Indian Luxury Brands Shine Globally: A Glimpse into the Success of Top Jewelers
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In the realm of luxury goods, six Indian companies have made a significant mark among the top 100 global luxury product manufacturers. Malabar Gold and Diamonds, Titan, and four other Indian jewelry manufacturers have carved their niche in the competitive market. Malabar Gold and Diamonds, in particular, secured the 19th position in the ‘Global Luxury Goods List-2023,’ a remarkable feat for the first-time entrant.
Tata Group’s Titan, holding the 24th position, reflects the diverse areas of expertise within Indian luxury brands. French luxury company LVMH claims the top spot in the list, with PVH Corp and Richemont following closely at second and third positions.
Delving into the domestic market, Kalyan Jewelers secures the 46th position, Joy Alukkas at 47th, Senco Gold and Diamonds at 78th, and Thangamayil Jewelry at 98th. This showcases the significant growth in the domestic luxury market, with these brands making their presence felt on the global stage.
According to Deloitte’s report, as the Indian economy continues to thrive, consumer priorities are evolving. The country is witnessing substantial growth in the luxury market, contributing to the global recognition of homegrown brands. The demand for luxury products is on the rise, providing ample opportunities for domestic brands to establish themselves on the global stage.
The annual business turnover for the top 100 luxury goods companies reached a staggering $347 billion in 2023, reflecting a 13.4% annual increase. LVMH’s share in this substantial turnover stands at 31%. The top 10 companies command 63% of the market, with a 23% increase in sales on an annual basis. Their combined share in the total net profit of the top 100 companies is an impressive 76.4%.
In conclusion, the success of Indian luxury brands in the global market is a testament to the country’s economic growth and changing consumer preferences. As the demand for luxury goods continues to rise, these domestic brands are poised for global prominence, contributing significantly to India’s reputation in the luxury sector.
