The luxury industry is one of the fastest-growing sectors in the world. Much of their success is due to their recognizable and influential brand identity that transforms a cultural heritage to a series of products that all people continue to want. Despite the limited number of people who can afford luxury products, social media is helping to spread the opportunity to appreciate them more and be likable to millennials and the younger generation. Brands are becoming easily visible through improving and strengthening their social media engagement.
According to BrandZ, here are the top 10 most expensive luxury brands of 2019:
1. Louis Vuitton ($47.2 billion)
For 14 years in a row, Louis Vuitton ranked as the world’s most valuable luxury label. It’s also the world’s most expensive label to buy if a company wanted to purchase it from the LVMH group. LV maintains its brand leadership through its iconic leather goods and exceptional creativity within its product range. The brand mastered how to strike a balance between tradition and modernity, helping them stay afloat in the market. This label goes well for baby boomers and millennials alike.
2. Chanel ($37 billion)
This French luxury brand is a classic, but still, it remains one of the most successful and relevant brands of today. This company is famous for its high fashion and ready-to made clothes, handbags, watches, fragrances, and for popularizing the little black dress. The brand is currently diversifying its investments to other products, such as the digital sector. The company is worth 37 billion dollars as of 2019.
3. Hermès ($31 billion)
Hermes is a French high fashion luxury goods manufacturer established in 1867. This prestigious brand is known for its timeless classics, like the sought-after Birkin bag. It specializes in leather, perfumery, lifestyle accessories, watches, jewelry, and ready-to-wear clothes. Hermes has always emphasized that one of the reasons why their leather bags are so pricey is that they are handmade, and are only made in their factory – there are no other makers of Hermes bags in the world, so the majority in the market are dupes.
4. Gucci ($25.3 billion)
An Italian luxury brand, Gucci is another major in the designer goods market. Gucci has made great strides to attract the youth culture, as well as the new generation. The brand specializes in leather goods and sneakers, as well as ready-to-wear clothes and accessories.
5. Rolex ($8.4 billion)
Rolex is a prestigious Swiss luxury brand known for its high-end watches. The company has been featured in Forbes’ top 100 prestigious fashion labels in the world. The company has been on the rise due to the increasing demand for vintage Rolex watches. The brand is also very visible in the sports sector with endorsements for golf, tennis, motorsports, yachting, and more.
6. Cartier ($6 billion)
The Cartier brand is popular for its luxury watches and jewelry, such as wedding and engagement rings. This French brand’s success is attributed to their love bangles and Panthers watches, which are both coveted by the young generation of expensive shoppers. About 43% of their total sales are to young consumers age 35 and below.
7. Burberry ($4.7 billion)
Burberry is a British fashion house known for its handbags, fragrances, trench coats, fashion accessories, sunglasses, and ready-to-wear clothes. The company is continuously gaining attention through its amazing online video campaigns and digital retail spaces. They have also ventured into new product lines of perfumes and watches. Burberry is known for its signature Burberry pattern as a trademark.
8. Dior ($4.7 billion)
Also known as Christian Dior, the French luxury group is also controlled and chaired by the head of LVMH, Bernard Arnault. Dior is famous for its exclusive collections of beauty product lines, fragrances, and handbags.
9. Yves Saint Laurent ($3.6 billion)
Yves Saint Laurent, also known as Saint Laurent, is a top French luxury fashion label. This fashion house was established since 1961, and its continuing success is highly attributed to its premium sneakers, leather goods, eyewear, and more. The company revived its haute couture collection in 2015, and it was a success.
10. Prada ($3.5 billion)
An Italian luxury brand, Prada is known for its leather goods, footwear, clothing, fragrances, and eyewear. It’s also notable for its designer and athleisure sneakers. The brand has successfully captured new interests in marketing campaigns and new product lines, as they have collaborated recently with Adidas.