Kantar BrandZ’s Top 40 Most Valuable Canadian Brands report was released on Oct. 22, with RBC maintaining the number one spot as the country’s top brand since the report’s inaugural release in 2019.

This year’s rankings are based on interviews with more than 70,400 respondents, on 891 brands in 68 categories. Each brand considered must have originated in Canada and has a continued presence in the country and must be owned by “an enterprise listed on a stock exchange, or by a private enterprise with its complete financial statements available in the public domain,” according to Wednesday’s release.

RBC saw its brand value surge 31% to $46.7 billion USD. While rising interest rates have benefited many banks, much of RBC’s growth reportedly stems from its continuing investment in brand-building, driven by innovations in digital banking, enhanced client experiences and impactful marketing campaigns such as its star-powered push with Will Arnett.

According to Scott Megginson, president of Kantar Canada, the brands discussed were required to navigate a complex landscape, demonstrating remarkable agility, resilience and relevance and are prized by consumers as beacons of trust and innovation.

“Many are tapping into a renewed sense of national pride, delivering products, campaigns and experiences infused with Canadian identity,” Megginson says.

Big Five competitor TD Bank retains the second position in the ranking with a brand value rise of 7% to $24.1 billion USD, with Lululemon rounding out the top three, with a brand value of $15.8 billion USD.

According to Kantar research, retail, financial services and telco categories account for 75% of the brands in the ranking, and more than 80% of its total value.

Apparel brand Aritzia (No. 25; $2.1 billion USD) is the fastest-rising brand, increasing its brand value by 55% through successful expansion into the U.S., a focus on e-commerce and digital innovation, effectively meeting category needs and broadening its appeal by creating a more inclusive experience centred on everyday luxury.

Joining Aritzia in the Top 5 Fastest Risers are iA Financial Group (No. 33; $1.2 billion USD; plus 51%), value retailers Maxi (No. 31; $1.3 billion USD; plus 46%) and Dollarama (No. 9; $7.4 billion USD; plus 42%) and Manulife Financial Corporation (No. 11; $4.8 billion USD; plus 36%).

Loblaw discount banner No Frills (No. 37; $881 million USD; plus 35%) also made a strong move, attributable to 30 new locations in 2024 and offering value.

Last seen in the ranking in 2020, pharmacy chain Jean Coutu (No. 40; $614 million USD) has re-entered the Top 40 this year. It has been delivering on value and expanding its product offerings, with a focus on convenience, personalized loyalty offers and meeting broad category needs.

Telcos make up the second-largest category in the ranking, with six brands accounting for 16% ($33.9 billion USD) of the total value.

Despite the sector facing competitive pressures, regulatory hurdles and shifting consumer expectations, Vidéotron (No. 27; $2 billion USD; +11%) managed to grow its value, driven by strategic infrastructure investments, integration of telecom and content services, a customer-centric approach and its Freedom Mobile offering.

Kantar brands to watch include London Drugs, which is expanding its presence with innovative, sustainable store formats, Polar Ice Vodka – energizing the category with limited-edition releases and distinctive local collaborations – and disruptive household paper brand Bonterra, which a has joined forces with organizations such as Veritree and 4ocean to advance environmental and social responsibility.

Lastly, on average, Kantar brand equity scores for being “meaningful, different and salient,” have risen year-over-year.