brands in the region.

So, we clearly see in Peru strong economic groups that

are ready to compete in the whole region and hopefully

globally. Their biggest challenge is to make sure they

understand international consumers. Peruvian brands

have achieved success by building propositions that

are relevant for the needs of audiences that traditional

global brands have not met. Their next step must be to

build brands that connect at a more emotional level with

consumers and, above all, that address them with honesty.

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THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

HAS THE SLOWING

PERUVIAN

ECONOMY IMPACTED

BRAND VALUE?

The Peruvian economy saw important growth in recent

years, generating changes in consumers: they are now more

informed, more demanding, more connected, accessing more

and more modern purchasing channels, and seeking new

forms of entertainment.

OLIVIA HERNÁNDEZ

Client Service Director

Millward Brown, Peru

Olivia.Hernandez@millwardbrown.com

However, in the past two years economic growth

has not been as expected, which poses a question

for brands: How can they keep generating value in

an economic context less favorable than that of the

country’s recent “golden age”?

A lot of brands, the most valuable ones, have the

answer to this question. These are the brands that

achieved a value increase against 2014 despite the

situation described.

So, what is it that these brands did in order to grow?

Investment on the Internet

Revenues in the first half year in PEN (Peruvian New Sol).

46.6 Million

2012 2013 2014

Source: PWC and iab, Peru

DIGITIZATION

+20%

In the face of the huge change in

consumer behaviors, some brands have

understood the way to be present in the

new digital world.

Although there is still a long way to

go, there are brands – like BCP and

Interbank – daring to be the first to

increase their digital campaigns and

create more salience, while favoring the

use of the internet and mobile devices

to make transactions.

56 Million

+48%

DIFFERENTIATION

83.2 Million

With highly relevant insights and

consistent communication, Pilsen Callao

has managed to be a meaningful but,

above all, different brand by generating

a great brand experience, for instance,

by celebrating Friend’s Day, or creating

“the beer bouquet”.

The presence of the retail sector in the

most valuable brands ranking of last

year shows that the modern channel

is becoming stronger in the country.

A good example of this is Real Plaza, the

shopping mall chain that has expanded

all over the country, generating clear

differentiation in terms of leadership. Real

Plaza has managed to break paradigms by

bringing shopping malls close to different

regions and socio-economic levels,

as well as understanding consumers’

changing purchasing habits. It is focused

on providing a great brand experience

through meaningfulness – for instance,

there are family entertainment areas

inside its malls.

However, there is still a long way to go in

terms of innovation. Although there are

brands with successful launches, there is

another question to be answered: Is the

work on innovation in Peru sufficient? Are

we taking the calculated risks necessary

to be more innovative?

Innovation not only relates to products,

but also to brands, communication,

contact points... We must all open our

minds to innovation.

134 135


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THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BUILDING

MEANINGFULLY

DIFFERENTIATED

BRANDS IN PERU

Consumers are more informed and more

connected, and have therefore become more

demanding, in search of experiences and

innovations. Likewise, exposure to global media

and content has refined their needs – the

conscious ones and unconscious ones – creating a

different relationship with brands, strengthening

the bonds with those that make them feel

recognized or that offer new value proposition.

Consumers are wide awake – or at least this is

how we perceive them. This transformation has

led consumers to go beyond wanting affordable

prices and appealing promotions, to different

and meaningful experiences that link them

emotionally to brands.

JEANETTE YAÑEZ PAJUELO

Account Group Director

Millward Brown, Peru

Jeanette.Yanez@millwardbrown.com

In addition, new segments are

becoming important. Today,

young people – and women in

particular – are key to many

categories, so that addressing

them and positioning brands as

desirable has become crucial.

These changes are not alien to

the traditional and highly valued

category of beer. During the

past year we have witnessed

increased activity, with the

entry of new brands and the

emergence of a still small – but

with high media presence - set

of traditionally brewed beers,

especially in Peru.

ARE LARGE BRANDS

STILL LARGE?

We have seen that the beer category

remains one of the strongest in the

ranking, holding some of the top

positions. In Peru, consumers mainly

prefer Cerveza Cristal, “la cerveza de

los peruanos” (“Peruvians’ beer”), and

Pilsen Callao, “el sabor de la verdadera

amistad” (“the taste of true friendship”).

Both brands have solid bonds with

Peruvian consumers, but throughout

this year we have observed two

different approaches. Cerveza Cristal

has maintained its value on the

basis of its market leadership and

its association with something that

triggers strong passions – football.

Meanwhile, Pilsen Callao has gained

importance. The oldest beer in

Peru continuously rejuvenates itself

through ongoing innovation in terms

of image and experiences offered to

consumers, communicating freshness

and reinforcing its association with

true friendship. In this ever-changing

environment, it is worth highlighting the

work done by both brands, which have

managed to keep strong and valid bonds

with their consumers.

But beer is not the only category

showing important modifications this

year. Banks have also been able to

find a key factor to trigger closeness

with consumers. Their campaigns

have sought to generate an emotional

relationship with their target audience,

focusing on their understanding and

identification with users’ difficulties.

This is the category at the head of the

ranking, with a total of 15 brands –

noteworthy, right?

Interbank has launched a campaign

focused on saving that connects with

viewers, as if talking to a friend, making

them feel they really understand what it

means to save and live with restraint in

order to achieve a goal.

The leader, Banco de Crédito del Perú,

works on different points of contact

with its customers, presenting itself as

constantly concerned with their needs,

offering them special products, this is

interpreted as closeness.

A key element of this understanding

is seen in how brands communicate

with consumers. Today communication

takes place not only through traditional

media, such as television, but through

different formats – customers are now

multi-screen and connected for about 8

hours a day.

WHAT CAN WE LEARN

FROM THESE BRANDS?

To listen to consumers, for they are

the ones in control. Listening and

then acting creates meaningfully

differentiated brands. Reinvention and

innovation are also critical elements

in provoking the loyalty and/or love

that consumers rely on when making

a decision. The key is getting close to

consumers, being present at important

moments, making them identify with

the brand. Brands must be part of their

consumer’s lives, accompany them,

be an ally in their adventures, so that

consumers feel proud to be users.

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THOUGHT LEADERSHIP

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

WHAT'S NEW

IN PERU'S

LOCAL MARKET?

In the past 15 years, Peru has experienced its highest economic

peak of the previous 60 years. Not since the fishing “boom” in

the 1950s, when Peru became one of the main fishmeal and

hydrobiological goods producers, has the Peruvian economy

experienced such a steady growth, with rates that led to an

almost three-fold increase of its GDP over the last 15 years.

FIDEL LA RIVA CRUZ

Country Manager

Kantar Worldpanel, Peru

Fidel.Riva@kantarworldpanel.com

Obviously, these changes have brought

about some important transformations

in the socio-demographic structure of

Peruvian families. According to ECLAC

(Economic Commission for Latin America

and the Caribbean), in the past 15 years

almost a million Peruvian families have

overcome extreme poverty, generating a

population pyramid that looks more like

a diamond. This has also resulted in the

development of a thriving middle class that

has been the driving force behind domestic

consumption, leading to growth in some

industries and sectors. For instance, the

market of new car sales increased from

40,000 new cars in 2003 to over 210,000

in 2013. Likewise, the construction sector

grew at 12% average annual rate in the last

ten years, while over 120,000 mortgages for

the purchase of private homes were granted.

According to the data on mass

consumption, the basic basket of an

average Peruvian household has grown

from around 48 categories of products

in early 2000 to around 58 categories

in 2015, with two-digit growth in

the consumption of many of these

categories.

WHERE ARE THE

WEAK POINTS?

Not everything has gone so well. During

these years of the highest macroeconomic

growth, we have failed to

resolve structural issues such as casual

labor and sub-employment, our industry

has not strengthened, and we still

have a 70% dependence on exports of

primary and traditional products, mainly

commodities such as copper, silver, gold,

and zinc, among others. We continue

to be one of the countries in this region

with the largest number of households

receiving daily or weekly wages – about

45% of Peruvian households obtain their

income this way, due to casual labor

and employment scarcity. This results

in a country with the highest purchase

frequency in the region, with 296 visits

to points of sale to buy basic basket

goods, with one of the lowest average

purchase ticket in the region – around

$6 US per visit – comparable only to

Mexico, Bolivia, and some countries in

Central America.

In this environment, with so many

“moments of truth” in the purchase

process, a still predominantly traditional

channel – warehouses and markets –

and a compulsive need among Peruvian

housewives to spread the budget as

far as possible, the work for brands in

Peru is a constant challenge. There is no

doubt we Peruvians are “brandists”: we

have emblematic Peruvian brands with

high affinity, bonds and history with

local consumers, which makes us quite

traditional. Thus, building new brands

in Peru is almost a handicraft, a task

that requires patience, clear strategies,

perseverance and consistency.

It is clear that the golden years of the

world and particularly Latin America

are already over, and that the macroeconomic

environment will not be as

favorable as some years ago, a fact that

has become evident in Peru since 2014.

Nonetheless, it is also clear that there

are business opportunities and that,

despite the economic slowdown, some

brands and products keep growing. The

important thing is to continue building

strong brands on the basis of sound

knowledge of consumers, leveraged

by the innovation demanded by those

consumers according to new market

trends and needs.

Kantar Worldpanel is the world leader in

consumer knowledge and insights based

on continuous consumer panels. Its

High Definition Inspiration approach

combines market monitoring, advanced

analytics and tailored market research

solutions that inspire successful actions

by its clients.

Kantar Worldpanel’s expertise about

what people buy or use - and why - is

recognised by brand owners, retailers,

market analysts and government

organisations globally.

With over 60 years’ experience, a

team of 3,500, and services covering

60 countries directly or through

partners, Kantar Worldpanel helps

brands grow in fields as diverse as

FMCG, impulse products, fashion, baby,

telecommunications and entertainment,

among many others.

www.kantarworldpanel.com

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TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

FROM ANALYTICAL

TO 'CURIOSYTICAL'

THE IMPACT OF

ACTIONABLE IDEAS

Today, this equation has changed: although

it is true that maximizing the message’s

reach secures brand presence and relevance,

impact and powerful ideas of enhancement

strengthen the bonding between brands and

consumers. Today, this is what generates

value and continuity.

There is no doubt that the challenges today’s

brands face in order to generate value for

shareholders are more and more intense,

especially as functional differentiation is

increasingly reduced by the existence of

technology and information as commodities.

However, strong brands leave a mark, and this

mark carries the imprint of those working on

the brand: the marketing and agency team.

EDUARDO VELASCO MAXIMILIANO

Managing Director

MEC, Peru

Eduardo.Velasco@mecglobal.com

In the past ten years, media agencies

have undergone an interesting

transformation, integrating specialized

areas and profiles to complement

traditional analysis and media planning.

This is aimed at enhancing the strategic

nature of the service, emphasizing data

and digital media. Years ago, the role of

media agencies was mainly to maximize

the reach of the brand’s message in

paid media, sometimes adding a few

innovative ideas on media use. What

was important was to maximize the

number of people exposed to a brand’s

message at the lowest possible cost.

The impact achieved by any innovation

in the use of media came second.

By impact and powerful ideas, we do not

mean TV and radio adverts, but what

we call “actionable ideas”. Based on the

interpretation of consumers’ real time data,

the market, and competitors, as well as

on predictions around the events and/or

content that can be related to the brand,

we develop specific actions that are then

enhanced through paid media, both owned

and earned. Formerly, a brand scheduled

8-10 activities in a year. Today, they have a

plan with 30-40 activities in a year. Brands’

dynamism ensures their permanence in

consumers’ preferences, but demands a

more efficient investment.

This is why media agencies’ teams are

evolving from being characteristically

analytical to become ‘curiositycal’. Today,

collecting and reading data is not enough: we

need to understand them, identify patterns,

associate them with opportunities, develop

relevant content, and finally create powerful

ideas based on all of these. Today, social

listening, big data, and market content

enable agencies to deliver ideas to brands in

real time, ideas that will then add more value.

This is becoming more and more relevant. It

is no coincidence that some Cannes awards

were granted to media, nor that different

and comprehensive agencies are emerging

globally. Rather, this shows that the current

ecosystem is being redefined on the basis of

the convergence of all these media elements.

MEC is committed to growth. Growth for our people, our clients and

our industry. MEC pushes the boundaries of what’s possible in order

to thrive in Digital / Mobile / Search / Social / Performance Marketing

/ Data / Analytics / Insight / Sponsorship / Branded Entertainment /

Multi-cultural / Content / Retail and Integrated Planning. Our 5,000

highly talented and motivated people work with category-leading

advertisers in 93 countries and we are a founding partner of GroupM.

#dontjustlivethrive.

www.mecglobal.com

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RESOURCES


RESOURCES

BRANDZ VALUATION METHODOLOGY

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM BRAND

VALUATION

METHODOLOGY

Introduction

The Valuation Process

The brands that appear in this

report are the most valuable

in Latin America. They were

selected for inclusion in

the BrandZ Top 50 Most

Valuable Latin American

Brands based on the unique

and objective BrandZ brand

valuation methodology that

combines extensive and ongoing

consumer research with

rigorous financial analysis.

The BrandZ valuation methodology

can be uniquely distinguished from

its competitors by the way we obtain

consumer viewpoints. We conduct

worldwide, on-going, in-depth

quantitative consumer research, and

build up a global picture of brands on

a category-by-category and marketby-market

basis.

Globally, our research covers three

million consumers and more than

100,000 different brands in over 50

markets. This intensive, in-market

consumer research differentiates

the BrandZ methodology from

competitors that rely only on a panel

of 'experts', or purely on financial and

market desktop research.

Before reviewing the details of this

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 others stakeholders.

Brands provide the signposts we need

to navigate the consumer and B2B

landscapes.

At the heart of a brand’s 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, Different

and Salient.

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.

DISTINCTION OF

BRANDZ TM

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, what we call Brand Contribution,

differentiates BrandZ.

STEP 1: CALCULATING

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

what’s happening today – is less

important than prospects for future

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. It’s

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 Branded Earnings

and multiply that 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 that

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.

Here’s what makes BrandZ so unique

and important. BrandZ is the only brand

valuation methodology that obtains

this customer viewpoint by conducting

worldwide on-going, in-depth quantitative

consumer research, online and face-toface,

building up a global picture of brands

on a category-by-category and marketby-market

basis. Our research now covers

over three 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.

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BRANDZ VALUATION METHODOLOGY

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

WHY BRANDZ TM IS

THE DEFINITIVE

BRAND VALUATION

METHODOLOGY

Eligibility criteria and definitions

All brand valuation methodologies

are similar – up to a point.

All methodologies use financial

research and sophisticated

mathematical formulae 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.

What’s missing? The picture of the

brand at this point lacks input from

the people whose opinions are most

important – the consumer. This is

where the BrandZ methodology

and the methodologies of our

competitors part company.

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 TM

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.

WHAT'S THE BRANDZ TM 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.

ELIGIBILITY

The brands ranked in the BrandZ Top

50 Most Valuable Latin American Brands

2015 report meet one of these four

eligibility criteria:

• The brand must be owned by a

publicly-traded enterprise

• The publicly-traded enterprise must

report positive earnings

• The brand must be characterized as

a local Latin American brand (either

originating from Latin America or a

relevant proportion of its business is

located there).

• The brand is owned by an enterprise

listed on any of the Stock Exchanges

of the evaluated countries.

DEFINITIONS

Brand Contribution

Brand Contribution is a BrandZ

measurement of a brand’s uniqueness

in the mind of the consumer and the

impact of brand alone, without any

other factors, on future earnings. Brand

Contribution is expressed on a scale of

one to five, with five being the highest.

Brand Power

Brand Power is a BrandZ measurement

of a brand’s competitive position in

its category. It roughly correlates with

volume share. Brand Power is a BrandZ

component of brand equity, which is the

consumer predisposition to choose one

brand over another.

MEANINGFUL,

DIFFERENT, SALIENT

Meaningful

Consumers feel an affinity for the brand

or think it meets their needs. In any

category, these brands appeal more,

generate greater “love” and meet the

individual’s expectations and needs.

Different

The brand feels different to other brands

in the category. They are unique in a

positive way and “set the trends” for the

category, staying ahead of the curve for

the benefit of the consumer.

Salient

The brand comes to mind quickly and

spontaneously when activated by ideas

related to category purchase. The brand

of choice for key needs.

• 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.

146 147


RESOURCES

BRANDZ PUBLICATIONS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRANDZ TM : THE ULTIMATE

RESOURCE FOR BRAND

KNOWLEDGE AND INSIGHT

BRANDZ TM

ON THE MOVE

BrandZ Top 100 Most

Valuable Global Brands 2015

This is the definitive global brand

valuation study, analysing key trends

driving the world’s largest brands,

exclusive industry insights, thought

leadership and a retrospective look at

10 years of BrandZ.

BrandZ Top 100 Most

Valuable Chinese Brands 2015

The report profiles Chinese brands,

outlines major trends driving brand

growth and includes commentary

on the growing influence of Chinese

brands at home and abroad.

BrandZ Top 50 Most

Valuable Indian Brands 2015

This second annual BrandZ Top 50

Most Valuable Indian Brands report has

set a record. It increased 33 percent in

value, a rate that exceeds the growth

of the Global Top 100 for every year

since the launch of the Global BrandZ

rankings a decade ago.

The Chinese New Year in

Next Growth Cities

The report explores how

Chinese families celebrate this

ancient festival and describes

how the holiday unlocks yearround

opportunities for brands

and retailers, especially in

China’s lower tier cities.

For the iPad magazine search for

Chinese New Year on iTunes

TrustR

Engaging Consumers in

the Post-Recession World

Trust is no longer enough. Strong

brands inspire both Trust (belief

in the brand’s promise developed

over time) and Recommendation

(current confirmation of that

promise). This combination of Trust

plus Recommendation results in a

new metric called TrustR.

Get the BrandZ Top 100 Most

Valuable Global Brands, Chinese Top

100, Indian Top 50, Indonesian Top 50

and many more insightful reports on

your smartphone or tablet.

To download the apps for the

BrandZ rankings go to www.BrandZ.

com/mobile (for iPhone and Android).

BrandZ is the world’s 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.

BrandZ Top 50 Most Valuable

Indonesian Brands 2015

This new study analyses the success

of Indonesian brands, examining the

dynamics shaping this fast-emerging

market and offering insights for

building valuable brands.

The Chinese Golden Weeks

in Fast Growth Cities

Using research and case studies,

the report examines the shopping

attitudes and habits of China’s rising

middle class and explores opportunities

for brands in many categories.

For the iPad magazine, search Golden

Weeks on iTunes

The Power and Potential

of The Chinese Dream

“The Power and Potential of The

Chinese Dream” is rich with knowledge

and 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.

ValueD

Balancing Desire and

Price for Brand Success

Desire is primary. High Desire

enables Price flexibility.

A new metric, Value-D,

measures the gap between

the consumer’s Desire for a

brand and the consumer’s

perception of the brand’s

Price. By quantifying this

gap, Value-D helps brands

optimize their profit and,

market-positioning potential.

RepZ

Maximising 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, underpinned by the

power of BrandZ, which allows detailed

understanding of your brand’s personality.

148 149


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

BRAND EXPERTS WHO

CONTRIBUTED TO THE REPORT

These individuals from WPP companies provided additional

thought leadership, research, analysis and insight to the report

JORGE ALAGÓN

Chief Client Solutions Officer LATAM

Millward Brown

Jorge.Alagón@millwardbrown.com

FERNANDO ALVAREZ KURI

Vice President

Millward Brown Vermeer, Mexico

Fernando.Alvarez@millwardbrown.com

CLAUDIO APABLAZA

Business Development Director

Millward Brown, Chile

Claudio.Apablaza@millwardbrown.com

LILIA BARROSO

CEO

GroupM, Mexico

Lilia.Barroso@groupm.com

RICARDO BARRUETA

Managing Director

Millward Brown, Mexico, Central America

and the Caribbean

Ricardo.Barrueta@millwardbrown.com

FRANCISCO BAYEUX

Global Innovations

Millward Brown, Brazil

Francisco.Bayeux@millwardbrown.com

Jorge holds a Bachelor’s Degree in

Applied Sciences from Mexico’s ITAM,

and a Masters in Applied Statistics

from Oxford University. With

more than 20 years in the market

research industry, Jorge has worked

in organizations such as J. Walter

Thompson Mexico and Estadística

Aplicada e Investigación de

Mercados S.C. In 2002, Jorge joined

Millward Brown Mexico’s Research

Development Team, a path that

lead him all the way to the Global

Innovations Team in Warwick, UK,

where he launched the Meaningfully

Different Framework to measure

Brand Equity and Value.

Nowadays, Jorge is back in Millward

Brown LatAm commercializing

solutions for clients.

Fernando currently leads Millward

Brown Vermeer in Mexico, Millward

Brown’s consultancy branch

specializing in subjects such as

branding, media and communication

strategies. He holds a Master’s in

Consumer Psychology from Guelph

University and has over 20 years

of experience both on agency and

client side, being responsible for

the design and implementation of

brand strategies in FMCG and service

companies. His areas of expertise

include consumer psychology,

strategy and brand communication.

Claudio has a degree in Sociology

from the Universidad de Chile. For

over a decade he was a lecturer in

research methodology and market

research in different universities of

Santiago.

Claudio has 20 years of experience as

a project manager, area manager and

business manager in different market

research agencies including TNS,

Ipsos, Synovate, Time Research,

Millward Brown, Mori, GfK Adimark.

He joined Millward Brown (for

the second time) in April 2014 as

Business Development Director,

responsible for developing new

accounts and customers.

Lilia Barroso has extensive experience in

the media industry, having worked in this

field for more than 20 years. Currently, she

holds the position of CEO GroupM Mexico,

a holding company integrated by Koan,

Maxus, Mediacom, MEC, Mindshare Mexico

and Xaxis.

Lilia joined J. Walter Thompson Mexico as

Media Director in June 1987. In 1998, she

founded Total Media, the first independent

media unit created by an advertising

agency in Mexico, along with David Byles,

J. Walter Thompson Latin America´s

Regional Media Director. The following year,

Lilia founded MindShare Mexico, J. Walter

Thompson and Ogilvy WorldWide´s media

partner. She returned to the WPP Group

as General Manager of MindShare Mexico

to help lead the company through the new

challenges facing the media scene.

Lilia also participates in judging at events

such as The Effie’s Awards, Círculo Creativo

and “Premios Creer”. She was recognized

as “Executive of the Year” by Mujer

Ejecutiva, “Eagle Awards” by Creativa,

“National Awards” by Ocho Columnas.

Ricardo has over 20 years of experience

in the market intelligence industry,

experience he gained after having

studied a degree in Actuarial Sciences

and Applied Statistics at Mexico’s ITAM.

Managing Director of Millward Brown in

the North LatAm region, he has worked

for the company for the past 16 years.

Ricardo is particularly interested in

understanding the impact of digital

proliferation on the consumer’s mindset.

Francisco graduated as both Business

Administrator specializing in Marketing

(ESPM – Brazil) and Mechanical Engineer

(FAAP – Brazil).

He started at Millward Brown in Brazil

as a Research Executive in 2006,

working in Client Service. In 2014, he

moved to the Regional Solutions team

in LatAm as Product Manager, with the

responsibility of implementing new brand

and commercial strategies according to

global, regional and local needs.

Francisco is currently working with the

Global Innovations team on R&D for

the future self-service offers of Millward

Brown.

152 153


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONTRIBUTORS

CATALINA BONNET MONTOYA

Managing Director

Millward Brown, Peru

Catalina.Bonnet@millwardbrown.com

GABRIEL ENRIQUE CASTELLANOS

Managing Director

Millward Brown, Andean Region

Gabriel.Castellanos@millwardbrown.com

ANNETTA CEMBRANO PERASSO

CEO

MEC, Chile

Annetta.Cembrano@mecgobal.com

SEBASTIÁN CORZO

CS Senior Consultant

Millward Brown, Argentina

Sebastian.Corzo@millwardbrown.com

FIDEL LA RIVA CRUZ

Managing Director

Kantar Worldpanel, Peru

Fidel.Riva@kantarworldpanel.com

RENATO DUO

Strategic Planning Manager

J. Walter Thompson, São Paulo

Renato.Duo@jwt.com

Catalina has a Psychology degree

from the Universidad de la Sabana

and a Master’s in Strategic Marketing

from the University of Toulouse,

France. She has over 12 years of

experience in market research.

Catalina joined the Millward Brown

team the year that they opened their

offices in Colombia (2002). In 2004,

she moved to France and was part of

the office of Millward Brown Paris for

4 years.

She has extensive experience

in brand health indicators and

the analysis of the efficiency of

communication, developed through

delivering strategic advice to leading

global brands in Europe and LatAm.

Gabriel has more than 17 years

of experience in the challenges

both local and global brands face.

Throughout his career he has worked

extensively both in qualitative and

quantitative research, specializing in

brand building, trade research and

communication strategies.

Prior to joining Millward Brown,

Gabriel held a variety of positions

in areas such as research, brand

management, trade management

and corporate affairs.

Gabriel has a degree in Economics

and also a degree in Finance. His

current position within Millward

Brown is CEO for the Andean Region.

Annetta has over 20 years of experience in

the media industry. She began her career

at Northcote Ogilvy & Mather Chile in 1987

and in 1998 was transferred to New York

City, where she worked as Regional Media

Director for IBM Latin America.

Three years later Annetta moved to

Mindshare USA. In 2004, she returned

to Chile to work for Initiative Santiago,

becoming CEO in 2006. Then in January of

2008, Annetta launched Brand Connection

with the support of Initiative Group.

Later that year, she became President

of Initiative Latin America and Central

America. Annetta launched Reprise

(digital unit) with the support of IPG Group

in 2009 and specialized digital Hubs.

In 2011 she moved to MediaCom Santiago

and in 2012 joined MEC Chile as CEO.

Annetta has been recognized as one of

the most important media professionals

in Chile and Latin America, being selected

to perform as a judge for the International

Advertising Festival Cannes Lions in 2008,

2012, the Effie Awards in 2009, 2014, the

Chilean Advertising Festival in 2007, and

FOMLA in 2013

Sebastián has a degree in Business

Management from the University

of Buenos Aires and a postgraduate

specialization in Marketing from

University of San Andrés.

He started his career at Millward

Brown in 2002, initially as a Research

Executive. He became Account Director

in 2006, managing clients from different

industries (FMCG, Financial services,

Automobiles and Technology) both at a

local and regional level. Between 2010

and 2012 Sebastián developed and

lead the Innovations area, introducing

new research methodologies related to

Neuroscience, Digital and Social Media.

After two years in Consumer Insights at

Mondelez International (Buenos Aires),

Sebastián returned to Millward Brown to

support and enhance analysis projects.

Sebastián has done Management training

courses in the US and UK; he speaks

Spanish, English and Portuguese.

Fidel is a Peruvian economist with more

than 18 years of professional experience

in market research, marketing and

business consultancy. He studied and

lived in Guadalajara, México for 5 years.

Fidel has also worked as a Business

Planning & Analytics Director in

Mindshare Perú and Mindshare Argentina.

He has worked as a teacher in many

Universities and Educational institutes in

Latin America.

Renato graduated in Advertising from

FAAP - Fundação Armando Álvares

Penteado, in São Paulo.

For more than ten years, he was part of the

creative team of different agencies, working

as a Copywriter and Creative Director.

His experience encompassed campaigns

for key brands, both Brazilian and global.

Interested in the development of the

strategic thinking of these brands, Renato

made a change of direction to became a

Strategic Planner. Today, he is part of the

Planning Team at J. Walter Thompson São

Paulo, Brazil, supporting the retail strategic

team, among other clients.

154 155


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONTRIBUTORS

PEDRO EGEA

President & CEO

Grey, Mexico

Pedro.Egea@grey.com

JULIO FRESNO APARICIO

Managing Director

Millward Brown, Argentina

Julio.Fresno@millwardbrown.com

MARIANA FRESNO APARICIO

Client Service Director

Millward Brown, Argentina

Mariana.Fresno@millwardbrown.com

GONZALO FUENTES

CEO

Millward Brown, Latin America

Gonzalo.Fuentes@millwardbrown.com

VALKIRIA GARRÉ

Managing Director

Millward Brown, Brazil

Valkiria.Garre@millwardbrown.com

OLIVIA HERNÁNDEZ

Client Service Director

Millward Brown, Peru

Olivia.Hernandez@millwardbrown.com

Pedro Egea is the President and

CEO of the advertising agency Grey

Mexico. He was formerly responsible

for strengthening Google in the Retail,

E-commerce & Classified Ads sector in

Mexico. He has also collaborated with

national agencies such as Ferrer, and

global ones such as EHS Brann/Havas,

Ogilvy, Wunderman, and Y&R.

Pedro holds a Bachelor’s degree in

Marketing from the Instituto Tecnológico

de Estudios Superiores de Monterrey.

He has also studied business courses

at the University of Pompeu Fabra in

Barcelona and Södertörn Högskola in

Sweden. Pedro also holds a Master’s

degree in Business Administration for

Experienced Executives from the Instituto

Panamericano de Alta Dirección de

Empresas.

Julio is an accountant and a graduate of

Buenos Aires University.

He started his career as a marketing

consultant almost four decades ago,

working for multiple companies across

several industries.

In 1986, he founded ID Consultores, a

company that became Millward Brown

Argentina in 2006. Since then, he has

been managing the local operation based

in Buenos Aires.

Julio is widely recognized as a pioneer

in this industry. Currently, he holds the

presidency of CEIM (Cámara Empresas de

Investigación de Mercado de Argentina)

and he is a member of the Academic

Comitee at San Andrés University, where

he manages the area of Market Research.

Julio speaks at conferences, explaining

the value of brands and sharing his

experience on advertising effectiveness.

He is also an active member of ESOMAR,

SAIMO and AAM (Effie Awards).

Mariana has a degree in Business

Administration from Buenos Aires

University.

She joined Millward Brown Argentina in

1996, initially in the Finance Department.

Two years later, she moved to the Client

Service Department, working as a research

assistant on the Unilever account.

In 2012, having gained extensive

experience working on a wide range of

consumer services and goods categories,

and in developing client business at local

and regional levels, Mariana became the

Client Service Director.

Gonzalo Fuentes has been the Chief

Executive Officer for Millward Brown Latin

America since April 2014. He is based in

México City.

A sociologist, Gonzalo is a 20-year

research veteran and has led the rapid

growth in Southeast Asia since 2005,

increasing Millward Brown’s footprint

by launching businesses in Indonesia,

Malaysia, Vietnam, and, most recently,

Myanmar. Previously, he was Managing

Director of Millward Brown Singapore.

Before joining Millward Brown, Gonzalo

held senior roles at ERGO (acquired by

Millward Brown in 2000) in Spain and

Research International in London. His

experience in emerging markets and his

proven leadership skills, supported by a

strong focus on clients and talent, allow

him to make a significant impact on the

LatAm and global businesses.

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.

She has 20 years of experience in the

industry, the last 17 gained working at

Millward Brown Brazil. Her experience

with clients includes a global packaged

goods company, a market-leading

soft drink producer and others 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).

Olivia holds a BSc in Actuarial Sciences

from Instituto Tecnológico de México

(ITAM) and an Applied Statistics

Diploma and Management Skills Diploma,

also from ITAM.

She has over 20 years of experience in

market research and in helping clients to

build valuable brands and communication

efficiency. Olivia joined Millward Brown,

Mexico in 2005 and moved to the Peru

office in 2014.

156 157


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONTRIBUTORS

DANIEL KARAM

President & Managing Director

H+K Strategies, Mexico

Daniel.Karam@hkstrategies.com

OSCAR LADINO

Account Group Director

Millward Brown, Colombia

Oscar.Ladino@millwardbrown.com

GABRIELA LIJO

General Manager

Lambie-Nairn, Mexico

G.Lijo@lambie-nairn.com

MAURICIO MARTÍNEZ VÁZQUEZ

Managing Director

Millward Brown, Chile

Mauricio.Martinez@millwardbrown.com

ROBERTO DE NAPOLI

Director of Operations

Millward Brown Vermeer, South America

Roberto.Napoli@millwardbrown.com

ALVARO MELÉNDEZ ORTIZ

Planning Director

Ogilvy & Mather, Colombia

Alvaro.Melendez@ogilvy.com

As President and Managing Director

for H+K Mexico, Daniel directs strategic

solutions for clients particularly in public

affairs, corporate communications, crisis

management, and social media. He also

represents H+K Global Public Affairs

practice in Latin America assisting global

clients’ interests in the region.

Daniel founded a consultancy firm

specilalizing in lobbying, public affairs,

policy strategy and conflict management

for national companies. Prior to that

he served as Managing Director of the

Mexican Institute for Social Security,

health and social security provider to

50 million Mexicans. Before joining the

public sector, Daniel was vice president

of H+K Mexico overseeing the marketing

and ITC communications practices.

Daniel holds a Bachelor degree in

Economics from ITAM and a Master’s

in Public Administration from Harvard

University’s John F. Kennedy School of

Government. He is a board member of

two private institutions.

Oscar Ladino is a statistician who studied

at the National University of Colombia.

During his nineteen years’ experience in

research marketing he has worked across

many different categories, including: beer,

press, FMCG, CPG, banks, automotive.

Oscar joined Millward Brown in

2006 and has worked extensively in

quantitative research and product testing,

communication, tracking, brand equity

and prices studies.

Oscar is a champion of the Brand

Dynamics and Product Test methodology.

He is also a supporter of training

programs, especially in statistics and

market research basics.

Gabriela joined Lambie-Nairn’s Mexican

team in 2014 and in March 2015 was

appointed General Manager. Gabriela

began her career at Lambie-Nairn in 2009

as Account Director for the Telefónica

account, coordinating both the Spanish

and the Latin American markets..

She has thirteen years’ experience in the

brand and design sectors. She previously

worked for JC Decaux, in New York, and

Summa y Addison, in Madrid. Throughout

her career, she has worked and led projects

for key clients in Europe, Latin America

and Asia, such as CAM, Coca-Cola, CIMB

Bank of Malaysia, Telecinco, Heineken,

Laboratorios Puig, and Isdin.

Mauricio holds a degree in Business

Administration and Marketing from the

Universidad Panamericana. He has over

17 years of research experience and 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

Millward Brown Mexico.

Roberto holds a BA in Economics from

Mackenzie and has a post-graduate

degree in Financial Administration from

FAAP. He has more than 30 years of

professional experience in controlling

and planning in companies such as

Inbrac, Ibrame, Trevisan Consultants

and Interbrand. With Millward Brown

Vermeer since its foundation, Roberto is

responsible for brand valuation projects

and for the Brazilian Most Valuable

Brands Ranking 2006-2015.

Before joining Ogilvy & Mather in 2009,

Alvaro spent 8 years in different fields in

the marketing and advertising industries.

A communication design graduate from

Germany’s Darmstadt Universität, he has

experience in several agencies in markets

in Europe, Mexico, Central America and

South America working side by side with

brands on categories that span from luxury

to pharmaceutics and retail, collaborations

that resulted in several awards.

Alvaro’s passion for strategic planning and

market intelligence led him to his current

position as Director of Planning at Ogilvy

& Mather, a role he held first in Costa Rica

and then in Colombia.

158 159


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONTRIBUTORS

MARCELA PÉREZ DE ARCE

Client Service Director

Millward Brown, Chile

Marcela.PerezdeArce@millwardbrown.com

DAVID ROTH

CEO

The Store WPP EMEA and Asia

David.Roth@wpp.com

EDUARDO VELASCO MAXIMILIANO

Managing Director

MEC, Peru

Eduardo.Velasco@mecglobal.com

DOREEN WANG

Global Head of BrandZ

Millward Brown

Doreen.Wang@millwardbrown.com

JEANETTE YAÑEZ PAJUELO

Account Group Director

Millward Brown, Peru

Jeanette.Yanez@millwardbrown.com

Marcela is a sociologist by training,

having graduated from Universidad de

Chile. Before joining Millward Brown,

Marcela spent five years in FLACSO, a

Latin American organization for social

research. After that, she became a market

researcher for a variety of companies

including Gallup and TNS. She joined

Millward Brown in 2001, as a quantitative

research executive. In 2009 she became

the Quantitative Client Service Director

and, in 2014 the Chilean Client Service

Director.

Marcela’s experience spans a range of

industries and clients, including the

Falabella Group, Nestlé, Entel, CMPC,

Unilever, Coca-Cola and Telefónica.

David started his career at the House of

Commons working for a member of the

UK Parliament. He swapped politics for

the cut and thrust of advertising. Joining

Bates Dorland, he became main board

director for strategy and Managing

Director of the consulting and digital

divisions. David was the CEO of the

worldwide retail and technology centre

of excellence.

David joined Kingfisher’s B&Q plc, one

of Europe’s largest retailers sitting on

the main board of directors as UK and

International Marketing Director.

David is now at WPP as the CEO of The

Store, EMEA and Asia, the WPP Global

Retail Practice. David also leads WPP

BrandZ, the world’s largest brand

equity study.

David is a non executive director of

NGO, TFT, an organisation dedicated

to sustainable production and on the

board of The Judge Business School,

Cambridge, Centre for International

Business and Management.

Eduardo holds a Bachelor’s degree in

Business Administration from the

Pontificia Universidad Católica del Perú, a

Diploma in marketing from ESAN, and an

MBA from Florida International University.

He has more than 20 years of experience

in advertising and marketing both on the

client and agency side.

Eduardo started his career at J. Walter

Thompson’s Media practice, and spent

seven years with Bellsouth Peru. He was

with the company from its launch in

the country and acted as a director and

coordinator for the region in Havas Media

from Miami and Peru. He arrived at MEC

in 2009 as Managing Director, doubling

the business in 3 years and positioning

MEC as one of the Top 5 agencies for the

country in 2014.

Doreen Wang, a seasoned executive with extensive

experience in providing outstanding branding research

and strategic consultancy services for senior executives

in Fortune 500 companies in both the US and China.

Doreen currently leads the BrandZ global and regional

research and valuation engagements, and all the

marketing initiatives of the BrandZ Global Top 100

Most Valuable Brands, China Top 100, Latin America Top

50, Indonesia Top50 and Indian Top 50.

In Millward Brown, Doreen plays a leading role in

providing branding consultancy services for a diverse

client portfolio of top global and local companies.

She is often invited as the plenary lecture speaker on

prestigious forums including UK House of Commons,

Bloomberg News, CNN, Wall Street Journal and

Cambridge Judge Business School. Doreen translated

the book Grow by ex-P&G Global CMO Jim Stengel into

Chinese and wrote the chapter of “Brand Ideal in China”.

Doreen received her MPA. degree in Marketing

from University of Delaware and her MS degree in

Econometrics from Tianjin University.

Jeanette has a degree in Social

Communication from the University

of Lima, specializing in Marketing,

Advertising and Journalism. She also

holds a Master’s in Marketing from

Centrum – Pontificia Universidad Católica

del Perú. She has more than eight years of

experience in marketing research.

Jeanette started her career in 2007 at

Arellano Marketing, managing different

FMCG and telecommunication accounts.

In 2014, she became Account Group

Director at Millward Brown Peru.

160 161


RESOURCES

CONTRIBUTORS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

CONTRIBUTORS

BRANDZ TM TOP 50

LATIN AMERICAN TEAM

Maura Coracini

Jimena Franco

Monica Garcia

AURORA YASUDA

Knowledge Management

Millward Brown, Brazil

Aurora.Yasuda@millwardbrown.com

MAURICIO YURASZECK

Client Service Director

Firefly Millward Brown

Mauricio.Yuraszeck@fireflymb.com

Maura Coracini is the Regional MarComs

Coordinator for LatAm. She helps in the

project management of the BrandZLatAm

report and is responsible for coordinating

marketing and communications of the

ranking in the region.

Jimena Franco is an Account Researcher at

Millward Brown Mexico and involved in the

overall project management for BrandZ TM Top

50 Most Valuable Latin American Brands.

Monica is VP of the Millward Brown Mexico

Client Service team with special responsibility

for the digital division in addition to those

of neuroscience, marketing sciences and

product development. Monica is responsible

for local PR activities for BrandZ TM Top 50

Most Valuable Latin American Brands.

Aurora Yasuda is a graduate in Social Sciences,

at the Universidade de São Paulo – USP, and has

worked in the market research industry for more

than 40 years.

In 1991, she began discussions with Millward

Brown to bring the business to Brazil as a

licensee. In 2000, she led the process to establish

the Millward Brown division as an independent

company from IBOPE, and acted as VP of Client

Service from the beginning until 2010.

Aurora is also a coordinator and teacher of

Marketing Intelligence Management post

graduation from ESPM and IBOPE, and President

and member of Market Research Self-Regulatory

Committee. She has also published a book

“Pesquisa de Mercado- um guia para a prática

da pesquisa de Mercado” and a guide “Market

research for Branding” edited by ABA.

She is an active presence at congress and

seminars from ESOMAR, ABEP and ABA as a

speaker, and sits on program committees and

award panels.

Mauricio has worked in the marketing

consulting industry since 1995, focusing

on advertising and communication

research as well as brand building.

From 1998 to 2009, he was Manager at

Cadem Advertising (Millward Brown’s

licensee in Chile at the time) adapting

and developing methodologies and

processes for the country.

In March 2010, Mauricio became CEO

of Estudios Ibope Inteligencia Chile. In

2012 he became the manager of B20, a

branding agency. In March 2015, he rejoined

Millward Brown as Client Service

Director for Firefly Millward Brown.

Eduardo Gomes

Eduardo Gomes is the Regional Production

Coordinator for LatAm. He assists with the

design and production of marketing and

communication assets.

Felipe Ramirez

Felipe is the Marketing and Communications

Regional Director at Millward Brown Latin

America. He is in charge of all marketing

campaigns throughout the region and closely

involved in BrandZ TM .

Roberto Rojas

Roberto Rojas is a Consultant at Millward

Brown Vermeer and part of the team involved

in the development of contents and the

overall project management for BrandZ TM Top

50 Most Valuable Latin American Brands and

its country rankings.

Eduardo Tomiya

Eduardo Tomiya is the Managing Director of Millward Brown Vermeer São Paulo

(ex BrandAnalytics, of which Eduardo was the founder). He runs projects of brand

valuation and brand strategy for companies such as Bradesco, Petrobras, Vale,

Santander, Fiat and O Boticário. He also teaches postgraduate courses on branding.

With special thanks and

appreciation to:

Wordscout - Tamsin Grant

Kay Blewett

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RESOURCES

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

THE BRANDZ TM

BRAND VALUATION

CONTACT DETAILS

in Latin America

We help build valuable brands

The brand valuations in the BrandZ Top 50 Most

Valuable Latin American Brands are produced by

Millward Brown using market data from Kantar

Worldpanel, along with Bloomberg.

The consumer viewpoint is derived from the BrandZ database. Established

in 1998 and constantly updated, this database of brand analytics and equity

is the world’s largest, containing over three million consumer interviews about

more than 100,000 different brands in over 50 markets.

For further information about BrandZ

contact any WPP Group company or:

DOREEN WANG

Global Head of BrandZ

Millward Brown

+1 212 548 7231

Doreen.Wang@millwardbrown.com

MARTIN GUERRIERIA

Global BrandZ Research Director

Millward Brown

+44 (0) 207 126 5073

Martin.Guerrieria@millwardbrown.com

Our WPP companies have been engaged in Latin

America for nearly 100 years. Today, over 20,000

WPP professionals work across the region.

They provide the advertising, marketing, insight,

media, digital, retail, shopper marketing, PR,

knowledge, insight, and 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 that contributed to this

report or contact:

ANN NEWMAN

Country Head

WPP Latin America

Ann.Newman@wpp.com

For further information about WPP companies

worldwide, please visit:

www.wpp.com/wpp/companies

or contact:

David Roth

CEO The Store, WPP EMEA and Asia

David.Roth@wpp.com

ELSPETH CHEUNG

Global BrandZ Valuation Director

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)

WPP is the world’s largest communications services group with billings of US$76 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 over 188,000 people

(including associates and investments) in over 3,000 offices across 112 countries.

WPP was named Holding Company of the Year at the 2015 Cannes Lions International

Festival of Creativity for the fifth year running. WPP was also named, for the fourth

consecutive year, the World’s Most Effective Holding Company in the 2015 Effie

Effectiveness Index, which recognizes the effectiveness of marketing communications.

For more information, visit www.wpp.com

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