The 2023 brand power ranking released annually by Brand Finance has been released. Among the top 10 top boutique brand value rankings in 2023, the familiar Gucci, LV, Chanel, Cartier... are all on the list. The key is that the leader who dominates the list Who could it be?
The world's most credible Brand Finance brand value and consulting organization Retengteng has published several important ranking reports for 2023, including the list of the top 500 global brands in 2023 (this list includes strong brands in various industries, such as the well-known boutique products) , clothing, style brands, e-commerce, etc.), and the ranking of the world's top 50 luxury brands in 2023 (top luxury brands are defined as brands with high brand awareness and high quality, but cannot be consumed daily because of price), What we are about to focus on is the ranking of the top 50 luxury brands in the world, and extract the top 10 brands to share with V fans. The data used in this report are all based on the top 50 brands. calculate.
Luxury brand value ranking in 2023:
In the 2023 ranking of the world's top 50 most valuable luxury and high-end brands released by Brand Finance, Porsche is in the lead. This German brand has ranked first in overall brand value for 6 consecutive years with a brand value of US$36.8 billion. Louis Vuitton ranked second with $26.3 billion, Chanel ranked third with $19.4 billion, and Gucci ranked fourth with $17.8 billion.
Alex Haigh, Director of Brand Finance at Brand Finance, noted, “Luxury brands have long thrived by offering unique and personalized experiences, a trend that continues in the wake of the COVID-19 pandemic. Leveraging data and technology, These brands are now providing their customers with personalized recommendations, customized products and customized experiences. This focus on personalization increases customer loyalty and helps brands stand out in a crowded market. The industry is interested in the new sustainability The trend is no stranger either. They are embracing sustainability by incorporating environmentally friendly materials, implementing ethical sourcing and production practices, and communicating a commitment to responsible business operations.”
Porsche continues to advance its modern luxury strategy
Porsche combines exceptional products with a highly personalized customer experience. Porsche is expanding its product portfolio with new sports car concepts but will also continue to focus on limited-edition models and expand its Sonderwunsch program, which champions highly customized cars that involve customers in the design outcome.
Chanel's outlook is bullish
Chanel Chanel reported excellent financial results (revenue of $17.22 billion for the year ended December 31, 2022, up 17% from the previous year; profit of $5.78 billion, up 5.8%). The Chanel brand has maintained a high familiarity rate of 72% in recent years, especially in Saudi Arabia, Malaysia and Italy. It also has one of the highest consideration percentages among luxury apparel brands at 51%, according to Brand Finance's annual market research.
Sustainability and environmental protection have become an increasingly important consideration in driving consumption
As part of the analysis, Brand Finance assessed the role that specific brand attributes play in driving overall brand value. One of these attributes is sustainability. Brand finance evaluates the degree of sustainable development of a specific brand in terms of environmental protection, and then expresses it as a "sustainability awareness score". This is an index score that reflects the role of sustainability in driving positive brand reputation. The value associated with the sustainability mindset is then calculated for each brand, known as the “sustainability mindset value”.
Not only is Porsche the most valuable luxury premium brand, it also has the highest Sustainable Perceived Value (SPV) of any brand in the 2023 Luxury Premium 100 list – $8.1 billion.
Lamborghini (+123%) accelerates ahead of schedule, named fastest-growing luxury premium brand in 2023
Lamborghini's brand value increased by 123% to US$4.1 billion, making it the fastest growing brand in the ranking.
For Lamborghini in particular, this was a golden period. The Italian brand also climbed to second place in terms of brand strength, behind Ferrari, which maintained its lead. Lamborghini's brand strength improved this year from 84/100 to 88/100. Brand Finance's research on high-income people in 16 countries confirmed the growth and development of brands from the perspective of brand equity, especially in Asia-Pacific and North America, where brand familiarity has increased significantly. In addition to strengthening the brand globally, the company continues to demonstrate how equity translates into superior financial performance. Lamborghini sales have now topped €2 billion for the first time, recording the best financial results in its history.
Ferrari Ferrari remains the strongest brand in the luxury premium brand rankings
In addition to calculating brand value, Brand Finance determines the relative strength of brands through a balanced scorecard that evaluates marketing investment, stakeholder equity and business performance. Brand Finance's assessment of stakeholder equity is compliant with the ISO 20671 standard and incorporates original market research data from more than 100,000 respondents across 31 industries in 38 countries.
Ferrari Ferrari (whose brand value increased slightly by 3% to $7.2 billion) maintained its lead in the Brand Strength Index (BSI) with an impressive score of 91/100 and a top rating of AAA+.
For the Italian luxury sports car brand, growth is mainly due to two factors: the e-building – where strategic electronic components developed in-house are produced; and greater production flexibility for hybrid and fully electric models.
The power behind the Prancing Horse brand remains the brand's ability to stand out and not fall behind. It has achieved this through its presence, from the sporting world of F1 to merchandising, from high fashion and lifestyle to amusement parks, it has managed to enter everyone's imagination. Brand Finance's research into Ferrari brand familiarity, its reputation and perceived quality remains high globally.
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