Despite recording a decrease in brand value of 7% to US$82.7 billion, Samsung retained its title of being the most valuable brand in South Korea.
This is according to Brand Finance which added that Samsung also saw a decrease in brand strength rating from AAA to AAA-, with the decline in brand value resulting from a fall in brand strength coupled with exchange rate fluctuations.
Samsung was far ahead of the pack with Hyundai ranking second at $15.9 billion, LG at $11.3 billion and SK Hynix at number 4 with a brand value of $9.1 billion. Kia rounded out the top 5 at #8.3 billion.
Top 10 Most Valuable South Korean Brands
- Samsung – 82.7 billion
- Hyundai – 15.9 billion
- LG – $11.3 billion
- SK Hynix $9.1 billion
- KIA – $8.3 billion
- Coupang – 6.5 billion
- POSCO – 4.7 billion
- KB – 4.6 billion
- LG Chem – 4.5 billion
- NAVER – 4.5 billion
Naver retains its position as South Korea’s strongest brand
Naver reigned as South Korea’s strongest brand for the second consecutive year although its brand value declined by 12% to US$4.5 billion.
Naver also retained both its 10th position overall in the rankings and brand strength rating of AAA+.
According to Brand Fiance “The media brand experienced a dip in brand value due to the weakening of its brand strength as more users are expected to turn away from using search engines in favour of artificial intelligence (AI)-powered chatbots such as ChatGPT.”
GS Caltex ranks as the fastest growing brand in South Korea
According to the Brand Finance ranking, GS Caltex is South Korea’s fastest-growing brand, posting an upturn in brand value by 40% to US$2.4 billion which propelled the brand up eight positions to 28th place. It also retained a brand strength rating of AA+.
“The surge in GS Caltex’s brand value was attributed to an improvement in brand strength as the brand strives to diversify its products in order to cushion itself from the volatility of oil prices,” said Brand Finance.
Alex Haigh, Managing Director – Asia Pacific of Brand Finance, added:
“South Korea’s Oil & Gas brands continue to grow in strength through diversifying business portfolios and enhancing customer experience to reach their customers. We also extend our congratulations to brands from other sectors such as Samsung and Naver for topping the ranks as our most valuable and strongest brand respectively.”
You can view the full brand report on South Korea here.