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A report claims that the world’s top luxury and premium brands could lose up to US$35 billion of brand value cumulatively as a result of the Covid-19 pandemic.
The latest ‘Brand Finance Luxury & Premium 50 2020’ report analysed the three subsectors of apparel, automobiles and cosmetics and personal care within the luxury and premium ranking. Brand Finance’s analysis has shown that these sub sectors are likely to be impacted differently by coronavirus, with apparel brands the most heavily impacted, facing a 20% brand value loss, while automobile are set to be moderately impacted, facing a 10% brand value loss and cosmetics brands largely sheltered from the damage of the pandemic. Looking beyond the luxury and premium sector, the report says that the value of the 500 most valuable brands in the world, ranked in the Brand Finance Global 500 2020 league table, could fall by an estimated US$1 trillion as a result of the coronavirus outbreak.
According to the report, Porsche has retained the title of the world’s most valuable luxury and premium brand by a considerable margin, following a 16% brand value increase to US$33.9 billion, while Givenchy is the fastest-growing brand in this year’s ranking, its brand value growing 74% to US$2 billion, simultaneously jumping 11 spots in the ranking from 37th to 26th. Five French brands feature in the top ten with their brand values growing on average by 14%. In third place in the top ten ranking, Louis Vuitton is the fastest growing brand, up 21% to US$16.5 billion, while fifth-ranking Chanel recorded a solid 20% brand value growth to US$13.7 billion. In addition to measuring overall brand value, Brand Finance also evaluates the relative strength of brands, based on factors such as marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation. According to these criteria, Ferrari has retained its position as the world’s strongest luxury and premium brand with a Brand Strength Index (BSI) score of 94.1 out of 100 and a corresponding elite AAA+ brand strength rating.