The report was released by Interbrand, who each year conduct their Global Brands chart review that ranks the top 100 companies from any and all sectors (not just fashion) and lists them depending on their financial performance, ability to influence consumer spending and competitive strength.
This year Louis Vuitton was the first fashion label to make the list at a very respectable 18th spot, having been beaten by the likes of Apple, Google, Amazon, Microsoft and Coca-cola.
Other notable fashion brands that made it in the top 50 were Chanel at 23, and Gucci at 39.
The biggest talking point from the release of Interbrand’s annual report was the rise of the luxury brand sector, which hasn’t seen a spike at this level since 2004.
What surprised people following Interbrand's report was that Louis Vuitton and Gucci are listed alongside streaming services Amazon and Netflix as the fastest-growing brands worldwide.
This growth is largely due to Louis Vuitton and other well-established fashion houses making concerted efforts to engage with the millennial crowd.
The fashion industry in the past has been steeped in prestige and unattainability, but now fashion's top players are finding their own unique voice while working to create a personal connection with their customers, and it’s working.
Rebecca Robins, global chief learning and culture officer at Interbrand says, “Louis Vuitton’s strength of point of view runs through everything they do. They have been relentless with their engagement with millennials, they’ve gone a lot deeper with their appointment of Virgil [Abloh]and they’re investing in people. You see a similar thing at Gucci."
To be fair, we would sacrifice our Netflix subscriptions for a Louis Vuitton bag any day.