SINGAPORE - Louis Vuitton may have been crowned the most powerful luxury brand in the world with a value of US$28.4 billion (S$36 billion), but with a 12 per cent drop in brand value, it gives other luxury companies a chance at the top spot, reported research company Bain & Company.
This October, Louis Vuitton announced the departure of its creative director, Marc Jacobs. Luxury news site The Richest reported that some experts are even questioning the growth potential for Louis Vuitton in the years to come.
Marc Jacobs, who helmed the brand for 16 years, has left to focus on his own brand as it heads toward achieving its Initial Public Offering (IPO), said Vogue.
Nicolas Ghesquiere, described as 'France's most avant-garde designer' by the Wall Street Journal, has taken the helm as creative director at Louis Vuitton.
Ghesquiere previously worked with French fashion house Balenciaga for 15 years, and is currently being sued by his former employer for spewing out negative comments about the label. According to reports online, Balenciaga is seeking US$9.2 million (S$12 million) in damages.
While Louis Vuitton has long taken the crown, fellow high fashion labels such as Chanel and Burberry are also stepping up their promotional activities and garnering more market growth, especially in the Asian market, said Bain & Company.
Number six on the rankings and with a brand value of US$7 billion (S$8.9 billion), French luxury brand Chanel, held more promotional events geared towards its Asian clientele this year.
Chinese celebrities like Zhou Xun and Lin Chi-ling were spotted wearing Chanel's apparel and seen at their fashion shows in Paris.
Chanel designer Karl Lagerfeld also chose Singapore as the venue to unveil Chanel's latest Cruise collection in May.
Later in July, Lagerfeld presented his high fashion collection in a ruined theatre set against a futuristic skyline of an imaginary city said to be inspired by Singapore, according to the New York Times.
British brand Burberry, ranked eighth on the list, also went for news-making events in South Korea and Singapore.
In September, Burberry brought together Seoul's creative community to celebrate its digital platform, Art of Trench, and its iconic trench coat with K-pop celebrities like Soo Young from Girls Generation, Kim Hye Soo and CL from 2NE1.
Burberry also launched its first in-house male fragrance, Brit Rhythm, with a series of gigs held in three global cities including Singapore. Top fashion personalities in Singapore gathered together with British model Suki Waterhouse, and enjoyed a live performance by punk rock band, White Lies.
Despite the marketing activities in Asia, Bain & Company said that the Americas will be expected to see a 4 per cent growth, beating the 2.5 per cent growth estimated for Asia.