HONOR Wins Kantar BrandZ Inspirational Star of Innovation, Tops BrandGrow China’s Top 100 Emerging Brands
The recognitions attest to the brand’s commitment to innovating for consumers as well as success in implementing premiumization and globalization strategies
Riyadh: Gulf Tech News
Global technology brand HONOR today announced that it has won the Inspirational Star of Innovation Award in the Smart Devices category at the 2023 Kantar BrandZ China Gala Event hosted in Shanghai.
The BrandZ rankings are globally recognized as a measure of marketing effectiveness. The evaluation methodology and data from Kantar BrandZ are used as important indicators by top global financial institutions and world-leading organizations, enabling brands to better evaluate their performance. According to Kantar Group’s evaluations, HONOR has a leading position in areas including Meaningful Index, Demand Power Index and Shaking Things Up Index. Additionally, HONOR has outperformed other brands in the Smart Devices category, earning the brand the Inspirational Star of Innovation award.
Meanwhile, the Miaozhen Academy of Marketing Science (MAMS) has also announced the “BrandGrow Top 100 Emerging Brands in China” list for 2023. With a potential asset valuation of over RMB 3.8 trillion, which is up RMB 70.8 billion or 23% year-on-year, HONOR is ranked first on the list for the second
consecutive year.
The term “potential asset” was first coined by MAMS to provide a key financial indicator for evaluating the growth potential of emerging brands. The valuation considers both a brand’s current value and its growth potential, based on internal and external growth drivers. It also takes into account consumer survey data, online reach and the Baidu Index, assessments by investment institutions, and public financial data.
“HONOR is a challenger that continues to push the boundaries of innovation. The brand is well recognized by the consumers for its diverse products and smart experiences, as well as its commitment to the environment and the society, and today, we are happy to witness HONOR as one of the world’s top smart devices brands,” commented Doreen Wang, Kantar Greater China CEO and Global Chair of Kantar BrandZ.
“HONOR believes that products are the cornerstone of a brand, and the brand is the clearest indicator of widespread product recognition. We believe that premium products make a premium brand, which is why HONOR is committed to the Dual Flagship Strategy and is focused on creating the best foldable smartphones. Since becoming independent nearly three years ago, we have been re-investing 10% of our annual revenue in the research and development. We are pleased with the progress in premiumization and globalization we have made thus far and would like to thank BrandZ for the recognition,” said Ray Guo, CMO 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 overall sales volume is expected to be 5-10 times higher compared to what HONOR achieved with the first two generations of foldables. HONOR has also made great strides in international markets, with select markets recording triple-digit sales increases and the cumulative sales in the first five months of the year exceeding the total sales of the previous year. In the first half of the year, the brand also saw shipments growing by more than 130% in Europe, Middle East and Africa, and over 230% in Latin America.
Earlier this month, HONOR showcased the lightest and slimmest inward-folding phone HONOR Magic V2 and the HONOR V Purse concept smartphone at IFA 2023, with the HONOR Magic V2 winning 21 of the coveted “Best of IFA” awards and the HONOR V Purse winning 9 of them from recognized media titles from all around the world.
