Nike is the world’s most valuable apparel brand, with a brand value of $32.4 billion, an increase of 16 per cent compared to last year, according to valuation and strategy consultancy Brand Finance.

It said the sportswear giant has strengthened its position due to sales growth in China, Europe, the Middle East and Africa.

Brand Finance calculates the value of brands through a number of measurements including past and forecasted revenues, calculated brand strength as well as the value of a brand’s trademark and associated marketing IP, among other factors.

According to Brand Finance the top five most valuable apparel brands are: Nike, followed by Zara ($18.4 billion), Addidas ($16.6 billion), H+M ($15.8 billion) and Cartier ($13.6 billion).

It said that brand value growth has been particularly strong among brands aware that consumers who shop both in-store and online spend significantly more than those who buy in brick-and-mortar boutiques alone.

Richard Haigh, managing director of Brand Finance, said: “It pays to create a robust omnichannel shopping experience for clients. Collaboration with celebrities, the digital age, and an ability to feed fast-fashion habits whilst being ethically aware will continue to benefit brand value.”

Luxury brands account for seven out of the top 10 strongest apparel brands, showing the importance of brand strength in the segment as seen with Louis Vuitton and Gucci with grew by 29 per cent and 19 per cent, respectively.