If you ask me what luxury goods are, my answer would be simply that commodities which are present at the highest end of the market in the terms of price and quality. These brands are growing day in and day out. Even though the economic markets witness depression or recession, the sales of the luxury goods have always shown an inclination. This means that there is no notable impact of economic fluctuation on them; people will still buy luxuries regardless of the present economic status of the market.
Even the facts narrate a similar story: the value of the global personal luxury goods market was estimated at 217 billion Euros in 2013. Gigantic luxury brands are presently heading towards capturing a major portion of the consumption market, and have achieved this goal to a great extent. Here is a list of top 5 brands that rule the luxury world and have jaw-dropping annual turnovers. Here are some of these giants:
· Oscar de la Renta
This brand is the biggest name among all the luxury brands in the industry. It was formed in 1960’s and till date they have never seen back, rather set new benchmarks for others brands. They carry an extensive range of products that include bridal dresses, apparels, handbags, accessories, and child wear. Their revenue for 2016 is $120.974 billion Euros till date, and they are planning to expand their business throughout the world.
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| Oscar de la Renta |
· Louis Vuitton
The next on the list is Louis Vuitton which has one of the most amazing and stylish collections of bags and accessories. Be it Rihanna or Selena Gomez, you will easily find celebrities flaunting their LV bags that can make you crave for them too. They have over 460 stores in more than 50 countries. They have a brand value of $27.3 billion and brand revenue of $10 billion.
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| LOUIS VUITTON |
· Prada
It is one of the most expensive brands of the world and produces expensive and designer ready-to-wear outfits, shoes, watches, leather products, and accessories. It is counted amongst the top most popular brands of the world that widely rule the posh class. The company estimated its profits to be $9.4 billion, which are colossal and impressive figures. This brand backed 97 spots on the Most Valuable Brands in the World 2016 issued by Forbes. It has a brand value of $6.8 billion and brand revenue of $3.2 billion.
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| PRADA |
· Chanel
The company enjoys a really good reputation for their products, especially perfumes that are launched by designer Coco channel. They estimated their annual profits to be $7 billion which shows their good financial status. They were listed at the 80th rank on the Most Valuable Brands in the World 2016 issued by Forbes. Their brand value is $7.2 billion and brand revenue $5.2 billion.
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| CHANEL |
· Dior
This brand was started in 1946 and offers to die for collection of footwear, accessories, leather products, apparels, and even skin care products. They are one of the most loved brands by designers and celebrities. In 2011, the firm declared its annual profit of $2.4 billion which speaks volumes about their financial position. According to a survey, they made $35,081 billion as their annual revenue.
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| Dior |
The annual turnovers of these 5 top brands have established new success pyramids for other brands. These brands add bling to your lifestyle, and are loved by many for the status image and styles they represent. They remind me that we can get for what we pay for, maybe this is the key reason behind their huge success and popularity.