Apple has overtaken Amazon for the first time in five years, to become the world’s most valuable brand, according to a report by consulting firm Brand Finance, and was the first company to reach a $2 trillion market cap last year.
The iPhone maker’s brand value has surged 87 percent in the past 12 months to reach $263.4 billion, according to the Brand Finance Global 500 2021 Index. The rise was attributed to Apple’s diversification strategy, which has seen the company expand into digital and subscription services, and explore the potentiality of electric cars.
“As Apple reclaims the title of the world’s most valuable brand from Amazon five years after it last held the top spot, we are witnessing it ‘Think Different’ once again. From Mac to iPod, to iPhone, to iPad, to Apple Watch, to subscription services, to infinity and beyond,” said Brand Finance Chief Executive David Haigh.
Apple is also expected to post its largest-ever quarterly revenue and its first-ever total above $100 billion when it reports earnings on Wednesday. Second-ranked Amazon has nonetheless still managed to record 15 percent brand-value growth to $254.2 billion, “despite relinquishing its position at the top.”
“The retail giant is one of the few brands that benefited considerably from the pandemic and the resulting unprecedented surge in demand as consumers turned online following store closures. Over Q2 and Q3 of 2020, e-commerce platforms experienced the highest revenue growth since 2016,” Brand Finance said.
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