Tata Group-backed Indian Hotels Company Limited (IHCL) said on Friday its brand ‘Taj’ has been rated as the strongest hotel brand in the world by London-based brand valuation consultancy Brand Finance in its annual ‘Hotels 50 2021’ report. This report recognizes the most valuable and strongest hotel brands across the globe.
Taj (with a brand value of $ 296 million) received an overall brand strength index score of 89.3 out of 100, with a corresponding AAA rating for customer service, familiarity, consideration and corporate reputation.
The report rated
as the world’s most valuable brand, despite recording a 30% brand value decline to $ 7.6 billion.
The report stated that in addition to measuring the overall brand value, Brand Finance evaluates the relative strength of brands based on factors such as marketing investment, staff satisfaction, customer familiarity, and corporate reputation. Brand Finance said Taj’s successful implementation of its five year plan which focuses on selling non core assets, becoming less ownership driven, and reducing its dependence on the luxury space followed by the ‘speedy’ adoption of its RESET 2020 strategy aimed at overcoming the challenges of the Covid-19 pandemic have contributed to the brand’s re entrance into the rankings for the first time since 2016.
Puneet Chhatwal, MD and CEO of IHCL said: “Taj being rated as the world’s strongest hotel brand is a testament to the unwavering trust our guests have consistently placed in us and the warmth and sincere care our employees have embodied day-after-day. We will continue our endeavor to elevate the world class experiences of luxury hospitality and deliver the magic of Tajness to all our stakeholders.”
David Haigh, CEO, Brand Finance, said the Taj brand with a century old legacy has stood resilient in spite of the challenges posed by the ongoing pandemic. “Global travelers have relied upon and tested brands in different ways and Taj has emerged on top,” he added.
The report also stated that the total value of the world’s top 50 most valuable brands has declined by 33% year on year, down from $ 70.2 billion in 2020 to $ 47.4 billion in 2021.