By
Fibre2Fashion
Published
Sep 21, 2023
Nike has been ranked the world’s most valuable apparel brand, with a brand value of $31.3 billion (down by 6%), according to the Brand Finance Apparel 50 2023 survey released recently by UK-based brand valuation consultancy Brand Finance.
Nike also has the highest sustainability perceptions value (SPV) at $2.3 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.
Iconic luxury labels remain resilient amidst challenges. 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 by 46% to $13.2 billion), Louis Vuitton (brand value up by 12% to $26.3 billion) and Chanel (brand value up by 27% to $19.4 billion) have thrived, thanks to promising sales growth and their enduring brand strengths, upholding their iconic status in the post-pandemic world, the survey report said.
Louis Vuitton, Chanel, Gucci and Adidas were ranked second, third, fourth and fifth respectively.
French fashion house Celine was named the fastest-growing apparel brand in the survey. Celine (brand value up by 51% to $2.9 billion) has experienced remarkable growth since 2018.
Down-apparel brand Bosideng (brand value up by 12% to $1.9 billion) made waves as China pivots from manufacturing towards brand-generation. Apart from boosting its familiarity and reputation in China, Bosideng has overcome the common challenges faced by Chinese brands in the global market by connecting with consumers and establishing itself as a distinctive player.
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 by 26% to $9.4 billion) and Zara (brand value down by 15% to $11 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, the survey report said.
The findings this year indicate that consumer demand for sports apparel and athleisurewear remains high. One such brand capitalising on this demand is Adidas (brand value up by 7% to $15.7 billion), which has continued to expand its innovative product range in 2023.
Following a challenging year, Under Armour’s (brand value up by 6% to $3.7 billion) recovered performance this year can be attributed to its global expansion. The brand has ambitions to grow rapidly via new stores in key UK cities which offer innovative features and an elevated customer experience.
Entering the top 50 this year, New Balance (brand value up by 11% to $1.8 billion) has become increasingly popular across the globe, benefitting from its presence in the lifestyle market.