South Korean conglomerates Samsung and Hyundai climbed higher on an annual list of the world’s 100 most valuable brands, according to a report by BusinessWeek and a global consultancy firm made available here Friday.

According to the annual ranking of the world’s top brands, jointly compiled by BusinessWeek and Interbrand, while the brand value of Samsung Electronics, South Korea’s top consumer electronics maker, fell by 1 percent from 2008 to an estimated US$17.5 billion, the company climbed two ranks higher on the list to 19th from the year before.

Hyundai Motor, South Korea’s leading automaker, climbed three spots to 69th despite having lost 5 percent of its brand value from the previous year. The company’s brand was estimated to be worth some US$4.6 billion, according to the report.

The rise in the ranking of the two companies is noteworthy because the overall value of the top 100 brands fell by 4.6 percent from 2008, the first annual decline since the ranking system was launched in 1999 due to the worldwide economic slump that affected consumption and business investment.

Interbrand said the South Korean firms’ higher rankings were largely due to their aggressive expansion during the global recession, fueled by a rise in demand for LED TV sets and the launching of the Genesis premium sedan by Hyundai, which received a number of consumer awards.

“To make a powerful brand that is consistently valued like Coca-Cola and BMW, what we need is a focus on the business’ core value and an ongoing push for innovation,” Park Sang-hun, president of the South Korean branch of Interbrand, told Yonhap News Agency.

Coca-Cola retained the top position in the 2009 ranking for the ninth consecutive year.

Samsung’s brand value was ranked the second highest among consumer electronics makers after Finland’s Nokia, which ranked in the top 5 of global brands. Sony, its Japanese rival, was ranked 29th as its brand value tumbled 12 percent to US$11.9 billion.

The rankings have been made available in the Sept. 28 issue of BusinessWeek. Along with Interbrand, the two have published the top 100 global brands by brand value for the past nine years.

YonhapNewsAgency

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