Chinese brands have built up strength despite the challenges brought about by COVID-19, according to a report released by the international market research firm Kantar on Wednesday.
A total of 14 Chinese brands entered the 2022 BrandZ Top 100 Most Valuable Global Brands ranking, accounting for nearly 10 percent of the total brand value on the chart. Tencent and Alibaba ranked fifth and ninth in brand value, respectively.
Chinese smartphone video app Kuaishou entered the list for the first time with a market value of 26.5 billion dollars.
Against the backdrop of the lingering pandemic, more and more Chinese brands have moved toward digitalization, with a faster pace than European and U.S. enterprises, Doreen Wang, Global Chair of Kantar BrandZ told a press briefing.
"China"s innovation in payments, marketing and distribution channels is very advanced relative to other countries," Wang said.
Noting the importance of building up brand strength, Wang explained that strong brands not only contribute to the capital market, but also have faster recovery speed and a stronger ability to resist the negative impact of the pandemic and economic uncertainties.
In the next step, Chinese brands will need to transplant their power to all countries on the globe. "Domestic apparel brands such as Anta and Li Ning are no worse than Nike and Adidas in the Chinese market, but it is important for such brands to build strength in every country instead of just in China," Wang said.
