Monarchy

2017
The annual report on the value of the British Monarchy
November 2017

To coincide with the granting of the Brand Finance Coat of Arms

by the College of Arms

Contents Foreword
Foreword 3 This year marks exactly 25 years since the Windsor Castle fire – the event
that came to symbolise the nadir of the sovereign’s annus horribilis.
Executive Summary 4
A quarter of a century on from one of its most turbulent years, the British
Brand Finance Network Comments 10 Monarchy is enjoying immense popularity. As the Queen and Duke of
Methodology 12 Edinburgh celebrate their Platinum Wedding Anniversary and reduce their
public engagements, the attraction of the youngest generation of the Royal
The Value of Royal Warrants 14 Family ensures the institution’s survival in the future.

The Monarchy and British Luxury Brands in China 15 Thanks to this combination of high esteem and universal appeal, the
Monarchy’s influence extends far beyond pomp and circumstance, and
Coats of Arms – Past and Present 16
generates a substantial uplift to the UK economy, spanning various
Why Coats of Arms Matter to Brands 17 David Haigh industries.
CEO
Brand Finance Coats of Arms Service 18 Brand Finance plc Since its inception in 2012, our study attempts to capture the contribution
generated by the Monarchy to tourism, trade, media, and the effect it has on
About Brand Finance & Contact Details 19 d.haigh@brandfinance.com Brand Britain as well as on British corporate brands benefitting from Royal
Warrants and Coats of Arms but also informal endorsements from members
of the Royal Family.

This year, Brand Finance once again estimated the total value of the
Monarchy, as if it were a business, and the financial benefits it brings to the
British taxpayer at a surprisingly low cost.

The results are astonishing as the total value of the Monarchy has surpassed
£67 billion.

The team and I hope you enjoy this report and look forward to speaking to
you soon.

2. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 3.

Executive Summary

Monarchy
Not dissimilar to the way Royal Warrants help businesses
they are issued to, Coats of Arms are also a powerful
Growing every year since the inception of the study in Royal Warrants and Coats of Arms marketing tool. Granted by the College of Arms, they are
2012, the value of the British Monarchy in 2017 amounts to a mark of quality, confirming the company’s reputability.
approximately £67.5 billion. The respect for the institution of Monarchy boosts the With an appropriate strategy in place, they can influence
price and volume premium of brands boasting a Royal stakeholder perceptions and help build brand equity. We
The Monarchy’s tangible assets – the Crown Estate, Warrant or a Coat of Arms. While both types of marks are have estimated the added value of Coats of Arms at £19.3
the Duchies of Lancaster and Cornwall, and the Royal a means of building trust in a commercial brand, Royal million, equal to 10% of the uplift generated by Royal
Warrants have a larger impact on customers as they £13.1 BILLION £11 BILLION
Collection, including the Crown Jewels – account for £25.5 Warrants. The difference can be attributed mostly to the
billion. The intangible value, understood as the present communicate direct links with the Royal Household. fact that many brands which have a Coat of Arms, do not
value of the benefits that the Monarchy is expected to utilise its full marketing potential, and many that would
bring the UK economy over the years, constitutes the We have estimated that this year, Royal Warrants were be eligible (which includes those domiciled across the
remaining £42 billion. responsible for an overall uplift of £193.3 million to UK Commonwealth and in the United States), are not aware of
brands. Currently, over 800 brands, an overwhelming the opportunity.
In 2017, the Monarchy generated an estimated gross uplift majority of which is domiciled in Britain, whose goods and
of £1.766 billion to the UK economy. This contribution services are used by the Queen, Prince Philip, and Prince Tourism
includes the Crown Estate’s surplus of just under £329 Charles, are in possession of a Royal Warrant.
million as well as the Monarchy’s indirect effect on various The appeal of pomp and circumstance set in living royal
industries, such as tourism, trade, media and arts, the Although the business importance of court connections residences draws millions of tourists every year. We
has somewhat diminished in the UK over the years, the estimate that the overall uplift to the sector is a staggering £0.9 BILLION £0.5 BILLION
price and volume premium attributable to Royal Warrants
and Coats of Arms, the benefits enjoyed by charities and royal endorsement remains highly beneficial to brands £550 million, making the contribution to tourism the largest
institutions under royal patronage, the advertising value exporting abroad – especially to China, the Middle East, of the benefits generated by the Monarchy. In 2016, over
of extra coverage for Brand Britain in global media, and and the US. An academic experiment by the University 2.7 million tourists visited Buckingham Palace, Windsor
finally the commercial boost experienced by British brands of Warwick’s Professor Qing Wang indicated that 70% of Castle, the Palace of Holyroodhouse and other key royal
informally endorsed by members of the Royal Family. Chinese shoppers would rather buy a product with than attractions. An additional boost comes from merchandise
without a Royal Warrant (see p.15 of this report). sales.

4. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 5.
 Royal Patronage

From events, to businesses, institutions, societies, and

finally charities, the royal patronage raises the profile,
influence, and in effect also revenue streams, generating
an estimated uplift to the economy of approximately £150
million.
ANNUAL CONTRIBUTION OF
Entities as different as the Royal Ascot, Royal Mail, Royal
Opera House, Royal Institute of International Affairs, THE MONARCHY TO THE
and Royal British Legion quite obviously have one thing UK ECONOMY IN 2017
Nonetheless, the Monarchy does not only benefit the in common. Although each offers excellence in their
main UK landmarks, it also brings an influx of tourists into field in their own right, it is difficult to deny that the royal
places that members of the Royal Family visit. Bookings patronage adds to their prestige and enhances brand £1,766 MILLION
for hotels increased 30% year-on-year after the Duke and equity. Also organisations which do not boast the title
Duchess of Cambridge stayed on the island of Anglesey ‘royal’ in their name, seek royal patronage to be able to
where Prince William was stationed during his military identify with the Monarchy in their public activities. At COATS OF ARMS
service. present, members of the Royal Family serve as patrons or £19
presidents of over 3,000 organisations.
Trade MEDIA INDUSTRY
Particularly interesting is the charitable sector, which is AND ARTS
Another key benefit to the UK economy is delivered by arguably much more developed in the UK than in many
£50
the Monarchy through trade, with an estimated annual other places around the world. The charities founded
contribution at £150 million. by the Royal Family, like the Prince’s Trust, and those GLOBAL
under the royal patronage, like Centrepoint, really do PRESS COVERAGE
Despite not being strictly related to the Royal Family, £125
help to turn around the lives of many people in need,
quintessentially British brands can also benefit from the and their contribution to the British society, and thereby
power of Brand Monarchy as many foreign customer economy, is undeniable. Today, as the Queen and Prince
groups attach an elevated status to the association of Philip gradually relinquish their royal patronages, the
Britishness with the royal lifestyle. According to Professor younger generation picks up the charity torch. The Royal £150
Qing Wang’s research, when asked what immediately Foundation of the Duke and Duchess of Cambridge and TRADE

comes to mind when they think about Britain, 25% of Prince Harry, which raises funds for military veterans,
Chinese consumers instantly thought of the Queen. young people, wildlife conservation, and mental health,
was founded in 2009 and raised £10.1 million in 2016.
Members of the Royal Family can also proactively £150
encourage trade by acting as ambassadors for the UK ROYAL
PATRONAGE
during their international visits. Although royal tours are
officially only meant to strengthen diplomatic relations,
they are often accompanied by an economic and trade
delegation campaigning for multimillion deals and £193
ROYAL
promoting the best of Britain’s products and services. WARRANTS
During their visit to Poland and Germany in July, the Duke £200 £329
£550
INFORMAL CROWN
and Duchess of Cambridge took part in a special start- ENDORSEMENTS ESTATE SURPLUS
TOURISM

up event in Warsaw showcasing British-Polish tech links,

and in Hamburg, they promoted the UK-German Year of
Science. The Prince of Wales and Duchess of Cornwall’s
11-day tour of South-East Asia in November was the most
recent example of members of the Royal Family serving as
goodwill ambassadors of Britain.

6. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 7.
Informal Endorsements others. A significant proportion of these costs is in fact
incurred by residence maintenance, staff salaries, and
While official royal patronage has a long-term impact on travel expenditures required by any head of state.
an organisation, one-off informal endorsements of home-
grown brands by members of the Royal Family can also The costs are however set to increase next year due to the
have a powerful effect. The price and volume premium need to cover the refurbishment of Buckingham Palace.
that British producers can thank the Royal Family for is The Sovereign Grant will be raised for ten years from 15%
estimated to be a whopping £200 million a year. to 25% of the annual surplus generated by the Crown ANNUAL COST OF
A lot of value for British brands comes from the Duchess Estate. At £42.8 in 2016/17, the Monarchy’s official subsidy
of Cambridge’s Midas touch and the extra sales of fashion THE BRITISH MONARCHY
will cost the taxpayer £76.1 million in 2017/18, and £82.2
brands that she and the royal children are seen wearing. million in the following budget year. PER CAPITA IN 2017
Sometimes called the ‘royal effect’, or in relation to the
Duchess of Cambridge in particular – the ‘Kate effect’,
unofficial endorsements have proved a boon to British
As royal finances have once again come under detailed
scrutiny with the Paradise Papers reports, there is a
≈ £4.50
brands on numerous occasions in the past. Asda reported Media Industry and Arts need for a more careful management of the Monarchy’s
a 300% sales boost of its beige coats after the Duchess business. Any implication of impropriety jeopardises
was seen wearing a similar looking Burberry design. The Monarchy’s contribution to the media industry
not just the image of the Monarchy but also the value
G.H. Hurt & Sons’ website recorded 100,000 visits after and arts, estimated at £50 million this year, is mostly
contributed to the UK economy.
new-born Princess Charlotte was draped in a shawl by attributable to the mystique surrounding the Monarchy,
the Nottingham brand. Similarly, the popularity of the which adds to the popularity of shows like The Crown and
Victoria or theatre plays like The Audience and Charles III Conclusion
Bedfordshire-based family firm Out’n’About grew instantly
after the royal couple ordered their pushchair. that offer a glimpse, albeit fictional, of the private lives of In the 25 years since annus horribilis, the Monarchy
the Royal Family. has come a long way from scandal to success. Today,
However, we have revised the estimation of royal its universal appeal translates to the attraction of its
endorsements down this year from approximately £325 Season 1 of The Crown cost an incredible £100 million brand, offering considerable commercial benefits to all
million in 2015, as the royal couple has recently made to create, making it the most expensive television series businesses and institutions associated with it. Especially
an increased effort to shield their children’s privacy ever produced. The production of the show has created a in the age of Brexit, Britain can rely on the Monarchy to
and deliberately dresses them in plain, retro clothes by wealth of new jobs for highly-specialised staff, when it films provide constitutional stability and on royal diplomacy to
Spanish boutique brands, often using similar-looking across locations in the UK and in Elstree Studios. The facilitate trade relations with the world.
outfits on different occasions to minimise the attention of Crown has been said to add a sense of humanity to the
the media. Nevertheless, the commercial impact of the Royal Family, further increasing the positive perception of
royal children will grow with them, when they start making the Monarchy among the general public.
their own choices what to wear, where to go on holiday, ANNUAL CONTRIBUTION ANNUAL COST TANGIBLE ASSETS

and who to party with. The arrival of Royal Baby No.3 is Aside from entertainment and arts, traditional media is also
also likely to help brands trading in baby clothes and care positively impacted. The Royal Family is, in itself, a topic £ MILLIONS £ MILLIONS £ MILLIONS

products. of interest, selling papers and documentaries. The other CROWN ESTATE SURPLUS 328.8 SOVEREIGN GRANT -42.8 ROYAL COLLECTION 11,000

side of the coin is that the interest in the Royal Family ROYAL WARRANTS 193.3 ANNUITY OF THE DUKE OF EDINBURGH -0.4 CROWN ESTATE 13,134

generates immense amounts of coverage for Brand Britain COATS OF ARMS 19.3 DUCHY OF LANCASTER LOST CAPITAL INCOME -24.0 DUCHY OF CORNWALL 896
TOURISM 550 DUCHY OF LANCASTER LOST REVENUE INCOME -19.1 DUCHY OF LANCASTER 518
globally. We estimated their advertising value equivalent to
TRADE 150 DUCHY OF CORNWALL LOST CAPITAL INCOME -20.5 TOTAL TANGIBLE ASSETS 25,548
be approximately £125 million.
MEDIA INDUSTRY AND ARTS 50 DUCHY OF CORNWALL LOST REVENUE INCOME -16.6
ROYAL PATRONAGE 150 ROYAL COLLECTION NET SURPLUS -2.6
Costs INFORMAL ENDORSEMENTS 200 SECURITY -106.0
GLOBAL PRESS COVERAGE 125 STATE BUILDINGS USED BY THE ROYAL FAMILY -30.0
The economic benefits generated by the Monarchy come TOTAL CONTRIBUTION 1,766.4 COSTS MET BY LOCAL COUNCILS -22.2

at a very low expense to the British nation, equal to only COSTS MET BY THE UK GOVERNMENT -3.8

£4.50 per person per year or just over 1p a day. The ROYAL HOUSEHOLD PENSION SCHEME -2.3

full costs of the Monarchy, totalling approximately £292 COST OF LORD LIEUTENANTS -2.2

million, include the Sovereign Grant, earnings from the LEGAL COSTS TO MAINTAIN ROYAL SECRECY -0.2
TOTAL COST -292.6
Duchies of Lancaster and Cornwall ceded to the Queen
and the Prince of Wales, and security expenses, among
8. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 9.

Brand Finance Network Comments
Bill Ratcliffe Scott Chen
Insights Director Managing Director
Brand Finance Canada Brand Finance China
b.ratcliffe@brandfinance.com s.chen@brandfinance.com

“In Canada, ‘ambivalence’ best describes “The UK Monarchy has always acted as a
feelings about the Monarchy. There is a unique bridge between China and Britain,
special fondness for the Queen whose East and West. It is not only Britain’s
image graces our currency. On the other national treasure, but also that of the world.
hand, the Monarchy is still associated with Its positive influence on trade and
a colonial mindset that Canada is moving diplomacy is set to continue bringing
beyond.” tangible results around the globe.”

Samir Dixit
Nigel Cooper Managing Director
Agent Brand Finance Asia Pacific
Brand Finance Caribbean s.dixit@brandfinance.com
n.cooper@brandfinance.com “Britain and the British Monarchy will
“The Monarchy holds low brand attraction always have a special relationship with
in the Caribbean because of connotations Singapore that started with the arrival of Sir
with colonialism, but the Queen is widely Stamford Raffles in 1819. Recently, the
respected across the region.” visits from the young royals have helped
rejuvenate the image of the Monarchy.”

Jeremy Sampson Mark Crowe

Managing Director Managing Director
Brand Finance South Africa Brand Finance Australia
j.sampson@brandfinance.com m.crowe@brandfinance.com

“Although Prince Harry visits southern “The support for the Monarchy in Australia
Africa frequently for his charitable work – is strong, but certainly not solid. While the
and some of the older generation maintain constitutional debate about a republic
great respect for the Queen – to the vast continues, the ancient institution’s
majority, the British Monarchy and the popularity is increasing thanks to the
Commonwealth are obscure.” younger royals.”

10. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 11.

Methodology
Definitions Tangible Assets Benefits include the direct surplus generated by the Crown
Estate, as given in its annual report, and estimations of
The study distinguishes between the Monarchy and the In arriving at the tangible value, we have included the indirect annual uplifts to the UK economy, based on Brand
Royal Family. The Monarchy is the institution of the worth of the Crown Estate, the Duchies of Lancaster and Finance’s research, analysis, and experience. For
hereditary head of state and its associated symbolism, Cornwall, as given in audited public financial statements, instance, the impact of Royal Warrants and Coats of Arms
while the term Royal Family refers to the incumbent and an estimation of the capital value of the Royal was estimated using notional royalty rates, illustrating what
monarch and their relatives as private persons. Both terms Collection. By different ownership routes these assets all could reasonably be charged for their use as licensed
pertain to their application within the United Kingdom. belong to the nation as a whole while at the same time trademarks.
being directly linked to the Monarchy. They include
As such, the study looks at the commercial value that the business holdings, real estate, and valuable antiques, and The study does not include any estimation of the stability
institution of Monarchy constitutes and generates to the as such are appreciating assets, generating revenue for factor that the Monarchy confers on UK capital markets,
UK, rather than examining the private finances of the the upkeep of the Monarchy and for the benefit of the thereby reducing market risk and cost of capital.
Windsor family. The Royal Family is relevant to this study nation.
only insofar as and when they act as carriers of the Costs include the Sovereign Grant derived from the
institution of Monarchy. The study does not take into account the private surplus of the Crown Estate, the annuity of the Duke of
possessions of the Royal Family, including the Balmoral Edinburgh paid directly from the Treasury, earnings from
Approach and Sandringham estates, as they are not in public the Duchies of Lancaster and Cornwall ceded by the state
ownership and thus do not influence the profit and loss of to the Queen and the Prince of Wales, and security
Brand Finance has estimated the value of the Monarchy as the Monarchy as a public institution. expenses, among others. A significant proportion of these
if it were a branded business. As assessing a branded costs is in fact incurred by residence maintenance, staff
business value involves a valuation of assets and revenue Net Annual Contribution salaries, and travel expenditures required by any head of
streams attached to a specific brand, we looked at the state. The data for this part of the analysis has been drawn
tangible value associated with the Monarchy as well as the In arriving at the net annual contribution, we have included from various reputable sources such as the Royal
intangible value, understood as the net present value of both economic benefits and costs which we believed were Household and Republic.
the Monarchy’s net annual contribution to the UK impacted by the Monarchy.
economy. Intangible Value

After netting off the benefits against the costs, the net
annual economic contribution estimated for 2017 was
forecast over a five-year period (2018-2022) using a
growth rate sourced from the Office for Budget
Responsibility. A discount rate was applied to each
forecast period in order to convert the economic value
uplift to a net present value and thus factor in the time
value of money. The rate utilised was based on the yield
on UK 30-year bonds at the time of the valuation.

We also calculated the economic value uplift into

perpetuity from Year 5 (2022) by applying a perpetuity
growth factor (using the 30-year compound annual growth
rate of UK GDP) to the final explicit period’s net economic
contribution. The study ignores tax as tax is paid to the
Treasury.

Disclaimer

Brand Finance has produced this study with an independent and unbiased analysis. The values
derived and opinions produced in this study are based only on publicly available information and
certain assumptions that Brand Finance used where such data was deficient or unclear. Brand
Finance accepts no responsibility and will not be liable in the event that the publicly available
information relied upon is subsequently found to be inaccurate.

The opinions and financial analysis expressed in the report are not to be construed as providing
investment or business advice. Brand Finance does not intend the report to be relied upon for any
reason and excludes all liability to anybody, government or organisation.

12. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 13.
 The Monarchy and British Luxury
The Value of Royal Warrants Brands in China
Some companies can enhance their brand with an even closer association Historically, it was luxury and its overt enjoyment, which characterised the
with the Monarchy. The Royal Warrant is granted on the recommendation of British leisure class. For centuries, Britain has produced and consumed
the Lord Chamberlain, to suppliers of goods or services who have had a luxury goods ranging from whisky to cars, fashion, and clothing, with
trading relationship with the households of the Queen, the Duke of heritage brands like Johnnie Walker, Aston Martin, Rolls Royce, and Hunter
Edinburgh, or the Prince of Wales for at least five years. The award of a boots, serving the British aristocrats and the Royal Family.
Royal Warrant allows the company or individual to display the Coat of Arms
of the member of the Royal Family in question alongside their own Coat of Today, many of these brands are no longer for the sole enjoyment of the
Arms or the company logo. upper class due to the democratisation and globalisation of luxury, and
some are not even owned by British companies anymore. Yet, they are still
The Royal Warrant Holders Association points to William Caxton as the first carrying the British brand gene and uphold their relationship with the
Warrant holder, following his appointment as the King’s printer in 1476. Monarchy through the Royal Warrant.
Tradesmen began displaying the Royal Arms in the late 18th century, but it
David Haigh was not until Queen Victoria’s reign that Royal Warrants gained the mass Professor Qing Wang This is an important vehicle through which the Monarchy contributes to the
CEO appeal and international renown they still confer today. Throughout her Professor of Marketing economy, as these brands are sought after by companies and consumers
Brand Finance plc reign, the Queen has granted over 2000 Royal Warrants to companies that and Innovation worldwide with the most notable new admirers from emerging markets like
are still household names including Schweppes and Twinings. Warwick Business School China, who crave status, class, and pedigree. Luxury brands rely heavily on
University of Warwick brand heritage and cultural narratives to communicate authenticity of the
The Royal Warrant is both a matter of prestige and a commercial benefit. It is brand.
the most direct connection to the Royal Family a firm can hope to achieve,
highlighting both the enduring appeal of royal associations and the use of To test these assumptions, a representative sample of respondents aged
heraldry in cementing them. 25-40 with monthly disposable income of £3,000 or more was selected from
15 cities in China. The results indicated that the British Monarchy, cultural
It is worth noting that this is highly dependent on both the sector and size of attributes, and country of origin have a significant influence on their intention
the brand. Originally, the Royal Warrant was seen as a guarantee of to travel to Britain and/or to purchase British luxury brands. When asked
acceptable quality as well as an indicator of prestige. The former function what icons they associated with Britishness, not surprisingly, the Queen
may no longer be quite as relevant since the shop or supermarket where a came first at 25.4%, followed by Princess Diana (10.2%), and the Royal
product is sold may be a sufficient guarantor of quality for the consumer. Family (6.8%) among others.
Tighter regulations on product quality and manufacturing will have helped to
raise minimum standards. Therefore, for product categories where display The respondents were also asked how important is the association of British
and status do not feature in purchasing decisions and functionality is lifestyle and the royal heritage in raising the desirability of a British luxury
paramount, the financial benefit of the warrant may indeed be relatively brand, with 88% stating that it is either extremely important or important.
small. Examples include Boots and DHL, which hold Royal Warrants but do When asked what factors will increase their intention to purchase a British
not frequently advertise the fact. luxury brand, the Royal Warrant came in top three.

On the other hand, for brands that trade on values or activities associated Based on the findings of the survey in China, a televised field experiment
with the Monarchy, the added value can be very significant. Brand Finance was carried out and broadcast on Channel 4. In the experiment, two
research indicates that some companies may earn up to 5% of their revenue packaging designs (with the Royal Warrant as a luxury attribute vs. without
as a result of the Royal Warrant. the Royal Warrant) of fictional chocolate and soap products were shown to
Chinese tourists in London. The results revealed that 70% selected the
Growing international demand for high quality British goods has contributed package with the Royal Warrant printed on. When asked why, their
to a new surge of interest in the Royal Warrant. Firstly there is the recent responses indicated that the Royal Warrant is a certificate of authenticity,
surge in interest in everything to do with the British Royal Family, arising from quality assurance, and a symbol of prestige associated with the royal
the wedding of William and Kate and the Queen’s Diamond Jubilee in 2012. lifestyle.
However, a second and longer term trend may be even more beneficial.
Increasing Asian affluence in the 21st century has already boosted demand Cultural tourism and luxury brand consumption satisfy hedonic rather than
for luxury goods. Asian consumers are said to be particularly impressed by functional needs, and this is an area in which Britain enjoys a distinct
the Royal Warrant and this has contributed to a resurgence of British fashion advantage. It incorporates tradition and innovation seamlessly. Whilst the
brands, such as Burberry and Barbour, both of which display their Royal Monarchy represents heritage and stability, the UK’s thriving creative
Warrants prominently. industries give it a contemporary relevance.

14. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 15.
Coats of Arms – Past and Present Why Coats of Arms Matter to Brands
Coats of Arms are a form of unusually flexible visual identity regulated by Individuals, organisations, and companies are keen to Bridge
Crown-appointed authorities and reflecting the standing and reputation of associate themselves with the notions of duty, service,
their owners. consistency, and heritage that the Monarchy conveys. The Symbolises the company’s mission:
fact that the British Monarchy is still a working institution Bridging the gap between marketing and finance.
Each Coat of Arms is a complex heraldic device that may consist of a and that the College of Arms has such close ties to it,
number of design elements such as the shield, supporters and crest (the means a grant of arms is the most relevant and direct way Diagonal lines
word ‘crest’ often being erroneously used to describe the entire Coat of for British and Commonwealth brands to associate
Arms). The central and primary element is the shield, but all parts of a Coat themselves with such noble characteristics. The rigorous The heraldic symbol for branding.
of Arms are designed to be distinctive and unique in their own right. process conducted by the heralds at the College of Arms Circles
means that only those companies deemed to have
Nine Centuries of History sufficient standing will be awarded arms, so the public can The heraldic symbol for finance.
have confidence that the desired associations are
First used in 12th century Europe to identify knights engaging in battle or Book
Clive Cheesman grounded in fact. A Coat of Arms is therefore a certification
jousting tournaments, Coats of Arms were soon adopted far more widely. of a brand’s dependability and longevity, reinforcing
Richmond Herald The heraldic symbol for knowledge.
From as early as the 13th and 14th century they were used beyond the consumer perception and boosting brand value.
College of Arms
knightly class, by administrators, lawyers, priests, merchants, and city Colours
authorities. They soon appeared not only on armour but on seals, buildings, The Brand Finance Coat of Arms
signs, packaging, vehicles, and moveable items of property. Blue: Strength, truth and loyalty.
Brand Finance originally registered its Coat of Arms on its
Gold: Understanding, respect, virtue and generosity.
Originally there was little central control or regulation, a situation that persists 10th anniversary in 2006. In 2016, we were able to apply
in many parts of continental Europe, with the UK a significant exception. for supporters. These are only granted to companies Dragons
Scotland and England have separate bodies for awarding grants of arms deemed highly reputable by the College of Arms. We have
reflecting Scotland’s status as a separate kingdom down to 1707. found that the usage of the Coat of Arms is helpful in our The heraldic symbol for strength and guardianship.
core Brand Finance business, particularly in the
The College of Arms international market where the implied status is
recognised, but also with regards to the Brand Finance
The English body, the College of Arms, received its charter of incorporation Institute, Brand Finance Forums, and Brand Exchange.
in 1484 from Richard III, though its origins stretch back many generations
earlier. The charter under which the College now operates was awarded over All aspects of the full Brand Finance Coat of Arms have
450 years ago by Queen Mary I in 1555. The College is still a branch of the been specially created and have meaning related to our
Royal Household though it is financially self-supporting. ethos and philosophy.

A Versatile and Flexible Form of Visual Identity We distinguish between the use of a full and a simplified
Coat of Arms depending on the application.
Not all elements of a Coat of Arms need to be shown at once, and the same
Coat of Arms can be drawn and redrawn in different media, styles and Simplified Coat of Arms
formats – preserving the heraldic content while responding to the Due to the modern demands of an organisation’s logo,
requirements of potentially very diverse visual contexts. some sectors may not be able to maximise the use of a full
and intricate Coat of Arms. A simplified Coat of Arms can
Companies that take full advantage of heraldry’s flexibility in this way find be created from the full heraldic version to allow for much
that, in a Coat of Arms, they have a set of highly versatile tools for projecting more flexibility in terms of application strategy.
a continuing, evolving visual identity in a rapidly changing world. With this
comes the recognition of reputable standing that a Coat of Arms conveys to The Brand Finance heraldic design was simplified to use it
all onlookers. alongside our Brand Finance word mark – whilst still
retaining its status as an official Coat of Arms.

16. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 17.

Brand Finance Coats of Arms Service About Brand Finance
Brand Finance is launching a new service to help Brand Finance has developed a strong relationship with Brand Finance is the world’s leading independent
companies and organisations apply for a Coat of Arms the College of Arms over the years and can collaborate brand valuation and strategy consultancy.
and to advise them how they can use it to their advantage. with the College to recommend the correct Coat of Arms
We can also assist companies and organisations with design for your company. We have also teamed up with Brand Finance was set up in 1996 with the aim of ‘bridging
simplifying their Coat of Arms in order to facilitate their creative and communications partners to assist with the the gap between marketing and finance’. For over 20 years,
communications strategy. creative expression and promotion of the Coat of Arms. we have helped companies and organisations of all types to
connect their brands to the bottom line.
How we can help
We pride ourselves on four key strengths:
Research into an existing Coat of Arms
• Independence
We can examine how a Coat of Arms can add extra value to your business. • Technical Credibility
• Transparency
Managing the application process
• Expertise
We are able to help you go through the application process with the College of Arms in order to register the
Coat of Arms as a trademark. Brand Finance puts thousands of the world’s biggest
brands to the test every year, evaluating which are the most
Recommendations on designs powerful and most valuable.
We have a unique combination of experts that can explain all the elements within the Coat of Arms and guide
For more information, please visit our website:
you to decide which design would be most suitable.
www.brandfinance.com
Recommendations on creative expressions and usage of Coat of Arms

In partnership with a creative agency, we will work with you to discuss the different creative expression options.

Promotion of Coat of Arms

We can help with the promotion of the Coat of Arms by communicating with the relevant stakeholders.
Contact Details
For business enquiries, For further information on Brand Finance®’s services and valuation experience,
Our approach please contact: please contact your local representative:
Alex Haigh
If you are interested in this service, please contact us at coatsofarms@brandfinance.com. Director Country Contact Email address
Asia Pacific Samir Dixit s.dixit@brandfinance.com +65 906 98 651
a.haigh@brandfinance.com Australia Mark Crowe m.crowe@brandfinance.com +61 282 498 320
Brazil Geoffrey Hamilton-Jones g.hamilton-jones@brandfinance.com +55 1196 499 9963
Canada Bill Ratcliffe b.ratcliffe@brandfinance.com +1 647 3437 266
For media enquiries, Caribbean Nigel Cooper n.cooper@brandfinance.com +1 876 8256 598
please contact: China Scott Chen s.chen@brandfinance.com +86 1860 118 8821
East Africa Jawad Jaffer j.jaffer@brandfinance.com +254 204 440 053
Konrad Jagodzinski France Victoire Ruault v.ruault@brandfinance.com +44 0207 389 9427
Head of Communications Germany Holger Mühlbauer h.muehlbauer@brandfinance.com +49 1515 474 9834
India Ajimon Francis a.francis@brandfinance.com +91 989 2085 951
k.jagodzinski@brandfinance.com Indonesia Jimmy Halim j.halim@brandfinance.com +62 215 3678 064
Ireland Simon Haigh s.haigh@brandfinance.com +353 087 6695 881
DISCOVERY INFORMATION STRATEGIC BRIEFING TO SUGGESTIONS LAUNCH Italy Massimo Pizzo m.pizzo@brandfinance.com +39 0230 312 5105
REVIEW REVIEW DESIGNERS For all other enquiries, Mexico and LatAm Laurence Newell l.newell@brandfinance.com +52 1559 197 1925
please contact: Middle East Andrew Campbell a.campbell@brandfinance.com +971 508 113 341
Nigeria Babatunde Odumeru t.odumeru@brandfinance.com +234 012 911 988
enquiries@brandfinance.com Portugal Pedro Tavares p.tavares@brandfinance.com +351 211 128 880
Kick off meeting Review of Case history of Decision on Write-up of - Events Romania Mihai Bogdan m.bogdan@brandfinance.com +40 728 702 705
to agree on: information and uses of Coats of appropriate summary - Media
+44 (0)207 389 9400
Russia Alexander Eremenko a.eremenko@brandfinance.com +7 495 7751 280
materials on the Arms heraldic forms report and - Communications Spain Teresa de Lemus t.delemus@brandfinance.com +34 654 481 043
- Scope company’s history presentation with - Promotion South Africa Jeremy Sampson j.sampson@brandfinance.com +27 820 870 507
Sri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.com +94 114 941 670
- Timings Strategic review Explanation and recommendations linkedin.com/company/brand-finance
Turkey Muhterem Ilgüner m.ilguner@brandfinance.com +90 216 3526 729
- Approach Summary of on uses of summary to and strategic UK Alex Haigh a.haigh@brandfinance.com +44 0207 389 9400
- Outcomes possible heraldic different heraldic creatives suggestions on facebook.com/brandfinance USA Amy Rand a.rand@brandfinance.com +44 0207 389 9432
options with forms for the potential uses Vietnam Lai Tien Manh m.lai@brandfinance.com +84 473 004 468
benefits and company twitter.com/brandfinance
disadvantages

18. Brand Finance Monarchy November 2017 Brand Finance Monarchy November 2017 19.