Louis Vuitton has emerged as the world’s most valuable apparel brand in 2024, with its brand value soaring by 23 per cent to an impressive $32.2 billion. This milestone marks a significant achievement for the luxury fashion house, driven by its strong recovery in the Chinese market and its strategic collaborations. A standout initiative was its high-profile partnership with Japanese artist Yayoi Kusama, which bolstered the brand’s global appeal.
European fashion brands, led by Louis Vuitton and Dolce & Gabbana, have seen significant growth in 2024, according to Brand Finance’s latest Apparel 50 report.
Louis Vuitton’s brand value surged by 23 per cent to $32.2 billion, while Dolce & Gabbana grew by 52 per cent.
Despite a luxury downturn, brands like Hermès and Dior remained resilient.
The brand’s sustained growth is also fuelled by its exceptional brand loyalty, with consumers consistently willing to pay a premium for Louis Vuitton products. These factors have helped solidify its top position in the global luxury market, as per the report.
Dolce & Gabbana has experienced a remarkable 52 per cent increase in brand value, reaching $2.1 billion, making it the fastest-growing apparel brand in 2024. This represents a significant turnaround for the Italian fashion house, which has successfully rebuilt its reputation in recent years.
Despite a downturn in the luxury apparel sector, major brands like Hermès, Louis Vuitton, and Dior have shown resilience. Hermès, in particular, saw an 18 per cent increase in brand value, underscoring its ability to weather economic fluctuations. While brands such as Gucci and Burberry faced declines, they maintained strong innovation and quality scores, showcasing their long-term potential for recovery.
The report also highlighted a boost in women’s sportswear sales, driven by the upcoming Paris 2024 Olympic Games. This surge in demand has contributed to a 6.4 per cent growth in global sportswear sales, as consumers increasingly seek activewear that combines fashion with function.
In the 2024 Sustainability Perceptions Index, Louis Vuitton emerged as the top apparel brand, with a sustainability value of $3.8 billion. Chanel, meanwhile, achieved the highest positive gap value of $746 million.
“The post-pandemic boom set the stage for Louis Vuitton to not only regain but expand its market leadership. This success is attributed to the brand’s ability to capture renewed consumer enthusiasm, particularly in the vital Chinese market. The brand’s commitment to craftsmanship and creativity, as showcased in the recent Paris Olympic brand campaign, continues to elevate its status and protect its lasting allure,” said Annie Brown, general manager of Brand Finance UK.
Fibre2Fashion News Desk (DP)