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2024 has continued to be a volatile period for the luxury goods industry, seeing the likes of declining sales across the board. The leadership landscape has also witnessed significant changes, with Burberry, Mulberry, Marni and Fendi all welcoming new CEOs in the last six months. While purchase intent has remained stable, it is not yet witnessing growth. Meanwhile, as many as four out of 10 global luxury consumers say that they would shop less for designer fashion if prices increase. The challenge for incoming CEOs will be weathering this economic storm.
In Vogue Business’s H2 2024 Index, the top three players have remained stable in their rankings. Gucci has remained in second place after overtaking Dior in the H1 2024 Index. Other brands within the top 10 have witnessed a shuffle, seeing Hermès and Saint Laurent rise, while Chanel, Prada and Burberry have dropped at least one position each. Meanwhile, Fendi re-enters the top 10, sitting in tenth place, while Loewe has risen a staggering five positions to enter the top 10 for the first time. These changes come at the expense of Ralph Lauren and Balenciaga, who dropped to 11th and 12th position respectively.
For the first time, the Vogue Business Index H2 2024 is available to purchase for just $1,500. Alternatively, you can become a Vogue Business Advanced Member and pay $1,675 for a whole year of in-depth reports (including the Fashion and Beauty Indexes), expert analysis, CEO interviews and invitations to industry events — all designed to help you make better business decisions.
1. Louis Vuitton
LVMH
Rank change: -
Louis Vuitton has continued to experience a stellar performance across all pillars, taking the top spot for digital from Dior for the first time in three years. Its influencer strategy and social reach in China has helped to augment engagement across different audiences. The brand’s digital success is coupled with strides in innovation, as one of the few brands to continuously evolve its NFT strategy.
2. Gucci
Kering
Rank change: -
Gucci has once more defended its leadership in omnichannel, ESG and innovation, with notable recent highlights including its ‘Who is Sabato De Sarno’ VR film for Apple Vision Pro and new stores in The Grove, LA, and London’s New Bond Street. In digital, its Billie Eilish campaign was its best-performing content for the period and despite the dip in sales, future purchase intent is looking positive for the brand.
3. Dior
LVMH
Rank change: -
After holding the reigning championship in digital for five editions, Dior lost the top spot to Louis Vuitton. However, it remains hugely popular and has retained a strong position in all other pillars. Additionally, it is one of only five brands to have seen perception of its positive force in society and representing values shoppers support rise since the last Index.
4. Hermès
Hermès International
Rank change: +2
Hermès has seen positive developments in ESG in the latest study, reporting a 13 per cent increase in repair interventions. However, its plastic elimination targets have become more conservative. In omnichannel, a revamp of one of its Beijing flagships has been a highlight of the year, while consumer sentiment remains extremely strong for the brand, retaining its position as one of the most iconic brands, according to shoppers.
5. Chanel
Chanel Limited
Rank change: -1
Chanel has been a rare brand to buck the downward trend in the luxury slowdown and is on track to break $20 billion in sales. It continues to expand in prime real estate locations and enlist A-list celebs such as Brad Pitt and Penélope Cruz for high-octane campaigns. And, while many brands are missing ESG targets, Chanel’s net-zero 2040 target was validated by the Science Based Targets initiative (SBTi) in April.
6. Prada
Prada
Rank change: -1
Prada is in the top five for omnichannel, helped by new and revamped stores. Its improvements in brand association — most notably considered to have a modern style — have resulted in favourable financial results, and reception to digital campaigns has also been positive. Yet the brand has experienced fewer attention-grabbing headlines compared to rivals so far this year. This could change as the brand plans significant retail investments over the next five years as its focus on the Chinese market intensifies.
7. Saint Laurent
Kering
Rank change: +1
Like Prada, this has been a quieter period for Saint Laurent in terms of headlines. That noted, consumer sentiment has remained positive for the brand, with perception and awareness driving consumer metrics ahead of 92 per cent and 88 per cent of Index brands respectively. Over the course of 2024, Saint Laurent has moved closer to culture, opening a bookstore in the heart of Paris and its subsidiary production company taking three feature films to Cannes, both of which have boosted its digital score.
8. Burberry
Burberry
Rank change: -1
Burberry’s new CEO, Joshua Schulman, is heralding a new era at the brand, but the results of this leadership change are yet to be determined. In digital, Burberry’s social strategy has reaped significant engagement, with its duck on a Burberry scarf garnering over 1.5 million engagements on TikTok. In ESG, it is one of a few brands to have implemented a hotline service to ensure the fair treatment of workers, showing a dedication to social impact as well as environmental sustainability.
9. Loewe
LVMH
Rank change: +5
Loewe is one of the Index’s most significant risers in H2 2024, climbing five positions in the ranking, with growth not confined to this Index alone. Since H2 2022, the brand has ascended 16 positions, from a starting position of 25 in the ranking. Most notable is the brand’s rise in the digital pillar, where Loewe balances fun lo-fi content with content that holds more cultural depth. This has further had an impact on consumer sentiment, witnessing awareness, purchase intent and brand perception all rise in the past year.
10. Fendi
LVMH
Rank change: +1
After dropping out of the top 10 in H1 2024, Fendi beat Ralph Lauren to this position in H2 2024, seeing slight upticks across digital and omnichannel. The brand has witnessed strong performance across TikTok and Weibo, while its presence in hospitality continues to serve as an additional touchpoint. It’s yet to be seen where new leadership — with the appointment of Pierre-Emmanuel Angeloglou as CEO in 2024 — will take Fendi in the coming year.
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