1. Platinum Brands:Squeezed by the recession, the global luxury goods market contracted by an unprecedented 8% in 2009. Even so, some luxury brands are poised to thrive as the economy and consumer spending improve. These brands are the most valuable luxury brands in the world today. By : Nishant Chauhan

2. No. 10: PorscheParent Company: PorscheBrand Value: $4.8 billionBrand Sales: $8.7 billionFew brands can sell luxury as a necessity and get away with it like Porsche. A recent ad for the new Porsche 911 reads: "...You strain to think of something else that has stayed this true to its ideals for 46 years. You come to the realization that, in the age of the superfluous and superficial, the unrooted and the unserious, the 911 is necessary. Very necessary. The Porsche 911. There is no substitute."

3. No. 9: CartierParent Company: RichemontBrand Value: $5.4 billionBrand Sales: $3.3 billionCurrently with 32 boutiques in 18 cities across China, Cartier CEO Bernard Foras has said he aims to make China its No. 1 market in three years with at least 55 boutiques.

4. No. 8: RolexParent Company: RolexBrand Value: $5.5 billionBrand Sales: $3.4 billionRolex is the most profitable brand in watches. Sales are expected to be up 15% this year, fueled by sales in emerging markets led by China according to analyst Jon Cox of Kepler Capital Markets.

5. No. 7: ChanelParent Company: ChanelBrand Value: $5.6 billionBrand Sales: $3.3 billionCoco Chanel's mantra: "Fashion fades, only style remains the same" is still the guiding force behind her brand. But what is equally important to Chanel's appeal is its creative director, Karl Lagerfeld, one of the most recognizable men in fashion with his silver ponytail, dark sunglasses and black suit.

6. No. 6: HermesParent Company: HermesBrand Value: $5.7 billionBrand Sales: $2.5 billionThe infamous waiting list for the Birkin bag, which retails between $6,000 and $100,000, is history for the 173-year old company. The company now aims to grow by expanding its customer base. It opened its first men's only store in New York in February with a made-to-measure program aimed at providing custom apparel.

7. No. 5: CoachParent Company: CoachBrand Value: $7.4 billionBrand Sales: $3.2 billionCoach's strategy to cut prices last year--a move that resulted in it offering more than half of its products for under $300--paid off. Sales volume jumped and profits surged. The company is now focusing on middle-price-range products, and expanding its new pricing strategy in Europe.

8. No. 4: GucciParent Company: PPRBrand Value: $8.2 billionBrand Sales: $3.0 billionWith a new CEO at the helm last year, Gucci unveiled a brand strategy that included cutting production and multiple variations of the same style. It launched a new ad campaign promoting the brand's heritage that featured Guccio Gucci describing his dream as an artist in Florence in 1921.

9. No. 3: Mercedes-BenzParent Company: Daimler AGBrand Value: $18.8 billionBrand Sales: $63.2 billionWhile many automakers advertise price cuts, Mercedes emphasizes its company's heritage: Its cars are the result of 100 years of German engineering. It is currently vying with BMW to be the biggest luxury auto brand in China and says it plans on outselling its German nemesis by 2011 with a number of cars designed exclusively for Chinese consumers.

10. No. 2: Louis VuittonParent Company: LVMHBrand Value: $19.0 billionBrand Sales: $6.3 billionIn its 156 years, Louis Vuitton has held steadfast to a policy of zero discounting--a practice it says enriches the value of the brand. To remind its customers what they are paying for, the new brand campaign features artisans hand-finishing goods at a workshop table.

11. No. 1: BMWParent Company: BMWBrand Value: $19.9 billionBrand Sales: $56.6 billionBMW is gaining market share in China, the largest auto market in the world, by designing custom cars to meet the demands of Chinese consumers and tailoring its advertising to align with Chinese culture