Retail in Asia

In Sectors

Prada and Cartier lose shine in USD9.2b hit to luxury brands

Luxury isn’t what it used to be.

The value of the top 10 luxury-goods brands fell 6 percent, or USD7.1 billion, to US105 billion as companies from Prada to Cartier grappled with slowing sales in China and Russia, according to a global market report.

Only Louis Vuitton and Chanel saw an increase over last year, research company Millward Brown said in its 2015 BrandZ study. Vuitton gained 6 percent to USD27.4 billion, placing LVMH Moet Hennessy Louis Vuitton’s biggest brand atop the luxury ranking for the 10th straight year.

Chanel’s value rose 15 per cent to USD9 billion, propelling it to fourth in the list behind second-place Hermes and Gucci.