The past couple of years have been tough for each and every brand, but for luxury brands the road have been the toughest of all. The recession is officially over, yet people are apprehensive of spending money. Every luxury brand has been tried and tested incessantly for what it is really worth of and this year we have winners who have proved their mettle undoubtedly. This morning Millward Brown Optimor released a study declaring the world’s ten most powerful Luxury brands, and very interesting facts came up. Like, the brands that focused on heritage and history did far better than those who stressed on high fashion. In fact, even as the whole luxury industry went down by 3%, Louis Vuitton and Hermes did better than last year.
In the study, Louis Vuitton won hands down and was announced as the world’s topmost luxury brand. Thanks to its advertising campaign focused on travel, which ties to its history of being a maker of steamer trunks. Its overall brand value is estimated to 19.8 billion dollars. Hermes followed second with a total brand value of $8.46 billion dollars. Majority of Hermes is still family owned, thus offering it the liberty of taking risks. Also, the horse show in Paris took it closer to its heritage and helped in maintaining its last year’s position. So as Hermes went back to its basics, Gucci too followed. It focused on vintage bags and formed a partnership with Christie, in which the auction house provided appraisal services for owners of vintage Gucci leathergoods. It wanted to break itself from the image of a mass luxury brand, and an association with Christie did that impeccably.
After the top three luxury brand icons, came Chanel, marketing its classic quilted bags, cosmetics and fragrances. It managed to attract consumers even in the times of recession. Chanel was followed by Hennessey on five, with its cognac brand rocking China. On sixth position was Rolex, next was Moet & Chandon, and then Cartier, Fendi and Tiffany at eighth, ninth and tenth and tenth respectively.
Such a precise list was made thanks to Brand Z that created database of thousand brands over a year. This database was further used by Millard Brown to conduct the research.
Via Fashionista
