According to a study compiled by market research firm Millward Brown Optimor, the most valuable brand is Louis Vuitton with a brand value of $19.8 billion.

Hermes, with a brand value of $8.45 billion, landed in the second spot, followed by Gucci ($7.58 billion), Chanel ($5.54 billion) and Hennessy ($5.36 billion).

Brands that focused on heritage and history instead of high fashion did better.

Louis Vuitton’s travel campaign, Gucci’s appraisal partnership with Christie’s and HermeÌ€s’ sponsorship of a horse competition in Paris served them well.

See Fashionista‘s report to view the rest of the top ten list of the world’s most valuable brands.