Nike continues to dominate as the world’s most valuable brand, with a brand value of $32.4 billion — up 16 percent compared to last year — according to valuation and strategy consultancy Brand Finance, which says the sportswear giant has strengthened its position due to healthy sales growth in China, Europe, the Middle East and Africa during the course of the year.

“Nike’s bold marketing makes it stand out in a busy marketplace of sportswear apparel brands, in a time when customers look for experiences and emotional connection,” Richard Haigh, managing director of Brand Finance says in a statement. Indeed, Nike’s offering comes with unambiguous messages and values that people can rally behind as seen with last year’s "Dream Crazy" ad featuring Colin Kaepernick, as well as its powerful followup "Dream Crazier," celebrating female athletes.

In part, the brand value of rival adidas rose by 17 percent to $16.7 billion placing it at number three in the list. While the German brand stole some market share from Nike’s North American market, Nike’s brand value remains nearly double that of adidas.

Brand Finance calculates the value of brands through a number of metrics 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.

For fast fashion retailers that means Zara leads the pack and overall places at number two in the list with $18.4 billion, taking H&M’s spot from last year. The Swedish fast fashion business currently ranks at number four with $15.9 billion, down 16 percent making it the biggest loser in the top 10. Meanwhile Uniqlo sees the biggest growth with 48 percent, rising nine places to number 7 in the list at $12 billion.

Overall, 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, admits Haigh. “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,” he says.

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

Check out the top 10 positions below.

Brand Finance

For the full top 50 list and further explanation on the ranking methods, you can now download Brand Finance’s Apparel, Watches and Jewelry ranking here.