Apparel giant Zara is the most valuable Spanish brand in 2025, according to the Kantar BrandZ Most Valuable Spanish Brands report released today. Valued at US$33.9 billion, an increase of 36% in one year, Zara has held the top title since 2017. Zara is perceived by consumers as the most relevant brand in its category, bringing ranges to customers quickly and leading the way in trends.
Movistar, with a brand value of $12.6 billion, has maintained its second position since the first edition of the Kantar BrandZ Spanish ranking in 2017, thanks to its differentiated positioning and a broad ecosystem of activity.
BBVA, on the other hand, enters the Top 3 of the Kantar BrandZ Spanish ranking for the first time with an impressive 39% growth in brand value, reaching $11.4 billion. BBVA has managed to strengthen the brand, both from a financial perspective and by enhancing its notoriety and differentiation in the traditional banking sector.
In total, the Top 30 Spanish brands are worth an all-time high of US$116bn (around €110bn) – a tremendous 15% increase in just 12 months. Growth stands well ahead of the top brands in other European markets, including Italy and the UK. This reflects the buoyancy seen in the Spanish economy, with inflation coming down and GDP significantly outperforming the EU average. Two thirds of the brands in the Spanish ranking have increased their value in the last year.
Kantar BrandZ Top 10 Most Valuable Spanish Brands 2025
| Rank 2025 | Brand | Category | Brand value 205 (US$M) | YoY change (%) |
| 1 | Zara | Apparel | 33,947 | 36% |
| 2 | Movistar | Telecom Providers | 12,619 | -3% |
| 3 | BBVA | Financial Services | 11,350 | 39% |
| 4 | Santander | Financial Services | 9,203 | 21% |
| 5 | Iberdrola | Utilities | 8,715 | -10% |
| 6 | Endesa | Utilities | 5,397 | -30% |
| 7 | Naturgy | Utilities | 3,987 | -16% |
| 8 | CaixaBank | Financial Services | 3,431 | 46% |
| 9 | Mercadona | Retail | 3,011 | 33% |
| 10 | Massimo Dutti | Apparel | 2,839 | 50% |
Apparel and Finance dominate
Consistent with previous years, Apparel and Financial Services are the big winners, and brands within these sectors account for almost two thirds (63%) of the Top 30’s total value. The Apparel category is dominated by the Inditex company, which owns five fast-growth brands in the ranking: Zara, Massimo Dutti (No.10, $2.8bn, +50%), Pull&Bear (No.11, $2.7bn, +45%), Bershka (No.12, $2.7bn, +47%), and Stradivarius (No.14, $2.1bn, +44%). Mango (No.15) is also shining, with a value that is 26% higher than last year, reaching over $1.8bn. Mango is the brand that has seen grown across all three metrics that Kantar identifies as vital for healthy growth: difference, relevance and salience.
The eight banking and insurance brands listed in the ranking are led by BBVA (No.3, $11.4bn, +39%) and Santander (No.4, $9.2bn, +21%).
Fastest Risers and Newcomers
The Fastest Riser this year is Massimo Dutti, with a brand value increase of 50%, driven by a successful strategy of new store openings and positioning itself as a premium retailer. It is one of the most different brands in its sector. Caixabank (No.8; $3.4bn) follows with a 46% increase in its brand value, due to strong financial results and advertising campaigns that have increased its visibility. Also growing by 46% is Banco Sabadell (No.20, $0.7bn), driven in part by the emotionality of its advertising campaigns, which have resonated with consumers.
Mercadona (No.9, $3.0bn, +33%) has grown its share of Spain’s modern supermarket trade to almost 37% in the last year. Its promise of quality, innovation and good value predisposes shoppers to choose it. Over the past year, it has attracted consumers with new store launches, refurbishments, and the introduction of a new format, Ready to eat.
Two brands have re-entered this year’s Top 30. SEAT (No.28, $0.4bn) is one of Spain's most iconic and recognisable international brands. Its cars have been part of consumers’ lives for many generations and the brand remains in great shape as it celebrates its 75th anniversary. Hotel chain Meliá (No.30; $0.3bn) has responded well to the renewed desire to travel with options from Caribbean luxury to urban sophistication that appeal to broad target audiences.
‘Local jewels’ shine
Looking beyond the Top 30, smaller Spanish brands have also been forging a stronger connection with consumers and satisfying unmet needs with offerings that stand out and are highly relevant to people’s lives. They have been building the foundations of brand equity to position themselves well for future business growth. One example is Paradores, which operates a selection of distinctive, historic hotels across Spain that differentiates it from the giants of the sector.
Untapped opportunities: pricing, global expansion and difference
The total dollar value of the Spanish Top 30 is still significantly smaller than the Top 30 in broadly comparable markets, showing there is room for growth. For instance, BrandZ data indicates that a handful of brands could charge higher prices than they do, and still feel like a good deal to consumers: BBVA, Endesa (No.6, $5.4bn, -30%), Mercadona, Mutua Madrileňa (No.21, $0.7bn, +19%), and Glovo (No.22, $0.6bn, +2%).
This year, the Spanish Top 30 have accomplished world-class growth, and this should be the source of tremendous pride. These brands are well known and well understood, and they’re firm favourites both in Spain and its major export markets. Meanwhile, one third of the brands in the Top 30 have low levels of Meaningful Difference, the essential driver of growth. If they prioritise meeting people’s functional and emotional needs, and offering things others do not, this will be a catalyst for value growth. This demands a focus on three strategic accelerators: encouraging more people to purchase, being more present, and finding new spaces in which to grow.
Further trends from the 2025 Kantar BrandZ Most Valuable Spanish Brands report include:
• Growing, valuable brands set themselves apart from their competitors by being Meaningfully Different. Kantar BrandZ research over several decades has shown that the brands that grow in value and deliver market-beating stock market returns are those with higher-than-average levels of Meaningful Difference.
• The Top 30 brands outperform other Spanish brands, on average, when it comes to justifying their pricing. Zara, Iberdrola (No.5, $8.7bn, -10%), and Estrella Galicia (No.27, $0.4bn, +5%), in particular excel in ‘pricing power’ – the ability to justify what they charge.
• Successful brands create memories that separate them from others. If brands don’t set themselves apart, they risk falling behind. The most different brands in Spain’s Top 30 include BBVA, Mercadona, Estrella Galicia and Massimo Dutti. Currently, 33% of brands in the ranking lack difference, compared to only 23% of the leading global brands.
The Kantar BrandZ Most Valuable Spanish Brands ranking, report and extensive analysis are available now at www.kantar.com/campaigns/brandz/spain
For a quick read on a brand’s performance compared to competitors in a specific category, Kantar’s free interactive tool, BrandSnapshot powered by BrandZ, provides intelligence on 14,000 brands. Find out more here.
