Gucci is the fastest-growing luxury brand in the world in 2019, with the retail and luxury category also earning the title of fastest-growing among all sectors; this is according to a new study from Interbrand.

Although tech giants like Apple, Google, and Amazon still holds the top spot for best global brands, the global brand consultancy has discovered that the retail and luxury category has become the fastest growing sector in 2019.

Italian luxury fashion house Gucci has seen a 23 percent growth in 2019 alone in relation to its $15.9 billion USD brand value. Interbrand attributes this success to the company’s leadership in “tapping into concepts of fluidity for Gen-Z, and by incorporating a ‘millennial shadow committee’ into its direction planning.”

In regards to the overall growth of the luxury sector, Interbrand hints that “In luxury, tech has hit hard – Instagram and WeChat are now names as readily dropped as any Paris designer. And trends are shifting faster than ever, with streetwear having a serious influence, younger consumers demanding [access] and new global markets’ tastes changing the game.” The global brand consultancy suggests that in order to stay ahead of the curve, brands should welcome these changes instead of sticking to the traditional paradigm.