Recent reports have revealed that the value of global luxury brands in 2015 has taken a sharp plunge, wit only Chanel and Louis Vuitton recording significant growth.
Global annual report has revealed that the value of global luxury brands have slipped in 2015.
According to the report, tonly two of the Brandz Top 10 luxury Brands, Chanel and Louis Vuitton showed growth.
Louis Vuitton, continued to dominate the top spot in the luxury ranking for 10 years with its brand valued at more than $27.4bn in the recently released top 100 brands report by Millward Brown, while Chanel moved up 15 per cent to nearly $9bn
Other luxury brands have continued to struggle with declining fortune as total brand value of the category plunged by $7.1 billion, representing minus six per cent, to $104.6bn.
Global BrandZ Valuation Director at Millward Brown, Elspeth Cheung observed that the impact of a fall in spending from China and Russia is taking its toll on the luxury sector.