BrandZ Top 50 Most Valuable Latin American Brands 2015 Report

TOTAL VALUE OF LATIN
AMERICAN TOP 50 BRANDS
+2%Brand Value
Change
2014-2015
US$129Bil.
2014
# 30
# 37
# 7
# 40
# 4
# 6
# 1
# 39
# 34
# 31
+62%
+43%
+28%
+28%
+25%
+22%
+20%
+20%
+19%
+17%
US $1,859 Mil.
US $1,479 Mil.
US $4,315 Mil.
US $1,236 Mil.
US $5,202 Mil.
US $4,423 Mil.
US $8,500 Mil.
US $1,309 Mil.
US $1,636 Mil.
US $1,808 Mil.
Beer
Banks
Banks
Banks
Banks
Communication
Providers
Beer
Beer
Banks
Banks
Source: Millward Brown and BrandZ™
HIGHEST
RISERS
% - Brand Value Change
2014-2015
# - Ranking Position
$ - Brand Value
#36
US$1,533Mil.
Banks
#38
US$1,411Mil.
Retail
#46
#49
US$1,069Mil.
US$997Mil.
Communication
Providers
Banks
#41
US$1,197Mil.
Beer
#42
US$1,118Mil.
Banks
NEWCOMERS
MOST VALUABLE COUNTRY BRANDS
BRAZIL
2brandsintheTop50
US$2,644Mil.
(2%ofTotalLatAmValue)
11brandsintheTop50
US$32,017Mil.
+71% +5%% Brand Value Change 2014-2015 % Brand Value Change 2014-2015
1 US $1,575 Mil. 1 US $8,500 Mil. 1 US $4,709 Mil. 1 1 1US $3,672 Mil. US $8,476 Mil. US $1,808 Mil.
2 US $1,069 Mil. 2 US $5,202 Mil. 2 US $3,107 Mil. 2 2 2US $3,476 Mil. US $6,174 Mil. US $1,678 Mil.
3 US $729 Mil. 3 US $4,315 Mil. 3 US $2,845 Mil. 3 3 3US $2,436 Mil. US $4,423 Mil. US $1,479 Mil.
ARGENTINA
Top3ArgentinianBrands Top3BrazilianBrands
CHILE
7brandsintheTop50
US$19,398Mil.
-23%% Brand Value Change 2014-2015
Top3ChileanBrands Top3ColombianBrands Top3MexicanBrands Top3PeruvianBrands
COLOMBIA MEXICO PERU
9brandsintheTop50
US$19,339Mil.
17brandsintheTop50
US$49,385Mil.
4brandsintheTop50
US$6,073Mil.
-4% +15% +15%% Brand Value Change 2014-2015 % Brand Value Change 2014-2015 % Brand Value Change 2014-2015
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TOP
50
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
16171819202122232425
262728293031323334353637383940
41424344484950
2015
US$131.9Bil.
TOP 10 MOST VALUABLE LATIN AMERICAN BRANDS
US$4,709Mil.
-23%
Retail
US$8,500Mil.
+20%
Beer
US$5,202Mil.
+25%
Banks
US$4,315Mil.
+28%
Banks
US$4,185Mil.
+17%
Beer
US$8,476Mil.
+6%
Beer
US$6,174Mil.
+16%
Communication Providers
US$4,423Mil.
+22%
US$3,604Mil.
+4%
Beer
US$3,672Mil.
+3%
Beer
454647
% Brand Value Change 2014-2015

6 7
Introduction.........................9
Thought Leadership
The Macroeconomic Environment
Gonzalo Fuentes, CEO, .Millward Brown Latin America
LatAm vs. Emerging Markets
Doreen Wang, Global Head of BrandZ™, Millward Brown
Overview
Latin American Economic Context
Headline News
Key Findings and Future Trends
Brand Value Distribution by Country
Performance by Indsutry Sector
Comparison With Other BrandZTM
Brand Valuation Rankings
Top 50 Brands
Argentina............................25
Thought Leadership
Argentina Keeps Building its Own Labyrinth
Julio Fresno Aparicio, Managing Director,
Millward Brown, Argentina
Overview
Key Market Facts
The Top 5 Brands Chart
Brand Stories
Thought Leadership
Change Is Inevitable; Development is Optional
Mariana Fresno Aparicio, Client Service Director
The Battle of the Table
Sebastián Corzo, CS Senior Consultant
Mexico ...............................97
Overview
Key Market Facts
Brand Stories
Thought Leadership
A Kaleidoscope of Challenges
and Opportunities
Ricardo Barrueta, Managing Director, .Millward Brown
Mexico, Central America and the Caribbean
Evolving Paradigms in an
Unpredictable Market
Jorge Alagón, Chief Client Solutions Officer Latam,
Millward Brown
Constancy Amidst Chaos
Fernando Alvarez Kuri, Vice President<
Millward Brown Vermeer
How to Grow Great Brands in a
Fast Changing Scenario
Pedro Egea, President & CEO, Grey México
A Story of David and Goliath in
The Digital Media Era
Lilia Barroso, CEO, GroupM México
The Role of PR in Building Strong Brands
Daniel Karam, President & Managing Director,
H+K Strategies Mexico
Creating Great Brands in an
Extreme Market
Gabriela Lijo, General Manager, Lambie-Nairn, México
Peru .............................125
Overview
Key Market Facts
Brand Stories
Thought Leadership
Exporting Peruvian Brands
Catalina Bonnet Montoya, Managing Director,
Millward Brown, Peru
Has The Slowing Peruvian Economy
Impacted Brand Value?
Olivia Hernández, Client Service Director,
Building Meaningfully Differentiated
Brands in Peru
Jeanette Yañez Pajuelo, Account Group Director
What's New in Peru's Local Market?
Fidel La Riva Cruz, Country Manager,
Kantar Worldpanel, Peru
From Analytical to 'Curiosytical'
Eduardo Velasco Maximiliano, Managing Director,
MEC Peru
Brazil ..............................37
Overview
Key Market Facts
Brand Stories
Thought Leadership
How are Brands Adapting to the
Economic Shift?
Roberto De Napoli, Director of Operations,
Millward Brown Vermeer, South America
Challenges for Brands in the Brazilian Market
Valkiria Garré, Managing Director, Millward Brown Brazil
Crisis or Opportunity?
Aurora Yasuda, Knowledge Management,
Millward Brown, Brazil
Neuroscience: Helping Brands
Make The Connection
Francisco Bayeux, Global Innovations, Millward Brown, Brazil
'Dear Brand, I Recall You.
But I Don't Want To Buy You'
Renato Duo, Strategic Planning Manager
J. Walter Thompson, São Paulo
Chile ...............................65
Overview
Key Market Facts
Brand Stories
Thought Leadership
Making Progress on a Slower Road
Mauricio Martínez Vázquez, Managing Director,
Millward Brown, Chile
Three New Influences on Chilean Consumers
Marcela Pérez De Arce, Client Service Director,
Millward Brown, Chile and Mauricio Yuraszeck,
Client Service Director, Firefly Millward Brown
Chile Amidst The Perfect Storm
Claudio Apablaza, Business Development Director,
Millward Brown, Chile
"New Media, Old Fashioned Values"
Annetta Cembrano Perasso, CEO, MEC Chile
Colombia.............................81
Overview
Key Market Facts
Brand Stories
Thought Leadership
Opportunities for Peace
Gabriel Enrique Castellanos, Managing Director,
Millward Brown, Andean Region
Brands in an Ever-Changing Environment:
Time To Be Meaningfully. Distinct!
Oscar Ladino, Group Account Director,
Millward Brown, Colombia
People Hate Our Job
Alvaro Meléndez Ortiz, Planning Director,
Ogilvy & Mather, Colombia
Resources..........................141
Methodology
BrandZTM
Publications
BrandZTM
Mobile
WPP Company Contributors
The BrandZTM
Brand Valuation Contact Details
WPP in Latin America
LATIN AMERICA
CONTENTS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015
8 9
LATIN AMERICA
WELCOME
A DECADE OF
DEVELOPMENT, A
YEAR OF CHANGE
2015 marks ten years since the first BrandZ™
Top 100 Most Valuable Global Brands study was
conducted. In the intervening decade, Millward
Brown has researched and valued over 100,000
brands across 50 country markets, to identify
the drivers of long-term brand value growth.
With each year and each BrandZ™ Ranking
report published, new insights emerge that
help equip brands – especially the aspiring
newcomers from the fast-growing markets – to
learn from the present and build for the future.
GROWING BRANDS
IN ALTERED
CIRCUMSTANCES
For most of the countries featured in the
BrandZ™ Top 50 Most Valuable Latin
American Brands 2015, the past year
has seen a continuation of the economic
challenges that began to emerge in
2013/14. For the past two years, the
Latin American region has presented
relatively low GDP growth rates of
around 2%. China’s slowing economy and
turbulence in the global oil industry have
been contributory factors, but political
unrest and uncertainty have also played
their part.
However, even in these testing times,
companies that have strong brands
remain more valuable than the average
of the market. This is illustrated by the
fact that the Top 50 LatAm portfolio
increased 2% in USD, while almost all
economic indices such as GDP, Country
risk and Company’s market value showed
a substantial decrease.
So, what’s the secret to the strong
performance of these brands? There is no
single secret, but what is clear from this
report is that many of them are applying
some or all of the following principles in
order to create differentiation and value:
Be close to consumers
Successful brands are not limiting
themselves to promoting just their
features and benefits but instead are
aiming to reflect the same values as their
consumers. In looking at life through their
customers’ eyes, they are better able to
innovate in ways that will really resonate
with them. This may translate into the
development of new formats, new sales
channels and service centers, or new
sizes or varieties that can maintain the
loyalty ties that the brand has been
building over time.
Create a dialogue through digital
The voice of the consumer is now
clearly heard and amplified through
multiple channels: where once brand
communications were one-way, now
social media gives each individual the
power to praise or reproach. This shift
from monologue to dialogue creates new
possibilities but also pitfalls. The most
successful brands are embracing the
transparency that these open channels of
communications provide and using it to
build stronger, longer-term relationships
with their customers.
Experience counts
Creating or supporting shared
experiences that unite people and make
them feel happy build brand equity
and encourage consumers’ loyalty.
The success of this approach is clearly
demonstrated by the brand in the
number one spot of the BrandZ™ Top 50
Most Valuable Latin American Brands
2015, Skol. Investment by Skol has been
heavily focused on relationship building
through the interests of the brand’s
target audience, in particular through
sponsorship of music festivals.
Faced with household budget
constraints, consumers need good
reasons to validate their purchasing
decisions. A clearly communicated
brand proposition that reflects its
understanding of the consumers’ needs,
and respect for their freedom to choose,
go a long way towards delivering the
reassurance these consumers are looking
for.
ABOUT BRANDZTM
This report is collaboration by leading
brand experts from WPP companies
around the LatAm region. Their insights
and thought leadership essays provide
strategic understanding and tactical
advice for brands seeking to grow their
presence and improve their brand value.
WPP companies have been working
in Latin America for nearly 100 years.
Within these companies are specialists
in advertising; insight; branding and
identity; direct, digital, promotion
and relationship marketing; media
investment management and data
investment management; and public
relations and public affairs. All share a
passion and determination to use their
creativity and resources to establish and
build strong, differentiated brands that
deliver lasting shareholder value.
Collectively our experts bring global
knowledge based on our WPP presence
in 112 countries. By connecting all this
talent and wisdom, we explore global
trends and insights that help our clients
in useful and unique ways.
The backbone of all this intelligence
remains the WPP proprietary
BrandZ™ database, the world’s
largest, customer-focused source of
brand equity knowledge and insight,
and the BrandZ™ brand valuation
methodology of Millward Brown, a
WPP company.
Other titles in our industry leading
BrandZ™ resource library include:
the BrandZ™ Top 100 Most Valuable
Global Brands 2015, the BrandZ™ Top
100 Most Valuable Chinese Brands
2015; the BrandZ™ Top 50 Most
Valuable Indonesian Brands 2015.To
download these and other BrandZ™
reports, please visit www.brandz.com.
For the interactive BrandZ™ mobile
apps go to www.brandz.com/mobile.
To learn more, please contact any of
the WPP companies that contributed
expertise to this report. Turn to
the resource section at the end of
this report for summaries of each
company and the contact details of
key executives. Or feel free to contact
me directly.
DAVID ROTH
CEO The Store WPP, EMEA
David.Roth@wpp.com
Twitter: davidrothlondon
Blog: www.davidroth.com

GONZALO FUENTES
CEO
Millward Brown, Latin America
Gonzalo.Fuentes@millwardbrown.com
THE MACROECONOMIC
ENVIRONMENT:
A CHALLENGE
TO BE OVERCOME
At the beginning of this year, I
had the chance to take part in
an event in Ecuador, attended
by the main entrepreneurs and
celebrities of the country. There,
a famous economist was talking
about “the perfect storm”:
a decrease in global demand,
the collapse in the price of oil
(on which so many countries in
our region depend), and the US
dollar high appreciation.
In addition to this challenge shared by the whole region,
Mexico and Brazil, the two largest economies in the region,
are facing barely positive scenarios. At the end of July,
Standard & Poor’s kept Brazil’s country risk rating at –BBB,
but changed its outlook from “stable” to “negative”.
In the case of Mexico, the Enrique Peña Nieto administration
was confident that last year’s structural reforms would
boost the country’s economic growth. However, the impact
of these reforms was strongly affected by a difficult
economic and social environment, which led to a very large
cut in public investment and expenditure.
WITH CHALLENGE
COMES OPPORTUNITY!
Although the social and economic environment is
challenging, investment in the creation of great brands is
needed more than ever. This is evidenced by the fact that in
our ranking BrandZ™ Top 50 Most Valuable Latin American
Brands, the joint value of the 50 main brands in the region
had a 2% increase against last year. The Brazilian beer brand
Skol had a 20% growth, which made it the most valuable
brand in our region.
How can brands continue to grow in such adverse scenarios?
Brands that grow do so because they adapt to the new rules
of the game, they understand how these impact consumers,
and based on this they look for solutions considered
innovative and relevant by their market. Thus, the secret is
simple, but it is the details that count.
A good example of adaptation to a new scenario is the
Mexican brand Bodega Aurrerá. Seeking to respond to the
evolution of demand (consumers with less time “to do the
shopping”, but still looking for inexpensive and local options),
in 2008 it created a format called Bodega Aurrerá Express.
This has helped it to gain share in the informal market, due
to its value proposal: low prices and convenience. In 2014,
Bodega Aurrerá continued this expansion, adding 45 stores
in that format. The success is clear: in a sector with brands
facing important challenges —brand value in the retail
sector as a whole decreased 15%— Bodega Aurrerá had a 10%
value increase.
The new challenge for the retail sector will be related to
the development of e-commerce in our region. In 2014, 110
million Latin Americans made at least one purchase online,
almost 13 million more people than in 2013. This constitutes
a challenge not only for this sector —for brands from other
categories such as Alibaba already present in Brazil— but
also for brands, since the purchase process and the context
are clearly different.
BRANDS AS 'EXPERIENCES'
ACTIVATORS
There is no doubt that consumers are human beings first,
and that some countries in our region are going through a
difficult situation. Brands have the opportunity here to offer
playful experiences that unite consumers and allow them to
enjoy small pleasures, while building equity and encouraging
consumers’ loyalty.
The digital development allows acceleration of this
process and going from “brand image building” to “creating
experiences with brand content”. The trick is doing this
without the brand seeming too intrusive.
Skol is a brand that understands its role is not that of the
main character at the party, so to speak, but a vehicle for
its consumers to have a great time: it takes advantage of
important social events to join the party.
Last years’ events provided an amazing stage to become
this companion: from being the main sponsor of Rock in
Rio, to taking part in the traditional Festas Juninas and the
Brazilian Carnival, and all the way to the Football World Cup,
Skol made great efforts to become part of these playful and
high-engagement moments.
For example:
• This brand invests in more than 2,000 events so as to
“stay close to customers”.
• For the World Cup it created “Albergues-Consulados”
( Embassy Shelters), where consumers were invited to
become Skol ambassadors and receive foreigners in the
different host cities.
• It also used a digital platform to create what was called
“Gringo your selfie”. In this activity Skol asked Brazilian
consumers to take selfies with fans from all the countries
competing in the Cup in less than 24 hours. The prize? A
trip around the world!
To sum up, the changes and challenges our region is facing
constitute opportunities to grow by means of the elements
that have always worked: innovation and relevance. My
advice is that, now that we are tempted by too much
information and all kinds of data, we should not forget the
basics: to be close to our consumers. This book and the
BrandZ™ Latin American ranking present 50 brands that
seem to understand this quite clearly. Enjoy!
12 13
LATIN AMERICA
THOUGHT LEADERSHIP

14 15
LATIN AMERICA
LATAM VS. EMERGING MARKETS
DOREEN WANG
Global Head of BrandZ™
Millward Brown
Doreen.Wang@millwardbrown.com
TIPS FOR FUTURE
SUCCESS FOR
BRANDS IN FAST-
GROWING MARKETS
It’s getting harder to enter – and
remain in – the BrandZ™ Global Top
100 Most Valuable Brands. A total of
58 of the brands ranked in 2006 are
still there, while 42 have been replaced.
Many of the new brands within the ranking are from fast-
growing markets. The number of Chinese brands in the
BrandZ™ Global Top 100 has risen from just one in 2006
to 14 in 2015, and their total Brand Power has increased
1,004%. Latin American brand Natura appears in the
personal care sector rankings, and Skol and Brahma rank
in the beer category. The majority of these local brands are
not yet truly globalized, but they’re ambitious and growing
in value extremely fast – and they will change the global
competitive landscape.
In the past 10 years Millward Brown has researched and
valued over 100,000 brands across 50 country markets,
to identify the drivers of long-term brand value growth.
It is these lessons that will equip brands – especially the
aspiring newcomers from the fast-growing markets – to be
the winners over the next 10 years.
BEING DIFFERENT
MAKES A DIFFERENCE
In a world of so much product sameness,
brands which consumers view as
“different” achieve higher value. Those
that have remained in the top half of the
BrandZ™ ranking over the last 10 years
are scored very highly on “difference”
by consumers, and have grown 124% in
brand value. In contrast, brands in the
bottom half of the ranking score lower
and have increased only 24% in value.
Difference can enable a brand to
command a higher price and yield a
higher profit. It isn’t just about the
product; differentiation can also be found
through purpose, personality, values, and
design. Category leaders like Coca-Cola
and BMW need to guard leadership and
keep refreshing their brand messages
to be always unique. Compared to the
established multinational brands, the
local brands from fast-growing markets
are relatively weak on “difference”, how to
develop a differentiating proposition that
is meaningful to the consumers would be
the key question to answer.
CLEAR PURPOSE FAST-
TRACKS BRAND EQUITY
It’s not enough to be different for the
sake of it. To be meaningful, brands
must have a strong purpose that goes
beyond “making money”, and is inspiring
and relevant to consumers. This means
striving to improve people’s lives in some
way – making them easier, healthier or
more interesting – and if it’s a “higher
purpose” that contributes to making the
world a better place, all the better.
In the digital era in which difference is
harder to achieve, for many brands with
comparable functionality and emotional
appeals, purpose can become a true
differentiator and accelerate brand equity
growth.
INNOVATION
DRIVES SUCCESS
Consumers see brands that set trends
as different and as leaders, and these
perceptions pay dividends. Over 10 years,
the brands that scored highest against
the BrandZ™ “trend-setting” metric
increased an average of 161% in brand
value, while those that scored lowest
increased only 13%. Many of these brands
are from the technology sector, but we
also see Chipotle, Nike, UPS and PayPal
scoring highly.
To be a trendsetter means anticipating
the directions consumers will want to
go in, identifying the gaps where needs
are unmet, and getting there first. This
is a risky strategy, which a brand can
mitigate by knowing their consumers
well.
LOVE ISN'T ALL
YOU NEED - BUT
IT'S POWERFUL
Love has a multiplier effect. Over the
past decade, the rise in value for brands
scoring high in the BrandZ™ “love”
metric was 10 times greater than that
of their low-scoring rivals. Love usually
follows great performance and a great
experience – and it’s amplified by social
media. Brands from across categories
score highly on love, from Visa to KFC.
They have one thing in common: they
try to understand the world from the
customer’s point of view.
Innovation and love form a virtuous circle.
A true innovation that makes people’s
lives easier can quickly generate love,
but even the most trendsetting brands
swing between periods of intensive
innovation and iterative progress, when
love provides a ”cushion” until the next
wave of creative development. Microsoft,
a trendsetter now, could do with a dose
of love to balance this out.
To remain competitive through the
next decade, brands from fast-growing
markets, and those aspiring to join
their ranks, should stop seeing brand
building as a cost and view it as an
investment in future financial success.
They need a holistic brand building
system that focuses on every aspect
– from communications to CRM to
creating the whole experience – to
make consumers’ lives better, build
meaningful difference and embrace
disruptive technologies. Brands are a
fabulous investment, and need to be
nurtured and cared for accordingly.

THE LATIN AMERICAN
ECONOMIC CONTEXT
In the last two
years the Latin
American region
presentedrelatively
low GDP growth
rates, around 2%.
Brazil is in bad shape, with political
and economic problems in addition to
inflation. Argentina also faces political
and economic problems, and Venezuela
has had serious problems with internal
supply, high inflation and political issues.
The deceleration of the economy in the
region – decreasing steadily since 2010,
when it reached a high 6.1% GDP growth,
can be explained by the following factors:
1. In the most important countries,
much of the growth in 2010 was
due to the increase in middle class
purchase power and relative stability
of public accounts. Also, prices of
commodities were high and China
grew 2-digits per year – China is a
huge market for Latin American
companies.
2. For the domestic market, factors like
the ascension of middle class and
stability of public policies failed from
2011-2014 and generated a very small
growth in the period. For 2015, the
World Bank is forecasting a worse
scenario, with a GDP growth for Latin
America of merely 0.4%. According to
the bank, the region is practically in
recession.
3. During the same period, prices of
commodities like iron, steel and oil,
decreased substantially. Part of
the problem is the slowing Chinese
economy, but also, in the case of oil,
it was strongly influenced by the
industry context.
In addition to this unfavorable scenario,
Moody’s Investors Service has
downgraded Brazil’s government bond
rating from Baa2 to Baa3, a clear signal
that the country has delivered less
than expected in terms of economic
performance.
Another important index that reflects
the economic instability in Latin
America is the Emerging Markets
Bonding Index – EMBI+, produced by
JP Morgan, which tracks emerging
markets, government debt and
corporate debt asset classes.
As a consequence of all these factors,
market capitalization of Latin American
public traded companies in the region
suffered a substantial decrease, as
shown in the chart below
The region has to learn how to deal with
the new external context: lower growth
of emerging economies, less dynamism
of developed economies and lower
prices of raw materials. All these factors
greatly affect the economic growth and
development of the region, which require
significant changes to aspects such
as investment levels and productivity
growth with a long-term perspective.
16 17
LATIN AMERICA
OVERVIEW
Source: CEPAL
Latin American GDP growth
It was the first time that Latin America grew less than the average of the 34
countries of The Organization for Economic Cooperation and Development (OECD).
5%
0%
1.3%
2.6%
3.1%
4.6%
6.1%
-1.8%
5.3%5.3%
4.2%
1.8%
5.7%
3.5%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
GDP growth
2013
2014
Brazil Argentina Colombia Mexico Peru Chile
This is far removed from the prosperous
scenario seen from 2004 to 2012, when
the rates reached over 5% in many
years, according to CEPAL – Economic
Commission for Latin America and
the Caribbean. In 2014, the region had
a 1.3% GDP growth, the second worst
performance in the last 10 years (in
2009 the region showed a -1.8% GDP
growth, a reflection of the world financial
crisis).
The countries that most contributed
to the slowdown in the economy
performance of the region in 2014 were
Brazil, Argentina and Venezuela. Brazil,
the largest country with around 50% of
participation in the region’s GDP, had
almost a zero growth of 0.1%, Argentina
grew only 0.5% and Venezuela dropped
4.0%. Other important countries in the
region such as Colombia achieved a GDP
growth rate in 2014 of 4.6%, 2.4% for
Peru, while Mexico and Chile registered
2.1% and 1.9% respectively. However,
almost all of these countries, with
the exception of Mexico, have shown
decreasing GDPs in the last two years.
Source: CEPAL
Source: JP Morgan
Source: Bloomberg
1.4%
2.1%
5.8%
2.4%
4.2%
1.9%
1.3%
-4.0%
0.1%
2.7%
4.6%
2.9%
4.9%
0.5%
0%
Venezuela
Country risk - EMBI + Companies’ Market Value
0%
1%
2%
3%
2013 2014 July 2015
Brazil
Brazil Ibovespa
Peru
Peru BVL
Colombia
Colombia IGBC
Mexico
Mexico IPC
Chile
Chile IGPA
10%
0%
-10%
-20%
-30%
2013 2014 July 2015
Market capitalization of Latin American
public traded companies in the region
suffered a substantial decrease.
Almost all the main countries in the
region have risen in terms of risk
(except Chile).

HEADLINE
NEWS
18 19
LATIN AMERICA
HEADLINE NEWS
BRAND VALUE
US$131.9BILLION
TotalValueofLatinAmericanTop50Brands
+2%
BrandValueChange2014-2015
The total value of the BrandZ™ Top 50
Most Valuable Latin American Brands
2015 increased 2% in comparison to
2014 (US$ 129.2b in 2014 vs. USD
131.9b in 2015), despite the low
economic activity in the region since
2014. This demonstrates that strong
brands can better face difficult periods,
with less damage to the shareholder
value.
If we consider the Top 10 BrandZ™
LatAm, the variation was +10% in US$
from 2014 to 2015.
Brands from the Financial Institutions,
Services and Beer, Food & Personal
Care segments performed rather well,
with growth rates of 18%, 11% and 9%,
respectively.
On the other hand, brands from the B2B
and Retail segments performed poorly:
they decreased by 34% and 15% in 2015,
respectively.
THE TOP FIVE BRANDS
For the first time, the most valuable
Latin American brand was Skol, the
Brazilian beer brand that belongs to
Ambev, an AB Inbev company. This
performance reflects the consistency
in brand positioning of Skol, targeting
its products to younger audiences
more willing to adopt a brand for a
lifetime and supporting its strategy
with sponsorships of music festivals,
which has strengthened the brand
relationship with this audience.
Once again Beer, Retail,
Communication Providers and Banks
categories took the top 5 positions:
Skol (Beer – Brazil), Corona (Beer
– Mexico), Telcel (Communication
Providers – Mexico), Bradesco (Banks –
Brazil) and Falabella (Retail – Chile).
BEER MAKES THE
TOP 10 FOR THE THIRD
CONSECUTIVE YEAR
The beer category dominated the
ranking again in 2015, conquering five
of the top ten positions – four of the
brands belonging to AB Inbev: Skol,
Corona, Brahma and Modelo.
Skol, the most valuable Brazilian
brand, had a 20% growth to US$ 8,500
million, followed by Corona, the most
valuable Mexican brand, with a value of
US$ 8,476 million, a 6% growth.
NEW ENTRIES
The BrandZ™ Top 50 LatAm
saw six new entrants in 2015:
49 Banks
COLOMBIA
Communication Providers46
ARGENTINA
Banks42
BRAZIL
Banks36
Retail38
Beer41
MEXICO
1 US $8,500 Million
2 US $8,476 Million
8 US $4,185 Million
9 US $3,672 Million
10 US $3,604 Million

1
2
3
4
1. Mexico grew its contribution to the
BrandZ™ Top 50 Most Valuable
Latin American Brands 2015 for the
third consecutive year, from 33% to
37%. The categories Beer, Food &
Personal Care, Financial Institutions
and Services – which combined
value grew 15%, led this growth. It
is a combination of solid financial
performance with an increase in
the perception of consumers in that
market.
2. Brazil maintained its contribution
to the BrandZ™ Top 50 LatAm at
24%. The country performed well in
the categories Beer, Food & Personal
Care and Financial Institutions, but
this was neutralized by the weak
performance in the B2B category
that is mainly represented by the oil
company Petrobras (decreased in
75%), which suffered with corruption
and operational problems in 2014.
3. Chile, with a portfolio of BrandZ™
Top 50 LatAm based in Retail,
decreased from 20% to 15% from
2014 to 2015. This industry, which
comprises 9 brands in the Top 15
Chilean ranking and represents
almost 60% of the Chilean
ranking, dropped 17%. A more
detailed analysis of this variation
showed that Financial Market
Capitalization decreased 22.8%.
Apparently, a strong brand helps
companies to reduce the impact of
financial valuations within the crisis
context.
4. Colombia, the fourth on the list,
dropped from 16% to 15% due
to a decrease in value from an
important brand, Ecopetrol. On the
other hand, Financial Institutions,
the main category in the country,
increased by 3%.
20 21
LATIN AMERICA
KEY FINDINGS AND FUTURE TRENDS
Even in a crisis context, companies that have strong brands
were more valuable than the average of the market: BrandZ™
Top 50 LatAm portfolio increased 2% in USD, while almost all
economic indices such as GDP, Country risk and Company’s
Market capitalization showed a substantial decrease.
Most popular brands and local icons in the Latin American
region like Skol (Brazilian Beer), Telcel (Mexican Communication
Provider), Bradesco (Brazilian Bank), Bancolombia (Colombian
Bank), Falabella (Chilean Retail) and Televisa (Mexican
Communication Provider) are examples of brand strategies
focused on the massive middle class and low-end population,
exploring emotional attributes that are heavily associated with
local needs.
According to The Economist magazine, in Europe the foreign
commerce flow inside the European bloc is almost 72%, while
in the Latin American region it is less than 30%. This is one
reason why the BrandZ™ Top 50 Most Valuable Latin American
Brands 2015 has predominantly local brands. However, this
situation represents a great opportunity for local brands to
expand their operations overseas, breaking geographical and
cultural barriers. Corona (Mexican Beer), Falabella (Chilean
Retail), Claro (Latin American Communication Provider) and
Itaú (Brazilian Bank) are good examples of this movement.
The Financial Institution category had the most impressive
performance in the ranking, growing 18% from 2014 to 2015.
The Brazilian financial market showed a significant recovery
with the M&A operations, which favored the perception of the
current players, together with the reduction in the credit costs
of the Stated-Owned Enterprises (SOE) banks, mainly Banco
do Brasil and Caixa Econômica Federal. Another outstanding
performance was Bancolombia, which increased its value by
16% in the period. The bad news in the category came from the
Chilean banks, due to the economic instability of the country.
BRAND VALUE
DISTRIBUTION
BY COUNTRY
The value distribution by country in the BrandZ™ Top 50
Most Valuable Latin American Brands 2015 was a repeat
of what happened in 2014: Mexico dominated the ranking,
growing from 33% to 37% share. Brazil remained in second
position, with a steady contribution of 24%.
Peru
LatAm
Argentina
Brazil
Mexico
Colombia
Chile
2014
33%
1%
24%20%
16%
4%
3%
2015
37%
2%
24%
15%
15%
5%
2%

22 23
LATIN AMERICA
PERFORMANCE BY INDUSTRY SECTOR
BEER, FOOD &
PERSONAL CARE
The category has been the main
contributor to the BrandZ™ Top 50
LatAm for the third consecutive year,
representing 35% of the total value in
2015 (against 33% in 2014). Beer, the
main sub-category, represented 82%
of the category in 2015, against 78%
in the previous year. Brazil, the main
contributor in the sub-category Beer
with participation of 42%, grew 25% in
brand value, followed by Mexico, with
participation of 35% and 15% growth.
This good performance is once again
justified by the capital markets’
financial performance of the owners
of the beer brands of these countries
(Anheuser Busch, Grupo Modelo and
Heineken). The segment has benefited
from the boost in consumption
of popular brands in the region.
According to Euromonitor, since 2008
the consumption of beer in Latin
America has increased by 6% per year.
RETAIL
This category, which showed the
highest growth in 2014 (14%),
decreased 15% in 2015.
Chile, one of most mature retail
markets in the region, showed a weak
performance in its brands Falabella
and Sodimac – the Top 2 most
valuable brands in the country. These
decreased 23% and 24%, respectively.
In Brazil the retail segment as a whole
had in 2014 the worst performance
in the last 11 years: it increased
2.2% in 2014 in comparison to 2013
as a reflection of the crisis and a
complete review of the hypermarket
model. Cash&Carry model retailers
like Atacadão and Assai have gained
substantial market share compared
to hypermarkets format.
Looking at the evolution from 2014 to 2015,
we can see that Technology has gained
importance in both Chinese and Global
rankings. In China the category grew 50%
(from 16% to 24%), due to important portal
and media companies that have enhanced
their operations in the country. In the Global
ranking, Technology, the most important
category, grew 15% (from 27% to 31%). Even
in Brazil, the Technology category is starting
to appear in the ranking – the search engine
Buscapé makes its debut here this year.
FINANCIAL
INSTITUTIONS
(BANKS AND INSURANCE)
The Financial Institutions category
enhanced its contribution to the
BrandZ™ Top 50 LatAm, from 22% in
2014 to 25% in 2015. In terms of brand
value, the category had the largest
growth in the ranking (18%). All the
countries that make up the category
showed growth in brand value.
Brazil became the leader of the
Financial Institutions category, with
a participation of 34% (30% in 2014),
a 41% growth in terms of brand value.
Part of this increase is because this
is the first time that BTG Pactual
is on the list. Also, we could see the
results from a consolidation in this
market (mergers that happened in
2010-2013) and also some recovery
of spreads caused by SOE (Stated-
Owned Enterprises) banks (Banco do
Brasil and Caixa) in 2012/2013.
Colombia, the second largest in
the category, saw its participation
decreasing from 39% in 2014 to 33%
in 2015. However, the brand value
of Financial Institutions in Colombia
increased 3% in the period.
Both Mexico and Peru had a growth
in share in the category (from 20% to
21% and from 10% to 11%, respectively).
Mexico grew 32% and Peru 28% in
brand value.
SERVICES
(COMMUNICATION PROVIDERS
AND AIRLINES)
The Service category (which had
a 4% fall in 2014) increased 11%
in 2015, despite the decrease of
Claro (LatAm communication
Provider, -12%) and LAN (Chilean
Airline, -22%). It benefited mainly
from the Mexican Communication
Provider brands Telcel, Televisa and
Telmex – the Top 3 of the category
– which grew 16%, 22% and 15%,
respectively. The good performance
of these three Mexican brands was
mainly due to financial reasons.
B2B
(ENERGY / OIL AND INDUSTRIAL)
B2B showed again the worst
performance in 2015, a 34% fall
(-19% in 2014), mainly dominated
by the subcategory Energy/Oil,
which decreased 44% due to the fall
in the commodity’s price, exchange
rate depreciation and problems in
terms of corporate governance.
The Mexican cement company
Cemex had an 11% growth, which
compensated for part of this fall.
20152014
33% 35%
22% 25%19%
16%
11% 7%
15% 16%
Performance by industry sector
Retail Services B2BBeer, Food & Personal Care Financial Institutions
COMPARISON WITH OTHER
BRANDZTM
BRAND VALUATION RANKINGS
The distribution of the Latin American rankings by category is very distinct in comparison to
the Chinese and the Global rankings, due to the economic specificity of each region. While in
the Latin America rankings generally the most important category is Beer, Food & Personal
Care – mainly explained by the growth of the consumption of popular brands, in both China
and Global rankings, Technology appears as one of the most important categories.
2015 Brand Valuation Summary
Category Latam*
Brazil*
Mexico*
Chile*
Colombia*
Peru*
Argentina*
China**
Global***
Technology 2% 24% 31%
B2B 7% 3% 6% 12% 9% 3% 34% 6% 8%
Beer, Food & Personal Care 35% 47% 37% 2% 33% 48% 16% 6% 11%
Financial Institutions 25% 25% 12% 15% 44% 42% 14% 28% 16%
Retail 16% 11% 19% 61% 3% 5% 0% 14% 8%
Services 16% 12% 26% 10% 10% 2% 36% 19% 13%
Others† 3% 12%
* BrandZ™ Top 50 Most Valuable Latin American Brands 2015
** BrandZ™ Top 100 Most Valuable Chinese Brands 2015 (considering the Top 50)
*** BrandZ™ Top 100 Most Valuable Global Brands 2015 (considering the Top 50)
2014 Brand Valuation Summary
Category Latam*
Brazil*
Mexico*
Chile*
Colombia*
Peru*
Argentina*
China**
Global***
Technology 16% 27%
B2B 11% 12% 6% 11% 15% 2% 43% 7% 10%
Beer, Food & Personal Care 33% 41% 38% 2% 33% 56% 18% 8% 12%
Financial Institutions 22% 21% 10% 15% 41% 39% 6% 40% 17%
Retail 19% 12% 21% 61% 3% 2% 0% 1% 7%
Services 15% 13% 24% 11% 9% 2% 33% 24% 13%
Others† 3% 15%
† Cars, Motor Cycles, Motor Fuels, Lubricants, Detergents, Jewelry, Paints, Mosquito Repellents, Real State, Home Appliances, Tobacco, Apparel.

# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
1
8,500 7,055 4 20%
Beer
2
8,476 8,025 4 6%
Beer
3
6,174 5,308 3 16%
4
5,202 4,177 2 25%
Banks
5
4,709 6,084 4 -23%
Retail
6
4,423 3,625 2 22%
7
4,315 3,376 2 28%
Banks
8
4,185 3,585 4 17%
Beer
9
3,672 3,565 5 3%
Beer
10
3,604 3,477 4 4%
Beer
11
3,554 3,097 2 15%
12
3,476 3,006 4 16%
Banks
13
3,107 4,107 5 -24%
Retail
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
40
1,236 969 2 28%
Banks
41
1,197 - 4
NEW
ENTRY
Beer
42
1,118 - 1
NEW
ENTRY
Banks
43
1,108 1,076 5 3%
Beer
44
1,107 1,058 2 5%
Retail
45
1,072 1,103 3 -3%
Retail
46
1,069 - 2
NEW
ENTRY
47
1,042 1,182 2 -12%
Food & Dairy
48
1,039 931 3 12%
49
997 - 2
NEW
ENTRY
Banks
50
985 1,262 4 -22%
Retail
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
27
2,017 3,446 1 -41%
Oil & Gas
28
1,940 1,759 1 10%
Banks
29
1,867 2,084 3 -10%
Banks
30
1,859 1,145 3 62%
Beer
31
1,808 1,540 3 17%
Banks
32
1,700 2,236 5 -24%
Personal Care
33
1,678 1,630 5 3%
Beer
34
1,636 1,379 4 19%
Banks
35
1,575 1,545 1 2%
Oil & Gas
36
1,533 - 2
NEW
ENTRY
Banks
37
1,479 1,037 3 43%
Banks
38
1,411 - 1
NEW
ENTRY
Retail
39
1,309 1,094 4 20%
Beer
BRANDZTM
TOP 50 MOST VALUABLE
LATIN AMERICAN BRANDS 2015
LATIN AMERICA
24 25
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
14
3,091 2,804 2 10%
Retail
15
3,039 2,748 1 11%
Industry
16
3,008 3,426 1 -12%
17
2,845 2,486 4 14%
Retail
18
2,795 2,608 3 7%
Food & Dairy
19
2,758 3,181 4 -13%
Oil & Gas
20
2,757 2,466 2 12%
Food & Dairy
21
2,595 3,175 3 -18%
Banks
22
2,557 2,687 3 -5%
Retail
23
2,436 2,365 4 3%
Beer
24
2,398 3,058 4 -22%
Airlines
25
2,207 2,494 2 -12%
Banks
26
2,198 2,457 3 -11%
Banks
Brazil MexicoColombiaChileArgentina Peru

JULIO FRESNO APARICIO
Managing Director
Julio.Aparicio@millwardbrown.com
ARGENTINA
KEEPS BUILDING ITS
OWN LABYRINTH
We are sure about one thing:
after twelve years managing the
country from the Pink House,
the Kirchner family is leaving
the government in December,
after the general elections that
will be held in October. But… are
they going to give up power?
Either Buenos Aires Province Governor Daniel Scioli, a follower
of Kirchner policies, or Buenos Aires City Mayor Mauricio
Macri – the main representative of the opposition to the
government – will assume the Presidency of the Republic in
a few months. And even though the main question should be
whether they will change the current policies or not, the real
issue is whether they will have the capacity to get rid of the
inherited way of doing politics in Argentina.
The main macroeconomic indicators (GDP, employment,
exports/imports) are not showing a clear reaction. The
industrial activity has been declining for several periods in
a row, and the private sector is not creating many new jobs.
The monetary expansion is not followed by an increase in
the level of reserves at Central Bank, so the currency price is
slowly trickling day by day. On top of that, tax pressure and
the growth in raw material and conversion costs are shrinking
the margins. In spite of the stagnation of consumption,
inflation rates remain amongst the highest in the world,
forcing consumers to boost creativity in order to protect their
purchasing power.
Consumers have been struggling with high inflation rates
since 2008, continuously adapting their consumption
patterns and habits. Nonetheless, the defensive techniques
have evolved and behaviors have become even more
unpredictable.
CONSUMERS ARE SAVING,
NOT SPENDING
Under this political and economic uncertainty, consumers
are much more selective in their spending, and they look for
special prices and promotions before deciding on a purchase.
In 2012 and 2013 there was an impressive demand for
cars, electronic devices and big-ticket items in general as a
defensive strategy for fighting inflation, the devaluation of
the local currency and the reduced financing options. But in
2014 and during the first half of 2015, consumers have been
choosing to save more. In other words, they have turned from
spendthrift to thrifty.
Actually, we are observing two apparently contradictory
trends: more shoppers buying only what they need for the
next few days (careful consumers) and at the same time,
more shoppers buying a large amount of items in wholesalers,
since they recognize that they can save up to 30% by buying
in bulk compared to supermarkets and hypermarkets.
As a consequence of these changes, we are starting to
naturalize peculiar behaviors: a consumer, even from a high
socioeconomic level, might buy a pack of frozen hamburgers
in a hard discount shop, a bottle of Malbec wine in a Chinese-
around-the-corner store, and a six-pack of Coke in a
wholesaler or another supermarket just to save a few pesos.
QUALITY STILL COUNTS
However, looking for the best deal does not necessarily mean
that quality is less relevant. Argentinian consumers want
no substitutes for self-indulgence and reward; they want to
enjoy the money now, but in a clever and convenient way.
And tourism is a great example of this: many people are
spending money on expensive trips to exotic or glamorous
destinations, but they wait for the right moment to buy the
tickets, in general, after an exhaustive search for promotions
(and of course, paying in twelve installments in local currency,
expecting a devaluation of the peso after the elections.)
In conclusion, despite the negative context you can never
be pessimistic about the long term development of this
market. Regardless of the current difficulties, there are signs
of a great hidden potential: Argentina holds the highest
broadband and smartphone penetration levels in Latin
America, and it ranks third globally in the use of social media
networks, according to ComScore. There are forces merely
sleeping out there, and islands of underdeveloped talent that
only need an initial spark and predictable game rules to get
connected and expand.
28 29
ARGENTINA
THOUGHT LEADERSHIP
KEY FACTS
ANNUAL GDP AT CURRENT PRICES
Total at current prices: US$540million (2014)
GDP per capita (annual dollars): US$12,922 (2014)
Growth rate: 0.5% (2014)
Country’s share in regional GDP: 11.3% (2014)
Net foreign direct investment: US$7.9billion (2014)
US$4.5billion (2015)
Capital City BuenosAires
Currency ARGENTINE
NEWPESO
Area 2.78millionkm2
Population (THOUSAND) 418,000(2014)
Population growth rate (ANNUAL) 0.8%(2010-2015)
Life expectancy 76years(2013)
Literacy rate of 15-24 year olds 99.2%(2012)
Unemployment rate 7.1%(2013)
7.4%(2014)
Sources: CEPAL, Comisión Económica ONU
CEPASTAT – Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco

BRANDZTM
TOP 5
MOST VALUABLE
ARGENTINIAN
BRANDS 2015
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
1
1,575 1,545 1 2%
Oil & Gas
2
1,069 766 3 40%
3
729 649 5 12%
Beer
4
656 - 3
NEW
ENTRY
Banks
5
613 439 3 40%
ARGENTINA
KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015
30 31
BRAND VALUE
US$4.6BILLION
TotalValueofArgentinianBrands
+29%
Source: Millward Brown Vermeer
1 2
YPF is Argentina’s leading energy company and largest
fuel producer.
It operates a fully integrated oil and gas business with
leading market positions across the domestic upstream
and downstream segments. Upstream operations include
the exploration, development and production of crude
oil, natural gas and propane. Downstream operations
are focused on refining, marketing, transportation
and distribution of oil and a wide range of petroleum
products, petroleum derivatives, petrochemicals, propane
and bio-fuels. YPF operates a network of more than 1,600
filling stations and has the ability to produce 530,000
barrels of oil daily from 91 production areas transported
by 2,700 kilometers (1,677 miles) of pipeline. The
company was founded in 1922 and operated as a state
run enterprise until 1993 when a public offering reduced
the government’s ownership stake to a minority position.
In 1999, Spain’s Repsol acquired majority ownership
of YPF, but early in 2012 the government reasserted
ownership with a presidential decree to nationalize YPF.
Personal is the mobile brand of The Telecom Group.
Personal has 18.2 million customers in Argentina and
nearly 70% of those rely on the company’s prepaid service.
Personal drives brand awareness through sponsorship
of signature events, such as the annual Personal Fest
musical festival that draws roughly 70,000 attendees
over two days. The company offers products for different
segments of the market, from the high end Personal
Black handset to the more value priced Personal Touch
smartphone offering. The brand also seeks to drive
loyalty through its Club Personal program. Personal’s
parent company The Telecom Group was created in 1990
when the government allowed public ownership of the
previously state run enterprise. Its shares are traded on
the New York Stock Exchange under the symbol TEO
PARENT COMPANY YPF
HEADQUARTERS BuenosAires
INDUSTRY Oil&Gas
YEAR OF FOUNDATION 1922
WEBSITE www.ypf.com
BRAND VALUE US$1,575million
PARENT COMPANY TheTelecomGroup
INDUSTRY CommunicationProviders
WEBSITE www.telecom.com.ar

ARGENTINA
KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015
32 33
3 4 5
Quilmes is Argentina’s best-known beer brand.
Cervecería y Maltería Quilmes is the top brewer in
Argentina and part of the Anheuser-Busch InBev
group’s extensive portfolio of more than 200 brands.
Within the Anheuser-Busch InBev brand hierarchy,
Quilmes is regarded as a “local champion” due to its
leadership position within Argentina. The company
has 4,850 employees and operates five plants
and eight distribution centers. The brand is active
in promoting social initiatives such as “Vivamos
Responsablemente,” focused on encouraging
responsible drinking and the “Futuro Posible”
campaign which provides student scholarships and
donations to hospitals and educational institutions.
Macro is a private bank that has undergone
enormous growth in the last ten years.
Founded in 1988 as a commercial bank, Macro
acquired capital stock in numerous privatized
provincial banks such as Banco Misiones, Banco Salta,
Banco Jujuy, Banco Bansud. It also acquired some
branches of Scotiabank Quilmes, Nuevo Banco Suquía,
Banco Nuevo Bisel, and Banco Privado de Inversiones
Banco Tucumán. This ambitious acquisition program
has resulted in its becoming the third-ranking private
Argentine bank in terms of net assets, the fourth
in terms of deposits and the fifth in terms of credit
outstanding to the private sector. Macro Bank was
listed in the New York Stock Exchange (NYSE) in
2006, becoming the first Argentine company to be
listed abroad since the end of the 1990’s.
Telecom Argentina is one of the main national
telecommunication companies in Argentina.
Telecom Argentina offers local and long distance fixed-
line telephony, cellular, data transmission and Internet
services. The company offers mobile service through
its Personal brand and Internet broadband services
through its Arnet brand, which in 2013 launched a video
streaming service called Arnet Play. The increased
bundling of services, coupled with new products and
service introductions, has helped the company achieve
a record low level of customer turnover. Telecom
Argentina is one of the largest employers in the country
with over 15,600 employees nationwide. It began
operations in 1990 after the Argentinian government
completed a transaction allowing for public ownership
of the company, which now trades on the New York
Stock Exchange under the symbol TEO.
PARENT COMPANY CerveceríayMalteríaQuilmes
INDUSTRY Beer
WEBSITE www.cerveceriaymalteriaquilmes.com
BRAND VALUE US$729million
PARENT COMPANY MacroGroup
INDUSTRY Banks
WEBSITE www.macro.com.ar
PARENT COMPANY TheTelecomGroup
WEBSITE www.telecom.com.ar

ARGENTINA
THOUGHT LEADERSHIP
CHANGE IS
INEVITABLE;
DEVELOPMENT
IS OPTIONAL
We are living in a liquid age, since nothing
seems to be stable, nothing lasts forever.
Suddenly, those things that were safe turned
into something unstable, while some new trends
arose and changed the rules. We all live and
work in the same environment, and in the jungle
of business, those who best adapt to the current
context are the ones who thrive and survive.
The political and economic context poses
short-term challenges and mid-term
uncertainties. But all-level management
is used to facing changes, and brands
in Argentina have mastered the skills
of elasticity. As a result, we see a lot of
examples of brands that look ahead,
despite the success of their past.
CREATING
EVER CLOSER
RELATIONSHIPS
Technological development and its
cascade to a larger population have
enabled a dramatic change, since the new
media environment is shaping the way
we communicate with our friends and
family. By using different applications
and platforms, we are able to talk with
someone who is in China, at no cost, while
sharing files and videos. In this context,
the notion of distance and closeness has
to be redefined. And this also applies to
the relationship between brands and
consumers: What does it mean for a
brand to be close to its consumers? How
can we foster the technical advancement
to get closer? What does it take to
remain meaningful?
Let’s consider some concrete examples
of brands that are surfing the new trends
while tackling specific consumers’ issues:
• In Argentina, Unilever is the
undisputed leader in the personal
care market in general, and in
antiperspirant deodorants for women
in particular, is managing two well-
known brands: Rexona and Dove.
While taking care of the environment
is an established trend, consumers are
not so willing to spend more money in
favor of eco-friendly products, since
many of them could not meet the
basic functional needs of the category.
But Unilever is challenging this
pattern, because they are launching
smaller packaging which saves raw
materials (less aluminum and others)
but keeps the protective power of the
product, promising to last the same as
the original pack. This bold initiative
requires a clear communication using
a wide range of touchpoints in order
to convey the message in a believable
way. We are confident that with this
Unilever will reaffirm its leadership by
offering a technical solution that keeps
protecting you against perspiration
while setting new trends in the
category.
• Ford Argentina is another illustration
of a brand clearly focused on using
technology as a way to differentiate
from competitors and to command a
premium price. All the recent launches
have endorsed the idea of “Kinetic
Design”, which allowed the parent
brand to leverage all the efforts made
by each model in each segment. The
last campaign successfully introduced
specific features (automatic opening,
push-bottom star, active park assist,
lane-keeping system, automatic brake
at low speed) using an impactful
and synergetic communication that
promoted both the vehicles and the
brand. As a result, Ford remain close
to their customers and challenges
the status quo of the category by
implementing high-end technology.
• There is a preconception that
traditional media such as newspapers
or TV channels are the most
concerned about the development of
new platforms. However, successful
companies are able to see the
opportunity in every crisis, and TV
channel Telefé is proof of that. Instead
of fighting the alternative screens,
they look for ways of integrating
them into their content, thus they
can create a new experience for the
audience. They have launched a mobile
app (Mi Telefé) that allows people to
see exclusive content that enriches
the experience of watching a TV show,
by giving the chance to participate
and to follow “behind the scenes”.
TV Series “Aliados” was a hit among
teenagers, because they could interact
with the story wherever and whenever
they wanted, and they could watch
webisodes before aired.
In conclusion, the key to success is to
embrace technological change in a way
that creates value for the consumers,
making their lives easier and more
enjoyable. Following Socrates’ principle,
the secret of change is to focus all the
energy not on fighting the old, but on
building the new.
MARIANA FRESNO APARICIO
Client Service Director
Mariana.Aparicio@millwardbrown.com
34 35

SEBASTIÁN CORZO
CS Senior Consultant
Sebastian.Corzo@millwardbrown.com
THE BATTLE
OF THE TABLE
Try to visualize this for a moment: an independent teenager,
aiming to give the impression of being irreverent and
careless, walks down the street listening to music with
an icy can of a soft drink in his hand. This could be the
stereotyped key visual of an ad for Coke or Pepsi, couldn’t it?
Well, back to the current reality of the Argentinian market,
I bet you won’t easily find any ad like this for Coke nor for
any other soft drink in the frenetic, hectic and multiscreen
media environment.
SIZE MATTERS
The numbers speak for themselves: off-
trade channels account for 93% of soft
drinks volume, and that explains why
the companies are focusing their efforts
on in-home consumption. In order
to increase revenues by selling more
liters, major players have developed
complex price-pack architectures, and
launched bigger bottles. This is the case
with Danone’s Villa del Sur Levité, that
pushed 2.25 liters bottles instead of
the traditional 1.5lt pack. This is great
news for a savvy consumer who looks
for the best deal, because this change
in the bottle size means a higher out of
pocket, but a lower price per liter.
From the communication perspective,
it’s one thing to develop formats
targeted to social occasions, but
creating advertising platforms to win
the battle of everyday lunches and
dinners is a totally different story.
Forget about the celebrities, forget
about the epic music and the majestic
scenery! Now is the time of ordinary
people, sharing an ordinary meal in a
middle-class living room, with a large
bottle of something colorful and tasty
on the table.
Sounds dull? Definitely not! The
resource that most of the companies
have chosen to stand out and gain
differentiation is humor: a wide variety
of jokes and funny situations that
everyone can relate to.
EARNING
THEIR PLACE
I could give you lots of different
examples, but I’d like to highlight the
ones that best identify a distinctive
insight:
We by Ser, a non-sugar flavored
water brand managed by Danone,
launched the campaign “The angel
of the tables” under the claim
“tables have changed”. The idea is
that in every group of young-adult
friends, you can find someone
with very special preferences, so
disagreements become a special
ingredient of each meeting. H2Oh!,
Pepsico’s flagship in the flavored
water market is adopting a similar
strategy: they developed a campaign
(Silver Effie Award in 2014) in which
a very particular member of a
conservative family causes trouble
in his attempt to bring new flavors of
H2oh! to the table.
Coca-Cola has been working hard
with a “Meals” platform for a couple
of years. The last campaign shows a
rebel rocker girl sitting at the table
complaining about her family. Then
her mom brings her an electric-guitar
shaped fried egg and changes her
mood, helping her to recognize that
in the end family is really important
to her, but in a witty way.
Tang, the leader of powder juices,
was challenged by the presence
of new players and substitutes on
the table. With “La mesa de Lucas”
(Lucas’ table) campaign, Mondelez’s
brand tried to reinstate the role
of the kids during lunch or dinner,
since they are the ones who bring
joy to the table. Thanks to a creative
game, Lucas turns a dull moment
into an interactive and dynamic one,
changing the mood of the family.
Tang’s main competitor, the local
brand Arcor, is also attacking the
table but a with more edgy approach,
using an acid humor that focuses on
the conflicts that arise between the
father and his mother-in-law every
time they sit at the table.
To sum up, although many players
may look for ways to increase their
presence during meals so they can gain
market share, not all of them will be
victorious in the battle of the table. It is
necessary to convey relevant messages
to meet the needs of a more demanding
consumer, while commanding a fast
pace of innovation in order to maintain
differentiation. And, as everyone knows,
winning a battle doesn’t guarantee that
you’ll win the war…
36 37
ARGENTINA
THOUGHT LEADERSHIP
1
2
3

BRAZIL
TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2015
40 41
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
1
8,500 7,055 4 20%
Beer
2
5,202 4,177 2 25%
Banks
3
4,315 3,376 2 28%
Banks
4
4,185 3,585 4 17%
Beer
5
2,757 2,466 2 12%
Food & Dairy
6
1,859 1,145 4 62%
Beer
7
1,700 2,236 5 -24%
Personal Care
8
1,309 1,094 4 20%
Beer
9
1,118 896 1 25%
Banks
10
1,072 1,103 4 -3%
Retail
11
941 791 1 19%
Payments
12
843 845 2 0%
Retail
13
821 3,252 1 -75%
Oil & Gas
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
40
244 - 2
NEW
ENTRY
Retail
41
224 231 2 -3%
Travel Agencies
42
219 278 1 -21%
Stock Market
43
218 343 4 -36%
Apparel
44
210 245 3 -14%
Food & Dairy
45
205 227 1 -10%
Airlines
46
198 - 2
NEW
ENTRY
Retail
47
198 - 3
NEW
ENTRY
Food & Dairy
48
193 235 3 -18%
Apparel
49
188 - 2
NEW
ENTRY
Retail
50
176 199 3 -12%
Airlines
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
27
436 287 2 52%
Food & Dairy
28
401 345 2 16%
Loyalty Programs
29
395 - 2
NEW
ENTRY
Technology
30
381 609 2 -37%
Retail
31
374 328 1 14%
Airlines
32
369 360 3 3%
Car Rental
33
320 275 2 16%
Retail
34
312 320 1 -2%
Health Care
35
310 329 3 -6%
Retail
36
301 260 2 16%
Education
37
268 - 1
NEW
ENTRY
38
256 134 3 91%
Retail
39
254 - 4
NEW
ENTRY
Food & Dairy
BRANDZTM
TOP 50 MOST VALUABLE
BRAZILIAN BRANDS 2015
40 41
# Brand
Brand Value
(US$ Mil.) Brand
Contribution
Index
Brand
Value
Change
2014-20152015 2014
14
779 665 2 17%
Insurance
15
709 422 2 68%
Banks
16
607 - 2
NEW
ENTRY
Beer
17
605 915 1 -34%
Retail
18
558 702 2 -21%
Retail
19
541 555 1 -3%
20
540 1,005 2 -46%
Food & Dairy
21
493 278 2 78%
Loyalty Programs
22
472 509 1 -7%
Health Care
23
472 449 3 5%
Retail
24
467 862 1 -46%
Mining
25
457 326 2 40%
Education
26
439 434 3 1%
Technology

BRAND VALUE
US$48.4BILLION
TotalValueofBrazilianBrands
+6%
42 43
BRAZIL
KEY FACTS AND BRAND STORIES
KEY FACTS
Capital City Brasília
Currency REAL
Area 8.51millionkm2
Population (THOUSAND) 202,000(2014)
Population growth rate (ANNUAL) 0.8%(2010-2015)
Life expectancy 74years(2013)
Literacy rate of 15-24 year olds 98.6%(2012)
Unemployment rate 5.4%(2013)
4.9%(2014)
ANNUAL GDP AT CURRENT PRICES
Total at current prices: US$2.3trillion (2014)
GDP per capita (annual dollars): US$11,612 (2014)
Growth rate: 0.1% (2014)
Country’s share in regional GDP: 49.2% (2014)
Net foreign direct investment: US$67.5billion (2013)
US$66billion (2014)
Sources: CEPAL, Comisión Económica ONU
CEPASTAT – Database and Statistical Publications
Financial Times Latin America & Caribbean
World Bank
Unesco
1
3
2
4
Skol is Brazil’s most popular beer. Its marketing
emphasizes enjoyment of life and appeals especially
to young people.
The brand was launched in 1964 in Europe and in 1967
in Brazil. By 1988, it had risen to become the market
leader for beer in Brazil, a position it still retains.
A pioneer of innovation, in 1971 Skol was the first
canned beer in the market, in 1989 it launched the first
aluminum can and in 1993 the long necked bottle.
Its brand positioning is focused on young people: Skol
has promoted various music festivals throughout Brazil,
which has strengthened the brand with this audience.
Itaú is the largest Brazilian private bank in terms of
total assets, the largest financial conglomerate in
Latin America and the world’s twenty-third largest
bank in terms of market value in 2014.
Established 70 years ago, Itaú evolved to its current
size as a result of the 2008 merger of Banco Itaú and
Unibanco. The bank, which operates in South America,
Europe, Asia and the United States, has almost 4,200
branches and almost 28,000 ATMs in Latin America.
Following the merger, Itaú is building on its reputation
for innovation and efficiency, emphasizing personal
service with the tagline Feito para Você (Made for You).
Like its competitor Bradesco, Itaú is also aiming to
attract new customers from Brazil’s rising middle class,
by offering credit cards to individuals who, until now,
lacked access to bank credit.
With the acquisition of HSBC operations in Brazil,
Bradesco became the second largest private bank in
terms of total assets. The bank is the world’s thirty-
second largest in market capitalization in 2014.
Bradesco offers online banking, insurance, pension
plans, credit card services, savings bonds, and
personal and commercial loans. The bank continues
with its strategy to become Brazil’s most accessible
bank, mainly by having its own branches around
the country. It also intends to reach potential new
customers among the country’s rising middle class.
Bradesco pioneered the sale of insurance and pension
plans through its subsidiary Bradesco Seguros.
Brahma is well known for its innovative and witty
advertising that relies heavily on sex appeal.
Brazil’s second-largest beer in market share (after
Skol), Brahma is marketed in a total of 31 countries.
Founded in 1888 by Companhia Cervejaria Brahma,
the brand is owned by AB InBev, the world’s largest
brewer.
In 2007, Brahma launched the Brahma Fresh in the
Northeast region, in order to compete with low-price
beers.
PARENT COMPANY CompanhiadeBebidasdasAméricas–AmBev
HEADQUARTERS SãoPaulo
INDUSTRY Beer
WEBSITE www.skol.com.br
PARENT COMPANY ItaúUnibancoHolding
INDUSTRY Banks
WEBSITE www.itau.com.br
PARENT COMPANY BancoBradescoSA
HEADQUARTERS Osasco
INDUSTRY Banks
WEBSITE www.bradesco.com.br
INDUSTRY Beer
WEBSITE www.brahma.com.br

44 45
BRAZIL
BRAND STORIES
95
117
106
128
BTG Pactual is the leading investment bank in Latin
America.
It was established in 1983 as a brokerage in Rio de
Janeiro. In May 2006, UBS AG purchased Pactual,
creating “UBS Pactual”, the division of UBS in Latin
American countries. In October 2008, a group of
partners left UBS Pactual and joined with Persio
Arida to create BTG, a global investment company
with offices in São Paulo, Rio de Janeiro, London, New
York and Hong Kong. In 2009, BTG acquired UBS
Pactual, resulting in the creation of BTG Pactual. BTG
Pactual specializes in investment banking, wealth
management and asset management.
Sadia is a leading producer of processed and
frozen foods such as hamburger patties and pizza.
It exports to more than 65 countries.
Founded in 1944 and listed on the stock market in
1971 as Sadia Concórdia SA Indústria e Comércio,
Sadia also produces dairy products and serves
both consumers and commercial customers,
including fast-food chains. Sadia is part of BRF, a
public company formed in 2009 by the merger of
Sadia with another food giant, Perdigão. Exporting
activities began in the 1970s with the sale of frozen
halal-certified chicken to the Middle East.
Cielo is the leader in persuading merchants to join
a credit card network, and in handling the payment
process.
Formed in 1995 by several financial organizations,
including Visa International, Bradesco, Banco do Brasil,
Banco Real and the now obsolete Banco Nacional,
Cielo was initially known as Visanet. The company was
renamed in advance of its initial public offering (IPO),
which was one of the largest in Brazil’s history. In an
industry challenged by deregulation, Cielo surpasses its
competition in profitability thanks to its competitive
pricing and reputation for good customer service.
Natura is Brazil’s leading manufacturer and
marketer of cosmetics.
Formed in 1969 and first publicly traded in 2004,
Natura has used a direct sales approach for more
than 30 years, and now has more than 1.6 million
sales representatives (“consultants”) in Argentina,
Australia, Brazil, Chile, Colombia, United States,
France, Mexico, Peru and Venezuela.
One of the first cosmetics companies to market
natural and environmentally friendly products,
Natura has a reputation for social responsibility. The
company is also known for its emphasis on research
and development and its use of ordinary people
rather than supermodels in its advertisements.
Ipiranga is Brazil’s largest private fuel distribution
company, with a network of approximately 7,100
service stations.
After expanding in rural Brazil during the 1960s and
70s, Ipiranga became a national brand through its
acquisition of Atlantic in 1993. In 2008, Grupo Ultra
bought both Ipiranga (in most regions), and Texaco,
as Chevron was known in Brazil. The collection of gas
stations began to consolidate under the Ipiranga name.
The brand, with its slogan “Passionate about cars, like
every Brazilian” (“Apaixonados por carro, como todo
brasileiro”) is well known by Brazilians. This strong
equity plays a role in swaying consumer decisions in a
highly commoditized category where convenience is
often the key driver.
Antarctica is a leading Brazilian beer and soft drink.
Launched in 1885 in São Paulo, Antarctica adopted
the image of two penguins as its logo in 1935. This
logo continues to symbolize the brand. Antarctica
beer is positioned as “the beer for the good moments
of life.” The brand’s most popular soft drink is a soda
called Guaraná Antarctica made from the tropical
guaraná berry.
In 1999, Antarctica combined with Brazil’s other
large beer brand, Brahma, to form AmBev, which
subsequently joined with Belgium’s Interbrew to
become the world’s largest beer marketer, now
called AB InBev.
Lojas Americanas operates a national chain of
discount department stores.
One of Brazil’s largest non-food retailers, Lojas
Americanas sells over 60,000 items in categories
including apparel, health and beauty, home
furnishings, and toys. With distribution centers in
São Paulo, Rio de Janeiro, and Recife, the company
has approximately 950 stores in Brazil as well as
an online presence. The brand has a long heritage in
Brazil – it was established in 1929 – and is popular
with consumers from all income groups.
Bohemia is a leading premium beer in Brazil.
Established in 1853, Bohemia enjoys the distinction
of being the oldest beer brand in Brazil as well as the
leader in the premium segment, thanks to a strategy of
limiting distribution to select locations and introducing
limited edition offers. The Bohemia brand is available in
four variations, including wheat and dark beers.
Bohemia was acquired by Brazilian brewer Antarctica
Paulista in 1961. The brand became part of an even
larger brewer in 1999 when Antarctica Paulista and
Brahma brewery merged to created Ambev. Then in
2004, Belgium-based InterBrew acquired a majority
interest in AmBev to form a new global brewing giant
known as InBev. In 2008 Bohemia became part of a still
larger company known as Anheuser-Busch InBev.
PARENT COMPANY BTGPactualSA
INDUSTRY Banks
WEBSITE www.btgpactual.com
PARENT COMPANY BRF–BrasilFoodsSA
HEADQUARTERS Itajaí
INDUSTRY Food&Dairy
WEBSITE www.sadia.com.br
PARENT COMPANY CieloSA
HEADQUARTERS Barueri
INDUSTRY Payments
WEBSITE www.cielo.com.br
PARENT COMPANY NaturaCosméticosSA
HEADQUARTERS ItapecericadaSerra
INDUSTRY PersonalCare
WEBSITE www.natura.com.br
PARENT COMPANY UltraparParticipaçõesSA
INDUSTRY Retail
WEBSITE www.ipiranga.com.br
BRAND VALUE US$1,072 million
INDUSTRY Beer
WEBSITE www.antarctica.com.br
PARENT COMPANY LojasAmericanasSA
HEADQUARTERS RiodeJaneiro
INDUSTRY Retail
WEBSITE www.lojasamericanas.com.br
INDUSTRY Beer
WEBSITE www.bohemia.com.br

46 47
BRAZIL
BRAND STORIES
1713
1915
1814
2016
A retail chain specializing in furniture and
home appliances, Casas Bahia was acquired in
2009 by Grupo Pão de Açúcar.
Since its establishment in 1952, Casas Bahia has
appealed to low-income customers by offering
in-store credit and a reputation for quality and
affordability. The acquisition by Grupo Pão de
Açúcar meant the company was then well placed
to benefit from increased consumer spending
by Brazil’s rising middle class. Since 2010 Casas
Bahia has reached customers throughout Brazil,
with more than 500 stores and a web presence.
Petrobras is Latin America’s fourth largest company
in market value and the world’s fourth-largest energy
company in terms of production of oil and gas.
Controlled by the Brazilian government, Petrobras
is publicly traded and operates in 28 countries. The
brand is highly regarded for its deep-sea exploration
and is credited with enabling Brazil to achieve
energy self-sufficiency. The company also operates
oil refineries and a network of gas stations. This
national presence contributes to the brand’s stature
in Brazil, which is also enhanced by its reputation for
social responsibility and high-profile sponsorships of
sporting and cultural events. Since 2014 the company
has suffered problems with falling oil prices, exchange
rate depreciation and corporate governance.
Vivo is the largest telecommunications company in
Brazil, with over 106 million users: 82.7 million in
mobile (in which it holds the largest market share
29.3% - June/15), and 23.7 million fixed-line users.
As the result of a joint venture between Telefónica, the
Spanish telecommunications provider, and Portugal
Telecom (PT), Vivo invests heavily in advertising to
deliver its message, “Best coverage in Brazil.” In 2010,
Telefónica bought PT’s shares, and Vivo has since
advanced Telefónica’s strategy by building brands
around the convergence of phone, TV, and Internet
communication.
Banco do Brasil is the oldest active bank in Brazil
and one of the oldest financial institutions in the
world. It is also the largest Latin American bank in
terms of total assets (considering both SOE and
private banks).
Banco do Brasil played an important role during
the global financial crisis in 2008-2009, providing
credit at affordable rates to small- and medium-
sized companies. Founded in 1808 by Prince Regent
João VI to fund the debt of a kingdom that included
Portugal, Brazil, and the Portuguese colonies in
Africa, Banco do Brasil is a publicly traded company
that is controlled by the Brazilian government.
Pão de Açúcar is a neighborhood supermarket with a
focus on the middle class consumer.
Pão de Açúcar is part of the giant retail conglomerate
Group Pão de Açúcar, which began as a pastry shop
in 1948 and now includes more than 180 stores. The
brand is known for quality, innovation, and strong
customer service. The chain enjoys high levels of
shopper loyalty, and was among the first supermarkets
to offer imported products during the 1990s.
One of Brazil’s leading insurance companies, Porto
Seguro offers a comprehensive portfolio.
With products spanning vehicle, health, accident, life
and personal injury insurance, Porto Seguro offers
policies to individuals, families, companies, and
government agencies in Brazil and Uruguay through
direct and indirect subsidiaries. Since the company
established an alliance with Itaú in 2009, Porto Seguro
products have been available at the bank’s branches.
The 2009 merger of Perdigão and Sadia into BRF,
created the world’s largest poultry company.
Perdigão is one of Brazil’s largest food producers,
specializing in frozen and chilled products. Its range
of about 3,000 items is distributed throughout Brazil
and to more than 100 countries. The company’s scale
enables it to pursue a low-cost producer strategy.
Established in 1934 as Brandalise, Ponzonie & Cie, the
company changed its name to Perdigão SA in 1958. It
began exporting in 1975 and went public in 1980.
The Schin brand is one of the most popular beers in
the country, with a significant presence in São Paulo
State and the northeast region.
The story began with a small and simple plant in 1939
in São Paulo. At that time, the production line was
limited to soft drinks; it only started producing its first
Pilsen beer in 1989. Today the brand’s product line
consists of beer, draft beer, soft drinks and mineral
water. These are distributed throughout Brazil, as well
as several countries of Mercosur, Asia and Europe.
Japanese Kirin Holdings acquired the Schincariol Group
in 2011.
PARENT COMPANY GrupoPãodeAçúcar
INDUSTRY Retail
WEBSITE www.casasbahias.com.br
PARENT COMPANY PetróleoBrasileiroSA
INDUSTRY Oil&Gas
WEBSITE www.petrobras.com
PARENT COMPANY VivoParticipaçõesSA
WEBSITE www.vivo.com.br
PARENT COMPANY BancodoBrasilSA
HEADQUARTERS Brasília
INDUSTRY Banks
WEBSITE www.bb.com.br
INDUSTRY Retail
WEBSITE www.paodeacucar.com.br
PARENT COMPANY PortoSeguroSA
INDUSTRY Insurance
WEBSITE www.portoseguro.com.br
PARENT COMPANY BRF–BrasilFoodsSA
HEADQUARTERS Itajaí
INDUSTRY Food&Dairy
WEBSITE www.perdigao.com.br
PARENT COMPANY BrasilKirinSA
INDUSTRY Beer
WEBSITE www.schin.com.br

48 49
BRAZIL
BRAND STORIES
2521
2723
2622
2824
Anhanguera Educacional is one of Brazil’s largest
private education companies.
Founded in 1994 by a group of professors, Anhanguera
Educacional Participações provides post-secondary
education to prepare individuals for productive roles
in Brazil’s fast-developing economy. With more than
73 campuses and hundreds of long-distance learning
centers, Anhanguera serves more than 400,000
students, many of who come from lower income and
rural backgrounds. In 2013 Anhanguera was acquired
by Kroton Educacional, creating the world’s largest
educational group with more than 1.4 million students.
Smiles is engaged in loyalty rewards. It was initially
developed in 1994, as a part of Varig (a Brazilian
airline company that went bankrupt in 2010).
Today Smiles is an independent business unit that
administers, manages and operates exclusively The
Smiles Program’s GOL Linhas Aéreas
The company has partnerships with companies and
various branches of the market providing benefits,
products and services institutions, in addition to
rewards for air services. The Smiles Program has over
10 million members and 150 air and non-air partners.
Seara is Brazil’s largest exporter of pork meat.
The story began in 1956 in the city of Seara City,
in Santa Catarina (a state in Brazil), with the
inauguration of the first large fridge in the region.
The expansion of business and investments in
quality processes and products made the Seara
brand synonymous with quality in poultry and
pigs, both “in natura” and processed.
Seara is controlled by JBS Group, a world leader
in processing and exporting of bovine, ovine
meat and poultry.
Iguatemi is one of the largest shopping mall
operators in Brazil.
The company designs, develops and operates
regional centers throughout the country.
Formed in 1979, the company initiated its
shopping center activity with the acquisition of
Construtora Alfredo Matias SA. The transaction
included an ownership interest in Iguatemi São
Paulo, which was constructed in 1966 as the
first shopping center in Brazil. The company
also developed the first shopping center in the
Brazilian countryside – Iguatemi Campinas –
and the first shopping center in the southern
region of Brazil – Iguatemi Porto Alegre.
TOTVS is Brazil’s largest provider of integrated
information technology solutions and the second
largest in Latin America.
Known for its innovation and high level of customer
service, TOTVS has been growing rapidly and
delivering strong financial results. The company’s
origins date back to a service bureau called SIGA
(Sistemas Integrados de Gerência Automática
Ltda, formed in 1969. In 2006, in advance of an
IPO, the company changed its name from Microsiga
Software SA to TOTVS SA. It is currently the leader
in ERP in Brazil, with 50 percent of market share.
Amil is the largest provider of managed health care
in Brazil.
From its beginnings in 1972 with the acquisition of
Casa de Saúde São José (a small maternity clinic in
the city of Duque de Caxias), Amil has expanded both
organically and through strategic acquisitions and
now has about five million members. The company
provides medical plans for both individuals and
businesses, and its network of providers includes
more than 3,300 hospitals, 11,000 clinics and 12,000
laboratories. UnitedHealth Group, the giant Amercian
healthcare company, bought Amil operations in 2012.
Multiplus provides a network of loyalty programs
across diverse business sectors and currently has
almost 13.8 million participants.
The sectors include airlines, hotels, rental cars, retail,
banking and gas stations. Multiplus members enjoy
the flexibility of earning and redeeming points without
restriction within the network. TAM Airlines formed
the company in 2009 to expand and strengthen its
own frequent flyer program. In addition to TAM, the
list of partnerships includes Oi (telecommunications),
Livraria Cultura (bookstore), Accor (hotels), Peugeot
(cars) and Apple (technology). Multiplus also provides
services for managing, interconnecting and operating
customer loyalty programs.
Vale is the third-largest mining company in the world
and the largest producer of iron ore and nickel.
The company gains more than 50 percent of its
revenue from iron ore. Diverse mining operations
including copper, bauxite, potash and aluminum
generate the balance of revenues. One of Brazil’s
largest logistics companies with railroads, ports and
fleets of ships, Vale also operates in the electric energy
sector, participating in several consortia and running
nine hydroelectric plants. Originally government-
owned, Vale became a private company in 1997.
PARENT COMPANY KrotonEducacional
HEADQUARTERS BeloHorizonte
INDUSTRY Education
WEBSITE www.anhanguera.com
PARENT COMPANY SmilesSA
INDUSTRY LoyaltyPrograms
WEBSITE www.smiles.com.br
PARENT COMPANY JBSSA
INDUSTRY Food&Dairy
WEBSITE www.seara.com.br
PARENT COMPANY IguatemiEmpresasdeShoppingCenters
INDUSTRY Retail
WEBSITE www.iguatemi.com.br
PARENT COMPANY TOTVSSA
INDUSTRY Technology
WEBSITE www.totvs.com
PARENT COMPANY UnitedHealthGroup
INDUSTRY HealthCare
WEBSITE www.amil.com.br
PARENT COMPANY MultiplusSA
INDUSTRY LoyaltyPrograms
WEBSITE www.multiplusfidelidade.com.br
PARENT COMPANY ValeSA
INDUSTRY Mining
WEBSITE www.vale.com

50 51
BRAZIL
BRAND STORIES
3329
3531
3430
3632
Lojas Renner is Brazil’s largest apparel retailer.
Having expanded rapidly following a public offering
in 2005, Lojas Renner now operates around 260
stores all over Brazil. The organization began in 1912
as AJ Renner, a retailer specializing in outdoor gear
for gauchos in rural areas. The style became popular
with city customers. The company transformed into
a department store retailer, with an expanded range,
during the 1940s. It was renamed Lojas Renner in 1965
and became publicly traded in 1967.
Buscapé is a free search engine for comparing prices
and products and connecting consumers and sellers.
It is the largest free search engine in Latin America
with approximately 30 million visits per month and
over 11 million registered products. Buscapé establishes
business partnerships with shops, brands and products
and groups and then organizes their goods and services
in an online marketplace, making the purchase process
much quicker and easier for customers. In 2009,
Buscapé sold 91% of its shares to South African media
conglomerate Naspers Limited, through its digital
media company MIH Holdings – a move which has
contributed to the internationalization of the brand.
Magazine Luiza is one of Brazil’s largest appliance
retailers.
The chain focuses on serving the nation’s low-to-middle
income consumers. It employs more than 24,000
people and operates a network of 736 stores. These
stores are located in 16 Brazilian states and supported
by a network of eight distribution centers.
Magazine Luiza was one of the first companies to adopt
the multichannel approach to retail. Brazil’s second
largest online retailer, it is also an innovator in the use
of social media to drive online sales, which grew 40
percent last year and now account for 11 percent of
total company sales.
Embraer is the third largest commercial aviation
company in the world.
Embraer was created in 1969 as an initiative of the
Brazilian government in a strategic project to establish
the aviation industry in the country. Privatized in 1994,
the company designs, develops, manufactures and
markets systems and aircrafts. Its core business is the
business segment of Commercial Aviation, Executive
Aviation, and Defense & Security Systems.
It has factories and offices in various parts of the
world and more than 5,000 aircraft delivered on all
continents. Today it is one of the leading aerospace
exporters in the world.
OdontoPrev is the largest dental benefits company in
Brazil, with over five million members.
The organization develops dental plans for corporate,
institutional and not-for-profit clients. The OdontoPrev
network includes approximately 25,000 certified
dentists of which approximately 16,000 are specialists
and post-graduates, located in more than 2,000 cities
throughout Brazil. To reach people in the underserved
rising middle class, OdontoPrev recently launched an
initiative to sell dental plans directly to consumers.
Extra is a multi-sector banner of Brazil’s largest
retail conglomerate, Grupo Pão de Açúcar.
Extra’s retail portfolio includes over 130 hypermarkets
called Extra Hiper; the convenience store Minimercado
Extra and approximately 204 full-line supermarkets
called Extra Supermercado. The brand also includes
pharmacies called Drogarias Extra, (located within
existing Extra outlets) and operates Extra gas
stations at some retail locations. It runs home
appliance stores and is also present online.
Estácio is one of Brazil’s largest private-sector post-
secondary groups, in terms of student numbers.
With a strong presence across most of Brazil, Estacio
has more than 500,000 students distributed in
university centers and colleges. There are more than
5,000 teachers offering post-graduate courses,
undergraduate and other educational courses. It is also
well known for offering Summer Courses open to the
community in the months of July and January.
Localiza operates the largest car rental network in
Brazil.
Localiza began its rental operations in 1973, with six
used and financed Volkswagen Beetles in the city
of Belo Horizonte. Today it has 560 branches in 243
cities throughout Brazil and eight other countries in
Latin America. The expansion beyond Brazil was made
possible by the franchising of Localiza’s branches. Its
total fleet is over 118,000 cars. Localiza also offers
commercial leasing and used car sales.
PARENT COMPANY LojasRennerSA
HEADQUARTERS PortoAlegre
INDUSTRY Retail
WEBSITE www.lojasrenner.com.br
PARENT COMPANY Naspers
INDUSTRY Technology
WEBSITE www.buscape.com.br
PARENT COMPANY MagazineLuizaSA
INDUSTRY Retail
WEBSITE www.magazineluiza.com.br
PARENT COMPANY EmbraerSA
INDUSTRY Airlines
WEBSITE www.embraer.com.br
PARENT COMPANY OdontoPrevSA
INDUSTRY HealthCare
WEBSITE www.odontoprev.com.br
INDUSTRY Retail
WEBSITE www.extra.com.br
PARENT COMPANY EstácioParticipaçõesSA
INDUSTRY Education
WEBSITE www.portal.estacio.br
PARENT COMPANY LocalizaSA
HEADQUARTERS BeloHorizonte
INDUSTRY CarRental
WEBSITE www.localiza.com

52 53
BRAZIL
BRAND STORIES
4137
4339
4238
4440
CVC is the largest tourism operator in Brazil and
Americas.
CVC was founded in 1972 by Guilherme Paulus and
Carlos Vicente Cerchiari (the CVC brand comes from
the initials of this name). It is based in the city of Santo
André (near capital of São Paulo State).
Over the decades, CVC has expanded its business
into selling tourism packages with air transportation,
and exclusive chartering of transatlantic vessels and
aircraft. It has also opened stores in malls and today
has 936 outlets across the country, as well as a virtual
presence. In 2009, the private equity fund The Carlyle
Group bought a 63.6% stake from Paulus.
GVT is one of the country’s three most recognized
brands in the segment of fixed line and pay TV.
Present in Brazil since 2000, Global Village Telecom
(GVT) was originally a subsidiary of a Dutch company
with the same name and the American companies
ComTech Communications Technologies and RSL. In
2009 GVT was sold to Vivendi, a French media group.
Three years ago GVT was sold to Telefónica.
GVT’s offering spans high speed internet, pay TV, fixed
line and telecom solutions for corporate enterprise.
Havaianas produces flip-flop sandals, selling around
360 million pairs annually in over 107 countries.
The company introduced the sandals in the early 1960s,
adopting a Japanese design made from rice straw and
producing it in rubber. With an emphasis on color and
design, starting in early 1990, Havaianas transformed
the shoes from inexpensive and utilitarian to fashion
statements. Havaianas has expanded its operations
through brand franchise stores; currently there are 374
stores across the country.
Taeq offers a varied range of healthy products.
Currently, the TAEQ brand is divided into segments
covering nutrition, organic, sports and beauty.
Created in 2006, Taeq is an own-brand of the
supermarket network Pão de Açúcar Group.
Research commissioned by the Group identified a
type of consumer looking to lead a healthier life.
These findings prompted the creation of a brand
focused on wellbeing, health and quality of life: Taeq.
(The name comes from the Eastern words “TAO”
(path, balance) and “EKI” (vital energy).
BM&F BOVESPA is the leading stock exchange in Latin
America and the second largest in the Americas.
BM&F BOVESPA was created in 2008 through the
integration of the Brazilian Mercantile & Futures
Exchange (BM&F) with the São Paulo Stock Exchange.
BM&F BOVESPA introduced stock investment to
a wider audience while at the same time gaining
credibility in the corporate segment with its record of
successful IPOs.
Drogasil is the fourth largest retail drugstore by sales
revenue in Brazil and has 578 stores throughout
northeast, southeast and midwest regions.
The company has been a retailer of pharmaceutical
healthcare, skin care and personal care products
for the past 75 years. Today it operates more than
280 stores in five Brazilian states and more than 75
cities. In 2011, DrogaRaia and Drogasil merged to
become Raia Drogasil S.A., the largest company in the
pharmaceutical retail segment in Brazil.
Adria produces and distributes crackers, cookies,
biscuits, and pasta products.
The brand was established in 1951 in Porto Alegre,
southern Brazil, by a family of Italian immigrants.
In 2001, four companies within the sector (Adria,
Basilar, Isabela and Zabet) integrated to centralize
strategic planning, streamline operational processes
and maximize market opportunities. In 2003, Adria
was acquired by Group M. Dias, a national leader in
the manufacture and sale of biscuits and other food
products.
BomPreço, a Walmart Brasil brand, is a traditional
supermarket chain known for quality, convenience
and low prices.
The first BomPreço supermarket began in 1966 in a
small warehouse within the Brazilian northeast. It has
since grown to become one of the largest supermarket
chains in that region.
The input of its parent company, the major North
American retail chain WalMart, has enabled the
technological modernization and the expansion of the
BomPreco network to 61 stores.
PARENT COMPANY CVCTurismo
HEADQUARTERS SantoAndré
INDUSTRY TravelAgencies
WEBSITE www.cvc.com.br
PARENT COMPANY GlobalVillageTelecomSA
HEADQUARTERS Curitiba
WEBSITE www.gvt.com.br
PARENT COMPANY SãoPauloAlpargatasSA
INDUSTRY Apparel
WEBSITE www.havaianas.com
INDUSTRY Food&Dairy
WEBSITE www.taeq.com.br
PARENT COMPANY BM&FBOVESPASA
INDUSTRY StockMarket
WEBSITE www.bmfbovespa.com.br
PARENT COMPANY RaiaDrogasilSA
INDUSTRY Retail
WEBSITE www.drogasil.com.br
PARENT COMPANY MDiasBranco
HEADQUARTERS PortoAlegre
INDUSTRY Food&Dairy
WEBSITE www.adria.com.br
PARENT COMPANY WalmartdoBrasilSA
INDUSTRY Retail
WEBSITE www.bompreco.com.br

54 55
BRAZIL
BRAND STORIES
4945
5047
46
48
Todo Dia’s ‘neighborhood store’ format focuses on
providing low-price every day goods to the consumers.
Todo Dia opened in 2006 in the northeast region of
Brazil. Today it is a network of supermarkets and
hypermarkets of approximately 180 stores throughout
the country. A strong sense of corporate social
responsibility means the company gives priority to
hiring people from the communities where it operates.
GOL is the second largest airline company for
domestic fights in Brazil.
With its low cost, low fare business model, Gol has
democratized air travel in Brazil and South America.
GOL has a route network in South America and
the Caribbean, with almost 900 flights a day to
62 destinations, domestic and international, in 13
countries. The company has several partnerships
with key international airlines, such as Delta Airlines,
AeroMexico and Air France.
TAM is the largest airline of Brazil and Latin America.
Although TAM is now known for its domestic and
international passenger service, the airline began in
1961 as an airfreight company, operating small one-
engine planes from its base in Marília in the state of
São Paulo. As the company grew, it acquired regional
carriers and developed a reputation for good customer
service. In 2010, the company signed an agreement
with LAN, the Chilean airline, to form the LATAM Airline
Group.
Friboi is the beef brand of JBS Group, the largest
meat processing company in Brazil.
Friboi began in 1953 in Anápolis city in the state of
Goiás, where José Batista Sobrinho started selling
beef in his local neighborhood. Later he moved the
business to Brasilia, then the new capital of Brazil.
Within a decade his company had a presence in
many cities in the central-west region and by the
1980s he was selling beef to supermarkets all over
the country.
Friboi became part of JBS Group in 2007.
Droga Raia is Brazil’s fifth largest retail drugstore (by
sales revenue), with a strong presence in southeast,
midwest and southern regions throughout 544 stores.
The story began in 1905 with the opening of Pharmacia
Raia in Araraquara City in the São Paulo state. At that
time, the pharmacist prepared his customer’s medical
prescriptions entirely by hand. The name DrogaRaia
was adopted in 1982 and in 2011, DrogaRaia and
Drogasil merged, becoming Raia Drogasil S.A., the
largest company in Brazil’s pharmaceutical sector.
Arezzo is a leading retailer of women’s fashion
footwear and accessories.
Two brothers, Anderson and Jefferson Birman, created
the Arezzo brand in 1972. Today the brand focuses on
high quality and contemporary designs, introducing
around eight new collections annually. Currently Arezzo
operates 455 brand franchise stores and 53 own
stores. The Arezzo Company also markets under three
other brands: Schutz, Anacapri and Alexandre Birman.
With the inclusion of these brands, the company is
present at more than 2,700 points of sale.
PARENT COMPANY WalmartdoBrasilSA
INDUSTRY Retail
WEBSITE www.mercadotododia.com.br
PARENT COMPANY GolSA
INDUSTRY Airlines
WEBSITE www.gol.com.br
PARENT COMPANY TAMSA
INDUSTRY Airlines
WEBSITE www.tam.com.br
PARENT COMPANY JBSSA
INDUSTRY Food&Dairy
WEBSITE www.friboi.com.br
PARENT COMPANY RaiaDrogasilSA
INDUSTRY Retail
WEBSITE www.drogaraia.com.br
PARENT COMPANY ArezzoIndústriaeComércioSA
HEADQUARTERS CampoBom
INDUSTRY Retail
WEBSITE www.arezzo.com.br

BrandZ Top 50 Most Valuable Latin American Brands 2015 Report

BrandZ Top 50 Most Valuable Latin American Brands 2015 Report

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