GOLDMAN SACHS AND TEEN VOGUE: Here are the 20 brands that millennial women love

An unlikely duo has joined forces in order to figure out what millennials love.

For the third year in a row, Goldman Sachs' equity research team and Teen Vogue's fashion experts put together 2015's definitive "Teen Vogue-Goldman Sachs Love List" - a list of the top 20 brands that matter the most to "It Girls."

In order to determine the degree of "love-ability", the analysts scored each brand based on familiarity, affinity, and "word of mouth," or how much respondents discussed a brand relative to others - key in the era of Instagram.

Athletic brands shot up in popularity this year. Nike was in the top 5, and Adidas showed the largest gain in affinity out of any brand. Goldman doesn't touch on this, it's worth noting that many millennial-popular starlets like Kylie Jenner routinely post photos of themselves in Adidas gear, which no doubt affected its ranking.

Beauty brands are "in the sweet spot" as they are both "well-loved and well-owned."

On the flipside, fashion brands were "floundering" as "favorability metrics generally declined from last year." Mall-centric apparel brands like American Apparel and Hollister are struggling, and most hangbag brands are "falling flat."

Check out the full list below.