In a coup of sorts, Reliance Industries Limited (RIL) has broken into the No. 2 spot in the FutureBrand Index 2024, surpassing global technology giant Apple. This is the first time an Indian company appears among the top three of the Index, which evaluates companies based on brand perception rather than financial performance.
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According to the FBI Global Ranking 2024, Reliance has made a leap from No. 13 in 2023 to No. 2 in 2024, reflecting “strong brand positioning, consumer trust, and strategic growth across multiple industries, including energy, telecommunications, and retail”. “The US no longer dominates the top of the FutureBrand Index – brands from APAC and other regions are stepping up. This is a global playing field that requires new levels of brand leadership,” says the report.
In 2014, seven of the Top 10 brands were from the United States, but by 2024, the list has become more diversified, with only four US brands making the Top 10, while five brands are from Asia-Pacific (APAC) and the Middle East. The Index highlights how APAC and the Middle East have significantly invested in brand development, particularly in B2B sectors, matching the brand-building momentum usually seen in the US and Europe.
Chaebol Samsung at No 1 climbed four notches from 2023. “By continually innovating and maintaining consistency, Samsung has built a loyal customer base and a reputable brand image,” said the report. Apple, which was ranked No. 1 in 2023, slipped to No. 3, but scored high on consistency, customer engagement and well-being. A blend of “premium quality, sustainability and innovation” ensures it remains the top brand in the information technology world, said the report.
Quite a few brands seem to have fallen out of favour too. Brands such as Boeing (#12 in 2014) and Volkswagen (#17 in 2014) do not appear in the 2024 line-up, highlighting the evolving nature of brand perception.
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Nishant Kini, founder of The Nishe & Co, says Indian brands are becoming formidable global contenders thanks to factors such as their digital and technology prowess, cost-competitiveness and cultural appeal. Going forward, he expects to see more brands from pharma and healthcare,
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