Five Indian brands feature in the top 100 global powers of luxury goods list: Deloitte Report has been saved
Five Indian brands feature in the top 100 global powers of luxury goods list: Deloitte Report
- Titan jumps up 3 places on the top 100 global powers of luxury goods list to rank 22 and is amongst the 20 fastest-growing luxury goods companies.
- Four other brands − Kalyan Jewellers, Joyalukkas, PC Jewellers, and Tribhovandas Bhimji Zaveri Limited − ranked 37, 46, 57, and 92, respectively.
- Top 100 luxury goods companies generated US$252 billion in revenues globally.
- Despite the pandemic-related challenges, the report finds that more than half of the top 100 luxury goods companies were profitable in FY2020.
National, 14 December 2021 – According to the Deloitte Global 2021 edition of Global Powers of Luxury Goods, the top 10 luxury brands list mainly featured leading players from the EMEA region. These players are LVMH Moët Hennessy-Louis Vuitton SE, Kering SA, Capri Holdings, Compagnie Financière Richemont, L'Oréal Luxe, Chanel Limited, Essilor Luxottica, and Hermes International spread across the luxury genre.
In India, however, the trend remained consistent similar to previous years with the gems and jewellery category dominating the latest edition featuring five Indian brands: Titan, Kalyan Jewellers, PC Jeweller, Joyalukkas, and the first-time entrant, Tribhovandas Bhimji Zaveri Limited.
Speaking on the report launch, Porus Doctor, Partner and Consumer Industry Leader, Deloitte Touche Tohmatsu India LLP, said, “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.”
In the past year, companies implemented environmentally friendly changes to raise awareness amongst current and future consumers. Luxury e-commerce went past the tipping point to become a vital part of the omni-channel distribution strategy.
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.
The report also highlights how over the past few years, luxury brands have been focusing on the use of technology to find new ways of being sustainable—in design, production, distribution, and communication. Innovation has taken the front seat and luxury goods companies are making strategic partnerships to create new products and find alternative ways to improve their service.
More than 80 percent companies in the top 100 reported lower luxury goods sales in FY2020, reflecting the adverse impact of COVID-19. However, despite a fall in luxury goods sales growth, more than half of the top 100 companies were profitable in FY2020.
Additional global trends from the report are mentioned below:
- Digitalisation and sustainability goals in the luxury goods industry are driving fashion-tech investments: The largest companies in the industry are sponsoring innovation competitions between start-ups and incubators, with an aim to promote innovative practices
- Embracing the circular economy – Innovating with biomaterials in luxury goods products: Given the changes in the luxury industry in the past few years, it is clear that sustainable luxury is here to stay.
- A new luxury frontier – Non-fungible tokens and fashion gaming: The recent pandemic pushed conservative luxury companies to make bold moves in the creation and development of their digital strategies.
*About global powers of luxury goods
The report identifies the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2020 (for financial years ended within the 12 months from 1 January to 31 December 2020) using publicly available data. It evaluates their performance across geographies and product sectors, along with discussing the key trends shaping the luxury market.
Notes to the editor for reference purposes only
This press release has been issued by Deloitte Touche Tohmatsu India LLP.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
Deloitte India herein refers to Deloitte Touche Tohmatsu India LLP.