Samsung Electronics announced today a ranking of seventh in Interbrand’s “Best Global Brands 2016,” with its brand value of $51,808 million – a 14 percent increase from last year.

Samsung has ranked within Interbrand’s Top 10 for the past five years and has continually demonstrated growth in brand value. In the last ten years, Samsung has made remarkable achievements as a global company, and its brand value has tripled as a result, increasing by 320 percent.

This year, Samsung’s launch of premium lineups in its core businesses – mobile, TV, and home appliances – as well as its consumer-centric marketing activities and innovation were deemed to strengthen the company’s brand power and drive growth in the corporate brand value.

Samsung’s financial results and positive outlook on sales also influenced the brand value. Samsung continues to work towards establishing an ecosystem for innovative products and services that improve consumers’ lives, while working to create sustainable business through smart wearable products including the Galaxy series, Gear VR, and Gear S, and mobile payment services like Samsung Pay. As a result, Samsung recorded strong earnings in the first and second quarter of 2016.

“Value of a brand becomes even more significant as markets rapidly change and competition intensifies,” said Moon Soo Kim, Executive Vice President of Global Marketing Center at Samsung Electronics. “We will maintain our mid and long-term marketing efforts to deliver our sincerity and distinctiveness to our customers.”

This year’s Best Global Brands was announced at Samsung 837 in New York City. Samsung 837 is an experiential marketing center for consumers to experience Samsung’s products, contents, and cultural events.