What are the most popular luxury brands in 2023?
文/ Frank Holmes
The luxury industry had a good year.
After reaching an all-time high in April, the STOXX European Luxury Index rose by 22.81% as of June 12, 2023.
A historic milestone was the emergence of LVMH, the world's largest luxury goods group, as Europe's most valuable company, with a market capitalization of more than $500 billion.
In this context, luxury industry consulting agency Luxe Digital has released a ranking of the world's most popular luxury brands based on data from multiple sources. Luxe Digital builds on Deloitte's list of the top luxury companies and Forbes' Most Valuable Brands, and uses Google Trends data to measure each brand's online search popularity. Luxe Digital also used SimilarWeb and Rival IQ data to evaluate website traffic and social media interactions, which further influenced rankings.
Let's take a look at the top 10 most popular luxury brands in 2023, in descending order.
Burberry
Paris, France – January 24, 2015: Contemporary fashion showcases in the window of a Burberry store in Paris. Burberry is a world-renowned retailer of fine clothing and accessories. IMAGE CREDIT: GETTY
In the ranking of the world's most popular online luxury brands, tenth place is British traditional brand Burberry. Burberry has welcomed a new CEO and chief creative officer, and is reinventing itself, attracting a new generation of consumers by emphasising the fusion of British heritage with modern luxury aesthetics, and bringing in talent like Burna Boy and rapper Kano as its new faces.
In addition to exploring new styles in outerwear design, Burberry is also expanding its range of leather goods and footwear, with the goal of making accessories sales more than half of its total sales. A pioneer in digital marketing, the brand won the inaugural Metaverse World and Gaming Experience Award in December 2022 for launching non-fungible tokens (NFTs) and a partnership with popular video game Minecraft. Burberry also emphasises environmental protection, aiming to reduce emissions from its production chain by 46% by 2030 and achieving "climate positive" status by 2040, and the use of exotic leather is also banned in its collections.
Versace
Milan, Italy – June 23, 2015: A boutique at Versace on the Arcade of Emmanuel II. A woman is strolling in front of the store. IMAGE CREDIT: GETTY
Italian luxury brand Versace, founded in 1978 by Gianni Versace, jumped 10 places from 2021 to further cement its top ten in the list of the most popular luxury brands in 2023.
Versace was acquired by Capri (then Michael Kors Group) in 2018 and its unique style spread among young consumers through high-profile fashion events and celebrity endorsements. Versace offers a range of products from haute couture to home décor and aims to gradually increase accessories revenue to 50%. The brand also plans to enhance its e-commerce capabilities and expand its global market reach through its own boutiques, e-commerce platforms, multi-brand retailers and e-tailers.
Tiffany
PORTLAND, USA – June 13, 2011: Tiffany & Co. in New York has a legendary reputation for offering upscale gifts and luxury items. IMAGE CREDIT: GETTY
U.S. jewelry company Tiffany, which was acquired by French luxury giant LVMH, dropped one spot in popularity this year. The brand is expanding its product range and revamping its retail stores to attract younger, more affluent customers. Following the acquisition, VP Alexandre Arnault brought the brand to life through successful collaborations and a series of high-profile advertising campaigns.
Highlights this year also include showcasing a 200-carat Tiffany diamond necklace at the Metropolitan Museum of Art charity dinner, appointing South Korean star BTS member Jimin as a global brand ambassador, and reopening its flagship store in New York.
Prada
London, 29 March 2019. Front view of the Prada store on New Bond Street in London. London's famous Bond Street is known worldwide for its many elegant shops, exclusive brands, designer fashion and luxury goods. IMAGE CREDIT: GETTY
The family-owned business Prada jumped to seventh place in 2023 with a staggering 49% year-over-year increase in website traffic. Prada's online transformation has attracted young, affluent consumers and enhanced the customer experience through new technologies such as blockchain and NFTs. Prada's sustainable product lines, such as the Eternal Gold collection of recycled gold jewelry and the "I Can't Know" fragrance, demonstrate Prada's commitment to sustainability.
Rolex
London, UK – 8 March 2019: A Rolex Oyster Perpetual Day Calendar in white gold displayed in the window of an authorized dealer's shop near Knightsbridge. Travel and the Swiss luxury watch industry. IMAGE CREDIT: GETTY
Rolex maintained its sixth position in 2023 and remains the most sought after online luxury watch brand and the largest luxury watch brand worldwide. This stability is attributed to the continued appeal of its core collection, the release of new models and the growing interest in second-hand watches. Despite not offering online purchases, the brand has benefited from the growing popularity of luxury resale sites and the launch of the brand's Certified Used Goods program. Rolex's exceptional brand recognition has led to retail sales expected to reach $10.3 billion in 2022, dominating the global luxury watch market with a staggering 31% share. The brand's reputation and growing young, affluent consumer base continue to support the brand's sales.
Hermès
Amsterdam, Netherlands – March 28, 2023: Hermès store logo in Amsterdam. IMAGE CREDIT: GETTY
Hermès maintained its fifth place in the ranking of the most popular online luxury lines in 2023, with a 33% year-on-year increase in website traffic. Hermès is famous for timeless classics like the Birkin bag, which are highly sought after in the second-hand market.
The brand takes a conservative approach when it comes to its distribution network, but the range of products available on its official website has expanded considerably. As of April 2023, Hermès has a market capitalization of more than €200 billion ($218 billion), making it the second most valuable luxury brand in the world.
Louis Vuitton
Paris, France – April 15, 2012: Close-up of Louis Vuitton's "Speedy 35" tote bag with the famous LV reading flower motif. IMAGE CREDIT: GETTY
Although its online search popularity dropped from 15% in 2020 to 9% in 2023, French luxury brand Louis Vuitton maintained its fourth place in Luxe Digital's 2023 rankings. However, the brand still topped the website traffic ranking with an average of 16.5 million monthly visitors and 25% year-on-year growth.
Louis Vuitton is known for redefining its iconic collections and collaborating with artists, with an immersive LV Dream exhibition in Paris that looks back at its rich history. The brand remains influential in China and ranks in the top ten most valuable European brands. The recent appointment of new CEO Pietro Beccari, as well as the appointment of hip-hop artist Pharrell Williams as creative director of menswear, are expected to boost the brand's online popularity.
Chanel
Antibes, France – October 12, 2011: Chanel No 5 eau de toilette spray bottle and retail gift box on white background. This perfume, which has been on sale since 1922, was the first perfume created by French fashion designer Gabriel "Coco" Chanel. IMAGE CREDIT: GETTY
French fashion brand Chanel maintained its third place as the most popular online luxury brand in 2023, with a 26% increase in website traffic despite the brand's traditional boycott of online sales. The brand is known worldwide for its iconic products, especially classic flap bags and perfumes such as Chanel No. 5）。
With the official announcement of Timothée Chalamet, the famous American actor "Sweet Tea", the company's growth has been supported by a growing number of younger consumers. Chanel costumed numerous celebrities at the 2023 Metropolitan Museum of Art charity ball and opened its largest boutique on the famous Beverly Hills Rodeo Drive. The brand remains privately owned by Alain and Gerard Wertheimer, grandchildren of Pierre Wertheimer, Chanel's early commercial partner.
Gucci
COPENHAGEN, Denmark – May 4, 2019: A girl in white sneakers stands in the street holding a Gucci shopping bag. IMAGE CREDIT: GETTY
Italian fashion brand Gucci dropped from its perennial first place to second place in the 2023 rankings. Although its online search popularity dropped from 22.34% in 2019 to 13.4% in 2023, the brand still excelled in the digital space, with its website traffic increasing by 13% between 2022 and 2023. Despite the change in leadership, Gucci, a subsidiary of Kering, continues to work with Yuga Labs to explore the metaverse. In April 2023, the company launched its first all-reservation-based ultra-luxury boutique in Los Angeles.
Christian Dior
London, UK – 29 March 2019: Dior's shop façade on New Bond Street, London. London's famous Bond Street is known worldwide for its many elegant shops, exclusive brands, designer fashion and luxury goods. IMAGE CREDIT: GETTY
Debuting to the top of Luxe Digital's annual ranking is Kristen Dior, a brand that has risen steadily since finishing seventh in 2019. A valued member of LVMH's luxury empire, the Paris-based company demonstrates forward-thinking approaches such as exploring the metaverse and venturing into new markets. It enhances interaction with customers through direct stores, e-commerce, live streaming, and a strong social media presence. The brand's first European luxury brand show in India also attracted a lot of attention. In 2023, Dior's website traffic increased by 48% compared to the previous year, thanks to the popularity of its iconic handbags, perfumes and high-end skincare lines.
This article is translated from
https://www.forbes.com/sites/greatspeculations/2023/06/20/ranking-the-10-most-popular-luxury-brands-online-in-2023/?sh=1a807c511632
Forbes China exclusive manuscript, please do not reprint without permission
Image source: Getty Images
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