Luxury & Premium 50 2021 The annual report on the most valuable and strongest luxury & premium brands September 2021 Contents. About Brand Finance 4 Get in Touch 4 Brandirectory.com6 Brand Finance Group 6 Foreword 8 Executive Summary 10 Brand Finance Luxury & Premium (USD m) 17 Sector Reputation Analysis 18 2021 Trends: The New Era of Luxury 20 Brand Spotlight 22 Porsche 24 Robert Ader, CMO of Dr. Ing. h.c. F., Porsche AG Methodology 26 Definitions 28 Brand Valuation Methodology 29 Brand Strength 30 Brand Equity Research Database 31 Our Services 32 Consulting Services 34 Brand Evaluation Services 35 Communications Services 36 Brand Finance Network 39 © 2021 All rights reserved. Brand Finance Plc. Brand Finance Luxury & Premium September 2021 3 About Brand Finance. Brand Finance is the world's leading brand valuation consultancy. We bridge the gap between marketing and finance Brand Finance was set up in 1996 with the aim of 'bridging the gap between marketing and finance'. For 25 years, we have helped companies and organisations of all types to connect their brands to the bottom line. We quantify the financial value of brands We put 5,000 of the world’s biggest brands to the test every year. Ranking brands across all sectors and countries, we publish nearly 100 reports annually. We offer a unique combination of expertise Our teams have experience across a wide range of disciplines from marketing and market research, to brand strategy and visual identity, to tax and accounting. We pride ourselves on technical credibility Brand Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales, and the first brand valuation consultancy to join the International Valuation Standards Council. Our experts helped craft the internationally recognised standards on Brand Valuation – ISO 10668 and Brand Evaluation – ISO 20671. Our methodology has been certified by global independent auditors – Austrian Standards – as compliant with both, and received the official approval of the Marketing Accountability Standards Board. Get in Touch. For business enquiries, please contact: Alex Haigh Valuation Director a.haigh@brandfinance.com For media enquiries, please contact: Florina Cormack-Loyd Associate Communications Director +44 020 7389 9444 f.cormackloyd@brandfinance.com For all other enquiries, please contact: enquiries@brandfinance.com +44 207 389 9400 For more information, please visit our website: www.brandfinance.com 4 Brand Finance Luxury & Premium September 2021 linkedin.com/company/brand-finance twitter.com/brandfinance facebook.com/brandfinance instagram.com/brand.finance brandfinance.com Request your own Brand Value Report A Brand Value Report provides a complete breakdown of the assumptions, data sources, and calculations used to arrive at your brand’s value. Each report includes expert recommendations for growing brand value to drive business performance and offers a cost-effective way to gaining a better understanding of your position against competitors. Visit brandirectory.com/request-a-valuation or email enquiries@brandfinance.com Insight Strategy Benefits Brand Valuation Summary Brand Strength Tracking Conte Royalty Rates Cost of Capital Analysis nts Customer Research Findings Benchmarking Education Communication Understandin benraqnudiriireesc@tobryr.acnodmir/elucxtoury.-caonmd-premium Competitor Benchmarking Brand Finance Luxury & Premium September 2021 5 Brandirectory.com Brandirectory is the world’s largest database of current and historical brand values, providing easy access to all Brand Finance rankings, reports, whitepapers, and consumer research published since 2007. + Browse thousands of published brand values + Track brand value, strength, and rating across publications and over time + Use interactive charts to compare brand values across countries, sectors, and global rankings + Purchase and instantly unlock premium data, complete brand rankings, and research Visit brandirectory.com to find out more. Brand Finance Group. 6 Brand Finance Luxury & Premium September 2021 Brand Finance Institute Brand Finance Institute is the educational division of Brand Finance, whose purpose is to create and foster a professional environment for knowledge-sharing and networking among practitioners and experts in the market. BFI organises events, in-company training, and corporate educational initiatives around the world. In the quest for marketing excellence and with the purpose to equip the brand valuation and strategy practitioners with the necessary skills and tools, we have developed a wide range of programmes and certifications in collaboration with the most coveted business schools, universities and thought leaders in the field. Brand Dialogue Brand Dialogue is a public relations agency developing communications strategies to create dialogue that drives brand value. Brand Dialogue has over 25 years of experience in delivering campaigns driven by research, measurement, and strategic thinking for a variety of clients, with a strong background in geographic branding, including supporting nation brands and brands with a geographical indication (GI). Brand Dialogue manages communications activities across Brand Finance Group's companies and network. VI360 VI360 is a brand identity management consultancy working for clients of all sizes on brand compliance, brand transition, and brand identity management. VI360 provide straightforward and practical brand management that results in tangible benefits for your business. brandfinance.com Global Brand Equity Monitor Original market research on 2,500 brands 29 countries and 23 sectors covered More than 50,000 respondents surveyed annually We are now in our 5th consecutive year conducting the study Visit brandirectory.com/consumer-research or email enquiries@brandfinance.com benraqnudiriireesc@tobryr.acnodmir/elucxtoury.-caonmd-premium Brand Finance Luxury & Premium September 2021 7 Foreword. Alex Haigh Valuation Director, Brand Finance Welcome to Brand Finance’s analysis of the Luxury and Premium sector’s top 50 most valuable brands. For the past 25 years, Brand Finance has been bridging the gap between Marketing and Finance, giving marketers the quantifiable tools to communicate to other stakeholders the value of their most valuable asset - their brand. We understand the importance of design and advertising, but also know that the purpose of branding goes beyond attracting customers and building loyalty. The ultimate and overriding purpose of a strong brand is to drive financial returns, an idea that can leave financial stakeholders often skeptical. Our research reveals the compelling link between strong brands and stock market performance. It was found that investing in highly branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. That is why we connect brands to the bottom line: to help our clients use their brand to their full potential. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We help our clients navigate strategic decisions by placing brands at the centre of the equation and translating the potential of marketing activities to an economic value for all stakeholders to understand. Brand Finance has conducted thousands of brand valuations to help with issues from brand architecture, brand licencing and mergers and acquisitions and brand and marketing investments. Our valuation methodology is the most highly regarded in the field and we are a continuously growing team of experts across 20 countries. The luxury and premium industry is one of the most compelling examples demonstrating the power of brands. Consumers’ desire to develop a strong sense of belonging and the connection of a brand to lifestyle is one of the most powerful outcomes of branding and an undeniably powerful revenue driver. The following report is a first step to understanding more about brands – specifically in the luxury and premium sector – how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you and welcome your feedback. 8 Brand Finance Luxury & Premium September 2021 World’s Top Luxury & Premium Brands Lose Over $7 Billion in Brand Value. + Total value of world’s top 50 most valuable luxury and premium brands down 3%, from US$227.1 billion in 2020 to US$219.5 billion in 2021 + Porsche retains top spot, brand value US$34.3 billion + Apparel brands dominate ranking, with 30 brands featuring and accounting for 62% of total brand value, but brand values suffer due to COVID-19 + Celine bucks trend and is fastest growing brand, up impressive 118% + Two hotels check into ranking for first time: Shangri-La in 29th and Intercontinental in 35th + Ferrari speeds ahead as sector’s strongest with elite AAA+ strength rating Brand Finance Luxury & Premium September 2021 9 Executive Summary. Executive Summary. Definition of Luxury Luxury products and services are often difficult to define as the threshold separating luxury or premium from other conventional products is subjective. Therefore, we have decided to explain as clearly as possible what Brand Finance means when speaking of the “luxury and premium” sector for the purpose of this report. We define luxury brands as: brands that are well known for high quality but are not widely considered or purchased due to price. This often manifests itself in high brand awareness and a strong reputation for quality but low purchase relevance and conversion – as most consumers do not consider the brands within their reach due to price. We measure these metrics for all brands included in our Global Brand Equity Monitor and use them to directly to feed into the brand strength score, ensuring consistency and transparency. For instance, in the apparel sector, both Uniqlo and Chanel are well-known and highly regarded for their quality, but Chanel’s purchase relevance (measured by the number of respondents who would consider the brand divided by those who are familiar with it) is much lower due to the price of the brand’s products. A similar pattern is found for Nivea and Guerlain within cosmetics or Porsche and Volvo in automobiles. Top 50 loses over $7 billion in brand value The total value of the world’s top 50 most valuable luxury and premium brands, according to the Brand Finance Luxury & Premium 50 2021 report, has declined by 3% year-on-year, from US$227.1 billion in 2020 to US$219.5 billion in 2021 as the world grapples with the fallout from the COVID-19 pandemic. 12 Brand Finance Luxury & Premium September 2021 As predicted, the COVID-19 pandemic has damaged brand values across the luxury & premium sector with the total brand value of the world’s top 50 most valuable down 3% year-onyear. It is not all doom and gloom though, the pandemic can be used as a catalyst for change across the sector, through growing e-commerce channels or through brands’ responses to the increased consumer demand for social and sustainable action. Alex Haigh Valuation Director, Brand Finance brandfinance.com © Brand Finance Plc 2021 © Brand Finance Plc 2021 Executive Summary. Porsche in pole position Germany’s Porsche is by far the most valuable luxury & premium brand with a brand value of US$34.3 billion, considerably ahead of second-ranked GUCCI (brand value down 12% to US$15.6 billion). Synonymous with timeless class and luxury, Porsche is striving towards pushing the boundaries and redefining the future of the sportscar. As part of the brand’s ‘Strategy 2025’, the auto giant aims to maintain the traditional aspects that the brand is known for, as well as undertaking the shift towards sustainability through the launch of the Taycan. Porsche celebrated strong sales of the Taycan, which totalled over 20,000 units sold last year, despite a six week pause in production due to the pandemic. This impressive result means that over 10% of Porsche’s sales are now from its EV models. Brand Value Change 2020-2021 (%) -32.4% 118.0% -30.7% 73.4% -25.7% 51.0% -25.3% 41.8% -24.7% 35.3% -21.4% 23.4% -19.5% 17.0% -19.1% 13.9% -17.6% 12.4% -17.5% 9.2% brandirectory.com/luxury-and-premium Top 10 Most Valuable Brands f 1 0 1
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