Honor tops the list of China’s top 100 emerging brands
The company Honor announced that it won the award “Inspirational Star of Innovation” in the smart device category at the 2023 Kantar BrandZ China Gala event held in Shanghai.
The BrandZ ranking is globally recognized as a measure of marketing effectiveness. The evaluation methodology and Kantar BrandZ data are used as important indicators by top global financial institutions and leading global organizations, enabling brands to better assess their performance. According to Kantar Group estimates, Honor has a leading position in areas such as Meaningfulness Index, Demand Strength Index and Meaningful Change Index. Additionally, Honor outperformed other brands in the smart device category, earning the brand the Inspirational Star of Innovation award.
Meanwhile, the Miaozhen Academy of Marketing (MAMS) also released a list of “BrandGrow Top 100 Growing Brands in China” for 2023. With a potential asset value of over RMB 3.8 trillion, an increase of RMB 70.8 billion or 23% year-on-year, Honor tops the list for the second consecutive year.
The term “potential value” was first coined by MAMS to provide a key financial indicator for assessing the growth potential of developing brands. The assessment takes into account both the current value of the brand and its growth potential, based on internal and external growth drivers. In addition, consumer survey data, online audience and Baidu index, valuations by investment institutions and public financial data are taken into account.
“Honor is a market competitor that continues to push the boundaries of innovation. The brand is well recognized by consumers for its diverse products and smart experiences, as well as its commitment to the environment and society. Today we are happy that Honor has been recognized as one of the world’s best smart device brands”commented Doreen Wang, CEO of Kantar Greater China and Global President of Kantar BrandZ.
“Honor believes that products are the cornerstone of the brand, and the brand is the clearest indicator of general product recognition. We believe that premium products make a top brand, which is why Honor is dedicated to the strategy of two leading products (Dual Flagship) and focused on creating the best foldable smartphones. Since we became independent almost three years ago, we reinvest 10% of our annual revenue into research and development. We are pleased with the progress in “premiumization” and globalization that we have achieved so far and would like to thank BrandZ for the recognition”He said Ray Guo, Marketing Director of Honor Device Co. Ltd.
In China, the initial sales volume of the Honor Magic V2 surpassed the total sales of the Honor Magic V, and the total sales volume is expected to be 5 to 10 times higher compared to what Honor achieved with the first two generations of foldable devices. Honor has also made great strides in international markets, with select markets recording triple-digit sales growth, and cumulative sales in the first five months of this year exceeding the total sales of the previous year. In the first half of the year, the brand also saw shipments grow by more than 130% in Europe, the Middle East and Africa and over 230% in Latin America.
Earlier this month, Honor unveiled the Honor Magic V2 – the lightest and thinnest inward-folding phone – and the Honor V Purse concept smartphone at IFA 2023. Honor Magic V2 won 21 prestigious “Best of IFA” awards, while Honor V Purse won 9 awards from renowned media around the world.