Five Indian brands are in the top 100 global powers of luxury goods list with Tata group firm Titan moving up three places to rank 22nd and being among the 20 fastest-growing luxury goods companies, according to a Deloitte report.
Four other homegrown brands, Kalyan Jewellers, Joyalukkas, PC Jewellers, and Tribhovandas Bhimji Zaveri Ltd, have been ranked 37th, 46th, 57th, and 92nd, respectively, in the Deloitte Global 2021 edition of Global Powers of Luxury Goods. In India, the trend remained consistent similar to previous years with the gems and jewellery category dominating the latest edition featuring the five brands, Deloitte said in a statement.
Tribhovandas Bhimji Zaveri Ltd is a first-time entrant to the list of the top 100 luxury goods companies that generated USD 252 billion in revenues globally, it added. “Indian jewellery retailers have always been resilient. With increased vaccination and a decline in the number of COVID-19 cases, the festive season saw a strong demand compared with the past year. The Indian brands banked on their strengths and weaved in online solutions that complemented their growth strategy,” Deloitte Touche Tohmatsu India LLP Partner and Consumer Industry Leader Porus Doctor said.
The top 10 luxury brands list mainly featured leading players from the EMEA (Europe, the Middle East, and Africa) region. These players are LVMH Mo t Hennessy-Louis Vuitton SE, Kering SA, Capri Holdings, Compagnie Financi re Richemont, L’Or al Luxe, Chanel Limited, Essilor Luxottica, and Hermes International spread across the luxury genre, Deloitte said.
As per the report, about 14 vertically integrated jewellery retailers from India and China featured in the top 100 list. “Sophisticated e-commerce ecosystems and partnerships allowed these luxury companies to keep the control they require over their brands’ digital marketing and pricing as well as their purchasing relationships with clients, at an affordable cost,” it said adding in the past one year luxury e-commerce went past the tipping point to become a vital part of the omni-channel distribution strategy.
More than 80 per cent companies in the top 100 reported lower luxury goods sales in FY2020 (January-December 2020 period), reflecting the adverse impact of COVID-19, the report said. However, despite a fall in luxury goods sales growth, more than half of the top 100 companies were profitable in FY2020, it added.