Some of Australia’s top brands such as Qantas and Foster’s Group took a severe beating in the financial crisis, a new study has found.
According to Brand Finance Australia’s second annual Australia’s Most Valuable Brand Portfolios report, Qantas lost up to $700 million during the financial crisis in what has been described as a “horror year” for the aviation industry. The airline dropped out of the top 10 brands to number 12, shedding 27 percent in value in the year ending September 30.
In the same period Foster’s fell four places and the value of its brands, which include VB and Crown, fell nearly 14 percent.
Meanwhile Westpac, electronics retailer JB Hi-Fi and Wesfarmers’ have been named as the nation’s most valuable brand portfolios, due to aggressive expansion of their business during the downturn and consistency with their messages.
Brand Finance managing director Tim Heberden said the companies which have continued to perform well have put a large emphasis on maintaining a consistent message with their brands.
“The general secret with developing valuable brands is long-term commitment to investing in the brand and a long-term consistency with what the brand stands for and what it offers,” he said.