The world's top ten apparel brands have grown in value by 5% year-on-year and are now worth US$111.3bn, according to the 2018 Brandz Top 100 Most Valuable Global Brand rankings.

Carried out by WPP's marketing and brand consultancy Kantar Millward Brown, the BrandZ Top 100 Most Valuable Global Brands ranking is now in its thirteenth year.

Despite economic and political uncertainty in many regions of the world, this year's ranking shows its largest-ever annual increase in value – almost US$750bn (+21%). This gave the BrandZ Global Top 100 an overall total brand value of $4.4 trillion; up 204% over 12 years since it was first published in 2006. This is also the first year that all categories in the BrandZ Top 100 reported growth.

Sportswear and fast fashion once again drove the value growth of the apparel category which rebounded in the period after a 7% decline a year ago.

US sportswear giant Nike led the top ten in the apparel sector with a brand value of US$38.5bn, a 13% rise on last year.

Inditex-owned Zara came in second, with a brand value of $26.7bn, up 7% on last year, while third-place Adidas – which joined the top 100 for the first time this year – booked the largest increase in brand value year-on-year, rising 50% to $12.5bn.

Also making the top ten were Swedish fast fashion retailer H&M, which booked a 15% drop in brand value, Japanese casual clothing chain Uniqlo, Canadian yogawear retailer Lululemon Athletica, and L Brands-owned Victoria's Secret.

US sportswear brand Under Armour came in eighth, despite the highest fall in brand value – 46% to $3.2bn. 

Asos – a new ranking in the top ten – and Massimo Dutti took the final two places.

Innovation especially impacted the year-on-year value fluctuations of brands in the 2018 BrandZ apparel top 10 ranking. Brands that scored high in innovation increased 11% on average, while brands that scored low in innovation decreased an average of 2%. High innovation scorers included Adidas, while Under Armour was among the low scorers in innovation.

Meanwhile, Nike and Zara placed highest of the apparel companies in the overall Top 100 ranking, taking 29th and 42nd place respectively, while Adidas took the 100th spot.

At the top of the rankings, Google beat Apple to first place after the internet business's value surged 23% to $302.1bn.

"We've seen the biggest ever rise in brand value this year, driven by growth across all categories. Both new and established players have seen the payoff in being bold and adopting a long-term outlook towards brand-building," said David Roth, CEO of The Store WPP.

Click here to access the full report and rankings.