Editor’s Note
The enduring dominance of French luxury brands is underscored in the latest global rankings, with Louis Vuitton, Hermès, and Chanel securing the top spots. This report highlights the remarkable resilience and sustained value growth of these heritage houses in a dynamic market.
Louis Vuitton maintained its position as the world’s most powerful luxury brand with a brand value of approximately 178.8644 trillion won, growing by 4%.
The resilience of French luxury houses was once again confirmed in the ‘2024 Kantar BrandZ Most Valuable Global Brands Report’ released by global market research firm Kantar. The French ‘luxury trio’—Louis Vuitton, Hermès, and Chanel—once again occupied the top three spots in the luxury sector. While Louis Vuitton fell outside the top 10 in the overall ranking, which was led by Apple, Hermès held its ground despite sluggish domestic consumption, recording an unusual surge with its brand value growing 23% while the overall luxury sector grew by 8%.
This year, unlike 2022, Louis Vuitton did not make it into the top 10 of the overall global brands. It remained in 12th place, following the five major digital giants—Apple (1st), Google (2nd), Microsoft (3rd), Amazon (4th), Facebook (8th)—and the fast-food chain McDonald’s (5th), which grew significantly, and NVIDIA, which jumped 18 places to 6th on the AI boom.
According to UK-based research firm Kantar, the luxury sector, still led by European brands, is expected to show a recovery this year, with total brand value rising 4% compared to 2022. The total value of the top 10 most powerful luxury brands reaches $357 billion (approximately 492 trillion won).
All top 10 brands, except for the Italian luxury brand Gucci, whose brand value fell 9% compared to 2023, showed positive changes year-on-year. Louis Vuitton maintained its position as the world’s most powerful luxury brand with a brand value of $129.8 billion (178.8644 trillion won), growing by 4%. Hermès, in second place, is valued at $93.676 billion (129.0855 trillion won), credited to its exclusive product positioning, high prices, and positive performance in the US and Chinese markets. In third place is the Parisian brand Chanel, with a value of $60.152 billion (82.8895 trillion won), up 8%.
Gucci took 4th place with a slight decline in brand value, Dior ranked 5th at $11.982 billion (16.5112 trillion won), Cartier 6th at $10.514 billion (14.4883 trillion won), and Rolex set a new record at 7th place with $9.099 billion (12.5384 trillion won), a 15% increase compared to 2023. Saint Laurent moved up to 8th place, surpassing the American jewelry brand Tiffany & Co. (9th), while the Milanese brand Prada, with a brand value of $5.125 billion (7.0623 trillion won), ranked 10th.
For example, Hermès implemented an average price increase of 7% in 2022 while further strengthening communication about the expertise of its leather artisans and the quality and durability of its products. Swiss watchmaker Rolex focuses its communication strategy on the sports field, including major partnerships in the film industry, such as sponsoring the Oscars, and participation in global sports events like Formula 1, tennis, and golf, a strategy that is partially shared.
Four brands to watch in the 2024 Kantar BrandZ ranking were also selected. They are: Celine (owned by LVMH group), currently ranked 109th and dubbed a ‘future powerhouse’ thanks to the success of its accessories and the upcoming launch of its first beauty line in 2025; the Parisian brand Givenchy, re-envisioning its future after the departure of creative director Matthew M. Williams in early January; the jewelry brand Van Cleef & Arpels (owned by Swiss group Richemont), currently enjoying positive momentum in the US market; and the British heritage brand Burberry.
In other rankings, the American brand Nike, ranked 27th, maintained its leadership in the sportswear and equipment sector. The fast-fashion brand Zara, owned by Spain’s Inditex group, rose 24 places to 70th with a 47% increase in brand value. Canada’s sportswear brand Lululemon entered the top 100 at 92nd place with a 24% increase in brand value.
Among Korean brands, Samsung Electronics was the only one included in the top 100, at 51st place.
Meanwhile, the ‘Annual Kantar BrandZ Top 100 Brands Ranking,’ first compiled in 1998, analyzes 21,000 brands across 54 markets based on interviews with a panel of 4.2 million consumers to assess and quantify the value and financial performance of international companies.
