KOLKATA: Three India brands – Titan, Gitanjali Gem and PC Jewellers – have been featured for the first time in top 100 luxury goods brands globally as per a study by Deloitte.
The report said the world’s 100 largest luxury goods companies generated sales of $222 billion in financial year 2014, 3.6% higher year-on-year.
Among the top 10 companies globally, three are luxury conglomerates participating in multiple sectors of the luxury good market – Louis Vuitton SA, Richemont and Estee Lauder. Swatch Group lost the number one position as the ‘highest net profit margin top 10 company’ that it had held for the previous two years to Louis Vuitton.
Anil Talreja, partner at Deloitte Haskins & Sells LLP said due to economic challenges there is a possibility that the global luxury goods sector is likely to grow slow in 2016 in important markets such as China and Russia.
“However, we see India as a growing market for luxury goods due to key factors like improved purchasing power, better consumer buying behaviours, the merging of channels and business model, the growing importance of the millennial consumer and the continued impact of the global economy,” Talreja said.