TikTok owner Bytedance crowned number one Chinese Global Brand Builder
TikTok owner ByteDance has leapfrogged Alibaba to be crowned the number one Chinese Global Brand Builder on the 2022 Kantar BrandZ list.
TikTok's global success has helped its parent company Bytedance secure the number one Chinese Brand Builder crown
ByteDance, which owns global short-form video app TikTok, the Chinese version Douyin and the news app Toutiao, recorded a 21 per cent increase on 2021 to overtake the Chinese ecommerce giant to snare the top spot.
Alibaba achieved a 9 percent increase to achieve a second place on the sixth annual list, which measures how Chinese brands and perceived and valued by consumers in international markets.
The list confirms the global appetite for Chinese companies continues despite the uncertainty of recent years.
The top ten was completed with consumer electronic brands Lenovo, Xiaomi, Huawei, Oppo, Hisense, OnePlus and Haier. The tenth spot was secured by online fashion company Shein. Tech and gaming giant Tencent dropped one spot to 13th place.
Doreen Wang, Kantar Greater China CEO and Global Chair of Kantar BrandZ, said, “Chinese brands typically invest heavily in new product development and innovation, but often fail to spend enough time and energy on clearly understanding local consumers’ motivations for buying. Or, they understand motivations but miss the mark with their communications. For success in other markets, they need to convince people to ‘love it, love it’, love it instead of just ‘buy it, buy it, buy it’.”