Louis Vuitton is the world’s most valuable luxury fashion brand, based on Interbrand’s annual Global Brands chart. The list is based on financial performance, ability to influence consumer spending and competitive strength.
Apple, Google, Amazon, Microsoft and Coca-Cola came top, but luxury was the fastest-growing sector. In fact, the market hasn’t grown at such a rate since 2004, when luxury labels first started expanding into emerging markets. Vuitton climbed one spot from 19 to 18 this year.
Chanel was named the second most valuable luxury fashion brand at 23, followed by Gucci who jumped from 51 to 39. The Business of Fashion cites varying reasons for the rise of the luxury segment, including increasing spending in China and other developing economies, as well as digitally savvy marketing and ad campaigns that have attracted a younger audience.
“It is astonishing. Luxury is the biggest story of the report,” said Rebecca Robins, global chief learning and culture officer at Interbrand. “It’s their ability to connect to cultures and next generations. They have cracked the code by having a point of view in the market. Luxury is a space of excellence, whether it’s fashion, leather or jewellery.”
Louis Vuitton and Gucci were listed among the fastest-growing brands in general, alongside Amazon and Netflix.
“Louis Vuitton’s strength of point of view runs through everything they do,” said Robbins. “They have been relentless with their engagement with millennials, they’ve gone a lot deeper with their appointment of Virgil [Abloh] and they’re investing in people. You see a similar thing at Gucci.”
From: Harper’s BAZAAR UK