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The value of the top 10 luxury-goods brands has increased 16% to $111 billion as companies from LVMH, Moet Hennessy, Louis Vuitton to Burberry made exclusivity a priority over ubiquity, research company Millward Brown said in the 2014 BrandZ study published on May 21.
The Louis Vuitton leather-product label's value jumped 14% to $25.9 billion, placing LVMH's biggest and most profitable brand atop the luxury ranking for the ninth straight year. Hermes, the French company that's part-owned by LVMH, also rose 14% to second place at $21.8 billion. Gucci (part of the Kering Group), gained 27% to $16.1 billion and was third on the list.
Vuitton is among luxury-goods makers introducing more expensive products with fewer logos and tightening sales networks as wealthy shoppers switch to brands they perceive as being more elite. First-quarter fashion and leather-goods revenue at Paris-based LVMH rose at the fastest pace in two years, indicating that the Vuitton refocus on higher-end products is working. Hermes's goal of 10% annual revenue growth is almost double industry wide estimate.
Clothing brand Prada, watchmaker Rolex, jewellery producer Cartier, and fashion labels Chanel and Burberry placed fourth to eighth in the luxury list, respectively. Burberry's value surged 42% to $5.9billion, the fastest growth in the segment, as the London-based company halted some promotions on rainwear and leather goods, Millward Brown said.
The study showed that it was not all good news. Coach and Fendi rounded out the top-10 luxury list, though both brands lost value. Coach, in ninth place, declined 4% to $3.1 billion as its handbags lost cache in the US amid product discounting. Fendi slumped 17% to $3 billion as a lack of investment by owner LVMH led to the fashion house being seen as less relevant by new luxury consumers.