Two companies based in Kerala, KalyanJewwellers& Joy ALukkas along with Titan Industries, PC Jewellers and TBZ were named in top 100 global luxury brands by Deloitte Global Powers of Luxury Goods 2019 report.
According to the report LVMH Moët Hennessy-Louis Vuitton SE, the French major maintained its first rank while the US based Estée Lauder Companies Inc. and CompagnieFinancièreRichemont SA from Switzerland bagged second and third positions this year too.
Vying for a spot among big luxury goods companies such as Louis Vuitton, Estee Lauder, Cartier, and Gucci were India’s Titan, Kalyan Jewellers, PC Jewellers, Joyallukas and TBZ, according to Deloitte’s report.
Titan was ranked 27th with their luxury brands, Tanishq, Zoya, Nebula and Xylys. Kalyan Jewellers India Pvt. Limited, India is in 35th rank with their Mudhra, Tejasvi and Glo luxury brand while Joyalukkas India Pvt. Limited India, stood 47th with the brands Zenina, veda, Pride and Eleganza. Both companies improved their last year’s position up by 2.
Mumbai based PC Jeweller Ltd. ranked 40th and TribhovandasBhimjiZaveri Limited bagged 87th position.
The world’s Top 100 luxury goods companies generated revenues of $247 billion in FY2017, up from $217 billion in the previous year (an increase of $30 billion). Annual growth jumped to 10.8%, on a currency-adjusted composite basis, much higher than the previous year’s 1% growth. Seventy-six percent of the firms reported growth in their luxury sales, with nearly half of these recording double-digit year-on-year growth. Within the 100 global brands, 20 of them are growing fastest based on their CAGR. Three Indian companies featured in this list as well. For FY15-17, Titan with a CAGR of over 19%, PC Jeweller with a CAGR of over 14% and Joyallukas with CAGR of little less than 13% are among the fastest growing top 20 luxury companies. Globally, Canada Goose Holdings Inc., Coty Luxury and Furla lead the list with India’s Titan following closely
The top rank brand LVMH Moët Hennessy-Louis Vuitton SE are the brand keepers of world famous Louis Vuitton, Christian Dior, Fendi, Bvlgari, LoroPiana, Emilio Pucci, Acqua di Parma, Loewe, Marc Jacobs, TAG Heuer and Benefit Cosmetics.
Estée Lauder, Bobbi Brown, La Mer, Jo Malone London, Aveda; Licensed beauty & fragrance brands inc and Tom Ford Beauty are major brand lying with The Estée Lauder Companies Inc. US.
Swiss luxury makers CompagnieFinancièreRichemont SA owns brand like Cartier, Van Cleef&Arpels, Montblanc,Jaeger-LeCoultre, VacheronConstantin, IWC, Piaget, Chloé, OfficinePanerai and YNAP
According to the report luxury goods market displays growth despite slowing economy around the world. Digitisation and growing millennia’s and Gen Z define the future of the luxury markets.
Despite the recent slowdown of economic growth in major markets including China, the Eurozone and the US, the luxury goods market looks positive. In an age of fast changing trends, luxury companies have started to keep an eye on the new consumer classes of the future, are committing to make significant investments in digital marketing and increasingly using social media to engage their customers.
Companies are re-examining the value of brand heritage and brand history for their new customers and are adopting an omni-personal approach, focusing solely on the consumer, even prior to channel identification. To do that, they rely on digital technologies.
In this path between the old and the new, companies are faced with consumers’ increasing sensitivity towards privacy, but are trying to convert it into an opportunity to offer more personalised products and services to their customer base.
As per the Deloitte report 2019 Indian luxury market segment is one of the fastest growth market globally.
