Louis Vuitton, Hermès, and Chanel Dominate Brand Value Rankings

In the latest Kantar BrandZ ranking of the world’s 100 most powerful brands, the dominance of French luxury giants is evident. The iconic trio of Louis Vuitton, Hermès, and Chanel, have secured the top three spots in the luxury category once again, showcasing the resilience and appeal of these luxury brands.

Louis Vuitton maintains its position as the leading luxury brand, although it dropped from the overall top 10 to 12th place among the world’s 100 most powerful brands. Meanwhile, Hermès demonstrated significant strength by achieving a remarkable 23% increase in brand value, surpassing the luxury sector’s overall growth of 8%.

Read also: Hermès Q1 2024 Revenues Jump (Again)

Image courtesy: @aline.inparis

Growth and Resilience in the Luxury Sector

Kantar’s findings reveal that the luxury sector, predominantly led by European brands, has demonstrated resilience this year with a collective 4% increase in total brand value compared to 2022. The combined value of the top 10 luxury brands now stands at an impressive $357 billion (€332 billion), underscoring the industry’s robust growth and stability.

Rank 2024BrandBrand Value 2024 ($ M)YoY Change
1Louis Vuitton$129,857+4%
9Tiffany & Co.$6,206+1%

*Source: Kantar BranZ luxury rankings, data provided by Fashion Network

Louis Vuitton maintains its stronghold as the leading global luxury brand, achieving a 4% rise in brand value to reach an impressive $129.8 billion. This reaffirms Louis Vuitton’s enduring global appeal and market dominance. Following closely, Hermès secures second place with a brand value of $93.676 billion, benefiting from its exclusive product positioning and notable performance in key markets such as the US and China.

Image courtesy: @clairechanelle

Chanel takes third place with a notable 8% increase in brand value, now valued at $60.152 billion, highlighting the brand’s consistent growth trajectory, in spite of its ever-increasing prices worldwide.

Read also: Chanel May Increase Prices Again in 2024 Despite Record-Level Revenues

However, not all brands saw positive growth. Gucci, for instance, experienced a 9% decline in brand value compared to 2023, despite its prominent standing within the luxury landscape.

Read also: Prada Reclaims Its Title as the World’s Hottest Brand According to Lyst

Image courtesy: @alicedetogni

Image courtesy: @ninasandbech

Despite economic challenges, Dior maintains fifth place with a brand value of $11.982 billion, while Cartier follows closely at $10.514 billion. Rolex stands out with an impressive 15% increase in brand value, reaching $9.099 billion, setting a new benchmark for the renowned watchmaker. Saint Laurent advances into eighth place, while Prada rounds out the top ten with a brand value of $5.125 billion.

Exclusivity & Client Relationships to Sustain Success

Amidst escalating prices, luxury brands depend on exclusivity to maintain their allure. Clients often are more accepting of price increases on luxe goods when supply is limited. Moreover, many of the top-tier brands seek to cultivate client relationships, as opposed to one-off purchases. Hermes, for example, impresses with its dedication to the art of craftsmanship and enduring product quality, leaving clients clamoring for products even as prices rose 3.5% to nearly 15% in Europe this year.

Read also: Hermès Explains High Price Increases Despite Soaring Growth in 2023

Image courtesy: @valentinamarzullo

Luxury Brands to Watch

The 2024 Kantar BrandZ ranking also spotlighted brands to watch – with the likes of Celine, projected to be a “future powerhouse” driven by its successful accessories and upcoming beauty line. Givenchy, following a leadership change, and Van Cleef & Arpels, along with Burberry, show promising growth, particularly in the US market.

Read also: Meet Celine Beauté – The Latest Luxe Beauty Line

Image courtesy: @bernabilbey

Additionally, Chanel recently announced the departure of creative director Virginie Viard after 5 years at the Maison’s helm. All eyes are now on Viard’s next move and what’s in store for Chanel. Who will guide the brand as the next visionary? While Chanel already claims the top 3rd spot, will we see their ranking improve in the coming years, potentially surpassing Hermès? Only time will tell. 

Read also: Virginie Viard Departs Chanel

What are your thoughts on this French luxury top three? Do you anticipate Hermès claiming the top spot in 2025, or will Chanel rise through the ranks? Share your insights with us!

Published: June 13th, 2024
Updated: June 14th, 2024

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