Kalyan Jewellers, Titan & TBZ among top global luxury brands: Deloitte Report
Italy is once again the leading luxury goods country in terms of number of companies, while France has the highest share of sales
The luxury goods market in India may still be in the early stages of development, but it is witnessing steady growth. Though demonetisation and introduction of GST dampened the segment to some extent, the positive economic prospects for the country seem sufficient for a rise in aspirations among urban consumers with higher disposable income to invest in luxury products.
The recent Deloitte report shows some encouraging news for the Indian luxury market. The report has listed five Indian brands in the ‘Top 100 Global Luxury Goods’ -- Titan Company Limited, Kalyan Jewellers, PC Jewellers, Joyalukkas India and Tribhovandas Bhimji Zaveri Limited.
The report examines and lists 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2016.
According to the report, the demand for luxury goods is expected to remain strong over the next year. The report states that high import duties on luxury goods act as a barrier in ensuring price parity among countries which is a challenge that needs to be addressed.
Commenting on the report, Patrizia Arienti, EMEA Region Fashion & Luxury Leader, Deloitte Italy, said, “The luxury market has bounced back from economic uncertainty and geopolitical crises in 2016, edging closer to annual sales of US $1 trillion at the end of 2017. Whether the total global market growth is in single or double digits will depend on many factors, including larger geopolitical factors and their impact on tourism. Growth in the luxury goods industry will continue, unlike in several other industries.”
The report also reveals that the world’s 100 largest luxury goods companies generated sales of US$217 billion in FY2016 and the average luxury goods annual sales for top 100 companies is now US$2.2 billion. Italy is once again the leading luxury goods country in terms of number of companies, while France has the highest share of sales.
If we look at the performance of various luxury categories, the report shares some interesting insights. According to the findings of the report, 38 luxury brands in clothing and footwear segment dominate the list of top 100, closely followed by jewellery and watches (31 brands).
When it comes to Asia, India and China are poised to witness the next big boom in luxury retail.
Commenting on the commendable performance of the Indian luxury brands on the global front, Ambika Sharma, Founder & MD, Pulp Strategy Communication, said, “The value of a brand is impacting the bottomline for that brand, this has never been truer than now. Competing with global luxury brands has catapulted the investment that Indian luxury brands make on brand building and marketing initiatives that contribute to their positioning in India as well as for global audiences. Aspiration is not cheap. Time and planning are as important as the spend. It’s a trend which will continue to go strong in the near future”.
The recent Deloitte report shows some encouraging news for the Indian luxury market. The report has listed five Indian brands in the ‘Top 100 Global Luxury Goods’ -- Titan Company Limited, Kalyan Jewellers, PC Jewellers, Joyalukkas India and Tribhovandas Bhimji Zaveri Limited.
The report examines and lists 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2016.
According to the report, the demand for luxury goods is expected to remain strong over the next year. The report states that high import duties on luxury goods act as a barrier in ensuring price parity among countries which is a challenge that needs to be addressed.
Commenting on the report, Patrizia Arienti, EMEA Region Fashion & Luxury Leader, Deloitte Italy, said, “The luxury market has bounced back from economic uncertainty and geopolitical crises in 2016, edging closer to annual sales of US $1 trillion at the end of 2017. Whether the total global market growth is in single or double digits will depend on many factors, including larger geopolitical factors and their impact on tourism. Growth in the luxury goods industry will continue, unlike in several other industries.”
The report also reveals that the world’s 100 largest luxury goods companies generated sales of US$217 billion in FY2016 and the average luxury goods annual sales for top 100 companies is now US$2.2 billion. Italy is once again the leading luxury goods country in terms of number of companies, while France has the highest share of sales.
If we look at the performance of various luxury categories, the report shares some interesting insights. According to the findings of the report, 38 luxury brands in clothing and footwear segment dominate the list of top 100, closely followed by jewellery and watches (31 brands).
When it comes to Asia, India and China are poised to witness the next big boom in luxury retail.
Commenting on the commendable performance of the Indian luxury brands on the global front, Ambika Sharma, Founder & MD, Pulp Strategy Communication, said, “The value of a brand is impacting the bottomline for that brand, this has never been truer than now. Competing with global luxury brands has catapulted the investment that Indian luxury brands make on brand building and marketing initiatives that contribute to their positioning in India as well as for global audiences. Aspiration is not cheap. Time and planning are as important as the spend. It’s a trend which will continue to go strong in the near future”.
