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The global apparel industry is valued at approximately 3 trillion dollars according to Mckinsey’s Global fashion index. The luxury clothing industry is valued at 300 billion dollars.
“The Devil Wears Prada” one of the best Hollywood movies of our time introduced me to the realm of fashion. This is the case for most kids of our time; we didn't know much about the giants in the fashion industry. Apart from completely falling for Meryl Streep and Anne Hathaway, my interest heightened, and so I wanted to know all about most expensive brands in clothing and accessories. It is captivating to learn about these big brands, when it all started and how they went on to accomplish so much and earn such amounts of money. Intriguing right?
Let us take a look at the most sought out brands in the world:
1. CHANEL: Coco Chanel’s mission is nothing short of epic and legendary, which is precisely what the brand is as well. Brands with such great stories are worth every penny that you pay when you buy something of theirs. Chanel had a unique ability for getting to know what the world of customers wanted and needed and making products respectively. And, her designs are still important and relevant to this day. Chanel was one of the first revolutionists who concluded that luxury has to be comfortable as well. The brand is still to this day at the vanguard of extravagance for apparel and accessories as well. Chanel’s brand value is a mountainous 7 billion dollars owned by the grandchildren of Pierre Wertheimer, who was the initial business partner with Coco Chanel.
This name has been around for over a century and is one of the oldest brands in the world. Thomas Burberry initiated in 1856 in Basingstoke, England. The newest additions to the brand are Burberry London and Burberry Prorsum. With an approximated brand value of $3.4 billion, only their customers understand what Burberry is.
3. HERMES: Hermes was incepted for over 200 years now. They initially started in the 18th century as a label manufacturing leather fittings, saddles, etc. Hermes is the personification of sophistication and class with honestly everything they do. Just like a lot of other brands, Hermes have had their share of ups and downs in business. With a wealth of $5 billion, Hermes has come a long way and, that’s why they say that you don’t create a multi-billion dollar empire overnight.
4. GUCCI: Gucci was first started in the 19th century by Guccio Gucci. It is considered to be one of the most fruitful and prosperous Italian brands in the world. The Gucci’s symbol a lot of attention, and Hollywood stars flying out of Italy began noticing and using the products. Gucci then opened its first store in New York in 1956. Forbes states that Gucci is the 38th most valuable brand in the world. It's brand value is $12.4 billion, and sales come up to $5 billion.
5. RALPH LAUREN: Ralph Lauren started his corporation in 1971 with a Polo emblem and began shipping polo t-shirts having the logo near the chest area, which till date are something that can be recognized anywhere, even from far. They specialize in perfumes and accessories. Ralph Lauren is a desired favorite even in Hollywood, the movie " the great gatsby" proves this statement. The net value of Ralph Lauren is estimated at a staggering $5 billion.
6. GIORGIO ARMANI: "The Giorgio Armani corporation" was started by Armani in1978 in Milan. His fashion venture was established in 1958 where he worked with a number of Italian brands designing exclusive men’s wear. Armani later signed a contract with L’oreal, and that propelled them towards making perfumes. Around this time they expanded into Armani Jeans, Armani Kids, Emporio Armani. They have an estimated brand sale of over $3 billion.
7. VERSACE: Gianni Versace is an Italian, who comes from a family of designers. His introduction into fashion happened quite early because of his mother who was into the dressmaking business. Versace started his first couture collection in 1989 and subsequently two other labels called ‘Versus’ and ‘Instante.’ They slowly moved into accessories, perfumes, swimwear, etc and built an empire worth $800 million in less than a decade. His sister took over the reins of Versace ever since, and the brand has been nothing but unstoppable with a brand value of $5.8 billion.
This has been a brief look at some of the most well known luxurious brands on the planet right now.