For anyone working in the apparel and luxury market, they already know that it is serious business. But to the outsider’s perspective, it can seem like an industry subpar to others, relegated to the status of a superfluous and superficial diversion for those with champagne-swilling tendencies. Statistics reveal a more sober reality.
Millward Brown – a firm specializing in advertising, marketing, communications, media and brand equity – recently unveiled its 2014 BrandZ Top 100 Most Valuable Global Brands. According to the list, luxury brands rose in valuation by 16 percent, the greatest increase since the recession, to a combined value of more than $111 billion. Louis Vuitton grew 14 percent in the last year (to a value of $25 billion), and Burberry had a whopping 42 percent growth with a brand value of nearly $6 billion.
Apparel is apparently the fastest growing sector in brand value among the 14 key areas of the global economy, growing at 29 percent year over year. The top spot for apparel brands went to Nike which was valued at $24.6 billion. So when that next fashion trademark case comes along, it is not about egos (although what lawsuit isn’t to some extent), it’s about a very real bottom line.