Apparel brands have nearly regained their prerecession vibrancy, but despite the recent rally in high-end spending, luxury names still have a way to go before they get back to 2008 levels, according to the recent BrandZ Top 100 Most Valuable Global Brands study.

This story first appeared in the May 10, 2011 issue of WWD. Subscribe Today.

The total value of apparel brands rose 10 percent compared with the results of the 2010 study, and are just 1 percent below their 2008 level. The value of luxe brands has been expanding more rapidly, growing 19 percent versus last year, but the well-heeled names are still worth 13 percent less than they were in 2008.

The study was conducted by Millward Brown Optimor and attempts to determine the intrinsic value of a brand by estimating the sum of all its future earnings and discounting that figure to a present-day value.

The Louis Vuitton brand was rated 26th in the world, its value increasing 23 percent to $24.3 billion. L’Oréal came in at 46, up 11 percent to $15.7 billion; Nike at 57, up 10 percent to $13.9 billion; Hennes & Mauritz at 62, up 7 percent to $13 billion; Hermès at 71, up 41 percent to $11.9 billion, and Zara at 86, up 15 percent to $10.3 billion.

One of the study’s fastest growing brands was Burberry, its value rising 86 percent over the past year to $3.4 billion. Within the apparel subsector, the 10th most valuable brand was MetersBonwe — a Shanghai-based retailer that sells to young adults through a network of more than 4,000 stores in China.

In all, the study found that the middle was being left behind.

“Consumers sought quality at a good price,” the study said. “The desire for well-crafted and long-lasting merchandise at almost any price ignited sales in luxury, with brands like Louis Vuitton and Hermès appreciating significantly in value. Brands in the middle received less consumer attention.”

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