According to the quarterly rankings by Launchmetrics, Dior has maintained its position as the leading luxury power player. The brand secured the top spot in the second quarter of 2021 based on its Media Impact Value (MIV), which measures the value of brands’ marketing activities. Dior achieved impressive MIV figures of $94.6 million in the U.S., $250.2 million in Europe, and $171.4 million in China, marking a significant 24% increase in the Chinese market.
The luxury sector in China has shown a strong recovery, leading to the growth of MIV for the top brands in the country. Eight out of the top ten luxury brands in China saw a double-digit increase in their MIV figures. As the country progresses in its economic recovery, luxury fashion brands from Europe and America are increasing their marketing campaign investments to target Chinese consumers.
Gucci is one of the brands that experienced significant gains in China, with a notable 34.6% increase in MIV, totaling $109.1 million and securing the third place in the country’s ranking. Chanel secured the second spot with an MIV of $148.9 million, representing a 28% rise. Louis Vuitton claimed the fourth spot with an MIV of $97.9 million. Other brands that saw remarkable growth in China included Hermès with a 33.5% increase, Loewe with a 33.4% increase, and Fendi with a 22.8% rise.
In the European market, both Chanel and Gucci performed well. Chanel ranked second with an MIV of $219.1 million, while Gucci followed closely with $190.5 million. In the U.S., Gucci took second place with an MIV of $85 million, while Chanel secured the third spot with $79.3 million. Louis Vuitton maintained its position as the fourth top brand in both regions.
Launchmetrics’ report also highlighted the distribution of MIV across different voices and channels in luxury markets. Media remains the dominant voice across all regions, representing 53.7% in China, 53% in Europe, and 66% in the U.S. In China, influencers hold a relatively large share of voice with 34.6%, while owned media has a significant presence in Europe with 28.8%. Celebrities play a prominent role in the U.S., accounting for 12.2% of MIV.
In terms of social media channels, Instagram continues to have the largest share of MIV in Europe and the U.S., generating over 80% of the total value in both markets. In China, MIV is spread more evenly across platforms such as Weibo, WeChat, RED, and Douyin.
Overall, Dior remains the top luxury power player, while Gucci continues to make strides in the Chinese market. As the luxury sector bounces back from the impact of the pandemic, brands are strategically investing in marketing campaigns to reach Chinese consumers and capitalize on the country’s growing luxury market.
Useful links:
– Business of Fashion – The Top 10 Power Players in Luxury Fashion
– Financial Times – Luxury Brands Vie for Chinese Consumers as Market Bounces Back
