Five Indian brands among the top 100 worldwide luxury products powers

Kalyan Jewellers, Joyalukkas, PC Jewellers, and TribhovandasBhimji Zaveri Ltd were ranked 37th, 46th, 57th, and 92nd in the Deloitte Global 2021 edition of Global Powers of Luxury Goods, respectively.

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Five Indian brands among the top 100 worldwide luxury products powers

According to a Deloitte report, five Indian brands are among the top 100 global powers of luxury goods, with Tata group firm Titan moving up three places to rank 22nd and being among the 20 fastest-growing luxury goods companies.

Kalyan Jewellers, Joyalukkas, PC Jewellers, and TribhovandasBhimji Zaveri Ltd were ranked 37th, 46th, 57th, and 92nd in the Deloitte Global 2021 edition of Global Powers of Luxury Goods, respectively.

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In India, the pattern remained stable, as in previous years, with the gems and jewellery sector leading the latest edition containing the five brands, according to a statement from Deloitte.

TribhovandasBhimji Zaveri Ltd is a first-time entrance to the list of the top 100 luxury goods firms, with global revenues of USD 252 billion.

“Indian jewellery dealers have always been tough. With enhanced immunisation and a decrease in the number of COVID-19 cases, the festive season saw a significant boost in demand compared to the previous year. The Indian businesses capitalised on their strengths by incorporating online solutions that supplemented their growth strategy “Porus Doctor, Partner and Consumer Industry Leader at Deloitte Touche Tohmatsu India LLP, stated.

The ranking of the top ten luxury brands was dominated by businesses from the EMEA (Europe, the Middle East, and Africa) region. According to Deloitte, these luxury players include LVMH Mot Hennessy-Louis Vuitton SE, Kering SA, Capri Holdings, Compagnie Financiere Richemont, L’Oral Luxe, Chanel Limited, Essilor Luxottica, and Hermes International.

As per the research, 14 vertically integrated jewellery shops from India and China made the top 100 list.

“Sophisticated e-commerce ecosystems and partnerships enabled these luxury companies to maintain 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 that in the last year luxury e-commerce has passed the tipping point to become a critical component of the omnichannel distribution strategy.

According to the survey, more than 80% of the top 100 companies reported lower luxury goods sales in FY2020 (January-December 2020 period), demonstrating the negative impact of COVID-19.

Despite a drop in luxury goods sales growth, more than half of the top 100 companies were profitable in FY2020, according to the report.

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Five Indian brands among the top 100 worldwide luxury products powers
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Kalyan Jewellers, Joyalukkas, PC Jewellers, and TribhovandasBhimji Zaveri Ltd were ranked 37th, 46th, 57th, and 92nd in the Deloitte Global 2021 edition of Global Powers of Luxury Goods, respectively.
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THE POLICY TIMES
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