IHCL’s flagship brand received top honours from Brand Finance due to a strong showing across parameters like marketing investment, stakeholder equity, and business performance.
Indian Hotels Company Ltd’s class-defining brand Taj has been rated as the number one hospitality brand in India by brand valuation consultancy, Brand Finance, in its ‘India 100 2021’ report. Hearteningly, South Asia’s largest hospitality company also continues to retain its position among the top two strongest brands in India across all sectors.
Puneet Chhatwal, Managing Director & Chief Executive Officer, Indian Hotels Company Ltd, said, “We are delighted that Taj has been ranked as one of the nation’s strongest brands and Number One in the hospitality industry for the second consecutive year, despite the hotel industry being under lockdown for half the year. The Taj brand has been a hallmark of excellence for over a century, and we remain committed to meeting evolving needs of all our stakeholders.”
Brand Finance defines Brand Strength as the efficacy of a brand’s performance on intangible measures, relative to its competitors. The report tallies a BSI (Brand Strength Index) score of 89.3 out of 100 and a corresponding elite AAA brand strength rating for the Taj brand. These ratings are based upon aspects such as marketing investment, stakeholder equity, and business performance.
IHCL’s innovative business-boosting strategies, COVID mitigation, and community support programmes also received strong weightage during the ranking process.
The culmination of a successful journey
Incorporated by Tata Group, founder Jamsetji Tata, IHCL opened its first hotel – The Taj Mahal Palace – in Bombay in 1903. Since then, it has amassed a portfolio of 221 hotels including 55 under development globally across four continents, 12 countries, and in over 100 locations.
IHCL has made significant progress under its Aspiration 2022 strategy, the key elements of which are re-engineer, re-structure, and re-imagine. The company has re-engineered its financial performance with a continued focus on top-line growth, profitability, and margin expansion. It has also adopted measures to ensure a healthier balance sheet with debt reduction, asset management initiatives on the sale of non-core assets, as well as higher cash flows.
The hospitality behemoth has also harnessed its portfolio – of Taj, SeleQtions, Vivanta, and Ginger brands that span different segments – to drive asset-light growth through management contracts of hotels. Recently, it has strengthened its individual service brand – The Chambers – Taj’s exclusive business club with enhanced features and added over 100 new members. It also announced an extension in London. The company launched – niu&nau – a chain of salons to capture the growing beauty and grooming segment as well.
The company is re-imagining its F&B offerings. It has allied with AB InBev, the world’s leading brewery, for an industry-first on-site chain of microbreweries. It has also partnered with the Italian restaurant chain, Paper Moon, to open the first outpost in India at the Taj Fort Aguada Resort & Spa.
Their commitment to fostering the qualities of ‘Tajness’ across the brand is certainly working wonders for IHCL.