Value of Sri Lanka’s Top 100 Brands marginally increases in 2021

Despite the severe economic constraints the country is operating within, the total value of Sri Lanka’s top 100 brands increased by 1% over the course of 2022, according to a report by Brand Finance

Dialog remained Sri Lanka’s most valuable brand for the 4th consecutive year with a brand value of Rs.. 54.0 billion and AAA brand strength rating.

Keells supermarket overtakes Dialog this year in becoming the strongest brand in the top 100 with a AAA brand rating. Keells has played a pivotal part in keeping the supply chain going throughout the pandemic. Over the last year, the brand has demonstrated its strength in shifting the retail landscape, expanding its online capabilities to better serve its strong customer base.

The Brand Finance Most Valuable Brands Index is constantly changing with the times to reflect the external changes in the business environment. Several factors have taken place that impacts the brands featured on the table.

Despite a technology brand being at the top, the banking brands continue to dominate the Sri Lanka 100 index accounting for 44% of the total brand value compared to other sectors.

Meanwhile, among the top 10 brands, SLT–Mobitel has recorded the highest value growth at 23%. Since its unification of SLT and Mobitel just over one year ago, the brand has benefitted through the impact of greater synergy. Through its unified approach, SLT-Mobitel has leveraged integrated technologies unlocking access to multi-platform telecom applications and solutions, offering customers a new world of telecom and lifestyle-impacting experiences.

LANKATILES emerges as the fastest growing brand in the top 100, with a growth in value by 48%. Import restrictions and the brand’s swift response to the changing operating environment through increased capacity and launch of new designs, has enabled LANKATILES to maximize on this opportunity.

Building materials saw phenomenal growth in brand value by 23% and emerges as the fastest growing sector in 2022. Import restrictions of non-essential items including building materials and favorable interest on housing loans combined to drive steady demand for these brands in the domestic market. Brands that responded swiftly to this increasing demand through timely investments in technology, developing infrastructure and production capacity emerged as winners in this year’s brand valuations.

Tourism related sectors, hospitality and airlines, continue to be among the weakest, with decline in brand value when compared to pre-pandemic levels. New COVID-19 variants, border and mobility restrictions to control the spread of the virus and limited international tourist arrivals continue to hinder the financial performance of these brands. However, as Sri Lanka reopens its borders for international travel along with the steady rollout of vaccines, consumer confidence is seen to recover. The sector needs to brace themselves, continue to adopt health and safety protocols and reinforce their brand through innovative customer experiences.

Sri Lanka in particular is on an economic precipice that has put businesses under significant pressure. Those businesses which have built reputation and recognition through their brands are however in a better place to whether the storm. This is because customers are seeking assurances and stability in their everyday brand purchases or business relationships rather than experimenting with the unknown.  

Moving forward, Brand Finance highlighted the importance of o understanding customer sentiment and proactively helping make their lives easier. Especially, in the light of the current situation that customers face with fuel, gas, and fertilizer shortages directly impacting the livelihoods of many Sri Lankans.