Deloitte includes three Indian jewellery brands in list of top 20 fastest growing global luxury brands
Deloitte included the Indian jewellery brands Titan, PC Jeweller, and Joyalukkas in its list of the 20 fastest growing global luxury goods companies in its Global Powers of Luxury Goods 2019 report.
The management consulting company named Titan as the world’s fourth-fastest growing luxury brand with sales growth of 23.6 percent in the 2017 financial year and a compound annual growth rate of 19.7 percent from 2015 to 2017. Titan, which retails jewellery under a number of brands, has been expanding across India with an omni-channel strategy.
Deloitte attributed Titan’s high sales in its retails department to brick-and-mortar store openings and new brand launches. The business’ e-commerce site CaratLane’s performance was also cited as a growth driver.
PC Jeweller also featured on Deloitte’s list with sales growth of 13.4 percent and Joyalukkas also featured with 9.6 percent sales growth. Other Indian jewellery brands that made Deloitte’s Global Powers of Luxury Goods Top 100 for the 2017 financial year included Kalyan Jewellers and Tribhovandas Bhimji Zaveri as well as three others.
“India continues to experience a high growth rate on the back of growing markets beyond the major metros and the emergence of HENRYs (High-Earners-Not–Rich-Yet)," said Deloitte India Partner Anil Talreja, as reported by ET Retail. India’s growing middle class and increased disposable income have facilitated growth in the face of the effects of demonetisation and the goods and services tax. Deloitte predicted that the coming few years will see India’s luxury market continue to grow, especially in the bridge-to-luxury segment.
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