Piaggio Group (PIA.MI), Europe’s largest scooter and motorcycle manufacturer and one of the world leaders in the industry, January 20, 2022 shares the findings of a new report that explores the details behind Vespa’s strong brand value – identifying the brand as a key asset in its broader portfolio. The results of the analysis show that in 2021, the Vespa brand value totalled 906m€.
“Vespa is much more than a mobility brand; it symbolises art, design, technology and fun,” says Michele Colaninno, Piaggio Group Board Director for Strategy, Products & Innovation. “Vespa is an icon of style: its uniqueness makes it one of the most admired and desired brands, belonging to the premium space as well as fashion and lifestyle brands. For this reason, we must begin to benchmark it against other global brands beyond pure mobility. That’s why we have asked Interbrand, the world’s leading brand consultancy, to determine and analyse the financial value of the Vespa brand. This is not a finishing line, but simply a new starting point as we continue to build the future of Vespa.”
Findings in the report by the leading brand consultancy Interbrand point to what it describes as “a unique, globally recognized brand, thanks to its perfect combination of design, lifestyle and Italian heritage”, ultimately estimating the Vespa brand value to be 906m€.
“The term ‘iconic’ is overused, but there’s really no other way to define this brand,” says Manfredi Ricca, Interbrand’s Global Chief Strategy Officer. “Vespa is a heritage brand, and yet it is constantly evolving; it’s deeply Italian, and yet globally loved; it’s premium, and yet inclusive. Our valuation work doesn’t only set into numbers the desire and demand for this brand – it also shows Vespa to be essentially a category of one at the intersection of mobility, expression and culture.”
In determining the Vespa brand’s financial value, Interbrand employed proven, proprietary brand valuation techniques, incorporating a comprehensive set of resources, market data, and quantitative studies conducted across Vespa’s 10x key markets.
Among the key contributing factors to Vespa’s overall Brand Strength Score was Distinctiveness within the industry, thanks to the uniqueness and recognizability of its product design and the heritage which characterized this Italian Icon. Affinity also plays a significant role in deriving brand value – highlighting customers’ strong positive feelings toward the brand. Overall the brand plays in an arena that is broader than mobility, addressing needs such as self expression and entertainment.
Vespa represents Italian essence at its very best: a timeless icon whose heritage has inspired millions of people worldwide. The Vespa brand transcends functional product benefits – and is synonymous of lifestyle, delivering the dual benefit of a critical emotional connection with customers.
2021 represented a strong year for Vespa, who celebrated their 75th anniversary, with the launch of Vespa 75th Special Series; more than 19 million units have been produced and sold since 1946 – a milestone reached over the past 12 months. Vespa also saw success across the expansion of its brand-ecosystem – with the launch of the new Vespa 946 Christian Dior, a collaboration with Justin Bieber, and the global resonance generated through the Disney Pixar movie “Luca” in which the Vespa is integral to the film’s plot and narrative.
The 906m€ brand value represents a key milestone for this beloved Italian brand, highlighting the relevance it has among its global audience. It’s a starting point for a long-term plan that pushes Vespa towards new ambitious goals through innovations and global partnerships.
Source: Piaggio Group