Sunday, May 19, 2024

The iconic Taj named strongest hotel brand in the world

In a major boost to the Indian hospitality industry, Indian Hotels Company’s (IHC’s) iconic brand Taj was named the ‘Strongest Hotel Brand in the world’ by brand valuation consultancy Brand Finance in its annual ‘Hotels 50 2021’ report.

Taj scored an overall Brand Strength Index of 89.3 out of 100, with a corresponding top rating for ‘customer familiarity, employee satisfaction and corporate reputation as well as its world-class customer service’, according to the report.

Puneet Chhatwal, Managing Director & Chief Executive Officer, Indian Hotels Company, said, “This is a proud moment for the Indian hospitality industry on the global stage. Taj being rated as the World’s Strongest Hotel Brand is a testament to the unwavering trust our guests have consistently placed in us and the warmth and sincere care our employees have embodied day-after-day”.

In addition to measuring overall brand value, Brand Finance said it also evaluates the relative strength of brands, based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation. According to these criteria, Taj with a brand value of $296 million, is the world’s strongest hotel brand, with a Brand Strength Index (BSI) score of 89.3 out of 100 and a corresponding ‘AAA’ brand strength rating.

Taj luxury hotel chain scored very well on Brand Finance’s ‘Global Brand Equity Monitor’ for consideration, familiarity, recommendation, and reputation especially across its home market of India. Taj’s successful implementation of its 5-year plan – which focuses on selling non-core assets, becoming less ownership driven and reducing dependence on the luxury space – followed by the speedy adoption of its new R.E.S.E.T 2020 strategy, which provides a transformative framework to help the brand overcome the challenge of the pandemic, has contributed to the brand’s re-entrance into the ranking for the first time since 2016 in 38th spot, the Brand Finance report added.

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