Several companies have suffered severe financial setbacks during this global pandemic. According to Vogue Business – due to store closures and low sales, growth of luxury and retail brands has slowed down significantly. However, Louis Vuitton, Chanel and Hermès have retained their 2019 titles as the most valuable global luxury brands this year.
Interbrand annually ranks the top 100 global brands according to three main components “an analysis of the financial performance of the branded products, the role the brand plays in purchase decisions, and the brand’s competitive strength”.
Louis Vuitton predictably topped the list of global luxury brands -with a brand value of $31,720 million (as recorded thus far for the year 2020) and was #17 on Interbrand’s list of top 100 brands.
Chanel was #21 on Interbrand’s list of 100, with its current brand value at $21,203 million. That made it the second most valuable global luxury brand. We’re sure Coco would be proud!
Finally, with a current brand value of $17,961 million Hermès was #28 on the list, making it the third most valuable global luxury brand.
A special mention must also be made for Gucci, which was the only Italian brand to make it to the top 100 list at #32.
The pandemic has certainly been beneficial for tech companies. Apple retained it’s number one spot on the list and Amazon came in second with a whopping 60% increase in it’s value. With all the time we’ve been spending on social media and calls, we aren’t surprised to see Instagram (#19), YouTube (#30) and Zoom (#100) make it to the top 100 for the first time this year.
What’s noteworthy is that the estimated total value of these top 100 brands exceeds 2 trillion dollars – Many of which have become indispensable in our daily lives! Interbrand encapsulates this idea succinctly on their website “As discontinuity becomes the norm, brands have the opportunity and the responsibility to show leadership beyond their traditional role; often supporting, or stepping in for, the institutions that are meant to sustain our lives and societies.”
We couldn’t agree more.
Photo Credit: Business of Fashion and Vogue Business