LONDON — The Michelin and Bridgestone brands have been deemed the world's most valuable tire brands for a sixth straight year, according to the latest rating by Brand Finance, a London-based business valuation and strategy consultancy.
The two brands are judged to be clearly more valuable than other brands, according to the consultancy's Automotive Industry 2023 ranking, with the Michelin brand gaining strength this past year while Bridgestone's brand value slipped slightly.
Brand Finance defines brand value as the value of the trademark and associated marketing intellectual property within the branded business. This year the consultancy cited Michelin's product line breadth, global presence, identifiable mascot and high-profile efforts toward sustainability as reasons for increasing the brand's value this year.
The consultancy also relies in part on an international standard — ISO 10668 — that defines brand as a "marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos and designs, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits."