Louis Vuitton, Hermès, Chanel lead luxury labels’ brand-value ranking

The 2024 edition of the Kantar BrandZ ranking of the world’s 100 most powerful brands* has confirmed the solidity of France’s leading luxury houses. The trio of Louis Vuitton, Hermès and Chanel once again took all three podium places in the luxury category. Although Louis Vuitton dropped out of the overall top 10, Hermès more than held its own despite sluggish domestic consumption, and recorded an exceptional increase in brand value, growing by 23% when the luxury sector as a whole grew by 8%.

This year, unlike in 2022, Louis Vuitton isn’t among the top 10 global brands overall. It ranks 12th, behind the five digital giants Apple (still top of the list with a brand value of $1.015 trillion), Google, Microsoft, Amazon, and Facebook, fast-food chain McDonald’s, which made significant progress, and NVIDIA, which took advantage of the AI boom and jumped 18 positions to reach 6th place. 

Most notably, the 2024 Kantar BrandZ ranking shows that the value of the world’s top 100 brands has increased by 20% in a year (reaching $8.30 trillion, or €7.740 trillion), and is close to the peak observed in 2022 as consumption bounced back post-Covid, when it was $8.70 trillion, or €8.113 trillion.

Luxury sector “resilient” and growing

According to Kantar, the luxury sector, still dominated by European labels, is proving to be resilient again this year, its aggregate brand value rising 4% over 2022. The combined value of the 10 most powerful luxury brands is $357 billion, or €332 billion.

All the top 10 brands posted a positive year-on-year change, except Italian luxury label Gucci, which lost 9% in brand value compared to 2023. Louis Vuitton remains the world’s most powerful luxury label, with a brand value that grew 4% to reach $129.8 billion, or €120 billion. In second place, Hermès is now valued at $93.676 billion, thanks to its products’ exclusive positioning and high prices, and the positive results recorded on the US and Chinese markets. In third place, Parisian label Chanel is valued at $60.152 billion, equivalent to an 8% increase.

Gucci ranks fourth, its brand value slumping slightly, followed by Dior with a brand value of $11.982 billion, by Cartier with $10.514 billion, and Rolex with $ 9.099 billion, a new record prompted by a 15% increase over 2023. Saint Laurent leapfrogged US jewellery brand Tiffany & Co. into eighth place, and Milanese label Prada, with a brand value of $5.125 billion, ranks 10th.

​For all these labels, the relationship with consumers is the key to enduring success. The strength of the connection forged with their customers by brands in general, and by luxury labels in this instance, is what enables them to grow, tapping key marketing elements such as their “uniqueness” and “meaning.”

At Hermès for example, an average price rise of 7% in 2022 has gone hand in hand with a more intense communication focus on its leather artisans’ expertise and on its products’ quality and durability. A communication strategy partly shared by Swiss watchmaker Rolex, which is putting the accent on key partnerships in the cinema world, notably sponsoring the Oscars ceremony, and in sport, with a presence at top global events in Formula 1, tennis and golf.

The 2024 Kantar BrandZ ranking has also identified four labels to follow closely: Celine (owned by the LVMH group), a “future powerhouse” currently ranked 109th, driven by its accessories’ success and with the launch of a first beauty line planned for 2025; Parisian label Givenchy, recasting its future after the early January departure of Creative Director Matthew M. Williams; and two brands currently enjoying positive momentum on the US market, jewellery brand Van Cleef & Arpels (owned by Swiss group Richemont) and British label Burberry. 

Elsewhere in the ranking, US brand Nike, in 27th place, retains its leadership in sport apparel and equipment, while Zara gains 24 positions to reach 70th place, with a 47% brand value increase. Canadian sportswear brand Lululemon posted a 24% rise in brand value, entering the ranking in 92nd place.

*Methodology: The annual Kantar BrandZ Top 100 ​ ranking (first drawn up in 1998) evaluates and quantifies the value and financial performance of international corporations based on interviews with a panel of 4.2 million consumers, analysing over 20,000 brands in 54 markets.