To receive the Vogue Business newsletter, sign up here.
To the surprise of many, the luxury goods sector has remained resilient this past year, facing all that 2023 has thrown its way. During this volatile period, many top brands have reported declines in revenue, among other areas, in relation to various factors — one of these being reduced engagement across multi-brand online shopping portals in the consumer purchase journey, affecting brands with a particular reliance on wholesale. While others include currency fluctuations and consumer caution — pricing strategies have felt the squeeze.
Despite all these difficulties, bright spots still exist: brands like Gucci, Miu Miu and Ferragamo have all benefited from a rise in purchase intent due to pent-up demand. Investment items continue to be top of mind, with handbags remaining the most purchased, and luxury consumers in China, Japan, and South Korea appear undeterred by price rises in comparison to their global counterparts.
In Vogue Business’s Winter 2023/24 Index, the gap between the industry’s top three players and the remaining luxury line-up continues to widen, decreasing the likelihood of disruption for these key brands across upcoming Indices. Gucci overtakes Dior in its return to second place since Winter 2021, reclaiming its spot as the number one brand across omnichannel and ESG; in the previous Index, these pillars were led by Burberry and Bottega Veneta, respectively. Meanwhile, Prada pushes its way up the rankings, rising three positions, and Balenciaga re-enters the top 10.
1. Louis Vuitton
LVMH
Rank change: 0
Louis Vuitton maintains its stronghold at the top of the Vogue Business Index for the fourth time in a row. Despite being a leader in only one pillar, the brand’s stellar financial results recorded in the Spring/Summer edition and consistently strong performance across all other pillars sees Gucci and Dior struggle to overtake.
2. Gucci
Kering
Rank change: +1
Despite a downturn in sales last October, Gucci returns to its second spot in the Vogue Business Index for the first time since Winter 2021. The brand takes back the top position within omnichannel and ESG, while the appointment of Sabato De Sarno as creative director begins to pay off in the digital pillar, as Gucci becomes the top-performing brand on Vogue Runway.
3. Dior
LVMH
