2026并购展望报告：并购、分拆、合资中的品牌价值创造 (英文版)

Creating

lasting

value

throughMergers,Acquisitions,

Spin-offs&Joint

VenturesIn1988,

Interbrand

pioneered

theprocessofassigningamonetaryvaluationtothepreviouslyintangibleassetofbrand–aprogramof

workthat

fundamentally

transformed

howcompanies

were

appraised

byfinancialmarkets,transformingthemergerandacquisitionlandscape.©

INTERBRAND

M&A

Forecast20262We

know

what

it

takestoaccomplishM&A

activitythatstands

the

testof

timeWhether

economic

conditions

areturbulent

or

favorable,top

brands

areconstantly

seeking

expansion

andincreasedequity—andwehave

a

richhistoryofpartnershipsthatturntargetsinto

tangible

business

results.JPMorgan

chase

导4erNET-A-PORTERHAL三ONIf

you’re

questioning

or

preparing

for

aMerger

or

Acquisition,

Interbrand

is

heretosupportwiththeinsightsandclarityneededtomakeyour

next

movea

success.©

INTERBRAND

M&A

Forecast2026

3C"Atkins

R⃞al

is⃞THMSON

REUTERS口ame

ri

trade2026is

shaping

uptobea

bumperyearforM&A

Activity,Buildingon

increased

momentum

in2025,expert

analysts

is

arepredictinga

much-needed

bump

in

Merger&Acquisitionactivity.As

we

closed

out2025,there

was

a

sharp

increasein

M&A

and

Spin-off

Activity.Across

the4thquarter,dealvolumeincreasedc.36%and

totalvalueincreasingc.159%-

driven

by

majortransactions

and

high

value

strategic

deals,includingsignificantannouncementsaroundWarner

Bros.

Discovery,Solstice,

Kenvue,and

Heinz

Kraft.©

INTERBRANDRecoveryislongoverdue.

Overthe

last

threeyears,global

M&Aasapercentage

of

GDP

has

sat

at

anear30-yearlow1.

However,ongoingglobalconcerns

around

U.S.-based

tariffs

and

their

impacthas

resulted

in

a

fall

in

both

deal

quantity

andvolume,with

April2025YOY

deal

volume

declining

by

nearly25%2.Thissignificantglobalvolatilityhasforcedbusinesses

to

reassess

their

structure,

oftenresultinginstreamliningportfoliosand

divestingnonessentialbusinesses.Whilethismay

seem

an

unfortunateeffectofadifficultmarket,thisactivityresultsinaplethora

of

spin-offs

and

acquisitionsM&A

Forecast2026alike—creating

a

market

ripe

with

opportunity

tocreate

outsized

growth.

In

fact,deals

done

in

arecessionareoftenthemost

successful

long-term3.Spin-offsinparticularcreateopportunityforcompaniestouniquelyaddressnew

problems

andaudiencesbyexcellinginone

industry,

as

opposed

toremainingpartof

adiversified

portfolio.Inthisreport,weexplore

how

brandscan

use

M&A

activitytobuildbrandequity,

resulting

in

bothimmediateandlong-termgains.Opportunityis

stillabound

for

those

who

know

how

to

uncover

it.1(Bain&Co)

2(EY-Parthenon)3(PwC)4Withrenewed

optimismcomes

increased

risk:It

is

estimated

75%

of

M&Adeals

fail.40,000M&Adealsacrosstheglobe

over

the

last40

years,

approximatelythree

in

every

four

fail.

Published

findings

ofBaruch

Lev

and

Feng

Gu.

June

2024©

INTERBRAND

M&A

Forecast20265Whyis

abusiness

activity

thatis

widely

considered

tobea

growth

mechanism

insteadresultinginfinancial

lossesand

wasted

time?Afewwidelyobservedcauses:→

Anunclearbusinessand

brandstrategy→

Lackofaclear,strategicplanfor

becoming

market-ready→

Notconsideringtheriskstocurrentkeyrevenuestreams→

Overlooking

internal

culturalintegrationthatcouldlead

tolowtalentretention→

Failuretoidentifybrandequitiesand

sources

of

growth→

Limitedevaluationandconsideration

of

customeralignment

with

the

brand

promiseThese

common

failures,

however,

should

not

beviewed

asadeterrent

to

exploring

a

merger

or

acquisition—rather,

creating

solutionsand

mitigationstrategies

inthe

early

daysof

a

deal

can

help

build

the

roadmap

to

a

merger

or

acquisitionthat

makeswaves.©

INTERBRAND

M&A

Forecast2026

61MergersMergers

occur

when

two

companies,oftensimilarinsize

and

scale,

combineto

form

an

entirely

new

operating

entity.Inamerger,bothcompanies

legally

dissolve,

and

assetsand

liabilities

of

the

former

companies

are

combined.Shareholders

exchange

shares

of

the

existing

entitiesfor

shares

in

the

new

combined

entity,

in

turn

resultinginchangestoownershipandcontrol.

Mergers

aretypicallyseentobemutuallybeneficial

for

both

parties.What

does

this

mean

for

the

brand?A

merger

can

build

brand

equity

in

two

ways:

eitherthroughanew,distinct

brand

(New

Equity),

or

bybringing

together

two

brands’existing

value(Consolidated

Equity).Whethertwocompaniesmergeto

create

one

stronger,unified

brand

or

choose

toleverage

existing

brand

equity,company

cultures

andworkstreams

must

be

aligned

accordingly.

When

donewell,this

creates

a

new

brand

and

culture

aligned

withthe

brand’s

new

ambition.©

INTERBRAND

M&A

Forecast202672AcquisitionsAnacquisitionoccurswhen

one

company

purchasesacontrolling

interest

in

another

–assumingcontrol

of

operations.Typically,this

happenswhena

larger

companypurchases

asmallerentity.Theownership

and

control

ofthetargetfirm

passestothe

acquiring

firm,

with

the

shareholdersofthetargetfirm

being

compensated

incash,stockora

combination

of

the

two.

Often

anacquiringfirm

imposes

itsoperating

modeland

systems

onthetarget

business.What

does

this

mean

for

the

brand?When

an

acquisition

occurs,the

goal

is

always

tocreatenewbrandequity.This

can

be

accomplishedin

several

ways,relying

on

either

the

brand

acquiringanotherorthebrandbeing

acquired.

The

acquiringbrand

may

determine

that

its

own

brand

equity

issuperior

when

acquiring

another

organization

for

itsofferingsorgeographical

reach(Dominant

Equity),or

the

two

brands

may

be

leveraging

long-held

equityoneitherside(Legacy

Equity).Abrand

may

also

be

broughtintoalargerorganizationwith

significantbrand

equity,but

stay

a

market-facing

brand(

Portfolio

Equity).©

INTERBRAND

M&A

Forecast

202683Spin-offsAspin-offoccurswhen

a

parent

company

separates

a

partof

its

business

intoaseparateentity,

allowing

increased

agilityand

autonomy.Typically,

a

division,

product

line

or

subsidiary

isspunoutofthe

parentcompanytoform

an

independent

orstandalonecommercialentity.This

newcompany

has

its

own

management,operationsandfinancialstatements.

The

processallows

bothentitiestofocus

on

a

corestrategy

–withadesireto

increasetotal

shareholder

value.What

does

this

mean

for

the

brand?Spin-offs

are

unique

in

the

sense

that

the

goalis

to

create

equity

for

one

or

more

entirely

neworganizations(New

Equity).

However,in

manycases,the

new

organization

retains

some

elements

of

thecompanyitspunofffrom,benefittingfrom

long-held

equitythatcanhelpestablishits

own

reputation(Legacy

Equity).Thisissimilarlytrue

for

spun

off

entitiesthatremainpartiallyorwholly

ownedby

the

remainco

(Portfolio

Equity).©

INTERBRAND

M&A

Forecast2026

94Joint

VenturesAjointventure

(JV)

is

a

businessarrangement

inwhichtwoor

moreindependententitiescollaborateon

aspecific

business

activity,

sharingresources,

risks

and

returnswhilstremainingseparate

legalentitiesoutside

ofthescope

ofthe

specific

venture.Partnerscontributecapital,assets,

technology

or

expertisetoaddressa

specific

objective

or

market

opportunity(likedevelopinga

product,

buildinginfrastructureorenteringa

new

market).What

does

this

mean

for

the

brand?The

role

that

brand

plays

in

a

Joint

Venture

can

varysignificantlydependingonthestructureofthearrangement

and

perceived

return.All

forms

of

equityare

on

the

table,with

specific

benefits

for

each

party(includingemployeesandcustomers).©

INTERBRAND

M&A

Forecast

202610Mergers&AcquisitionsJPMorgan

chase学LAT

AMSpin-Offs

Honey

wellHAL三ONSAN

DOZJointVenturesT八T八STEEL

传

Lufthansa

TOSHIBAWehavemorethanthreedecadesofexperiencedeliveringthebrandstrategyandexecutionoftheworld’smostsuccessfulMergers,AcquisitionsandSpin-offsthatstand

thetestoftimeandproduceoutsizedresults.©

INTERBRAND

M&A

Forecast202612#1

LENSESFORSUCCESS©

INTERBRAND

M&A

Forecast202613Interbrand’sapproachtoMergers&

Acquisitionsutilizesthree

lensesthatgiveusanunderstandingofpeople,organizationsandtheirinteractions.Thiscomprehensive

viewempowersustoguidebrands

through

eventhemostcomplexMergersandAcquisitionsandoptimizes

theoutcomeforsuccess.#1Make

It

Profitable:Brand

Economics#2Make

It

Equitable:Human

Truths#3Make

It

Real:Experience©

INTERBRAND

M&A

Forecast202614#1Makeitprofitable:

BrandEconomicsInterbrandusescategory-defining

BrandEconomicscapabilitiestoassess

thecurrent

value

and

future

earning

potentialof

a

brand.During

the

Acquisition

process,an

accurate

brandvaluation

allows

target

organizations

to

maximize

thevalue

of

their

intangible

assets,

in

turn

increasingpotential

sales

value.In

the

case

of

Mergers

and

Spin-Offs,we

can

forecastthe

future

potential

brand

and

subsequent

businessvalue–creating

compelling

evidence

to

help

support

inraisingcapitalinvestmentandproviding

additionalclarity

and

security

for

shareholders.We

also

support

acquiring

companies,to

establishexisting

and

future

earning

potential

of

the

target

–enabling

a

more

accurate

sizing

of

the

total

deal,

basedoff

the

return

on

brand.©

INTERBRAND

15#2Makeitequitable:

HumanTruthsMergerandAcquisitionactivityinvolvesthousands

of

individuals

acrossemployee,consumerandstakeholdergroups.While

reworking

brands

certainlyisn’t

simple,functional

aspects

of

amerger

or

acquisition

are

easier

than

thepersonal

or

emotional

aspects

of

such

areformation.Bydigging

intowhatthe

brand

meansto

all

audiences,

wecan

mitigatethecriticalsticking

points

that

impact

brandtrust,

identifyingthe“why”

behindgroupsentimentstothe

mergeror

acquisition.We

usethese

insightstofostertrust,

support

and

connectionwiththe

brand,whetherthat’swithyour

biggest

investororwiththe

newest

memberof

the

team.Our

HumanTruths

practiceworkswith

brandstoidentifythecoretruthsthat

mustbeconsidered

when

addressing

questionsa

MergerorAcquisition.

andchallengesthat

arise

in©

INTERBRAND

M&A

Forecast202616Across

the

Merger

and

Acquisitionlandscape,

weworkwith

senior

business

leaderstoestablishlucrative

brandarchitecture

and

define

the

mostprofitablebrandstrategy

movingthecompany

not

only

through

the

MergerorAcquisition,buttowardfuturesustained

growth.Our

brand

strategy

teams

often

define

the

mission,vision,values

and

purpose

of

the

newly

formed

orconsolidatedentity.Our

teams

of

Verbal

Identity

Consultants

support

onnaming

and

on

navigating

international

trademark

law.And

our

global

creative

teams

work

to

develop

evolved

identities

across

all

touchpoints–from

brand

marksand

logos,to

type

design,product

&environmentaldesignsandliveries,to

namejust

afew.#3Make

it

real:Experience©

INTERBRAND

17Knowingwhat’son

the

tableIt

goes

without

saying,it’s

vital

thatcompanies

do

their

due

diligence

todetermine

if

the

deal

will

be

in

the

bestinterest

of

their

consumers,employees

andshareholders.A

large

part

of

this

isknowing

what’s

on

the

table—and

whatvaluemaybe

hidden

in

the

company’sintangibleassets.

InterbrandemploysBrand

Economicsvaluationpracticestodetermine

thevaluethat

the

brand

will

bring

tothe

deal,

potentially

unlocking

additional

value.Bydeterminingabrand’svalue

and

bringingthat

number

to

the

balance

sheet,

allcompanies

involved

have

a

clear

idea

ofthevalue

at

hand,andtheequitythat

may

needto

beprotected

during

a

possible

deal.This

thenprovidesacasefor

movingforward,revising

or

halting

the

proposed

deal.©

INTERBRAND

M&A

Forecast202618TheCritical

FirstStep:What’sabrand

worth?In1988,

Interbrand

pioneered

theprocessofassigningamonetaryvaluationtothepreviouslyintangibleasset

of

brand–a

program

of

work

that

fundamentallytransformedhowcompanieswereappraisedbyfinancialmarkets

and

transformed

the

merger

and

acquisitionlandscape.Thissamevaluation

model

continues

to

be

usedtoday

to

determine

brand

value

when

itmattersmost.©

INTERBRAND

M&A

Forecast202619It

all

beganwith

a

brand

valuation,Tensionswerehighwhen

Interbrandwasbrought

in

by

prominent

UK

foodmanufacturingcompanyRank

HovisMcDougall

–owners

of

the

quintessentiallyBritishbrandsHovis,

Mr

Kipling,

Bisto,

Atora

&

Mother’s

Pride.Whilstthebusiness

had

a

strongmixedportfolioof

household-namefood

brands,

RHM

was

facing

a

hostiletakeover

bycompetitor

Goodman

Fielder

Wattie,whoalreadyheld

a

29%

stake

inthe

company.While

the

tangible

assets

across

theRank

Hovis

McDougall

balancesheetweren’t

highly

valuable,the

value

of

the

subsidiary

brands

was

substantial.Wesoughttoprove

that

Rank

HovisMcDougall’s

brandswerevaluable—sovaluable,in

fact,that

such

a

takeoverwould

be

impossible.At

the

time,there

wasn’t

a

set

model

for

brandvaluation.So,around

a

kitchen

tablein

the

British

countryside,wepioneeredthebasic

processof

brandvaluation–the

foundation

of

a

modelstill

used

to

value

brands

today.In

collaboration

with

the

company’sauditors,our

brand

valuation

resultedinamarket

uprating

Rank

HovisMcDougall.withthebrand’svaluewasadded

to

the

balance

sheet.When

the

company

was

eventuallyacquired,acquirerTompkins

PLCpaida

price

that

covered

the

full

brandvalue,affirming

a

brand’s

worth

inbusiness.©

INTERBRAND

M&A

Forecast202620CaseStudy:Creatingvalue

in

a

mergeror

acquisition

startswith

a

clear

understanding

ofthevalue

creationlogic

behindthe

deal.Thereare

three

key

principlestomaximizingvaluecreationandminimizingrisk

during

an

M&A:

Focusonvaluecreation

logic.

Definewhythe

deal

isbeing

executed

and

how

it

will

generate

value

for

all.

2

Trustyourstakeholders—notyourgut.

Brand

leadersshould

ground

their

decisions

in

insights,

listening

toemployees,customersandshareholderswhenmaking

decisions.

3

Evolvethe

model

ratherthan

perfect

it.An

M&Ais

rarelyalinear

process.

Evolvinga

model

as

newinformation

and

updates

emerge

rather

thanattemptingtoperfectitfromthestart

isoften

moreeffective.

Paired

with

a“do

no

harm”

mindset,this

cancreate

outsized

growth

for

the

business

withoutthreatening

existing

value.Use

these

principles

when

considering

each

stepin

the

M&A

process.While

this

process

is

often

varied,there

are

a

few

common

levers

of

value

creation

that

canbe

pulled,including

access

to

new

markets,

costsynergies,intellectual

property

and

the

expandedcapabilities

of

a

new

team.

Utilizing

these

key

principles,companies

can

lower

common

risksin

their

M&A

and

increase

their

value

creation.MakeitProfitable:Creating

or

Proving

Value©

INTERBRAND

21CASESTUDY:NEt-A-PORTERIn2014,luxury

retailer

Net-a-Porter

wassetto

mergewithretailer

Yoox.

However,

astheagreementwassigned,shareholdershad

concerns

about

the

valuation

ofNet-a-Porter,suspectingthebrandwasundervalued.Net-a-Porter

sought

an

independentvaluation

from

Interbrand,and

through

acombinationofqualitativebrandstrengthanalysis,brand

and

enterprise

valuationand

a

valuation

sensitivity

analysis,wedemonstrated

that

the

brand

had

grown

inrecentyears.Theresult?TheNet-a-Porterbusinesswasvalued

at

approximately£1.5

billion—nearly40%higher

than

the

initial

proposedacquisition

value.©

INTERBRAND

M&A

Forecast202622A

successful

merger

or

acquisition

is

notonlyafinancialtransaction—it'sastrategic

opportunityto

unlockvalue.Attheheartofthisvaluecreation

isthoughtfulintegration.Successful

integration

relies

on

three

keyingredients:aligning

people

around

a

shared

vision

forchange,establishing

common

priorities

and

developingunified

ways

of

working.When

these

elements

are

clearly

and

intentionally

executed,the

combined

or

in

somecasesseparatedorganizationcanoperate

morecohesively.Culturealsoplaysapivotal

role

in

M&A

success.

Iconicbrandsarebuiltfromthe

insideout,

and

a

merger,acquisition

or

spin-off

should

honor

the

original

brands’

equitywhilesimultaneouslycreatinganewplatformfor

growth.A

strong

brand

serves

as

a

north

star

duringtransition,providingclarityandpurpose

acrosstheorganization,helping

teams

see

their

place

in

the

largerstory.Peopleareoneofacompany’s

greatest

assets,

andbringing

them

together

is

both

the

challenge

and

theopportunity

of

M&A.Through

clear,consistentcommunication,reinforcing

a

shared

purpose

and

craftinga

simple

narrative

that

everyone

can

rally

around,companies

can

create

stakeholder

buy-in,generatingexcitement

and

alignment

as

opposed

to

confusion.

Whenpeoplefeelseen,alignedandinspired,

they

become

thedriving

force

behind

a

successful

merger.Makeit

Equitable:Peopleatthe

heart©

INTERBRAND

23M&Aactivitiesoften

bringgreat

amounts

ofuncertainty,as

significant

change

occurs

foremployees,customers

and

otherstakeholdersalike.One

powerful

tool

for

easing

this

transition

is

the

use

ofidentity

symbols:logos,language,creative

assets,storytellingandmorethathelp

peoplefeel

liketheybelong.Theseidentifiersprovidea

sense

of

sharedpurpose,reinforcing

alignment

while

bringing

the

new

ormodified

brand

into

the

real

world.When

thoughtfully

crafted,they

serve

as

anchors

thatmake

the

change

of

a

merger,

acquisition

or

spin-off

feelmorelikeapersonal

investmentand

less

a

disruptiveintrusion.At

the

heart

of

these

identity

symbols

is

thebrandpromise.

Inthecontextof

M&A,developing

a

newandmorerelevantbrand

promise—or

set

of

promises—iscritical.These

promises

should

reflect

the

uniquestrengths

of

the

combined

or

spun-off

organization

andsignal

a

fresh,forward-looking

vision.When

done

well,this

sets

clear

expectations,invites

trust,and

gives

allaudiences

something

to

believe

in.Over

time,a

solid

brand

promise

becomes

the

foundationof

long-term

growth,so

when

the

new

entity

comes

tomarket,it’s

met

with

celebration.Makeit

Real:

Identity

signifiers©

INTERBRAND