If you could rank African Fashion most valuable luxury brand, who will be your top brand? This question may seem trivial at first, but it has implications for the future of Africa’s Fashion.
In luxury brand news for the West, guess which label is currently the most valuable luxury brand! You guessed it! Louis Vuitton. This is according to a recent post by Fashionista.com ( read here for full details). Louis Vuitton is worth an estimate $24.7 billion, making it the most valuable brand in the sector.
The research group Millward Brown calculated the value of Louis Vuitton as well as other luxury fashion brands. To do so, they examined “corporate earnings, potential for future earnings and qualitative factors like meaningfulness, distinctiveness and salience that speak to consumers’ attitude toward purchasing its products. For brands like Vuitton that are part of a larger company, figuring out that financial value is a matter of figuring out its percentage contribution to overall sales.”
Other luxury brands trailing behind Vuitton are: Hermès ($19 billion), Gucci ($13 billion), Chanel ($9 billion), Rolex ($8.5 billion), Cartier ($7.6 billion), Prada ($6.5 billion), Burberry ($5.7 billion), Michael Kors ($3.8 billion) and Tiffany ($3.2 billion). Of all these brands, within the last year, Vuitton and Chanel were the only labels whose brand value increased, growing 6 and 15 percent respectively.
What if anything can Africa’s Fashion learn from this? Honestly, it would be the need to reinvigorate our fashion industry with a new revenue stream that works to generate profits and income for designers and their artisans.
African fashion is just as luxurious as these brands and in many cases, we make unique, one of a kind pieces that are manufactured by hand and priceless if you ask me. We are as distinctive as can be and speak to the heart and soul of what it means to be African in an significant way.
We don’t have to be at the level of Louis Vuitton, not yet. But we can start from some where by continuing to keep our design and production in-house, which many of our designers already do, produce in small quantities, avoid unnecessary expenses and deliver luxury products that will be at very competitive rates compared to bigger luxury brands like Chanel.
Lastly, find someone to write about your products in a meaningful way besides just showing your images. If they are not ready to interview you to get a sense of your brand or the story you are trying to tell with your collection, then you have no business dealing with them. Don’t send anything about your collection to any sites beyond an invitational email. Let the African fashion news or blogs and fashion critics out there, criticize your work in their own way. Regardless of their opinion, you will be glad they did and who knows, you just maybe on your way to becoming African Fashion Most Valuable Luxury Brand.
Images: Asiyami Gold
The couple also recognised the need to reinvigorate the traditional atelier with a new revenue stream and a means of generating more work for its artisans. When Daniel’s father first set up the company, he also launched an eponymous line of beautifully tailored women’s ready-to-wear.