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Mexico’s Strongest and Most Valuable Brands Revealed

14 June 2017
This article is more than 6 years old.

· OXXO is Mexico’s strongest brand with a brand strength rating of AAA+.

· Pemex, the country’s most valuable brand at US$8.477 billion, faces new challenges as energy market is deregulated.

· Telcel is most valuable telecommunications brand, up 16% to US$3.552 billion, despite new competition from AT&T.

Every year, leading valuation and strategy consultancy Brand Finance assesses the brands of thousands of the world’s biggest companies. A brand’s strength is calculated to determine what proportion of a business’s revenue is contributed by the brand. This is projected into perpetuity and discounted to a net present value to determine the brand’s value. The 50 strongest and most valuable Mexican brands are included in the Brand Finance Mexico 50 report.

View the full Brand Finance Mexico 50 report here

OXXO is Mexico’s strongest brand and the only one in the country to receive the highest brand strength rating of AAA+. The AAA+ rating is assigned only to the world’s most exceptionally strong brands, such as Disney, Nike or Ferrari, and only ten out of the 500 top brands globally can boast this achievement. The nation’s largest convenience chain, OXXO opened 1,164 new stores in 2016, bringing the total to 15,225. With over 300 gas stations being rebranded as OXXO since last year’s liberalization of the energy market, the brand’s visibility in the public arena has increased even further. Moreover, the parent company, Femsa, announced it will continue to invest in the OXXO brand, with 50 new gas stations set to open every year.

Brand strength corresponds directly to the efficiency of brand management; the metrics taken into account when assessing it are marketing investment, brand equity with stakeholders, and finally the impact of those on business performance. Though it is the nation’s strongest, due to smaller revenues than some other major brands OXXO is the 6th most valuable in the Brand Finance Mexico 50 study, up 25% to a value of US$2.101 billion.

View the list of Mexico’s 50 most valuable brands here

Pemex, however, is the most valuable Mexican brand, with a value of US$8.477 billion. The brand appears in the Brand Finance Mexico 50 for the first time as the energy reform put an end to 75 years of state monopoly in the oil and gas sector and introduced market conditions that now make Pemex’s performance more comparable with that of similar brands worldwide. Although starting from a significantly safer market position than rivals, Pemex has struggled with profitability and now faces newfound challenges as a brand because of deregulation, as consumers welcome the arrival of global competitors.

“As the Mexican oil and gas industry becomes more competitive, for the first time in its history, Pemex must contend for consumer preference. Like in other sectors, the brand will come under increasing pressure to perform,” said Brand Finance Mexico Managing Director, Laurence Newell. “There is a new dynamic which both sides of the equation need to understand – Pemex must define what their retail value proposition is, and consumers must ask themselves why they should prefer Pemex.”

After Pemex, the top spots of the Brand Finance Mexico 50 2017 ranking go to industry leaders: telecommunications giant, Telcel (2), valued at US$3.552 billion (+16%), and building materials conglomerate, Cemex (3), valued at US$2.938 billion (+3%).

“Telecommunications is another sector where we are also witnessing a transformative market dynamic. This year, Iusacell dropped out of the market as a brand, and AT&T – the most valuable global telecommunications brand of 2017 according to Brand Finance’s research – made a formal entrance,” Newell added. “Telcel will no longer compete only with smaller players, rather it must now hold its own against a global heavyweight.”

In this context, Newell explains why brand valuation actually matters. “It becomes more relevant to know the precise financial value of your brand as an asset, to fully maximize returns. Going forward, brands must reexamine the virtues of strategy, positioning, and measurement, to understand how to generate value in the long run and what to do strategically to consolidate and extend that value.”

“Brands are some of the most valuable assets that companies possess,” says Richard Haigh, Brand Finance’s Managing Director in London. “By valuing brands, we provide a mutually intelligible language for marketers and finance teams, with information to chart a course that maximizes profits.”

Year to year, brand values in the Brand Finance Mexico 50 league table grew by an average of 12%. Important highlights from this year’s analysis:

· The market’s alcoholic beverages sector is one of the strongest in the table. Six of Mexico’s most valuable brands belong to the beer category – including new entrants, Tecate (US$1.215 billion), Modelo (US$608 million), Victoria (US$586 million), and Carta Blanca (US$491 million). However, with a brand value of US$2.394 billion, Corona Extra remains the nation’s most valuable beer brand, defending the fourth position in the Brand Finance Mexico 50 overall. Notably, all of the big Mexican beer brands are now part of the brand portfolios of two industry giants, AB InBev SA NV, which in fact controls 11 of the world’s 25 most valuable beer brands, and Heineken NV. At the same time, Mexico’s most valuable spirits brand, Jose Cuervo, enters the list ranked 30th with a brand value of US$473 million.

· Bank brands feature prominently in this year’s Brand Finance Mexico 50. Citibanamex is valued at US$1.915 billion, in a year in which the brand is undergoing the important transition from Banamex to Citibanamex. Other bank brands on the list include Banorte (US$1.409 billion), Inbursa (US$511 million), Banco Azteca (US$328 million), and Compartamos Banco (US$238 million).

· Mexico’s retail sector is the largest generator of brand value. This year’s list includes 9 retail brands, totaling US$7.788 billion dollars in brand value, with players such as Walmex’s Bodega Aurrerá valued at US$1.829 billion and La Comer (US$271 million).


Notes to Editors

For more definitions of key terms, methodology and more stories, please consult the Brand Finance Mexico 50 report document.

Brand values are reported in USD. For conversions into MXN, please consult the hover over the ‘i’ button on the web version of the table and select.


Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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