Nike (brand value down 6% to USD31.3 billion) retains its title as the world’s most valuable apparel brand, despite losing brand value, according to a new report from leading brand valuation consultancy, Brand Finance.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 50 most valuable and strongest apparel brands are included in the annual Brand Finance Apparel 50 2023 ranking.
Annie Brown, General Manager of Brand Finance UK, commented, “From its relentless commitment to innovation, ability to stay ahead of market trends, and extensive partnerships with athletes worldwide, Nike has firmly cemented its place at the top of the apparel industry.
“In 2023, the brand is continuing to leverage its enormous global influence and reputation to empower positive change in the sporting world and beyond.”
New Balance (brand value up 11% to USD1.8 billion) has entered this year’s ranking as one to watch. The brand’s reputation and popularity are set to soar following the recent triumph of tennis sensation Coco Gauff at the US Open, where she and her family proudly donned her custom-made ‘Call me Champion’ shirt.
The star also unveiled her signature New Balance shoe, the CG1 Vintage, in 2023. Her win is expected to trigger a surge in shoe sales, positively impacting New Balance’s brand value and bolstering its positive reputation in the sporting industry.
Down-apparel brand Bosideng makes waves as China pivots from manufacturing towards brand-generation
The apparel industry has played a crucial role in China’s rapid modernisation and is experiencing robust growth. China’s largest down-clothing brand, Bosideng, (brand value up 12% to USD1.9 billion), has successfully overcome the common challenges faced by Chinese brands in the global market by connecting with consumers and establishing itself as a distinctive player.
Bosideng’s ability to penetrate the Western market, while also showcasing its Chinese heritage, has bolstered its success and brand strength this year. Bosideng has opened more stores across Europe, collaborated with renowned designers, including former Hermès creative director, Jean Paul Gaultier, and participated in international fashion shows to enhance its global brand profile.
French fashion house Celine named fastest-growing apparel brand, while iconic luxury names remain resilient
Celine (brand value up 51% to USD2.9 billion) has experienced remarkable growth under the creative direction of Hedi Slimane, appointed to the brand in 2018, and overseen by Celine’s chief executive Séverine Merle.
Slimane’s innovative vision and brand revitalisation efforts, boosted by social media marketing and advertising campaigns, have played a crucial role in Celine’s growing brand value. The brand provides yet another case study in the power of the LVMH luxury superpower in its ability to breathe new life into luxury heritage brands.
Luxury apparel has faced challenges and transformations in the post-pandemic era, with e-commerce and social media reshaping the landscape while streetwear and athleisure gain popularity. However, renowned luxury brands like Dior (brand value up 46% to USD13.2 billion), Louis Vuitton (brand value up 12% to USD 26.3 billion), and Chanel (brand value up 27% to USD19.4 billion) have thrived, thanks to promising sales growth and their enduring brand strengths, upholding their iconic status in the post-pandemic world.
Rolex looking stylish as the strongest apparel brand, while other Swiss watch brands see their brand values increase
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Rolex’s (brand value up 28% to USD10.7 billion) has become synonymous with luxury and timeless elegance.
It is this combination of heritage, craftsmanship and reputation for excellence that drives the enduring brand strength of Swiss watchmakers, with other strong performances from Omega (brand value up 13% to USD4.5 billion) up to 20th position and TAG Heuer (brand value up 6% to USD2.6 billion) up in 36th position.
Fast fashion giants continue to see their brand values and brand strength decline
As sustainability becomes an increasing driver of choice between apparel brands, global fast-fashion houses like H&M (brand value down 26% to USD9.4 billion) and Zara (brand value down 15% to USD11 billion) are taking a hit to their brand strengths and reputations.
Their weaker brand strengths can be attributed to vague communication and a lack of transparency regarding sustainability. For example, H&M’s Conscious Collection was found to extensively use synthetic materials derived from fossil fuels. This case reflects a larger trend in the industry, whereby such retailers engage in ‘greenwashing’ to mask cost-saving initiatives.
Nike has the highest Sustainability Perceptions Value, (SPV) at USD2.3 billion
Nike has the highest Sustainability Perceptions Value in the 2023 apparel ranking, at USD2.3 billion. The brand’s ‘Move to Zero’ sustainability campaign has garnered global attention and enhanced global perceptions of the brand’s sustainability commitment.
Nike is also actively involving athletes in its sustainability efforts in a bid to enhance consumer awareness about sustainability. The brand continues to leverage its enormous global influence to promote ESG practices company-wide, supporting its mission to ‘move the world’ forward through sport and empower positive change for communities across the globe.
