Novomatic Group has been awarded a second-place finish in the 2020 Austrian Brand Value Study.

The European Brand Institute study ranks the 500 most valuable Austrian brand corporations based on turnover, and that are more than 45% Austrian-owned, with this being the 17th edition.

The supplier was ranked second for the first time, improving on its third-place finish in 2019, but behind Red Bull, which remains Austria’s most valuable brand with a value of more than €15bn ($17bn).

Novomatic’s brand value increased by 3.3% compared to 2019, up to €3.54bn, just pipping jewelry producer Swarovski, valued at €3.46bn.

The supplier credited its rise to its two-brand strategy, with Novomatic in the B2B segment and Admiral in the B2C sector, as well as its 4,700 registered IP rights.

Operations at many of the group’s arcades and casinos in several European markets resumed in late June, under strict health and safety measures.

In February, Harald Neumann resigned as Novomatic CEO, citing family reasons, with Ryszard Presch and Johannes Gratzl taking over board duties.