In the New Year, the Muthoot Pappachan Group has ushered in a changed look to project a contemporary image. It has adopted a new logo after 30 years. Beginning as a grocery business in 1887, the group stepped into banking and financial operations in 1939. The first logo was put in place in 1979. The new identity, put together by design and strategy firm Icarus, gives a more flexible and youthful feel to the brand.
The new branding is a combination of two most important visual elements - the symbol and the word mark. The symbol and the word mark are in blue, representing the personality and the distinctiveness of the group. It also signifies and characterises the organisation's core values of trust and integrity. The group umbrella brand will co-exist with other group companies, as well as in co-branding situations.
The group has spent approximately Rs 2 crore in Kerala to communicate about its new look.
Thomas George Muthoot, managing director, Muthoot Pappachan Group cites various reasons for the change in the look and feel of the organisation. "We were looking for a fresh look to be more in tune with the contemporary times. Also, being a company with a lot of young people, the youthful feel had to come in."
Talking about the new logo in comparison to the earlier one, he says, "The previous one was in a box, which gave the vibe of lack of flexibility. This one is more open ended from all sides, giving it a free look."
The group has allotted a advertising budget of Rs 10-12 crore which includes the Rs 2 crore it has already spent on the communication of the re-launch.