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Key points
- Wesfarmers-owned Bunnings named Australia's No. 1 brand and Officeworks No. 3
- The titles – given out annually by Brand Finance Australia – are based on brand strength and other metrics
- The news not enough to bring the Wesfarmers share price out of its slump this week
Owners of Wesfarmers Ltd (ASX: WES) shares have something to celebrate this week after 2 of the retail conglomerate's businesses were named among Australia's 3 strongest brands.
Bunnings has been crowned Australia's strongest brand while Officeworks came in third.
As of Thursday's close, the Wesfarmers share price is $50.61, down 3.69% for the day.
Let's find out more about these awards.
Bunnings and Officeworks among Australia's strongest brands
The Wesfarmers share price might be having a bad week – it has slumped 5% since last Friday's close – but 2 of the company's major businesses have claimed a new achievement, knocking the Commonwealth Bank of Australia (ASX: CBA) off its post.
The bank took out the top spot as Australia's strongest brand last year, but Bunnings has taken the crown for 2022.
According to reporting by the Australian Financial Review (AFR), Brand Finance Australia calculates a brand's 'strength' using metrics including marketing investment, familiarity, loyalty, and reputation.
It not only found that Bunnings is Australia's strongest brand, but that its brand strength is also the most improved.
The body reportedly estimated the Bunnings brand is worth approximately $4 billion, 46% more than it was during last year's analysis.
Managing director of Brand Finance Australia, Mark Crowe, was quoted by the AFR as saying Bunnings' place on the ranking was helped along by its "[response] to residential and trade demand along with aiding the vaccination rollout".
Officeworks has been found to be Australia's third strongest brand, behind Woolworths Ltd (ASX: WOW). The business reportedly has an estimated valuation of just $473 million.
Meanwhile, Woolworths has been crowned Australia's most valuable brand, worth an estimated $13.7 billion.
Telstra Corporation Ltd (ASX: TLS) and BHP Group Ltd (ASX: BHP) came in as the second and third most valuable.
Wesfarmers share price snapshot
This week has been a tough one for the Wesfarmers share price – and those of many other ASX 200 companies.
The conglomerate's stock has fallen 4.6% since last Friday's close. Meanwhile, the ASX 200 has slipped 4.7%.
The Wesfarmers share price is also 14% lower than it was at the end of 2021. It's underperformed the index by 6% in that time.
