Olay has come out on top in the ranking of the world's top 10 beauty brands.

With a history spanning 60 years, the Olay brand is renowned for its heritage and customer loyalty, with its skin care products appealing to women across generations.

Olay, now owned by P&G, originated in South Africa in the 1950s as a result of chemist Graham Wulff's work to create a non-greasy, effective face moisturiser for his wife.

Today, Olay is one of the most recognisable brands in the world with a brand value of $11.8 billion — both factors that have contributed to its number one title, beating other household names such as L'Oreal, Nivea and Dove.

The annual ranking of the 50 leading global cosmetic brands was conducted by brand valuation firm Brand Finance who analysed brands with products including hair-care, skincare, makeup and shower products.

The results also revealed that consumers see value and trust in legacy brands with all but nine of the 50 brands being over 60-years-old, whilst 15 of them are over 100-years-old.

"This year also marks Olay's 60th anniversary, so we are grateful that millions of women around the world continue to trust Olay for their skin care needs," Michael Kuremsky, P&G's Global Vice President and General Manager of Skin Care, said of the Top 50 Beauty Brands.

Olay's brand strength certainly lived up to its credentials when the Olay Regenerist Wrinkle Revolution Complex, one of Olay's many anti-aging products, quickly became the number one selling moisturiser in Australia* and the 2012 Product of the Year - Best Female Skincare Product** when it was launched in Australia as recently as September 2011.

Regenerist Brand Ambassador, Rebecca Gibney says of the product: "You know, I was just starting to grow quite fond of my fine lines and wrinkles and then this product comes along."

"Applying to any trouble areas, it glides on and feels like velvet and you really can notice a difference — it's incredible. It has become my handbag staple and when I'm on set, I have been using it under my make-up for a smoother complexion. I just love it!"

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* #1 moisturiser in Australia (dollar sales) based on Aztec Data, AU Grocery +Pharmacy sales 01/08/11 to 31/12/11
** Product of the Year is Australia's largest independent consumer based survey of new products, with 7,000 household shoppers surveyed to determine winners.