Lululemon among Canada’s most valuable brands

The top three highest-growing companies in a ranking of the most valuable Canadian brands are discount retailers.

HomeSense, Winners and Dollarama were the highest-growing brands in the KantarBrandZ Top 40 Most Valuable Canadian Brands ranking, reflecting Canadian shoppers' need for greater convenience and value. The brand value of HomeSense increased 38%, with Winners up 32% and Dollarama up 19%.

RBC (Royal Bank of Canada) claimed the top spot in the ranking for the fifth consecutive year, with a brand value of $34.701 billion (all figures are U.S. dollars). It was followed by TD Canada Trust, whose brand value was $25.447 billion.

Two retailers cracked the top 10. With a brand value of $17.318 billion, Lululemon was No. 3. The athletic apparel retailer increased its brand value by 8% on the back of strong financial results and international expansion, according to the study.  Dollarama was No. 10, with a brand value of $3.523 billion.  (Top 10 at end of article.)

“Much of the movement in this year's report involved value retail brands, reflecting the significant behavioural shifts among Canadian shoppers,” said Scott Megginson, president, Kantar Canada. “Research showed that value, convenience and word-of-mouth resulted in brand value growth for the fastest risers and new entrants compared to the remaining brands in this year's Top 40.”

The 2023 ranking draws on opinions of more than 49,000 respondents about 840 brands across 64 categories. To be eligible for inclusion, brands must meet on of the following criteria:

•The brand must originate in Canada.

•The corporate parent is listed on a stock exchange in Canada.

•Canadian origin privately owned brand with its complete financial statements available in the public domain.

Other key trends highlighted in the report are below.

•Green fashion: With a focus on using sustainable materials, ethical methods of production, and circular business models, Canada is emerging as a clear leader in this fast-growing area, one which is expected to reach $12.1 billion in 2027.  

•Inclusive design: Twenty-two percent  of the Canadian population is living with disabilities which outpaces other wealthy countries. Brands should think carefully about inclusive design — the practice of creating products that are accessible to as many people as possible – as this can be a powerful avenue for innovation.

•Health and wellbeing: Studies show that Gen Z in Canada (and elsewhere) is easily the most stressed-out of generations. The de-stigmatization of mental health issues has led to more people seeking treatment. Canadian brands have been leading the way on this issue. Smaller brands are also giving a percentage of every sale to mental health organisations.

Here are the top 10 companies on Kantar’s BrandZ 2023 Most Valuable Canadian Brands

 1: RBC (Royal Bank of Canada)

 2: TD (Canada Trust)

 3: Lululemon

 4: Bell

 5: Telus

 6: Bank of Montreal

 7: Rogers

 8: Scotiabank

 9: CIBC

 10: Dollarama

The Kantar BrandZ Most Valuable Canadian Brands ranking, report and extensive analysis are available now at www.kantar.com/campaigns/brandz/canada.