L’Oréal Paris outpaced Gillette and Dove in the list of most valuable beauty brands published by Brand Finance and Cosmetic Business’ SPC Magazine.

PARIS — L’Oréal Paris is the most valuable beauty brand in 2015, according to the Brand Finance Cosmetics 50 ranking.

It’s an annual list published by brand valuation and strategy consultancy Brand Finance, of the U.K., in partnership with Cosmetic Business’ SPC Magazine.

A brand’s “royalty rate” was multiplied by its brand revenues to get the brand value.

In the ranking, L’Oréal Paris’ brand value came in at $11.21 billion, up 15 percent on-year.

“L’Oréal has pulled off the trick of simultaneously capturing the mass market while maintaining an air of exclusivity,” stated David Haigh, Brand Finance chief executive.

L’Oréal Paris is the only cosmetics label to have been awarded a top AAA+ brand rating.

Number two in the list was Gillette, with $8.99 billion. Then came Dove, with $5.82 billion; Pantene, with $5.36 billion; Nivea, with $5.32 billion; Chanel, with $4.92 billion; Estée Lauder, with $4.79 billion; Garnier, with $4.63 billion; Olay, with $3.99 billion, and Lancôme, with $3.98 billion.

“Procter & Gamble takes honors as the conglomerate with the greatest number of beauty brands listed,” according to Brand Finance, naming Gillette, Pantene, Olay, Head & Shoulders, Clairol, SK-II, Cover Girl, Max Factor, Old Spice and Wella. “P&G’s brands are also, collectively, the most valuable brands in the top 50, totaling $27.46 billion, compared with L’Oréal’s $27.11 billion.

The list is dominated by brands from the U.S., France, the U.K. and Germany. Outside of the West, Natura is the most valuable cosmetics label, with a brand value increasing 31 percent in 2015 to $3.22 billion.

“Major brands from the top five of the table, such as Dove, Pantene and Nivea, have lost brand value this year; others include Garnier, Olay and Lancôme,” stated Brand Finance.

Avon registered the worst performance in the list, with a brand value down 39 percent on-year to $3.9 billion.