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IKEA is reigning champion of Nordic brands but contends with declining brand strength

- Swedish giant IKEA retains title of most valuable Nordic brand, valued at €15.4 billion, despite decline in brand strength
- ICA becomes the Nordics’ strongest brand, followed by Elisa, both with esteemed AAA rating
- Zyn, Oatly, and Aker BP are fastest-growing Nordic brands, all more than doubling in value
- Finland’s Valio milks an impressive Sustainability Perceptions Score, rated 6.4 out of 10
- Nordic countries’ Soft Power performances improve


View the full Brand Finance Nordic 150 2023 report here

Swedish giant IKEA retains title of most valuable Nordic brand, valued at €15.4 billion, despite decline in brand strength

IKEA (brand value up 2% to EUR15.4 billion) has continued on its unbroken run as the most valuable Nordic brand, according to the new Nordic 150 2023 report from Brand Finance, the world’s leading brand valuation consultancy. Fellow Swedish brand, Volvo (brand value down 31% to EUR8.5 billion) drops two positions in the ranking, paving the way for Norwegian Oil & Gas giant Equinor (brand value up 57% to EUR12.6 billion) to take second place.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 150 most valuable and strongest Nordic brands are included in the annual Brand Finance Nordic 150 2023 ranking.

Anna Brolin, Managing Director, Brand Finance Nordics, commented:

’’IKEA has been unbeatable for 11 years. The brand has sought to support its position in what continues to be a challenging business environment by implementing price hikes, but the negative impact on consumer perceptions does present some difficulties for the brand. IKEA now needs to address consumers’ concerns by improving brand communication to regain trust and equity, and prove it remains the leading affordable home furnishings and solutions provider.”

ICA becomes Nordics’ strongest brand, followed by Elisa, both with AAA rating

ICA (brand value up 37% to EUR1.7 billion) has become the strongest Nordic brand with a BSI of 89 out of 100 and a AAA rating. A high brand loyalty score and positive consumer perceptions relating to ICA’s quality, range of products, and usage, has propelled its BSI score by 15 points.

Close behind ICA, Finnish telecoms brand Elisa (brand value up 14% to EUR1.4 billion) maintains its position as the second strongest Nordic brand, with a BSI of 87 out of 100 and AAA rating.

Zyn, Oatly, and Aker BP are fastest-growing Nordic brands, all more than doubling in value

Zyn (brand value up 228% to EUR827 million), Oatly (brand value up 179% to EUR429 million) and AkerBP (brand value up 130% to EUR2.7 billion) are the three fastest-growing Nordic brands in 2023.

Finland’s Valio milks an impressive Sustainability Perceptions Score, rated 6.4 out of 10

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

Food brand Valio (brand value up 13% to EUR1.4 billion) has the highest Sustainability Perceptions Score in the ranking - 6.4 out of 10. As Finland’s biggest exporter of food products, Valio has sustainability at the forefront of its communication with stakeholders.

Nordic countries’ Soft Power performances improve

Of the 121 countries included in Brand Finance’s Global Soft Power Index 2023, Sweden (11th) climbed three places since last year’s ranking, Norway (17th) and Denmark (18th) each maintained their rankings, and Finland (22nd) and Iceland (34th) also climbed three ranks.

View the full Brand Finance Nordic 150 2023 report here


About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671, and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

MethodologyDefinition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance’s proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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