Amazon is the most valuable brand in the world, according to a new report.
The e-commerce giant’s brand is worth $315.5 billion, which puts it ahead of Apple and Google, according to the BrandZ Top Most Valuable Global Brands, released Tuesday by WPP and data consultant Kantar. The two technology companies had previously held the top spots for the last 12 years.
Amazon’s brand value was able to grow because of its acquisitions, customer service and maintaining a diverse set of products and services, a news release about the study said.
"Amazon’s phenomenal brand value growth of almost $108 billion in the last year demonstrates how brands are now less anchored to individual categories and regions," Doreen Wang, Kantar’s Global Head of BrandZ, said in an online statement.
"The boundaries are blurring as technology fluency allow brands, such as Amazon, Google and Alibaba, to offer a range of services across multiple consumer touchpoints," Wang added. "Using their consumer experience and expertise, these brands are crossing over into the business services sector, creating new opportunities for brand growth."
Apple and Google had previously held the top two spots for the most valuable brand last year, with Amazon in third place. This year, Apple remained in second with a brand value of $309.5 billion and Google fell from first to third, this year valued at $309 billion.
According to the release, technology companies have been at the top of BrandZ’s Top 100 list since it began in 2006. This year, five technology companies are among the top 10 brands, with Microsoft in fourth place at $251.2 billion, Facebook in sixth place at $158.9 billion and Tencent — a Chinese digital media conglomerate — in eighth place at $130.8 billion.
The other companies on the list include payment brand Visa in fifth place at $177.9 billion, Chinese e-commerce brand Alibaba in seventh place at $131.2 billion, fast food brand McDonald’s in ninth place at $130.3 billion and telecom provider AT&T in tenth place at $108.3 billion.
According to Kantar, Instagram was the fastest rising brand value this year, with 95 percent growth. The social media platform reportedly jumped 47 spots to No. 44 and has a brand value of $28.2 billion. Other "top risers" include athletic apparel company Lululemon, Netflix, Salesforce and Uber.
"We’re seeing a move from individual product and service brands to a new era of highly-disruptive ecosystems," David Roth, CEO of The Store WPP EMEA and Asia and Chairman of BrandZ, said. "Brands need to understand the value this type of model can create and should embrace its approach to be successful in the future."
However, the report found that trade wars between China and the U.S. did affect growth, which slowed about 7 percent in the last year.
"Consumer confidence was hit as the trade tariffs impacted several brand categories with Cars, Logistics and Banks suffering most," Kantar stated in the report.
On Tuesday, China promised to "fight to the end" if the U.S. escalates tensions in the ongoing trade war as President Trump edges closer to deciding whether to impose tariffs on another $300 billion worth of Chinese goods.
Chinese Foreign Ministry spokesman Geng Shuang said China can negotiate with the U.S. if both sides are willing to come to a fair agreement but said the country was "not afraid of fighting a trade war."
"China does not want to fight a trade war, but we are not afraid of fighting a trade war," Geng said. "If the U.S. is ready to have equal consultations, our door is wide open. If the United States only wants to escalate trade frictions, we will resolutely respond and fight to the end."
Fox Business’ Katherine Lam and The Associated Press contributed to this report.