TikTok owner ByteDance has overtaken Alibaba to be crowned the top Chinese global brand builder on the Kantar BrandZ 2022 list.
ByteDance, which owns global short-form video app TikTok, Chinese version Douyin and news app Toutiao, saw a 21% increase from 2021 to overtake the Chinese e-commerce giant and take the top spot.
Alibaba achieved a 9% increase to second place on the sixth annual list, which measures how Chinese brands are perceived and valued by consumers in international markets.
TikTok’s global success has helped its parent company Bytedance secure the number one crown among Chinese brand builders
The listing confirms that the global appetite for Chinese companies continues despite the uncertainty of recent years.
The top ten was completed by consumer electronics brands Lenovo, Xiaomi, Huawei, Oppo, Hisense, OnePlus and Haier. Tenth place went to online fashion company Shein. Tech and gaming giant Tencent fell one spot to 13th place.
Doreen Wang, CEO of Kantar Greater China and Global President of Kantar BrandZ, said, “Chinese brands usually invest heavily in new product development and innovation, but often don’t devote enough time and energy to understanding clearly the buying motivations of local consumers. Or, they understand the motivations but miss the mark with their communications. To succeed in other markets, they need to convince people to “like it, like it”, to like it instead of just “buy it, buy it, buy it”.
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