Although tech companies like Apple, Google and Microsoft took the top spots on Interband’s Best Global Brands 2017 list, luxury fashion is still in the game.
Louis Vuitton ranked the number one luxury fashion brand, holding its position at number 19 on the list. Hermès comes in second moving up two spots to number 32, with Gucci coming in third moving up one spot to 51.
“Louis Vuitton has connected the brand into culture,” Robbins said. “When we look at Louis Vuitton, Gucci, Hermès what is the magic with these brands? Not only are they going strong operationally, but it’s their relationship between brand and culture and they are doing it in a way that is of the moment and relevant but also sustainable. It’s not a flash-in-the-pan. It’s well thought through, strategically driven and delivered with the strength of their conviction.”
Not every fashion brand is moving up on the list. Brands on the decline include Burberry, which dropped three places to 86 and Prada dropping 13 spots to number 94. Ralph Lauren, which scored 98 last year, dropped off the list completely.
Robbins said this is the most polarizing year for luxury brands Interbrand has seen in the last five years, adding that “it’s about creating the right dynamic of desire and demand.”
Luca Solca commented on Prada’s significant drop in a column for Business of Fashion stating the decline has to do with the brand’s lack of entry-level pricing and poor adaptation to the digital market.
“There’s no doubt that Prada remains one of the most remarkable soft luxury brands in the world, but its true promise remains unfulfilled and given the magnitude of the mistakes the company has made in recent years, it’s clear that the business needs more than a tune-up,” Solca wrote.
As far as Ralph Lauren goes, Robbins said she is hopeful for the brand as its recent runway show at New York Fashion Week “showed signs of a renewed focus.”