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The Fault in Our Books: Tesco Suspends Execs Amid Accounting Probe

Posted by Mark J. Miller on September 22, 2014 11:02 AM

Somebody in the Tesco accounting offices has been optimistic—overly optimistic, as it turns out, resulting in an accounting error that has cost the company a whole lot of cash and trust—two things the world’s third-largest retailer can’t afford to lose these days.

After admitting that its first-half 2014 profit statement was overstated by about 250 million pounds, Tesco today announced it has launched an investigation into its accounting practices and suspended its UK managing director and three other associates while it retains Deloitte to go over its books.

For the third time in two months, Tesco has cut its profit forecast after the “major fault in its accounts” was found. Its first-half 2014 outlook of 1.1 billion pounds ($1.8 billion) a month ago has has now dropped to 850 million pounds ($1.38 billion).Continue reading...

brand revival

Arthur Andersen Brand is Reborn Over a Decade After Enron Scandal

Posted by Mark J. Miller on September 2, 2014 11:04 AM

In 2002, tax auditing firm Arthur Andersen was found guilty of obstructing justice after it was discovered that it had shredded thousands of Enron-related documents. Despite the charges, the since-defunct brand has retained its reputation through the years—a surprising conclusion of a financial industry poll conducted by Prime Group for WTAS LLC, a San Francisco-based firm that is reviving the brand, Bloomberg Businessweek reports.

Time may heal all wounds, but it doesn’t restock the billions of dollars in bank accounts that shareholders lost in the wake of Enron’s shutdown and certainly doesn’t make life easier for the 85,000 employees of the company that lost their jobs. But WTAS, which bought the rights to the name so it could rebrand to Andersen Tax, looks to change that.

“Our issues with Enron were the mistake of a few,” WTAS CEO Mark Vorsatz told Businessweek. “Irrespective of Enron, we thought we were the benchmark in the industry.”Continue reading...


BDO US Campaign Highlights Authenticity

Posted by Sheila Shayon on October 26, 2011 03:03 PM

In times of economic and political uncertainty, authenticity takes a front seat in many marketing campaigns, like BDO’s "Eleven Time Zones" spot above. The brand’s tagline, “People who know, know BDO,” reinforces the message that it’s the insider’s choice.

BDO is the sixth 6th largest accounting firm, smaller compared to the Big Four, $1 billion versus $10 billion, respectively, but its latest TV advertising from Seiter & Miller, turns that to advantage; an alternative to the Big Four, with a successfully different culture.Continue reading...

lather, rinse, rebrand

PwC Rebranding: Overcoming Initial Reluctance

Posted by Shirley Brady on September 20, 2010 05:30 PM

PricewaterhouseCoopers officially rebranded today to the name it's best known as: PwC. The corporate video above says it's more than a simple name change and visual makeover, but a freshening of the brand's value and positioning going forward.

The accounting firm, which calls itself "the most recognizable brand among the Big Four global professional services networks," says it's formally adopting the longheld "PwC" moniker "in order to strengthen, and modernize how it represents its worldwide network to its clients, its people and the communities in which it operates."

But it's not completely shedding the 22-letter moniker.Continue reading...

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