Paris

For a seventh year in a row Louis Vuitton was named the world's most valuable luxury brand. It was valued at $25.9 billion in a global study by brand researchers Millward Brown.

Hermes placed second at $19.1 billion and Swiss watchmakers Rolex third at $7.17 billion. Nick Cooper, managing director of Millward Brown Optimor said in a statement...

"Luxury is seen as a good investment with people increasingly buying classic pieces rather than high fashion... Those who can afford it indulge, including young professionals who, increasingly unable to buy houses, are spending their disposable income on mid-tier luxury."