Louis Vuitton has emerged as the world’s most valuable fashion brand by 2024, with its brand value up 23% 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. One notable initiative was its high-profile partnership with Japanese artist Yayoi Kusama, which reinforced the brand’s global appeal.
According to Brand Finance’s latest Apparel 50 report, European fashion brands, led by Louis Vuitton and Dolce & Gabbana, have seen significant growth in 2024. Louis Vuitton’s brand value rose 23 percent to $32.2 billion, while Dolce & Gabbana grew 52 percent. Despite the luxury crisis, brands such as Hermès and Dior held their own.
The brand’s sustained growth is also driven by its exceptional brand loyalty, as consumers are consistently willing to pay a premium price for Louis Vuitton products. These factors have helped consolidate its leading position in the global luxury market, according to the report.
Dolce & Gabbana has seen a remarkable 52 percent increase in brand value, reaching $2.1 billion, making it the fastest-growing clothing brand by 2024. This represents a significant turnaround for the Italian fashion house, which has successfully rebuilt its reputation in recent years.
Despite the downturn in the luxury apparel sector, big brands such as Hermès, Louis Vuitton and Dior have shown resilience. Hermès, in particular, saw an 18 percent increase in brand value, underscoring its ability to withstand economic fluctuations. While brands such as Gucci and Burberry faced declines, they maintained strong innovation and quality scores, demonstrating their long-term recovery potential.
The report also highlighted a surge in sales of women's sportswear, driven by the upcoming Paris 2024 Olympic Games. This increase in demand has contributed to a 6.4 percent growth in global sportswear sales, as consumers increasingly look for sportswear that combines fashion and functionality.
In the Sustainability Perceptions Index 2024, Louis Vuitton became the top clothing brand with a sustainability value of $3.8 billion. Chanel, meanwhile, achieved the highest positive gap value of $746 million.
“The post-pandemic boom paved the way for Louis Vuitton to not only regain, but extend 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 brand's recent campaign for the Paris Olympic Games, continues to elevate its status and protect its enduring appeal,” he said. Annie Brown, CEO of Brand Finance UK.
Fibre2Fashion (DP) Press Desk
