In March 2017, we wrote the original post about the three most valuable luxury fashion brands, based on the 2016 Interbrand Best Global Brands ranking. At the time, Louis Vuitton, Hermès, and Gucci led the category.
In 2018, Chanel re-entered the Interbrand rankings after a long absence, following its decision to disclose financial results for the first time in 108 years. The brand debuted in 23rd place, immediately securing its position as the second most valuable luxury fashion brand in the world, following Louis Vuitton.
For several years, the order of the most valuable luxury fashion brands remained unchanged. However, the 2024 Interbrand ranking reflects a significant shift: Hermès has overtaken Chanel to become the second most valuable brand in the category.
Interestingly, the brand value of the top three: Louis Vuitton, Hermès, and Chanel has been consistently increasing since 2020. In contrast, Gucci peaked in the 2022 ranking and has since experienced two consecutive years of decline.
From a brand strategy perspective, luxury fashion brands continue to share core attributes such as an emphasis on craftsmanship, heritage, and exceptional quality. Among the four analysed brands, the top three have maintained their positioning and stayed true to their DNA. Meanwhile, Gucci has undergone another dramatic shift in strategy and style, which may have played a role in its recent challenges in sustaining brand value.
No. 4 Gucci – from from eccentric sensuality to refined elegance
Gucci has a volatile history marked by spectacular highs and lows, with frequent shifts in brand strategy oscillating between bold and understated aesthetics. Under Tom Ford’s creative leadership in the 1990s through the mid-2000s, Gucci’s communication was defined by a bold, sexually provocative, and controversial style. In 2006, Frida Giannini took over as creative director, steering the brand toward a more toned-down aesthetic and modernising Gucci’s classic pieces for contemporary audiences.
Another major transformation occurred in 2015 when Marco Bizzarri and Alessandro Michele were appointed as Gucci’s CEO and creative director, respectively. Their goal was to reestablish Gucci as a “fashion authority”. Almost overnight, the brand’s image shifted from sleek and glossy to raw, quirky, progressive, sensual, and geeky.
At the end of 2022, Michele departed from Gucci, and in 2023, Sabato De Sarno (previously at Valentino) joined as the new creative director. Since then, De Sarno has been steering Gucci toward a more classic luxury brand image, focusing on traditional luxury consumers. His approach emphasises minimalist style and understated elegance, marking a clear departure from the vibrant and ornate designs of his predecessor.
No. 3 Chanel – timeless elegance and liberated femininity
Chanel’s brand strategy is rooted in the highest quality, luxury, French origin, and heritage – attributes that also define another iconic French luxury fashion brand, Dior. Both brands are celebrated for reinventing fashion and share a focus on “feminine elegance”. However, their interpretations of elegance and artistic styles differ significantly. Dior is known for rich designs and emphasises femininity, while Chanel highlights timeless modernity and the concept of “uncomplicated luxury”, prioritising simplicity over opulence.
Chanel’s heritage and brand equity are deeply tied to its founder, Coco Chanel, and her enduring legacy. A trailblazer who defied established fashion norms, Coco Chanel revolutionised the fashion world by liberating women from restrictive styles. A feminist at heart, she sought to design for independent women. To this day, freedom remains a core value of Chanel, reflected not only in its artistic style but also in the social causes the brand actively supports.
No. 2 Hermès – equestrian roots and light-heartedness
Hermès is widely regarded as one of the most luxurious brands in the world, with heritage, authenticity, and craftsmanship forming the foundation of its brand strategy. However, two aspects of Hermès’ positioning set it apart: its equestrian roots and its light-hearted approach. Originally established as a harness shop, Hermès continues to produce saddles and leather accessories for horse riding. The horse serves as a central motif in the brand’s identity, appearing in its logotype, as patterns on silk scarves, in store designs, and throughout its adverts.
Unlike many luxury brands, Hermès embraces a style of communication that doesn’t take itself too seriously. As former artistic director, Christophe Lemaire, once remarked: “At times it seems like the fashion and luxury world has become a little bit like a war [zone]. And Hermès doesn’t want to play that game.” The brand’s tone of voice is refreshingly light-hearted: at times playful, and at other times whimsical and quirky.
No. 1 Louis Vuitton – travel and exploration
Louis Vuitton, the most valuable luxury fashion brand, is synonymous with the highest quality, luxury, French origins, and a rich heritage. What sets Louis Vuitton apart, and what many may not realise, is that beyond these attributes, its brand strategy is rooted in the Explorer archetype and centres around a singular theme: travel.
Originally established as a luggage brand, Louis Vuitton continues to anchor its communication in a sense of adventure and exploration. The brand frequently launches travel-inspired collections, crafts messaging focused on the spirit of discovery, produces video city guides, and films many of its adverts in exotic locations.
For Louis Vuitton, travel transcends the physical act of reaching a destination; it represents a more philosophical journey. This idea was articulated in one of the brand’s campaigns: “Return to a time when travel itself was a destination, getting there was not as important as the experience of going. There’s no such thing as a destination, because the journey never ends.”
Gucci, Chanel, Hermès, and Louis Vuitton are the four most valuable luxury fashion brands in the world, according to Interbrand. While they all share an association with luxury, the highest quality, craftsmanship, and heritage, each has a distinct brand strategy. Gucci currently focuses on understated elegance, Hermès draws inspiration from its equestrian roots and adopts a less serious tone than other luxury brands, Chanel embodies timeless elegance and liberated femininity, and Louis Vuitton centres its identity on travel and exploration.
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Magda Adamska is the founder of BrandStruck.
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