Some luxury brands have adopted a unique strategy to stay on top during tough economic times.
Daily News reports that "Some turned to online advertising, others chose to concentrate on investment pieces that people could use to supplement their wardrobe, and still others tried more innovative approaches for their brands."
The brand strategy and financial consultancy firm Millward Brown Optimor unveiled its list of the most powerful luxury brands in the world from an economic point of view. It took into account their current value as well as demand that will lead to future profit.
Here is the top 10 list of the most powerful luxury brands in the world:
1. Louis Vuitton, value rose 2% to $19.78 billion;
2. Hermès, value rose 8% in 2009 to $8.46 billion;
3. Gucci, value rose to $7.59 billion, a 2% gain;
4. Chanel, value decreased by 11% to $5.55 billion
5. Hennessy, went down 1% to a value of $5.37 billion;
6. Rolex, value went down 14% to $4.74 billion;
7. Moët & Chandon, went down 12% to a value of $4.28 billion;
8. Cartier, is now worth $3.96 billion;
8. Cartier, is now worth $3.96 billion;
9. Fendi, is now worth $3.2 billion;
10. Tiffany and Co., value rose 6% to $2.38 billion.