In the face of COVID-19, luxury brands are no less immune from taking a financial hit than the rest of us. According to the Brand Finance Luxury & Premium 50 2020 report, itโs estimated that the worldโs top luxury-based companies could lose up to US$35 billion in accumulative brand value as a direct result of the current global pandemic. Still, thereโs some growth to show for it, as outlined in the very same reportโs most valuable luxury brands for 2020 rankings.
8 out of the 10 top brands have exhibited actual growth โ with the exception of both Rolex and Coach, who have recorded a -2.2% and -9.7% decrease in brand value, respectively. Porsche has managed to retain the throne for another year by a considerable margin. Where the automaker is currently valued at almost US$34 billion, itโs closest competition โ Gucci โ is only valued at US$17.63 billion. As per the report excerpt celebrating Porscheโs victory:
Porsche has cemented itself as the epitome of luxury โ a brand renowned for its superior quality and world-class sports car manufacturing. Now rising to the challenge of an increasingly eco-conscious society, Porsche has become a pioneer in sustainability through the introduction of its first electric vehicle, the Taycan โ making the brand the first traditional luxury car manufacturer to launch a fully electric model.
As the most commercially successful luxury car brand, Porsche has seen some of the fastest long-term growth of any brand in our auto rankings, built off sports cars, and later SUVs and similar models. It is testament to the brandโs strength and wide appeal that its move to sports electric vehicles is one of the most hotly anticipated new models this year.
Check out the full run of the worldโs most valuable luxury brands for 2020 below.
1. Porsche (Germany)
2020 Value: US$33.91 billion
2019 Value: US$29.34 billion
Growth: +15.6%
โ #1
2. Gucci (Italy)
2020 Value: US$17.63 billion
2019 Value: US$14.66 billion
Growth: +20.2%
โ #2
3. Louis Vuitton (France)
2020 Value: US$16.47 billion
2019 Value: US$13.57 billion
Growth: +21.4%
โ from #4
RELATED: Louis Vuitton Raise The Stakes With This $32,000 Poker Set.
4. Cartier (France)
2020 Value: US$15.01 billion
2019 Value: US$13.64 billion
Growth: +10.1%
โ from #3
5. Chanel (France)
2020 Value: US$13.70 billion
2019 Value: US$11.48 billion
Growth: +19.4%
โ #5
6. Hermes (France)
2020 Value: US$11.90 billion
2019 Value: US$10.92 billion
Growth: +9.1%
โ #6
7. Ferrari (Italy)
2020 Value: US$9.05 billion
2019 Value: US$8.32 billion
Growth: +8.7%
โ #7
RELATED: Feast Your Eyes On The Gorgeous 1-Of-1 Ferrari Omologata.
8. Rolex (Switzerland)
2020 Value: US$7.87 billion
2019 Value: US$8.04 billion
Growth: -2.2%
โ #8
9. Dior (France)
2020 Value: US$6.86 billion
2019 Value: US$6.32 billion
Growth: +8.6%
โ from #10
10. Coach (United States)
2020 Value: US$6.81 billion
2019 Value: US$7.54 billion
Growth: -9.7%
โ from #9
