After the outbreak of the pandemic, which impacted industries all over the world, the global economy took a huge blow. The general dynamics of shopping transitioned as a result of the paradigmatic shift in demand and supply trends.
Due to the limitations on travel, consumers have shifted from traditional brick-and-mortar retail to virtual shopping, which has helped many businesses survive.
This shift was accelerated after China pioneered the idea of online video shopping, which fully changed the global economy. International luxury brands were among the first to get on the online bandwagon, and they have now followed the trend and moved the direction of their sales to online shopping platforms.
Since the luxury industry is first and foremost a brand-driven industry, this change makes sense. People purchase high-end products and services because they believe in and value the brand. People in India, for example, are becoming increasingly interested in foreign luxury goods, prompting several big global brands to access the country.
The following is a list of premium brands that have continued to stay in the top ten global brands for the year 2020.
- Louis Vuitton
In the list of high-end luxury brands, the French fashion house and luxury retail business comes first. Louis Vuitton established the company in 1854, and it retained its status with a market worth of $51,777 million as of 2020. The company is known for a wide variety of items, including premium trunks, ready-to-wear watches, dresses, scarves, and other accessories, as well as its classic luggage.
The couture, shoes, and perfumes division of the French fashion house focuses on women’s high fashion. Coco Chanel founded the firm in 1910, and it now has a brand worth of $36,120 million, putting it in second place on the list.
Hermes is a luxury goods company based in France that was founded in 1837. Leather, fashion apparel, home furnishings, perfumes, jewellery, watches, and ready-to-wear are among its specialities. As of 2020, it had brand equity of $33,008 million.
Guccio Gucci founded the luxury brand in Florence, Italy, in 1921. Guccio Gucci’s product range includes handbags, shoes, luggage, perfume, fragrances, home décor, and ready-to-wear. As of 2020, the company’s brand worth was $27,238 million.
The Geneva-based Swiss watchmaker has long been at the forefront of the luxury watch industry. Hans Wilsdorf and Alfred Davis founded Rolex as ‘Walsdorf’ in London in the year 1905. In 1908, the company licenced Rolex as a trademark for its watches, and in 1915, it became Rolex Watch Co. Ltd. In the year 2018, Forbes ranked the organisation as the 71st most valuable brand in the world. In the year 2020, the watchmaker’s brand valuation stood at $7,433 million.
Jewellery and watches are designed, manufactured, distributed, and sold by this French luxury goods conglomerate. It was established in Paris in 1847 by Louis-François Cartier and had a brand valuation of $5,214 million as of 2020.
Christian Dior founded Dior in 1946 in Paris. Among other things, the French luxury goods business is renowned for its high-end couture, jewellery, fragrances, and accessories. Dior had a market worth of $5,117 million in 2020, putting it in the seventh position on the list.
- Yves Saint Laurent
Yves Saint Laurent and his partner Pierre Bergé formed YSL in 1961 in Paris, making it another French luxury company on the list. The brand is also known for its haute couture, luxury goods, and accessories, among other things. The company’s brand worth was estimated to be $3,972 million in 2020, placing it eighth on the list.
Burberry is a London-based fashion house founded by Thomas Burberry in 1856. Trench jackets, leather products, boots, fashion accessories, eyewear, fragrances, and cosmetics are among the products that the company manufactures and distributes. It had a brand worth of $3,847 million in 2020.
The Italian luxury fashion house, established in 1913 by Mario Prada, specialises in leather handbags, travel accessories, dresses, ready-to-wear, perfumes, and other accessories. The corporation had a net worth of $3,059 million in 2020.
These are the 10 luxury brands that made the major shift from brick-and-mortar to virtual shopping and online video shopping and continue to rake in profits. If you want to check these out, try Proxgy for Shopping for a wonderful, immersive retail experience. The Proxgy user app will be able to take you around the stores, help you browse and take a look at the product in detail.
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