Five Indian firms make it to Deloitte top 100 global luxury ranking
Five Indian jewellery firms are among the world’s top 100 luxury goods companies, according to Deloitte’s fifth annual Global Powers of Luxury Goods report.
The five companies are Titan Company Limited, PC Jewellers, Kalyan Jewellers, Joyalukkas India and Tribhovandas Bhimji Zaveri. Titan climbed three spots from last year to 28 while PC Jewellers moved up just one spot at 43.
Interestingly, India’s top luxury firm over the last few years Gitanjali Gems Ltd does not feature in the list while Kalyan Jewellers and Joyalukkas India managed to break into the top fifty at number 37 and 49, respectively. Gitanjali’s alleged involvement in the billion dollar PNB fraud case seems to have cost the firm its spot.
Commenting on the socio-economic scenario and the development of Indian luxury goods sector a Deloitte India spokesperson said, “India is currently undergoing a rapid digital transformation, whilst battling the challenges of high import duties, introduction of GST and unstable price parity. However, with a positive economic outlook, the demand for luxury goods segment is poised to rise in 2018.”
“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,” said Patrizia Arienti, EMEA Region Fashion & Luxury Leader, Deloitte Italy.
“Whether 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.”
Once again, Italy was the leading luxury goods country in terms of number of companies at 24, while France had the highest share of sales.
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