Brand Finance released its annual study of the top 50 most valuable cosmetics brands. Despite a very slight brand value fall, Olay holds its dominant position at the top of the BrandFinance Cosmetics 50 table, with a value of US$11.7 billion. However, Olay's lead at the top has shrunk from US$4 billion to $3 billion following the growth of L'Oréal. The company continued its progression up the rankings; having moved from fourth to third last year, it is now second. Brand value growth of US$952 million, more than any other brand, means its total brand value is now US$8.7 billion. L'Oréal is followed in the listing by Neutrogena, Nivea, and Lancôme (third, fourth, and fifth, respectively), which have all recovered well from brand value falls last year. Sixth-placed Avon is down from second last year and has lost US$2.7 billion of brand value this year.