Bottega Veneta has been rated the most prestigious women's luxury fashion brand by wealthy Americans who took part in a new survey by the New York City-based Luxury Institute.

Hermes and Valentino were ranked second and third, respectively, followed by Burberry, Calvin Klein, Carolina Herrera and Chanel.

"This year's ratings indicate that wealthy women are highly discerning, perhaps to a fault," said Milton Pedraza, CEO of the Luxury Institute.

"Wealthy women rate Bottega Veneta a rare gem in a world of homogenising brands.

"In a year when parting with your hard-earned money is carefully considered, wealthy women downgraded Vera Wang on prestige for its move to Kohl's, although some saw this as smart business."

"Quality is becoming an issue as many luxury brands accelerate outsourcing production to countries where the art of handcrafting is merely a production run, and in a world where Zara, H & M, and even Target have great styling and good quality," said Pedraza.