Frank Lloyd Wright said “Give me the luxuries of life, and I will willingly do without the necessities”. And it seems people feel the same! The world of luxury is doing great, even with the world economies having a hard time. The world’s 100 largest luxury goods companies generated sales of US$217 billion in end of 2016, with cosmetics and fragrances was the top-performing sector. That is a 42% growth, quite huge isn’t it?
The world’s highest grossing luxury brands as of today are Louis Vuitton ($28.6 billion), Chanel ($20 billion), Hermes ($16.4 billion), Gucci ($12.9 billion), Cartier ($7.7 billion), Tiffany ($5.6 billion), Dior ($5.2 billion), Burberry ($5 billion) and Prada ($4.8 billion). Their combined brand value is $105.8 billion!
Noe, it’s time for a bit of juicy gossip: Gucci wants to overtake Louis Vuitton as the world’s biggest luxury label, aiming for 10 billion euros ($11.5 billion). However, Louis Vuitton is going to be tough to beat, with more than 8 billion euros in sales in 2017, while Gucci made 6.2 billion euros. But Gucci has a shot! Their brand value grew the most of any luxury fashion label, up 30 percent, while Louis Vuitton grew 23 percent in 2017. Who do yo think will win the top spot next year?