LEGO has emerged top of Brand Finance's latest study into the world's most powerful brands.
Every year, the brand valuation and strategy consultancy puts thousands of brands to the test to determine which are the most powerful, and the most valuable.
LEGO came out on top, replacing last year's number one Ferrari. The toy firm scored highly on a wide variety of measures on Brand Finance’s Brand Strength Index such as familiarity, loyalty, promotion, staff satisfaction and corporate reputation.
'In a tech-saturated world, parents approve of the back-to-basics creativity it encourages and have a lingering nostalgia for the brand long after their own childhoods,' read a statement from Brand Finance.
'The LEGO Movie perfectly captured this cross-generational appeal. It was a critical and commercial success, taking nearly $500m since its release a year ago. It has helped propel LEGO from a well-loved, strong brand to the World’s most powerful.'
Ferrari was last year's winner, and Brand Finance stated it 'remains a very strong brand but its power is slowly diminishing'.
Brand Finance continued: 'The sheen of glory from its 1990s golden era is beginning to wear thin. Meanwhile the departure of Luca di Montezemolo heralds a slight change in strategy at Ferrari’s road car division. Montezemolo kept a strict cap on production to maintain the exclusivity of the brand. Since his departure, Chairman Sergio Marchionne has suggested that this policy will be relaxed to boost revenues.'
Brand Finance CEO David Haigh added: “Ferrari is still in a strong position and its brand value has actually increased 18 per cent this year to $4.7 billion.
"The new strategy to capitalise on the brand will certainly drive short term value but over-exploitation risks lasting damage.”
Read the full story on our sister site, Licensing.biz, here.