Brand Finance Apparel 50 index revealed Nike has retained its spot as the world’s most valuable apparel brand but the brand value of the sector could fall by 20 per cent due to the COVID-19 pandemic. The US sportswear brand’s value jumped 7 per cent to $34.8 billion as of January 1. Sporting goods rival Adidas stayed in third place as its brand value dropped 1 per cent to $16.5 billion, behind Gucci in second, which rose 20 per cent to $17.6 billion.

Jeans brand Levi’s was the fastest growing brand, rising 38 per cent to $4.1 billion, while Valentino and Gap suffered the sharpest falls in value. However, the report warned the brand value of the world’s biggest 500 companies could fall by up to $1 trillion, with the apparel sector one of the worst affected falling 20 per cent.

Nike and Adidas have both been forced to close stores around the world, with sales expected to be severely hit in the first half. Brand Finance also ranked sectors in terms of how severely they would be impacted by Coronavirus, with the brand value of apparel, airlines, restaurants, retail and auto parts industries all falling 20 per cent.