Seoul, (May 25, 2023) – Interbrand, the world’s largest brand consulting group, announced its “Brands as Acts of Leadership” strategy with Korea’s top 50 brands through the 11th “Best Korea Brands 2023”.
In 2023, the total value of the Interbrand’s Best Korea Brands was KRW 201.125 trillion, up 11.4% increase from last year. Despite the global economic recession, the total value of Korean brands has continued to grow year over year. This is due to their leadership in developing their brand narratives and driving growth despite the impact of the economic slowdown.
Samsung Electronics – Hyundai Motor Company – Kia – Naver – SK Telecom Top 5 Best Korea Brands in 2023
Samsung Electronics and Hyundai Motor Company ranked first and second among the Best Korea Brands 2022 and 2023. The brand value of Samsung Electronics (#1) increased 19.9% year on year to KRW 102.138 trillion, while Hyundai Motor Company (#2) recorded a brand value of KRW 20.625 trillion, up 16.5% year-on-year. Kia’s brand value, which rose to third place, rose 10.9% to KRW 7.699 trillion. Following this, Naver (#4) fell 3.9% year-on-year to KRW 6.749 trillion, followed by SK Telecom (#5), which grew 3.3% year-on-year to KRW 3.632 trillion. The value of these top five brands totaled KRW 140.3 trillion, accounting for about 69.8% of the total value of the 50 largest brands.
Top 10 Brands, shape future vision and invest in Sustainability with Innovative Technologies
A clear vision, active investment in future innovations and sustainability, and harnessing brand impact were the growth drivers for the top 10 best Korean brands in 2023.
Samsung Electronics (#1) has consistently shown leadership in product innovation, actively expanding its portfolio of Folding Smartphone and BESPOKE, as it works to provide customers with an integrated connected experience by utilizing SmartThings based on One Samsung. While extending its product portfolio with environmentally friendly technology for sustainability and displaying leadership via its brand, the firm continues to invest in emerging technologies like artificial intelligence (AI), 5G, and robots to stay ahead of the curve.
Hyundai Motor Company (#2) has been presenting cutting-edge subjects such as “2045 carbon neutrality,” “metamobility,” and “SW-centered transformation” to completely explain its perspective and give the freedom of mobility experience. Based on this, they are effectively and efficiently constructing a future mobility ecosystem and driving a shift in the mobility paradigm by developing a concrete ecosystem that can achieve their vision, such as the acquisition of robotics business, Boston Dynamics.
Due to outstanding results in both its H&A Division in charge of household appliances and VS Department in charge of electronics, LG Electronics (#6), posted record yearly sales. In particular, the H&A Dept. has enhanced brand differentiation with the “Best & Only” strategy, which offers a customer experience that has never been seen before in the world based on the best quality, and the VS Dept., which has successfully established itself as a new growth engine for LG Electronics with steady investment in preparation for the electric vehicle era.
Announced the “Brands as Acts of ” strategy
The theme of the conference, “Brands as Acts of Leadership” tells brands to be focused not just on proliferating the business or making money, but also to take leadership in providing valuable experiences and social value to their customers. It emphasized the importance of balancing between “doing the right things” and “doing things right”, especially at a time when “ESG” and “sustainability” are a hot topic.
“The Best Korea Brands 2023 confirmed that companies that understand and leverage the power of brands as the gravitational force of the new society will lead the world by growing their brand value as well as their customers’ love,” commented Jihun Moon, CEO, Interbrand Seoul. “We hope that this conference will provide insights into the theme’s concept and necessity, Brands as Acts of Leadership, and the various roles that brands can play.”
View the full Best Korea Brands 2023 Ranking here.
