Brand Finance ranking 2026: JD.com rises, Tmall slips

What happened China’s five biggest retail brands created more value over the past year even as their hold on consumers weakened, according to Brand Finance's annual Retail 100 ranking, released earlier this week. JD.com, Pinduoduo, Taobao, Tmall and Meituan were worth a combined $68.4 billion, up 3% from a year earlier, and all five placed in the global top 30. Yet, every one posted a lower Brand Strength Index score, which measures how consumers perceive a brand and how loyal they are to it. Price wars are making it harder for platforms to stand apart. JD.com led the group. Its brand value climbed 12% to $21.1 billion, eighth worldwide, and it ranked fifth globally for brand strength. Tight cost control lifted adjusted net profit 21% in the second quarter, even as revenue slipped. Pinduoduo gained 6% to $13.9 billion. Taobao rose 3% to $12.2 billion, helped by its instant-delivery service. Tmall fell 3% to $11 billion after complaints about counterfeits and refunds, and its strength score dropped more than eight points. Meituan fared worst, sliding 13% to $10.2 billion amid a food-delivery price war and scrutiny of its courier penalties. "The next phase of growth will be won on trust," said Scott Chen, Brand Finance's managing director for China. For luxury and premium labels that sell through these platforms, the lesson is plain: scale no longer guarantees standing with shoppers. Merchant quality and dependable delivery now count for more. Globally, Amazon kept the top spot at $369.9 billion, while Spain's Mercadona was named the strongest retail brand. The Jing Take: The gap between rising brand value and falling brand strength shows where the platforms are vulnerable. Value follows revenue and scale, which these companies still have. Strength follows how shoppers feel about them, and that is where they are slipping. For luxury and premium labels, Tmall is the one to watch. Its Luxury Pavilion has been the default digital address for Western houses since 2017, and a marketplace associated with fakes and refund disputes is an awkward host for brands whose prices rest on guaranteed authenticity. The retreat is already visible in beauty: Filorga (菲洛嘉) closed its Tmall flagship this year despite more than 3 million followers, one of more than 22 international beauty brands to pull back from China in 2026. JD.com points the other way. Its edge has never been discovery, or entertainment. It is the promise that the product is genuine and arrives on time. As cautious shoppers delay or downsize purchases, that unglamorous reliability becomes a selling point, especially for high-ticket items where a bad experience is costly. Meituan's fall carries a quieter warning. Instant delivery has become a growth channel for beauty and fragrance, but labour controversies can reflect on any brand that relies on the platform's couriers. The broader consequence is that choosing a platform is now a brand decision, not just a distribution one. Being present across Tmall, JD, Douyin, Xiaohongshu and Meituan is expensive and increasingly risky. Brands that use fewer channels and police them harder stand to protect both margins and image. Scale built China's platforms. Credibility will decide which ones premium brands stay on.

Brand Finance ranking 2026: JD.com rises, Tmall slips

How 2026 welcomed ‘Too Cool’ back

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Brand Finance ranking 2026: JD.com rises, Tmall slips

How 2026 welcomed ‘Too Cool’ back