According to bizwatch reports, Popular maker of luxury bags, clothes and jewellery, Louis Vuitton, continued to dominate the top spot in the luxury ranking for 10 years with its brand valued at more than $27.4bn in the recently released top 100 brands report by Millward Brown, while Chanel moved up 15 per cent to nearly $9bn
Aside these two brands, other luxury brands have continued to struggle with declining fortune as total brand value of the category plunged by $7.1 billion, representing minus six per cent, to $104.6bn.
Global BrandZ Valuation Director at Millward Brown, Elspeth Cheung observed that the impact of a fall in spending from China and Russia is taking its toll on the luxury sector.
The report underlined the facts that Chinese shoppers are under pressure from the anti-corruption campaigns and have trimmed luxury gift giving, while Russia’s spenders are suffering from a depreciation of their currency, the Ruble, and the depressed economy as a result of the sanctions imposed by the western countries.
“Both Chanel and Louis Vuitton are masters at doing things differently. Chanel’s iconic, self-aware and less serious marketing, supported by edgy models like Cara Delevingne and Diane Kruger, provides a different view of femininity,” Cheung said.
Louis Vuitton has successfully revitalised its brand by going back to its original LV monogram in a new way, while other brands were leaving the classic canvas for more luxurious leather and fabrics to justify their premium position.
