Louis Vuitton tops luxury brand survey for 10th consecutive year

Louis Vuitton ranked first for the luxury category in the 2015 BrandZ study by Millward Brown, with a value of $27.4 billion. Louis Vuitton and Chanel were the only luxury brands that experienced growth in value over the last year. According to the global research company, the two French companies employed unique strategies that boosted their performance. Louis Vuitton had artists and designers reinvent its classic LV monogram. Chanel, meanwhile, reduced price gaps among the regional markets.

Overall, however, the value of the top 10 luxury goods brands fell by 6 percent from $112.1 billion to $105 billion. Some of the reasons cited were the devaluation of the ruble in Russia, plus the sanctions in relation to the Ukraine conflict. In China, spending on luxury items went down due to the government's crackdown on corruption.

Brands on the lower end of the luxury price range such as Michael Kors and Tiffany were included in the top 10 for the first time due to their attempts to appear more exclusive. Others brands that secured a place in the rankings include Cartier, Prada, Gucci and Rolex.

An Exane BNP Paribas report stated that Prada's expensive product mix led to its decline.

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