Vespa may not be the company that invented the scooter but they sure made it to be one of the most iconic two-wheelers in the world, and their design is pretty much become the standard for all scooters that we know today.
Just recently, Piaggio Group – the owner of the Vespa brand – has reported that Vespa is now valued at EUR 906 million (about Php 52 billion).
“Vespa is much more than a mobility brand; it symbolizes 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 analyze 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 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 EUR 906 million.
“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 10 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 with 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 EUR 906 million 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.
To put it in perspective, the EUR 906 million brand value of Vespa is about 0.28% of our country’s 2021 total GDP.