CVS 44th in global brand ranking

CVS Health ranked 44th on a list of the world’s most valuable brands, according to the latest Brand Finance Global 500 report released this week.
CVS Health ranked 44th on a list of the world’s most valuable brands, according to the latest Brand Finance Global 500 report released this week.

WOONSOCKET – CVS Health Corp. ranked 44th on a list of the world’s most valuable brands, according to the latest Brand Finance Global 500 report released this week.

Google topped the list, moving up from second place last year, while Apple fell to No. 2, from No. 1 last year. Amazon.com was third for the second year in a row, while AT&T moved up two spots to No. 4, and Microsoft dropped a spot to No. 5.

Samsung Group moved up a spot to No. 6, while Verizon fell two spots to No. 7. Wal-Mart remained unchanged at No. 8, Facebook climbed eight spots to No. 9, and Industrial and Commercial Bank of China Ltd. moved up three spots to 10th.

CVS, with brand value of $23.3 billion, fell four spots over the year, to No. 44.
Other companies based elsewhere but with significant operations here, also made the list:

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  • Medtronic PLC, based in Ireland, but with operations in Mansfield, fell 53 spots to No. 167.
  • Honeywell International, based in Morristown, N.J., which has a plant in Smithfield, improved 9 spots to No. 217.
  • General Dynamics Corp., in Falls Church, Va., fell 20 spots to No. 380. General Dynamics Electric Boat, in Quonset Point and Middletown, is a subsidiary of General Dynamics.
  • New York-based Tiffany & Co., which has a plant in Cumberland, fell to No. 404 from No. 368 last year.
  • Schneider Electric, based in France with an office in South Kingstown, placed at No. 442, a 51-spot jump from last year.

Brand Finance, a valuation and strategy consultancy, said that each year, it values the brands of thousands of the world’s biggest companies. It said brands are first evaluated to determine their power and strength based on factors such as marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation. Brand strength is used to determine what proportion of a business’s revenue is contributed by the brand, which is projected into perpetuity to determine the brand’s value, resulting in the top 500 global brands.

“Unvalued brands can lead to undervalued companies that are more vulnerable to takeover, struggle to secure adequate financing and miss market opportunities. Meanwhile a powerful brand can protect a company’s value during turbulent market conditions, create new market opportunities and increase profit margins. All companies should therefore not just know the value of their brands, but also understand what drives that value and how it can be harnessed to benefit the business as a whole,” David Haigh, CEO of Brand Finance, said in a statement.

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