Penneys still the most valuable Irish brand as airlines grounded

Penneys remains the Republic's most valuable brand despite a 13 per cent drop in its value due to the coronavirus pandemic.

The fast fashion chain’s value fell to €2.1 billion from €2.4 billion, with its shops closed for much of the past 12 months.

The company, which is known as Primark outside the Republic and is owned by Associated British Foods, overtook AIB for the top spot in Brand Finance's top 25 most valuable brands last year.

The latest ranking shows the bank fell again this year, down to third place with a 24 per cent decline in brand value to €1.4 billion. It was replaced by Guinness with a value of €1.82 billion.

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Rounding out the top five most valuable Irish brands were Ryanair, whose value fell by a quarter to €1.4 billion, and Smurfit Kappa, which recorded a 12.5 per cent slump to €1.3 billion.

The only brand in the top 10 to record a rise in value in the latest rankings is construction materials company Kingspan, which rose 7.8 per cent to €813 million. Its rise is a surprise given its participation at the Grenfell Tower inquiry.

Declining value

Overall the combined value to the State’s top 25 most valuable brands has declined from €20.3 billion to €17.5 billion over the past year.

Perhaps unsurprisingly, airlines' reluctance to refund passengers for cancelled flights due to the Covid crisis impacted their brand value, with Aer Lingus, the fastest-falling brand, down 29 per cent to €256 million. Ryanair suffered a 25 per cent drop in brand value to €1.4 billion.

Despite Eir’s ongoing customer care controversies, the company was the second-fastest growing brand over the 12 months under review.

Think, a US-founded protein bar brand acquired by Glanbia in 2015, is Ireland's fastest-growing brand, with its value rising 19 per cent year on year to €392 million.