Louis Vuitton is the world’s most valuable luxury brand, followed by Hermès and Gucci, according to a new study by Millward Brown and WPP. However, the study said the total value of high-end brands lost $7 billion as spending declined in key markets.

The 10th annual BrandZ Top 100 Most Valuable Global Brands placed Vuitton at the top of the list with a brand value of $27.4 billion. Hermès took the number-two spot at $18.9 billion, and Gucci came in at number three at $13.8 billion. The values are determined using metrics that include financial data as well as “brand equity” measures derived from more than three million consumers.

Rounding out the top 10 were Chanel, Rolex, Cartier, Prada, Burberry, Michael Kors and Tiffany.

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Vuitton has held the number-one position since the inception of the rankings. The six percent drop to $104.6 billion in the total value of the companies ranked reflects an overall decline in the luxury sector — save for two brands:  Vuitton (up six percent over 2014) and Chanel (which gained 15 percent).

Global BrandZ valuation director Elspeth Cheung said the “impact of a dip in spending from China and Russia is taking its toll on the luxury sector. Chinese shoppers are under pressure from the anticorruption campaigns and have trimmed luxury gift giving. Russia’s spenders are suffering from a depreciation of their currency, the ruble, and the depressed economy as a result of the sanctions imposed by the Western countries.”

The researchers noted that Chanel and Vuitton, however, are “masters at doing things differently” and both brands have been positioned in the market in ways that resonate with consumers. “They have also harmonized their prices across regions — raising prices in Europe and lowering them in China,” Cheung said. “Although this will impact their financial performance in the short-term, they are protecting the brand by encouraging more in-store consumption and slowing the gray market of goods purchased in Europe to sell in China at a profit.”

Here are the top 10 brands in the rankings:

Value (in U.S. billions):

1. Louis Vuitton $27.4
2. Hermès $18.9
3. Gucci $13.8
4. Chanel $9.0
5. Rolex $8.5
6. Cartier $7.6
7. Prada $6.5
8. Burberry $5.7
9. Michael Kors $3.8
10. Tiffany $3.2

Source: Millward Brown

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