Penneys has overtaken Guinness to claim the title of Ireland’s most valuable brand.
The clothing giant climbed two spots in the ranking, also overtaking AIB, after recording a 9% rise in brand value to €2.4 billion.
AIB has taken second position, with a brand value down 18% to €1.9 billion but jumps ahead of long-standing leader, Guinness which fell 24% to €1.9 billion.
2019 marked a strong year for Penneys, with the brand celebrating 50 years in business. Penneys/Primark continued to defy the high street’s gloomy slow down with strong sales performances and consistent store openings throughout the year. The brand now has 370 stores, across 12 countries.
However, the company has a turbulent time ahead with its stores shut due to Covid-19. This is expected to equate to a €705 million monthly loss in net sales for the brand.
Ryanair is Ireland's fourth biggest brand followed Smurfit Kappa, Bank of Ireland, Baileys, DCC, Jameson and packaging firm Ardagh Group ending the top ten list.
Brand Finance who prepared the report also said the top 25 most valuable Irish brands stand to lose up to 14% of value following the COVID-19 pandemic.