Louis Vuitton is the world’s most valuable luxury brand for the sixth consecutive year according to Millward Brown Optimor’s 2011 BrandZ study.

The brand, owned by Paris-based LVMH Moet Hennessy Louis Vuitton, has a value of $24.3 billion, an increase of 23 percent from 2010.

That’s almost as much as the combined values of Hermes, Gucci and Chanel, which ranked second, third and fourth in this year’s luxury-brand standings.

Hermes, in which LVMH holds a 20.2 percent stake, posted the biggest increase in brand value in the luxury industry with a 41 percent jump to $11.9 billion.

Gucci’s value declined 2 percent to $7.45 billion, affected by French parent PPR’s financial performance. Chanel advanced 23 percent to $6.82 billion.

Hennessy, Moet & Chandon and Fendi placed seventh, eighth and ninth in the study, respectively, with values of $3.42 billion to $5 billion, meaning LVMH owns or has a stake in five of the industry’s 10 most-valuable brands.

The Cartier and Rolex brands ranked fifth and sixth in the luxury-brand ranking, while Burberry replaced Tiffany as No. 10.

Source: Bloomberg