Tata Group's jewellery brand Tanishq has made it to the list of top 30 Best Retail Brands in Asia Pacific and stands at #13 with a Brand Value of $670 million.
Commenting on India's performance, Ashish Mishra, managing director, Interbrand India, says, "It is indeed heartening to see an Indian brand figure in the Best Retail Brands league table. The retail space in India is experiencing simultaneous transformational influences both from the supply and demand sides. Political swings, newer business models, supply chain efficiencies, online innovations, and at the root of it all - complex new customer journeys. The resulting flux is both exciting as well as challenging. We need to adapt but without losing our core cultural resources. Tanishq has in some ways done that."
On making it to the Best Retail Brands APAC list, C K Venkataraman, CEO, jewellery, Titan Industries, says, "It is a proud and humbling moment for us to make it to the Interbrand APAC list of Retail Brands 2014. We would like to dedicate this achievement to the passionate and tireless efforts of the large Tanishq team across the country and our wonderful customers who have helped us achieve all that we did."
According to the report, Asia's consumer markets remain highly fragmented, both as a whole and within individual markets. Genuine liberalisation is patchy at best, with traditional and local retailing dominating in many markets. At one extreme, there are highly concentrated markets such as Singapore, where FairPrice commands over 50 per cent market share in the grocery category; at the other are markets such as India, where modern retail brands remain dwarfed by traditional local retailers.
Key findings across geographies point to major retailers looking beyond their core business models in pursuit of gaining a competitive advantage, online innovation bridging the divide between in-store and online shopping, and a strategic understanding and leveraging of sales data in meeting customer needs and desires better and faster than ever before, the report read.
Australia's Woolworths was at the top spot in the Best Retail Brands' Asia Pacific 2014 report with brand value of $ 4,948M.
For the record, the global Best Retail Brands report ranks the top 50 North American and European retail brands by brand value, as well as the top 30 retail brands from across Latin America and the Asia-Pacific. The report is produced in collaboration with Interbrand Design Forum, the retail experience group within Interbrand, the world's leading brand consultancy.