The world’s most valuable apparel brand is…

Nike has left other apparel brands in the dust for the second consecutive year.

The sportswear giant ranks as the world’s most valuable apparel brand, according to the latest report by brand valuation and strategy consultancy Brand Finance. Nike’s brand value has increased by 16% since last year to $32.4 billion on the back of healthy sales growth in China, Europe, the Middle East and Africa. Rival Adidas has bitten into some of Nike’s North American market, with brand value rising by 17% to $16.7 billion. But the gap between the two remains colossal as Nike’s brand value is nearly double that of Adidas.

“Nike’s bold marketing makes it stand out in a busy marketplace of sportswear apparel brands,” said Richard Haigh, managing director of Brand Finance. “In a time when customers look for experiences and emotional connection, Nike’s offering comes with unambiguous messages and values that people can rally behind.”

Spanish fast-fashion giant Zara, whose brand value rose 6% to $18.4 billion, has moved into second position supplanting H&M which falls down to fourth place (brand value down 16% to $15.9 billion). Zara’s acclaimed integrated store and online business has seen it gain access to a further 106 countries, while H&M has struggled with a mounting stack of unsold inventory.

Luxury brands account for seven out of the top 10 strongest apparel brands, showing importance of brand strength in the segment, the report noted. (According to Brand Finance, brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.)

Here are the 10 most valuable apparel brands from the Brand Finance Apparel 50 2019 report:

1. Nike (Brand value: $32.421 billion)
2. Zara. ($18.424 billion)
3. Adidas ($16.669 billion)
4. H&M ($15.876 billion)
5. Cartier ($13.642)
6. Louis Vuitton ($13.576 billion)
7. Uniqlo ($11.991 billion)
8. Hermes ($10.920 billion)
9. Gucci ($10.192 billion)
10. Rolex ($8.047 billion)

Rounding out the top 20 were Coach, Victoria’s Secret, Christian Dior, Burberry, Prada, The North Face, Omega; Polo Ralph Lauren and Ray-Ban.