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. Advanced Members can read the full Vogue Business Index here.
It’s a confusing time for luxury — for those operating in it and those shopping for it. Between value discrepancies, creative shifts, legislative change, macroeconomic turbulence and looming sustainability deadlines (you may now breathe), the industry has reached an inflection point. But with change comes hope, and the Vogue Business H1 2025 Index has found glimmers in the data.
Average purchase intent is up for Index brands, with Marc Jacobs (+9.5 per cent), Miu Miu (+8.8 per cent) and Maison Margiela (+8.3 per cent) particularly benefitting. Meanwhile, consumer sensitivity to price rises is slowly beginning to wane, as the challenge for brands currently reinventing their design languages remains capitalising on the fluctuating enthusiasm for luxury goods.
In the Vogue Business H1 2025 Index, Louis Vuitton stays in first place, while Dior overtakes Gucci to fill the runner-up slot. Ralph Lauren becomes the fastest riser in the top 10, where it climbed to fourth place as a beneficiary of the ‘digital recession’. Chanel, meanwhile, falls three positions as one of only six brands to see purchase intent decline in the past six months. Loewe — one of H2 2024’s fastest risers — also dropped three positions to 12th place, falling off the leader board.
Here are the top 10 brands leading the charge in the Vogue Business H1 2025 Index.
1. Louis Vuitton
LVMH
Rank change: None
Louis Vuitton has maintained its top spot for the sixth Index in a row. Despite not leading in any of the pillars tracked, the brand scores exceptionally across all. In digital, the house’s K-pop ambassador Felix generates the highest engagement among all celebrity ambassadors, while its digital Discord community serves as a springboard to innovation through exclusive gaming.
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2. Dior
LVMH
Rank change: +1
Dior returns to second place for the first time since H2 2023. Consumer sentiment for the brand has improved in the last six months, seeing uplifts in brand awareness, product quality and purchase intent. Often battling with Chanel to secure the ‘most likely to purchase’ title, Dior takes the spot once more.
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3. Gucci
Kering
Rank change: -1
Following the announcement of Demna as creative director, change is once again afoot at the Italian brand. Perceptions of the maison’s contemporary design and unique offerings have declined in the past five years. And in innovation — a pillar of which Gucci was a pioneer — the brand has witnessed a scale back. Demna’s challenge will be forging a new identity for the heritage player, while securing financial viability.
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4. Ralph Lauren
Rank change: +7
As the fastest riser in the top 10 — and holding its highest score since H1 2022 — Ralph Lauren underscores the pendulum swing from luxury to premium labels, as cash-strapped consumers purchase and engage with brands they believe offer more bang for their buck. While purchase intent at Ralph Lauren has risen over the past six months, engagement on digital platforms has risen even further, with all but one platform (Douyin) showing significant improvements.
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5. Saint Laurent
Kering
Rank change: +2
Rising two positions in this Index, Saint Laurent is a strong performer across consumer sentiment, digital, omnichannel and ESG. This edition has seen further improvements in its consumer sentiment and digital performance, through engagement-boosting campaigns with models Bella Hadid and Anja Rubik, as well as Blackpink’s Rosé. Its weakest pillar — innovation — saw no further progress.
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6. Hermès
Hermès International
Rank change: -2
Despite a strong financial performance in 2024, Hermès has fallen two positions since H2 2024, due to weaker scores in the digital and omnichannel pillars. Hermès has, however, risen to second place in the consumer sentiment pillar, just behind Chanel. The maison is considered to be the best in terms of in-store experience, which can be linked to its prestigious purchasing model that’s based on exclusivity and long-term relationship-building.
7. Prada
Prada
Rank change: -1
Prada has declined a single place, with struggling performance across consumer sentiment and digital. The brand was one of six others to see purchase intent dip, but this was offset by its strong cultural ties, which upheld a successful performance across all social platforms. On TikTok, the brand’s ‘Sound of Prada’ event in Seoul ensured it was the best performing brand on the platform.
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8. Chanel
Chanel Limited
Rank change: -3
Chanel has fallen three positions in H1 2025. While remaining the top scoring brand for consumer sentiment, the gap is closing between itself and the second best considered brand, Hermès. Alongside Prada, Chanel was one of the six brands to witness purchase intent decline from last edition, and over the past five years, metrics associated with quality and value for money have also dipped. With Matthieu Blazy announced to take the creative helm, could Chanel be primed for a perception turnaround?
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9. Burberry
Burberry
Rank change: -1
Burberry loses out on eighth place this edition, as declines in consumer sentiment and omnichannel — though slightly balanced by uplifts in digital and innovation — take hold. Innovation is a focus of its ‘Burberry Forward’ plan, with virtual try-on and new-gen materials introduced over the past six months.
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10. Fendi
LVMH
Rank change: None
As a brand that fluctuates between ninth and 11th position, Fendi is one of the more stable houses within the Vogue Business Index. And this edition is no different, seeing only a slight decline in its digital score and a subtle uplift in omnichannel — thanks to improvements in online customer service and delivery options. With strong scores in consumer sentiment, ESG and innovation, only omnichannel and digital engagement set it behind the pack.
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Join the custom insights team on 10 April to dive deep into the findings from the 10th edition of the Vogue Business Index.
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