The 10 luxury brands in the world

They are desirable, most coveted and command a high value. They are defined as 'luxury brands'.

Considered as opulence marquees, these brands display superior design and fine craftsmanship. They are sported by the rich and famous.

Such luxury brands come with strong promise and character, hence are on the top of the brand value pyramid. The brand value is based on its intrinsic worth, derived from its ability to generate demand.

Essentially, it is the code by which the brand lives. Brand values act as a benchmark to measure brand's performance.

Here, we feature the world's top 10 luxury brands based on their brand value and appeal.

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1. Louis Vuitton
Chairman and CEO: Bernard Arnault, LVMH

Louis Vuitton, a trunk-maker in Paris since 1854, is now a legend in the art of travel. It is known for its luggage, bags and accessories.

Always leading the avant-garde of fashion without compromising traditional craftsmanship, Louis Vuitton is the world's top luxury brand with a value of $ 24,312 million in 2011, up by 23 per cent as compared to last year.

The label is well known for its LV monogram, which is featured on all its products.

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2. Hermès
CEO: Patrick Thomas

Established in 1837, this French fashion specialises in leather, ready-to-wear, lifestyle accessories, perfumery, and luxury goods.

Hermès entered into India three years ago. It first opened its first outlet in Delhi, and has recently opened its second store in Mumbai.

Globally, Hermès is ranked no.2 in the luxury market with a brand value of $11,917 million. It has been at this position for the last two years. It's value is only increasing. In 2011, it's value was up by 40 per cent.

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3. Gucci
CEO: Patrizio di Marco

High on glamour, and known for fashionable yet timeless products, Gucci is the highest-selling Italian luxury brand. It is loved by movie stars and bequeathed to future generations.

Gucci is owned by French company PPR (Pinault-Printemps-Redoute), and was founded by Guccio Gucci in Florence in 1921.

Today, its brand value stands at $ 7,449 million and it is the third leading global brand in the world.

4. Chanel
CEO: Maureen Chiquet

Specialised in simple suits, dresses, women's pants, costume jewellery and perfumes, Chanel's products are timeless classics. Chanel is most famous for the "little black dress".

Founded by Gabrielle Bonheur Chanel in 1909, Chanel is recognised as one of the most established in haute couture brands. At present, it's brand value is at $ 6,823 million and it is the fourth most luxurious brand in the world.

Chanel is famously known by its double-locked Cs.

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5. Cartier
CEO: Bernard Fornas

Headquartered in Paris, Cartier is known for timeless jewellery and watches. It was founded in 1847 by Louis-Fran ois Cartier, and is known to serve royalty and other celebrities.

At present, it ranks fifth on the world's top luxury brands with a brand value of $ 5,327 million.

In 2011, Cartier has moved up the ladder from the number 8th position in 2010.

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6. Rolex
CEO: Gian Riccardo Marini

Rolex is probably the Mercedes-Benz of watches. This world-class status symbol was founded in 1905 by Hans Wilsdorf and Alfred Davis in London.

This Swiss-brand doesn't rely only on its history. In fact, Rolex is also known for its innovation and designs.

In the world's top luxury brands, Rolex comes 6th with a brand value of $ 5,269 million.

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7. Hennessy
Chairman and CEO: Bernard Arnault, LVMH Mo t Hennessy

Hennessy is a leading Irish cognac house. It is reported that it sells more than 40 per cent of the world's Cognac.

Presently, its brand value is $ 4,997 million. Even though it is popular among connoisseurs, in 2011 is slipped down two positions from no. 5 in 2010, and it now stands on 7th on the list.

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8. Moët & Chandon
CEO and President: Daniel Lalonde

It is the most preferred fashionista tipple. Mo t is a French winery and co-owner of the luxury goods company Mo t-Hennessy.

It was founded in 1743 by Claude Mo t, a descended from family of winemakers. Later in 1832, the word Chandon was added to the name - after Pierre-Gabriel Chandon's daughter married into the Mo t family.

As interesting are its facts, the correct pronunciation of Mo t & Chandon stirs up quite a conversation.

Some say, it 'Mo-aye' and is argued that it is French champagne and therefore the 't' was soft, while others say it's 'Mo-wett' stating that the name was originated in Germany and therefore the 't' was pronounced.

Well, the correct way to pronounce it is 'Mo'wett'. Why? The founder, Mo t, was born in France in 1683; however, his name is not French, it is Dutch, and that is why it is pronounced this way.

But, whether people know the correct pronunciation or not, it is still is a favourite and its brand value in 2011 is $ 4,570 million.

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9. Fendi
CEO: Michael Burke

This Italian high-fashion house is best known for its 'baguette' handbags. Launched in 1925 as a fur and leather shop in Rome, today Fendi is a multinational luxury goods brand owned by LVMH.

It's brand value in 2011 stands at $ 3,422 million, and it is 9th on the top 10 list of world's luxury brands.

After all, German fashion designer, artist and photographer Karl Lagerfeld is the creative director.

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10. Burberry
CEO: Angela Ahrendts

Tenth on the list of world's luxury brands is Burberry with a brand value of $ 3,379 million.

This iconic British brand was established in 1856. It is known for designer clothing, accessories, perfumes, beauty and fragrances.

Burberry is popularly recognised by its tartan pattern - criss-crossed horizontal and vertical bands.

Going back, Burberry is most famous for its iconic trench coat, which was invented by founder Thomas Burberry.