This article is part of the Vogue Business Index: H1 2025, an bi-annual objective scorecard of the 60 top luxury fashion brands, based on revenue. Executive Members can read the full Vogue Business Index here.
Call it the LV effect. Be it the allure of Ghesquière (and his superstar muses), the magic of Pharrell (and those bootcut jeans), or the building of a brand galaxy (from sport to NFTs to beauty), Louis Vuitton maintains its stronghold for the sixth Index in a row, achieving first place through a consistent performance across all pillars. In De Sarno’s final Gucci season, the Italian house is overtaken by Dior in the overall ranking, securing second place — a position the Parisian maison last held in H2 2023. Loewe drops out of the top 10 following a brief stint in ninth place for H2 2024, while rising star Ralph Lauren makes a strong return to the leader board, in fourth position.
Brand performance for the H1 2025 Index was assessed using more than 160 data points across consumer sentiment, digital, omnichannel, ESG and innovation. While financial results are only updated once every two years, due to limited movement in the area, financial metrics still provide a symbolic weighting for brands, with average revenue and revenue productivity ratios (for example, revenue per store and revenue per employee count) enabling us to compare performance in other areas with commercial scale.
The addition of social media platforms Douyin and Xiaohongshu in the H1 2023 edition and TikTok in H2 2023, allowed us to track movement within the fast-moving digital landscape, as well as opportunities in emerging markets. This edition of the Index saw the removal of WeChat from our Chinese social media coverage due to restricted data access.
The overall weightings of category pillars and their individual metrics were determined through industry relevance and importance to the consumer, allowing us to objectively assess a brand’s performance. The final weighting for each category was agreed upon following a review process with our data analysts and expert editors.
Sixty brands were assessed in total. Periodically, we review these select brands based on matters such as revenue, for example, so if a brand slips below the required threshold, it is omitted. H1 2024 saw Stone Island assessed for the first time, while in H1 2025 Ami Paris, Jacquemus and Maje were added to the brand list.
Consumer research remains fundamental to the Vogue Business Index, with readers across a number of Condé Nast titles — including Vogue, GQ, Vanity Fair and Condé Nast Traveller — participating in a bi-annual luxury consumer sentiment survey that enables us to achieve granularity when it comes to understanding awareness, customer challenges and beliefs about brands.
Future iterations of the Vogue Business Index will also continue to expand the brands, metrics and digital platforms assessed. Each addition will be prioritised in line with industry needs and developments.
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