2026年全球餐厅品牌25强报告-

Restaurants25

2026

Theannualreportonthemostvaluableandstrongestrestaurantbrands

About

BrandFinance

BridgingthegapbetweenMarketingandFinance

BrandFinancewassetupin1996

withtheaimof'bridgingthegapbetweenmarketingandfinanceI.For30years,wehavehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandsto

thebottomline.

Quantifyingthe

financialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Ranking

brandsacrossallsectorsandcountries,wepublishover100reportsannually.

Uniquecombinationofexpertise

Ourteamshaveexperience

acrossawiderangeofdisciplines

frommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.

Pridingourselves

ontechnicalcredibility

BrandFinance,acharteredaccountancy

firmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,isthefirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO20671)andourmethodology,

certifiedbyAustrianStandards,isofficiallyapprovedbytheMarketingAccountabilityStandardsBoard.

Theworld's

leadingbrandvaluation

consultancy

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+442073899400

BrandFinanceRestaurants252026/restaurants3

Contents

Foreword

3

DavidHaigh,Chairman&CEO,BrandFinance

SectorOverview6

ValuationAnalysis8

MostValuableRestaurantBrands20269

FastestGrowingBrand:Chick-fil-A

11

BrandstoWatch:LuckinCoffee&Mixue

12

BrandStrengthAnalysis13

SustainabilityAnalysis1

6

BrandValueRanking(USDm)1

8

Methodology

19

OurServices

27

©2026Allrightsreserved.BrandFinancePlc.

World’stop25

restaurantshitrecord$190.1billioninbrandvaluedespitepressureonbrandstrength

+Valuedat$42.6billion,McDonald’sleads

forsecondyearwhiletheTop5restaurantbrandsremainlargelyunchangedand

dominatedbyfast-foodbrands

+Chick-fil-Aisthefastest-growing

restaurantbrand,brandvalueupover40%

+HaidilaoretainsitsstrongestbrandtitlewithaBSIscoreof89.5/100

+LuckinCoffee,MixueunderpintheriseofChinese,value-ledbrandmodelsfuelledthroughrapidexpansion

BrandFinanceRestaurants252026/restaurants5

Foreword

DavidHaigh

Chairman&CEO,BrandFinance

ThisyearmarksBrandFinance’s30thanniversary.Throughoutourhistoryasa

company,therehasbeenoneenduringtruism:brandsoperateinaworldshapedbycontinualchange.

RapidadvancementsinAI,geopoliticalfragmentation,economicuncertainty,

andrisingexpectationsofcorporatebehaviourhaveallplacednewpressuresonorganisations.Whilethechallengeshaveevolved,theimportanceofbuildingandmaintainingbrandstrengthhasremainedconstant.

Lookingbackto1996,theglobalbrandlandscapewasdominatedbytraditional

consumernames.Sincethen,theriseoftechnologyanddigitalservices,themovefromproductstoecosystems,theincreasingprominenceofB2Bbrands,andthegrowthofplacebrandinghavefundamentallyreshapedhowvalueiscreated.

Today,thecommercialcontributionofastrongbrandiswellrecognised.Itdrives

demand,supportspremiumpricing,attractsandretainstalent,increasesresilience

duringuncertainty,andprovidesconfidencetoinvestors.Despitethisawareness,

manyorganisationsstillstruggletoquantifybrandvalueorexplainitsroleinbusinessperformance.Thislackofclarityoftencreatesagapbetweenmarketingambition

andfinancialdecision-making,limitingtheabilitytoinvestforthelongterm.

AtBrandFinance,ourmissionfor30yearshasbeentoclosethatgap.Bybringingtogetherrobustvaluationmethodologiesandin-depthresearch,wehelpleaders

understandthefinancialimpactoftheirbrandandmakebetter-informeddecisions.Whetheryouarelookingtostrengthenbrandperformance,evaluatemarketing

investment,supportatransaction,orbringgreateralignmentacrossyourorganisation,ourteamisheretohelp.

Asyouexplorethisyear’sfindings,Iencourageyoutoconsiderhowtheinsightscansupportclearerdecision-makingwithinyourorganisation.Strongbrandsarebuiltthroughinformedchoicesandconsistentinvestment,andourteamisreadytohelpyoutranslatethedataintopracticalnextstepsforyourstrategy.

Sector

Overview

BrandFinanceRestaurants252026/restaurants7

SectorOverview

Theglobalrestaurantssectorcontinuesto

demonstrateresilience,withitscollectivebrandvaluerisingin2026despitemountingcostpressuresand

shiftingconsumerbehaviours.SinceBrandFinancefirstpublishedtheRestaurantsrankingin2015,thesector

hasexpandedsteadily;notably,thetop10brands’

combinedvaluehasincreasedbyapproximately20%,highlightingsustainedbrandstrengthand

long-termexpansions.

Thisgrowthisunderpinnedbychangingconsumer

habits,astakeout,delivery,andquick-serviceformatsembedrestaurantsmoredeeplyintoeverydayroutines.Brandshavecapitalisedonthisbydrivinggrowth

through

rapidoutletrollouts

.Furthermore,hybrid

formatscombiningdine-in,delivery,andpick-upare

becomingtheindustrystandard

,helpingbrands

capturedemandwhilemanagingoperationalcosts.

Paralleltothisphysicalexpansion,

technology

investmenthasemergedasacriticaldriverforgrowth

.AI-enabledforecasting,digitalorderingecosystems,

andcontactlesspaymentsolutionshavetransitionedfrombeing"differentiatingfeatures"toessential

standards.WithintheUS,whereupto

three-quarters

ofrestauranttrafficoccursoff-premise

,convenienceisnolongeraperk,itisacorecomponent

ofbrandvaluecreation.

Overall,whilethesector’sbrandvaluegrowthreflectsimpressivescaleandmonetisationpotential,thereisagrowingdisconnect.AccordingtotheGlobalBrandEquityMonitor(GBEM)data,decliningBrandStrengthIndex(BSI)scoreshighlightmountingpressureon

pricing,serviceconsistency,andconsumertrust,tensionsthatarelikelytoshapecompetitive

dynamicsintheyearsahead.

Valuation

Analysis

+MostValuableRestaurantBrands2026+FastestGrowingBrand:Chick-fil-A

+BrandtoWatch:LuckinCoffee&Mixue

BrandFinanceRestaurants252026/restaurants9

MostValuable

RestaurantBrands2026

The2026Restaurantsrankingindicates

ahighlevelofstabilityatthetopofthesector.

Thecompositionofthetop10remainslargely

unchangedfrom2025,withmovementwithintherankingdrivenmorebydifferencesinbrandvaluegrowthratesthanbyanyfundamentalshift

incompetitiveposition.

Smallchangesinrankreflecthoweffectively

individualbrandshavenavigatedpricingpressure,

market-specificdemand,andinternationalexpansion,whilescale,franchisingstrength,andgeographic

diversificationcontinuetoactasthekeystabilisingforcesforleadingrestaurantbrands.

McDonald’s(brandvalueup5%toUSD42.6billion)

reclaimedthetopspotin2026,drivenbyits

largeglobal

footprintandsteadyfranchiseincome

,despitegrowingconcernsaroundaffordabilityinsomemarkets.

Starbucksrankedsecondbutsawitsbrandvaluefall4%toUSD37billion,with

toughercompetition

inkeymarkets

,includingChina,limitingtheimpactofimprovingstoreperformance.

DespitechallengesinpartsofEurope,KFC

alsomaintaineditsthirdrank,withan8%brand

valuerisetoUSD16.5billion,supportedby

strong

momentuminChinaandcontinuedexpansion

acrossitsinternationalfootprint.

Subway(brandvalueup18%toUSD9.5billion)rankedfourth,withitsbrandvaluegrowthdrivenby

overseasexpansionandrisingdigitalsales

,despiteasmallerUSstorebase.

Infifthplace,Chick-fil-A(brandvalueup44%to

USD8.1billion)deliveredoneofthestrongestbrandvaluegains,drivenby

recordrevenues,expansion,

andstrongcustomerloyalty

.

Remainingatthesixthspot,TimHortonsrecorded

a9%increaseinbrandvaluetoUSD7.5billionduetoitsstrongpresenceinCanada,wherefrequentvisitsdrivesales.Thebrand’sconsistentsuccessalsomadeita

keyearningscontributorforparentcompany,

RestaurantBrandsInternational.

Domino’sPizza(brandvalueup6%toUSD7.1billion)rankedseventh,supportedby

franchisescaleand

Top10MostValuable©BrandFinancePlc.2026

RestaurantBrands2026

$42.6bn

#1

McDonald's

+5%

#2

TM

Starbucks

$37.0bn

-4%

#3

FC

KFC

$16.5bn

+8%

#4

SUBWAY

Subway

$9.5bn

+18%

#5

Chick-fil-A

#6

TimHortons

$7.5bn

+9%

#7

Domino'sPizz

$7.1bna

+6%

#8

TacoBell

TACOBELL

$6.9bn

0%

y\

#9

WendyIs

#10PizzaHut

BrandFinanceRestaurants252026/restaurants10

recurringroyaltyincome,thoughsofterconsumer

sentimentandpressureondiscretionaryspending

inkeymarketslimitedstrongergrowth,reflectingbroaderchallengesacrosstheglobalpizza

deliveryanddine-insegment.

TacoBelldroppedthreerankstoeighth,with

abroadlystagnantbrandvalueatUSD6.9million,as

value-ledofferssupportedtraffic

butongoingdiscountingconstrainedgrowth.

Attheninthspot,Wendy’srecordeda4%decline

inbrandvaluetoUSD5billion.

Storeclosuresaimed

atimprovingefficiencyareexpectedtostabilise

performanceovertime

butconstrainednear-termbrandvaluegrowth.

Completingthetop10,PizzaHut’sbrandvalue

wentup4%toUSD4.9billion,

supportedbystronger

digitalsalesandcloserengagementwithcustomers

throughpersonalisedoffers.

Continuedinvestmentinonlineorderingandloyaltyprogrammeshelpedsustaindemandacrossbothdeliveryanddine-informats.

Overall,thelimitedmovementwithinthetop10

highlightsthematurityoftheglobalrestaurantsector,whereestablishedbrandsbenefitfromentrenched

scaleandresilientbusinessmodels.

Whileindividualbrandshaveshiftedpositions

basedonrelativegrowthperformance,theranking

suggeststhatmeaningfuldisruptionatthetop

remainsunlikelyinthenearterm.Instead,competitiveadvantageisincreasinglydeterminedbyhow

wellleadingbrandsmanagepricing,protectvalueperceptions,andconverttheirglobalfootprint

intosustainableearningsgrowth.

BrandFinanceRestaurants252026/restaurants11

FastestGrowingBrandValue

Chick-fil-A

Chick-fil-Aemergedasthefastest-growing

restaurantsbrandin2026,withitsvaluerisingby

44%toUSD8.1billion,drivenbystrongerrevenue

expectationsanddisciplinedexpansionsacrosstheUS.Thebranddeliveredrecordrevenuesoverthepastyear,reflectingsteadysystemsalesgrowthandconsistentexecutionacrossitsnetwork.

Expansionplayedacentralrole,withChick-fil-A

addingmorethan150nettnewlocationsbetween2024-2025,bringingitsfootprinttoaround3,000restaurants.Continuedgrowthacrossfranchised,company-operated,andlicensedformats,includingairportsanduniversitycampuses,supported

higherfutureearningspotential.

Alongsidethisgrowth,thebrandexperienced

anotableshiftinconsumersentimentfollowing

changestoitschickensourcing,whichpromptedonlinebacklashamongsomecustomers.Thisisreflected

inBrandFinance’sGBEMdata,whereChick-fil-A’slikeabilityscoredeclinedby4%,indicatingthatthechangehadanegativeimpactonhowsome

consumersperceivethebrand.

Whilethishasnotmateriallyaffectedbrandvalue

growthtodate,ithighlightsthesensitivityofcustomerperceptionsevenasthebrandcontinuestoscale.

BrandFinanceRestaurants252026/restaurants12

BrandstoWatch

LuckinCoffee&Mixue

LuckinCoffee’srapidrisereflectsitssuccessin

turningcoffeeintoafrequent,everydayhabitratherthananaspirationalpurchase.

In2026,thebrandrecordedvaluegrowthof40%toUSD2.4billion,underpinnedbyasignificantlystrongerrevenueforecastandcontinuednetworkexpansion.LuckinCoffee’slargestorenetwork

andapp-basedorderingmakeiteasyforcustomerstobuycoffeefrequently.

ByQ3of2025,thebrandoperatedover29,214

storesworldwide,locatedclosetodailycommutingandworkingpatterns.Luckinfocusesonspeed,

convenience,andconsistentpricingoverlargecafésorpremiumexperiences,catering

toeverydayurbancoffeehabits.

Rapidexpansionhassupportedrevenue

expectationsandbrandvaluegrowth,evenas

competitionintensifiesinChina’svalue-focused

coffeemarket.However,asthepaceofstoreopeningslows,futuregrowthislikelytodependlesson

footprintexpansionandmoreonsustainingcustomerengagementandloyaltyasthebrandmatures.

Mixue’sisanewentranttotheranking,valued

atUSD4.6billion.Itsbrandstrengthisbuiltonan

uncompromisingfocusonaffordability,deliveredata

scaleunmatchedbymostrestaurantbrandsglobally.Bylate2025,MIXUEGroup’sglobalfootprinthadexpandedfurthertoover53,000storesworldwide,supportedbyalowclosurerateofjustunder4%Thisrapidexpansionreflectsthestrengthofitshighlystandardised

franchisemodelandclearvalueproposition.

Mixue’sconsistentlylowprices,oftenunder

USD1.50,appealtobudget-consciousconsumers,

especiallyasfinancialpressuresrise.Byfocusingonreliability,familiarity,andpricecertaintyratherthanexperienceorbrandstorytelling,Mixuehasachievedstrongvolumegrowthcomparedtocompetitors.

Internationally,thebrandhasalsogained

momentum,operatingaround4,895overseasstores

bylate2025,primarilyacrossSoutheastAsia,includingIndonesiaandVietnam.Althoughthisapproach

restrictspremiumappeal,Mixueshowsthatstrictpricing,efficientcostmanagement,andscalecanbuildbrandstrengthwhereaffordabilityiskey.

BrandStrength

Analysis

BrandFinanceRestaurants252026/restaurants14

BrandStrengthAnalysis

Haidilao(brandvalueup22%toUSD4.4billion)

retainsitspositionasthestrongestrestaurantbrandglobally,withaBrandStrengthIndex(BSI)scoreof89.5/100andanAAAbrandstrengthrating.High

Althoughthebrand’sBSIdeclinedyearonyear,Haidilaobenefitsfromdeep-rootedtrustandahighlydistinctivediningexperienceacrossitscoremarkets.

awareness,alongsidestrongperceptionsofservicequalityandexpertiseinthebrandscountryoforigin,China,continuestounderpinitsperformance.

GlobalTop10©BrandFinancePlc.2026

StrongestRestaurantBrands2026

母底捞Haidilao

Haidilao89.5

#1

#2Greggs

88.2

#3

McDonald's

88.1

#4

MIXUE

SINCE1997·ICECREAM&TEA

Mixue

88.1

#5

e

Jbe

Jollibee

87.9

—#6

Chick-fil-A

87.0

#7

KFC

85.4

LOCALLEADERS:

BrandStrengthiscalculatedwithinbrands’

addressablemarkets.Somebrandsfocus

ontheirlocalmarketswhereassomeare

#8

OliveGarden

84.6

international.Whenaveragingbrandstrength,internationalbrands’strengthwilloften

#9-a·uckinc。ffeeLuckinCoffee83.8

#10

Domino'sPizza

80.3

becomelowerthansinglemarketbrandsbecausemaintainingaleadershippositioncanbedifficultacrossmultiplemarkets.

BrandFinanceRestaurants252026/restaurants15

BrandStrengthAnalysis

TheUK’sGreggsranksasthesecondstrongest

brandinthe2026Restaurantsranking,withaBSI

scoreof88.2/100andanAAAbrandstrengthrating,

supportedbystrongfamiliarity,everydayrelevance,andaclearvalue-ledpropositionamongrespondentsinitshomemarketofUK.Itsbrandvalueroseby11%

toUSD1.4billionin2026.

Greggs’consumerperceptionssoftenedamid

mountingpricesensitivityandweakervalueperceptionsduring2025drivenbyaseriesofpriceincreases,

includingthatofitssausagerollfrom£1.30to£1.35,

alongsidesofterdemandduringperiodsofunusually

hotweatherthatreducedrelevanceforitscorehotfoodoffering.ThisshiftisreflectedinBrandFinance’sGBEMdata,whereGreggs’priceacceptancescorefellby5%,signalinggrowingsensitivitytopricingdespite

thebrand’scontinuedstrength.

Movinguponepositionfromlastyear,McDonald’s

(brandvalueup5%toUSD42.6billion)completes

thetopthreeforbrandstrength,withaBSIscoreof88.1/100andanAAAbrandstrengthrating.However,itsBSIdeclinedyearonyear,reflectingmounting

pressureoncustomerperceptionsinkeymarkets,

particularlytheUS.InearlyFY25,customertrafficfell,especiallyamonglower-andmiddle-incomeconsumers,ashigherfoodpricesandbroader

economicpressuresweighedonaffordability.

Correspondingly,BrandFinance’sGBEMdata

showeda2%declineinUSpriceacceptanceanda1%dropinengagement,pointingtoaweakeningemotionalconnectiondespitethebrand’s

continuedmarketleadership.

Bycontrast,Jollibee(brandvalueup32%to

USD3.3billion)highlightstheimportanceoflocal

relevanceindrivingbrandstrength.WithaBSIscoreincreasefrom83.8/100(2025)to87.8/100thisyear,supportedbyabrandstrengthratingofAAA,Brand

Finance’smarketresearchdatainvolvingrespondentsinPhilippinesreflectsstrongculturalresonanceandhabitualuse,whileweakerperformanceintheUS

pointstolimitedmainstreampenetration.

Singaporesitsbetweenthesetwoextremes,suggestingthatregionalfamiliaritytranslatesmoreeffectivelythaninWesternmarkets,thoughscalingeverydayrelevancebeyondthehomemarketremainsachallenge.

JollibeeBrandStrengthAttributesHeatMap©BrandFinancePlc.2026

Weakerperformanceoooo●Strongerperformance

FactorPhilippinesUnitedStatesSingapore

BrandPerceptions

Knowledge

Credibility

Appeal

aviours

Selection

merBeh

Advocacy

Custo

PriceAcceptance

SustainabilityAnalysis

BrandFinanceRestaurants252026/restaurants17

SustainabilityAnalysis

Sustainabilityisakeydriverofconsumer

choiceandreputationintherestaurantssector,wheresustainabilitydrives6.4%ofconsideration.

Thisisdrivenbyheightenedconsumerexpectationsaroundresponsibleandlocalsourcing,foodwastereduction,ethicallabourpractices,andoperationaltransparency.ResearchshowsthatUSdiners

increasinglyconsidersustainablesourcing,wastemanagement,andpackagingwhenchoosing

restaurants,linkingtheseeffortstohigherqualityandcredibility.Sustainabilityperformancesignalsgoodmanagement,andfoodwastereductionandsustainableoperationsmaysupportperceptionsofefficiency,fairness,andservicequality.

BrandFinanceresearchshowsthatChili’sand

MixuearetherankedRestaurantsbrandswith

thehighestsustainabilityperceptionsacrossESG.Dave&Buster’sandSushiroarealsostrongly

perceived.

The2026SustainabilityPerceptionsIndex

willbereleasedinFebruary,revealingwhichbrandsareperceivedtohavethestrongestcommitmenttosustainabilityglobally,thechangingroleof

sustainabilityindrivingdemand,andthelargeamountsofvaluetiedtosustainability,valueatriskandvaluebeingsecuredbytheworld’sbiggestbrands.

ValuingSustainabilityPerceptions©BrandFinancePlc.2026

X

Group

BrandValue

BrandValueis

calculatedforthe

brandinaccordance

withISO10668.

%

X

Sustainability

Driver(%)

HighImportance

LowImportance

Contributionof

sustainabilitytobrand

valuedeterminedusing

driversIanalysisI.

=

Sustainability

PerceptionsScore

Perceptionsofthe

brandIscommitmentto

sustainabilityaretransformed

intoscoresthatmodify

thefinalvalue.

Sustainability

PerceptionsValue

$

Theproportion

ofbrandvaluethat

isattributable

tosustainability

perceptions.

ISO10668

BrandFinanceRestaurants252026/restaurants18

BrandValueRanking(USDm)

2026

Rank

2025

Rank

Brand

Country

2026

Brand

Value

Brand

Value

Change

2025

Brand

Value

2026

Brand

Rating

1

1

=

McDonaldIs

UnitedStates

42,640

+5.3%

40,512

AAA

2

2

=

Starbucks

UnitedStates

37,029

-4.5%

38,760

AA

3

3

=

KFC

UnitedStates

16,528

+7.6%

15,360

AAA

4

4

=

Subway

UnitedStates

9,520

+17.8%

8,082

AA-

5

8

▲

Chick-fil-A

UnitedStates

8,122

+43.6%

5,658

AAA

6

6

=

TimHortons

Canada

7,458

+9.1%

6,839

AA-

7

7

=

DominoIsPizza

UnitedStates

7,122

+6.4%

6,691

AAA-

8

5

1

TacoBell

UnitedStates

6,915

+0.0%

6,916

AA+

9

9

=

WendyIs

UnitedStates

4,972

-3.7%

5,165

AA+

10

10

=

PizzaHut

UnitedStates

4,950

+4.0%

4,759

AA

11

13

▲

DunkinI

UnitedStates

12

-

3

Mixue

China

13

14

▲

Haidilao

China

14

11

1

BurgerKing

UnitedStates

15

12

1

Chipotle

UnitedStates

16

16

=

OliveGarden

UnitedStates

17

15

1

TexasRoadhouse

UnitedStates

18

17

1

Jollibee

Philippines

19

19

=

LuckinCoffee

China

20

18

1

Popeyes

UnitedStates

21

-

3

GreeneKing

UnitedKingdom

22

25

▲

ChiliIs

UnitedStates

23

21

1

Greggs

UnitedKingdom

24

23

1

LonghornSteakhouse

UnitedStates

25

24

1

DutchBros

UnitedStates

Methodology

BrandFinanceRestaurants252026/restaurants20

Definitions

BrandValue

i

Meta

[Meta]

Enterp

Bran

+EnterpriseValue

u

l

a

V

e

s

r

Thevalueoftheentireenterprise,madeupofmultiplebranded

e

businesses.

e

n

i

s

u

B

d

e

d

Whereacompanyhasapurelymonobrandedarchitecture,the‘enterprisevalue’isthesameas‘brandedbusinessvalue’.

V

s

s

V

d

n

Bra

l

a

u

l

a

e

u

e

facebook

[Facebook]

+BrandedBusinessValue

Thevalueofasinglebrandedbusinessoperatingunderthesubjectbrand.

Abrandshouldbeviewedinthecontextofthebusinessinwhichitoperates.BrandFinancealways

conductsabrandedbusiness

valuationaspartofanybrand

valuation.Weevaluatethefullbrandvaluechaininordertounderstandthelinksbetweenmarketing

investment,brand-trackingdata,andstakeholderbehaviour.

facebook

[Facebook]

+BrandValue

ThevalueofthetrademarkandassociatedmarketingIPwithinthebrandedbusiness.

BrandFinancehelpedtocrafttheinternationallyrecognisedstandardonBrandValuation–ISO10668.

Itdefinesbrandasamarketing-relatedintangibleassetincluding,butnot

limitedto,names,terms,signs,

symbols,logos,anddesigns,

intendedtoidentifygoods,servicesorentities,creatingdistinctiveimagesandassociationsintheminds

ofstakeholders,therebygeneratingeconomicbenefits.

BrandFinanceRestaurants252026/restaurants21

BrandValuationMethodology

Brandisdefined

asabundleof

trademarksand

associatedIPwhichcanbeusedtotakeadvantageofthe

perceptionsofallstakeholdersto

provideavarietyofeconomicbenefitstotheentity.

WhatisBrandValue?

Brandvaluereferstothepresentvalue

ofearningsspecificallyrelatedtobrand

reputation.Organisationsownandcontroltheseearningsbyowningtrademarkrights.

Allbrandvaluationmethodologiesare

essentiallytryingtoidentifythis,althoughtheapproachandassumptionsdiffer.Asaresult,publishedbrandvaluescan

bedifferent.

Thesedifferencesaresimilartotheway

equityanalystsprovidebusinessvaluationsthataredifferenttooneanother.Theonlywayyoufindoutthe“real”valueisby

lookingatwhatpeoplereallypay.

Asaresult,BrandFinancealwaysin

corporatesareviewofwhatusersofbrandsactuallypayfortheuseofbrandsintheformofbrandroyaltyagreements,whicharefoundinmoreorlesseverysectorintheworld.

Thisissometimesknownasthe“RoyaltyRelief”methodologyandisbyfarthemostwidelyusedapproachforbrandvaluationssinceitisgroundedinreality.

Itisthebasisforapublicrankingbutwe

alwaysaugmentitwitharealunderstandingofpeople’sperceptionsandtheireffectsondemand–fromourdatabaseofmarket

researchonover6,000brandsinover

41markets.

Disclaimer

BrandFinancehasproducedthisstudywithanindependentandunbiasedanalysis.ThevaluesderivedandopinionsproducedinthisstudyarebasedonlyonpubliclyavailableinformationandcertainassumptionsthatBrandFinanceusedwheresuchdatawasdeficientorunclear.BrandFinanceacceptsnoresponsibilityandwillnotbeliableintheeventthatthepubliclyavailableinformationrelieduponissubsequentlyfou