Cabify drives straight into Kantar BrandZ Top 30 Most Valuable Spanish Brands ranking as new entrant worth $317 million

Zara remains Spain’s most valuable brand, worth $18.9bn
19 January 2023
Busy traffic on Gran Via in Madrid, Spain
Ricardo Perez

Head of Brand Guidance, Insights Division, Spain

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With war and inflation wreaking havoc on both consumer incomes and business operating conditions and Spain’s GDP yet to climb back to its pre-Covid levels, Spain’s most valuable Spanish brands have declined in overall value by 9% to $89.1bn in 2023. Despite challenging conditions however, eight brands rose in value over the past year with Mango, the fastest-rising brand by value, growing 33% to $1.2bn, largely attributable to financial restructuring.

Brands spanning 12 categories are represented in the Spanish Top 30, with two categories, Apparel and Utilities, dominating and accounting for more than half of its total value. The darling of Spain’s huge Apparel industry, Zara, remains unchallenged as the number one most valuable brand in Spain for the fifth consecutive year, with a brand value of $18.9bn. It accounts for 21% of the value of the entire Spanish Top 30. Parent company Inditex owns five of the six apparel brands in the Top 30, which combined are worth almost a quarter of the ranking’s overall brand value.

The top two brands – Zara and Movistar – contribute more than one-third of the overall value of the ranking. Energy and Utilities brands account for 24% of the Top 30. This domination is not seen in other markets and has a significant bearing on the diversity of the Spanish ranking.

There are no technology brands, despite the digital nature of the global economy, and the fact that local lifestyles are being increasingly powered by tech. There’s also a conspicuous absence of premium brands from any category, which are, in many cases, the driving force of growth in other markets. This is something to be considered and built upon.

Globally, sustainability drives 3% of brand equity, with consumers in Spain more motivated by social issues, such as how a company treats its employees, than environmental ones. Brands must learn how to tap into this opportunity to increase their meaningfulness and difference, and drive additional growth, considering the social aspect of their ESG strategies as well as the environmental.

Telecom Providers are another major contributor to the ranking, with Movistar, the second-most-valuable brand in the ranking ($16.2bn) leading the field, while Jazztel in 24th place helps the category contribute $16.6bn in brand value to the ranking. Movistar is successfully diversifying its brand and creating an ecosystem of services across several categories including video streaming. Kantar’s research shows that an ecosystem strategy is a powerful opportunity for brands to become a more important share of people’s lives, find growth and spread the risk of business.

Another brand to expand its ecosystem is new entrant Cabify (No.28; $317m). The only newcomer, Cabify has been able to meet a growing consumer need and work around restrictions and regulations in the complex market of ridesharing. It is also providing storage and last-mile distribution logistics solutions for companies big and small. It is adept at partnering with other apps to improve the customer experience and supporting their offering with great communications.

There are success stories to celebrate in this year’s Spanish brand ranking, but the overall decline in the value of Spain’s leading brands and the fact that Spanish brands lag other European markets is a cause for concern. Even while short-term survival is pressing, Spanish companies need to do more to strengthen their brand equity. By identifying their point of distinction – looking not just at product features, but how they improve the lives of people and the planet they live in – Spanish brands can be stronger. They can innovate around their difference, emphasise it, celebrate it and amplify it to build stronger, more valuable brands. In a connected world where consumers can browse and buy from anywhere, it is vital that Spanish businesses are globally competitive through the power of their brands.

The Kantar BrandZ Top 10 Most Valuable Spanish Brands 2023

Rank 2022



Brand Value 2023 ($M USD)







Telecom Providers


































Other key highlights from the analysis include:

  • Fastest risers buck the declining trend. Among the fastest risers were CaixaBank (No.10; $2.1bn) which grew by 20%; Banco Sabadell (No.25; $345m) grew by 14%, followed by Naturgy (No.7; $4.7bn) with 11% growth. Iberia (No.21; $486m) showed resilience considering the impact that the pandemic has had on travel with 7% growth
  • Strong brands need to be more than famous. Many of the brands in the Spanish Top 30 are household names and have been for decades, but fame and heritage are not enough to sustain a strong brand. The best-performing brands - those that have grown their brand value - stand out because they make a positive difference to many people’s lives and continue to reach more people in new and relevant ways.

The 2023 Kantar BrandZ Top 30 Most Valuable Spanish Brands ranking, report and extensive analysis are available now at 

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Kantar BrandZ Spain 2023 Report
Discover Spain’s most valuable brands, and how meaningful consumer connections can deliver value faster.
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