// Nike takes top spot in list of world’s most valuable apparel brands
// Despite this, Nike’s value dropped 13% due to the challenges of Covid-19
// Gucci came in at second place
Nike has taken the top spot for the seventh consecutive year in a list of the world’s most valuable apparel brands.
According to the annual Brand Finance ranking, Nike’s value has fallen by 13 per cent to $30.4 billion due to the challenges of Covid-19 despite its top spot.
Nike’s sales took a hit last year due to enforced store closures but it “saw an impressive untick in online sales”.
READ MORE: Nike warns retail partners after surge in reselling designer trainers
Brand Finance uses various metrics to come up with its figures, which include actual sales and profits.
“2020 was undoubtedly a tough year for the apparel sector,” Brand Finance managing director Richard Haigh said.
“Global and widespread economic disruption caused a sharp decrease in demand and lockdown-induced store closures forced brands to digitalise quickly or face dire consequences to sales and profits.
“Despite the total brand value of the world’s top 50 most valuable apparel brand declining eight per cent year-on-year, on the whole we have witnessed remarkable agility and innovation across the sector, which will no doubt stand brands in good stead in the coming year.”
The total value of the world’s top 50 most valuable apparel brands declined by eight per cent last year, down from $301.9 billion in the 2020 report to $276.4 billion as of January this year.
Meanwhile, the report added that brands to watch are Fila and Bosideng, but Tapestry’s Coach was the sector’s fastest falling brand, with its brand value down 31 per cent.
Rolex was the world’s “strongest apparel brand” with a Brand Strength Index (BSI) score of 89.6 out of 100.
Behind Nike on the overall list was Gucci in second place with a brand value of $15.6 billion, down 12 per cent from 2020.
The rest of the top 20 were Louis Vuitton, Adidas, Chanel, Zara, Uniqlo, H&M, Cartier, Hermès, Rolex, Dior, Tiffany, Chow Tai Fook, Coach, The North Face, Anta, Victoria’s Secret, Omega and Puma.
The apparel ranking is divided into sub sectors: luxury; sportswear; fast fashion; watches, accessories & jewellery; high street designer; underwear; and footwear.
Fila became the fastest-growing brand in this year’s Brand Finance Apparel 50 ranking following a 68 per cent brand value increase to $2.7 billion.
Timberland and Bosideng were the second and third fastest-growing brands, up 47 per cent and 39 per cent respectively.
Brand Finance said that in the UK, Burberry was 21st in the global ranking but lost 26 per cent of its brand value.
Meanwhile, Asos and Boohoo saw their values rising by 38 per cent and 22 per cent respectively.
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