Financial Information and Brand Value Reflections, Challenges and Limitations

Introduction ix

Chapter 1. The Brand as a Source of Value Creation 1

1.1. The historical, legal and economic character of the concept of a brand 1

1.1.1. The brand’s historical character 3

1.1.2. The brand’s legal character 7

1.1.3. The brand’s economic nature 14

1.2. Brand value and brand equity 17

1.2.1. Definition of the brand value concept 17

1.2.2. Definition of brand equity 20

Chapter 2. Brand Development 29

2.1. The brand, an intangible asset 30

2.1.1. The growing role of the intangible 30

2.1.2. The multiple concepts linked to the notion of assets 31

2.1.3. The importance of intangible assets 35

2.2. The valuation of brands: presentation of the different standards and methods 36

2.2.1. Accounting standards related to brand valuation 36

2.2.2. The main methods of brand valuation 42

Chapter 3. Value Review and the Acquisition of the GUCCI Brand 61

3.1. The GUCCI brand 62

3.1.1. Presentation of the Pinault-Printemps-Redoute and Gucci Groups 62

3.1.2. Management of luxury brands 65

3.1.3. The battle for the GUCCI brand 72

3.2. Analysis of the financial information disclosed by the Pinault-Printemps-Redoute Group during the transaction 75

3.2.1. Recognition of the GUCCI brand in the financial statements of the Pinault-Printemps-Redoute Group 75

3.2.2. GUCCI brand valuation methods 81

3.2.3. Brand valuation methods described in the financial documents of the Pinault-Printemps-Redoute Group and presented to shareholders 84

3.3. Conclusion 87

Chapter 4. Analysis of the Practices of Thirty-Seven International Companies 91

4.1. Dissemination of financial information on real assets 91

4.1.1. The boundary between mandatory and voluntary information 92

4.1.2. The main vehicle for disseminating financial information 94

4.1.3. Financial information and brand development 96

4.2. Empirical analysis 98

4.2.1. Prior exploration 98

4.2.2. Confirmatory analysis 100

4.2.3. The sampling method and the measuring instruments used 101

4.3. Determining a typology of information offer in relation to brands 112

4.3.1. Data processing mode 112

4.3.2. Processing of “Y” 2011 and “Y” 2012 years data 113

4.3.3. Presentation of results 115

Chapter 5. Determinants of Brand Disclosure 119

5.1. The offer of information related to brands 119

5.1.1. Internal variables 120

5.1.2. External variables 121

5.2. Processing the data collected: measuring correlations 125

5.3. Presentation of results 129

5.3.1. Test results for the year 2011 129

5.3.2. Test results for the year 2012 131

5.4. Conclusion 132

Conclusion 135

Glossary 149

References 153

Index 161

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