The current pandemic has gravely affected the economic conditions, contributing to the downfall of many businesses, big and small. While numerous businesses are struggling to sustain their position in the market, some luxury brands seem to have flourished more than ever during this year. Here is a list of the most premium luxury brands that have been raking in big dollars in 2020-
After acquiring a whopping 16 percent increase in brand value, this German luxury brand has bagged the title of the world’s most valuable luxury brand in 2020. The company, at present, holds a brand value of nearly USD$33.91 billion, maintaining its position at the top despite the grave economic conditions.
Porsche’s sustainable practices and new business models have helped the brand immensely in increasing its return on sales.
#2 Louis Vuitton
The increase in Louis Vuitton’s brand value this year can be majorly credited to its makeup division, which is believed to have performed consistently well this year. The company managed to increase its growth by nearly 21 percent, i.e, up to USD$16.5 billion from USD$13.57 billion (2019).
Recently, the brand was accredited as one of the top 10 fastest growing brands in 2020.
Italian luxury fashion brand, Gucci, has managed to increase its brand value by nearly 20 percent in the last 12 months. The brand held a value of USD$14.66 billion which has increased to USD$17.63 billion this year.
Gucci has portrayed its robust resilient and robust nature by staying consistent across all of its business verticals. Today, Gucci is regarded as the second most successful luxury brand in 2020.
This year, numerous apparel brands have incurred massive losses, however, that does not seem to be the case with Cartier. This French luxury brand has endured all the hardships that this year has brought and emerged successful. By shifting its emphasis to jewelry this year, the brand has managed to acquire a 10.1 percent increase in its value.
Despite being its first year without the creative director, Karl Lagerfeld, who passed away in 2019, Chanel has shown an impressive performance this year. Much like Louis Vuitton, this French brand has also managed to grow its empire consistently this year.
The brand has recorded a strong 20 percent increase in its brand value, i.e, from USD$11.48 in 2019 to USD$13.70 billion in 2020.
Italian luxury sports car manufacturer, Ferrari, has seemed to have excelled itself in all departments. Be it marketing investments or staff satisfaction, Ferrari has paid a lot of attention to improving its overall performance this year.
The company, now regarded as one of the world’s most premium luxury brands, has acquired a nine percent increase to its value. The brand value has reportedly increased from USD$8.32 billion in 2019 to USD$9.05 billion in 2020. A major chunk of this growth can be credited to the five new models the brand introduced last year.
French high fashion luxury brand, Hermes, ensured its presence was felt in the luxury brand market this year. By conducting rigorous sales and marketing campaigns, the brand managed to secure a 9.1 percent growth in brand value. Last year, the brand had a market value of USD$10.92 billion, whereas this year, the brand has increased it to USD$10.92 billion, proving its mettle in the world of luxury brands.
Despite witnessing a massive hit due to the closure of its Maison and physical showrooms last year, Rolex managed to retain its spot this year. The Swiss luxury watch manufacturer increased its brand value from USD$7.87 billion last year to USD$8.04 billion this year.
Coach is the only US-based brand to have made it to the list of the top luxury brands of this year Despite facing a 9.7 percent hit this year, the brand is gradually building its way back up. The brand’s consistent efforts have put Coach back on the list of the most premium luxury brands of 2020.
Over the year, Dior has managed to secure a brand value growth of nearly 8.6 percent. The French luxury brand managed to increase its worth from USD$6.32 billion in 2019 to USD$6.86 billion in 2020.