Jun 05 2018

Turkish brands disappear from Global 500 – survey

Turkish firms disappeared from the global 500 of the world’s top brands, according to an annual survey by Brand Finance.

The top brands in Turkey didn’t grow at the expected rate compared with 2017, said Muhterem Ilguner, head of Brand Finance’s country office in Turkey, according to the state-run Anadolu agency.

Turkish Airlines became the top brand in the country, after seeing its brand value rise 6 percent to more than $2 billion.

Turk Telekom, the leader last year, was worth $1.9 billion, a 27 percent decline on 2017, Brand Finance said. Turk Telekom’s performance has been undermined by debt talks between its troubled Saudi owners and local Turkish banks.

Akbank and Garanti were the two Turkish banks with the most valuable brands, ranking fourth and fifth, respectively, Anadolu said. Defence contractor Aselsan posted the highest rise in its brand value among Turkey’s top 100 firms, climbing to 28th place from 34th place in 2017.

While industrial companies constitute 70 percent of the world’s top brands and service companies about 30 percent, it is the opposite in Turkey, Ilguner said.

The value of Turkey’s top 100 brands stood at $27.5 billion, virtually unchanged from a year ago, he said.