Nike has been retained by the Brand Finance Apparel 50 index as the most valuable brand in the world but the brand value of the industry could drop by 20% due to the COVID-19 pandemic. As of 1 January, the value of the US sportswear business jumped 7% to $34.8 billion. Adidas, the competitor for Sporting Products, remained third with its label value falling from 1 to 16,5 billion dollars behind the latter, increasing by 20 to 17,6 billion dollars.
The Levi brand was 38 per cent to 4.1 trillion dollars, the fastest-growing company, while the Valentino and Gap suffered from the most extreme decline in value. The report cautioned, however, that the brand value of the 500 largest corporations in the world could fall by up to $1 billion, with the apparel industry being among the worst affected 20 percent.
Both Nike and Adidas had to close stores across the world and sales in the first half are projected to be badly hit. Brand Finance also ranked industries with a 20% reduction in brand value for apparel, airlines, restaurants, retail and the automotive industry, in terms of how badly they would be affected by Coronavirus.