Brand building blocks: LEGO remains Denmark’s most valuable and strongest brand
LEGO, with its brand value increasing by 3% to DKK55.2 billion, has once again proven its resilience by maintaining its position as Denmark’s most valuable brand for the ninth consecutive year. This is a testament to its solid sales growth, the opening of 147 new LEGO-branded stores worldwide, the strengthening of its digital presence, and the introduction of innovative new product lines. With an AAA Brand Strength Index (BSI) rating, LEGO remains Denmark's strongest brand, earning excellent scores for familiarity, satisfaction, and consideration. Its enduring dominance at the top of the rankings is a result of decades of built-up brand equity and enduring nostalgia that resonates with consumers worldwide.
Novo Nordisk enters the heavyweight ring, now Denmark’s second most valuable brand after double-digit growth
Novo Nordisk, with its brand value reaching DKK35.4 billion, has made a significant leap to become Denmark’s second most valuable brand, following a staggering 59% surge in brand value. This remarkable growth is primarily driven by the increasing demand for Novo Nordisk’s antidiabetic and weight-loss medications, Wegovy and Ozempic. The brand's substantial growth in revenues and forecasts, along with its significant public exposure, has catapulted it to new heights. With around 85% of the global obesity care market share, Novo Nordisk has become Europe’s most valuable company by market cap, overtaking LVMH. Furthermore, new research now indicates that Ozempic may be an effective treatment for diabetes-related kidney disease, highlighting the drugs’ potential benefits for a range of disorders beyond just weight-loss and diabetes management.
Maersk (brand value down 37% to DKK33.4 billion) remains in the top three most valuable Danish brands, despite declining brand value. This decline reflects the normalisation of post-pandemic highs, and a drop in sales due to market overcapacity and competition. Maersk could face further declines in brand value and strength following the Baltimore Bridge collapse in March 2024, caused by a Maersk cargo ship colliding with the bridge.
Novo Nordisk’s brand awareness is soaring. Its innovative drugs, Wegovy and Ozempic, are making headlines and revolutionising the way the world is losing weight. To sustain this brand value growth, Novo Nordisk needs to focus on expanding production, enhancing its brand image, and strategically positioning itself to keep competitors at bay. As the brand continues to innovate, Brand Finance suspects that Novo Nordisk could surpass LEGO in the 2025 rankings, potentially crushing LEGO’s chances of a decade-long reign as Denmark’s most valuable brand. However, only time will reveal the full extent of this growth trajectory.
David Haigh, Chairman & CEO, Brand Finance
Vestas, Danfoss, and ROCKWOOL are among Denmark’s strongest industrial brands
Vestas (brand value up 6% to DKK23.9 billion) is Denmark’s second strongest brand, and strongest industrial brand, with a BSI score of 82.4 out of 100 and a corresponding AAA- rating. Vestas noted high scores across several brand strength metrics, including reputation and promotion.
Danfoss (brand value up 10% to DKK12.4 billion) ranks as the second strongest Danish industrial brand. Danfoss has continued to make significant investments in M&A, digital transformation, innovation, and regional expansion, earning the brand a 75.4 BSI score and corresponding AA+ rating.
ROCKWOOL (brand value DKK3.6 billion) maintains a AA+ rating and ranks as Denmark’s third strongest industrial brand, boasting a BSI score of 75.3 out of 100. ROCKWOOL performs well across brand strength metrics, such as promotion and its ability to command a price premium. Despite noting a slight decline in brand value after two consecutive years of growth, due to more conservative growth projections, ROCKWOOL’s brand remains a core asset, currently accounting for approximately 11% of the brand’s business value. This is underscored by ROCKWOOL’s strategic initiatives, such as the rebranding of various Lapinus product lines under the main ROCKWOOL brand.
Tryg emerges as Denmark’s fastest-growing brand, up 62%
Tryg (brand value DKK11.0 billion) has emerged as the nation’s fastest growing brand, following a 62% increase in brand value. This rise is driven by considerable growth in its private and commercial segments, as well as the ongoing success of Tryg’s acquisition and integration of the Swedish and Norwegian businesses of RSA Scandinavia.
In the Denmark 50 2024 ranking, Tryg also emerged as the third strongest brand overall, informed by new original research by Brand Finance in the Denmark market. Our research found that Tryg is both well-known and highly reputable in Denmark. Up 51%, retail brand Matas (brand value DKK1.9 billion) has become Denmark’s third fastest-growing brand.
Vestas and ROCKWOOL lead among Danish industrial brands for sustainability perceptions
As part of its brand valuations, Brand Finance analyses the contribution of specific attributes on overarching brand value. An attribute that continues to draw attention is sustainability. Brand Finance quantifies brands' sustainability perceptions in its Sustainability Perceptions Index.
Brand perceptions are researched across the environmental, social, and governance (ESG) dimensions of sustainability. The study determines the role of sustainability in driving brand consideration across sectors and offers insight into which brands global consumers believe to be most committed to sustainability.
According to Brand Finance research, Vestas is recognised as the most sustainable Danish industrial brand across the environmental and social dimensions of ESG. As a wind turbine manufacturer, seller, installer, and servicer, Vestas’ performance reflects its commitment to sustainability and renewable energy. This is bolstered by Vestas’ role in establishing Denmark’s latest tourist attraction – Europe's largest wind turbine – where local officials hope it will be a draw for visitors while also positively contributing towards Denmark’s renewable energy resources.
ROCKWOOL ranked second across all three ESG dimensions among Danish industrial brands, attributed to its commitment to climate resilience and sustainability. Stone wool is a recyclable material that forms the basis of all ROCKWOOL’s businesses, underscoring the brand’s overarching approach. The brand aims to address sustainability challenges including reducing energy and other resource consumption while enhancing community resilience against fire and flooding, further emphasising ROCKWOOL’s leadership in sustainable development among Danish industrial brands.