Changyu’s brand strength has fallen by 33%, according to a new report from brand valuation consultancy firm Brand Finance.Changyu, China’s oldest and largest winery, was the second most valuable brand in the world last year.  However, following a 33% brand value decrease to US$706.8 million, it is now in fifth place.Brand Finance’s annual report analyses 5,000 of the biggest brands across different industries to rank those according to brand value and strength.  Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.Mo?t & Chandon maintained its position as the most valuable wine brand in the world, valued at US$1.4 billion.  Second, third and fourth place were also taken by brands owned by LVMH.  Chandon (brand value down 1% to $1bn), Veuve Clicquot (brand value up 2% to $959.2m), and Dom Pérignon (brand value up 7% to $799.8m) all rose one ranking, surpassing Changyu which fell from second to fifth place.