With a brand valuation of US $860 million (€669 million), Champions League winners Bayern Munich have overtaken Manchester United ($837 million) as the most valuable brand in world football. The Premier League champions were top of last year's list but have now swapped places with the Bundesliga giants. Real Madrid ($621 million) and Barcelona ($572 million) are third and fourth in the new ranking. Bayern's brand value has increased by €51 million compared to the previous year, whereas United's value has gone down by €20 million. “The challenge now for all Bundesliga clubs and the league itself is to see if they can export their domestic brand strength into global opportunities," said David Haigh, CEO of London-based consultancy Brand Finance, the authors of the annual report. The study describes Bayern as “a commercial powerhouse." Booming replica shirt sales The rapidly increasing international interest in FC Bayern is currently being reflected in replica shirt sales, among other things. FCB acting board director Andreas Jung reported sales of around 600,000 shirts in the year 2012, but the total for the 2013 calendar year is projected to be around 1 million. By comparison, Borussia Dortmund have sold around 350,000 replica shirts this season. Brand Finance calculates brand value using a formula including estimates of future turnover attributable to the brand name, and ongoing licensing deals. The brand value equates to the cost of a licence if a third party wished to use the brand commercially.