Data on 2024’s most valuable luxury brands is out, with the top two owned by a leading luxury conglomerate, boasting a cumulative value of roughly $223.5 billion.
While 2023 and the first half of 2024 have been slightly tumultuous periods for the luxury market, today’s leading brands continue to push forward, innovating to cater to the evolving needs of their customers. Recently, data from the German platform Statista, published by Tugba Sabanoglu, has revealed and ranked the world’s most valuable luxury brands for 2024.
One conglomerate leads the pack, with two of its brands at the top two positions of the list. This is none other than LVMH (Louis Vuitton-Moët-Hennessy), under the leadership of CEO and founder Bernard Arnault. Below, we explore the rankings, as well as how the French mega-company has managed to stay afloat and adapt to a dynamic market.
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The Apex of Fashion
At number one in the list is LVMH’s Louis Vuitton, with an estimated brand value of $129.8 billion. The conglomerate’s other luxury fashion brand, Hermès, follows at second place with a value of $93.6 billion. Its other brands, Dior ($11.9 billion) and Tiffany & Co., are also in the top 10 at fifth and ninth place respectively.
That said, there’s plenty of room for other leading brands that aren’t in the conglomerate’s portfolio. Chanel leads at a solid third place with a value of $60.1 billion, privately-owned by the Wertheimer family. In 2023, the brand reported a 16% increase in sales, which may be because it had increased its prices considerably post-pandemic, as Mimosa Spencer of Reuters reports. Kering’s Gucci follows at fifth place with a value of $23.8 billion, while its Saint-Laurent is at eighth spot ($6.5 billion)
Meanwhile, Cartier stands at sixth place ($10.5 billion), Rolex at seventh ($9 billion), with Prada at the tenth spot ($5.1 billion).
While these numbers give hope for the luxury market, instability is still on the rise. Chinese consumers, in particular, have been key players in the sale of luxury goods. However, as recently as July 2024, China’s slowing economic growth and government crackdowns on “wealth-flaunting” behavior online continue to be major issues for the market.
One look at the list will make it clear that LVMH has dominated the world’s most valuable luxury brands despite the market’s many fluctuations. This may be because of a number of strategies deployed by the conglomerate and its brands, which aim to keep them relevant to consumers despite harrowing economic circumstances. This includes expanding into more industries and new markets, as the Statista data explains.
Why LVMH Is Taking The Lead
LVMH has begun venturing into both commercial and residential real estate to increase brand visibility. According to Kate Wagner of The Nation, the conglomerate has been acquiring various buildings in major cities like New York and Paris since 2007. It also happens to own some of the top five-star hotels in the world, including Cheval Blanc.
More recently, LVMH was a major partner of the 2024 Paris Olympics, and didn’t shy away from placing their products front and center. From its jewelry maison Chaumet designing the popular medals of this year’s games (which came with fully-custom Louis Vuitton cases), to Dior fashioning the lovely outfits of the opening ceremony performers (including the legendary Celine Dion), almost every aspect of the affair had the conglomerate’s touch.
As it enters Q4, LVMH continues to look forward, writing in a recent report: “In an uncertain geopolitical and economic environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail. Our strategy of focusing on the highest quality across all of our activities, combined with the energy and unparalleled creativity of our teams, will enable us to reinforce the LVMH Group’s global leadership position in luxury goods once again in 2024.”
Banner photo via Instagram @louisvuitton.
