When you think of Irish brands, which one comes to mind? Guinness? Baileys? Well know that the most valuable brand in Ireland now is Penneys (also known as Primark in other countries), with a market value of € 2.4 billion.
The brand overtook the bank AIB, which is in the second position, and Guinness, which lost 24% of the market value since last year, being in the third position. The data are from Brand Finance Ireland, which every year publishes a list of the most valuable brands in the country. In 2020, the list looked like this:
- Penneys / Primark (€ 2.38 billion) – clothing
- AIB (€ 1.90 billion) – bank
- Guinness (€ 1.89 billion) – drinks
- Ryanair (€ 1.89 billion) – airline
- Smurfit Kappa (€ 1.46 billion) – packaging
- Bank of Ireland (€ 1.21 billion) – bank
- Baileys (€ 1.17 bi) – drinks
- DCC (€ 1.11 billion) – sales and marketing
- Jameson (€ 985 billion) – drinks
- Ardagh Group (€ 800 bi) – packaging
The leader of the list – Penneys – recently completed 50 years in operation, and has 370 stores in 12 countries. The crisis, however, has caused the company to close all of its stores temporarily, and its employees will suffer cuts of up to 50% in wages.
According to Simon Haigh, director of Brand Finance Ireland, 2020 will be a difficult year for Irish companies, given the uncertainties caused by the pandemic. It is estimated that the 25 most valuable brands may lose up to 14% of the market value cumulatively. In addition to the clothing sector, the banking and airline sectors will be one of the most affected. The food sector should suffer less.