In India, similar to previous years, the gems and jewellery category dominate among the luxury category with the top five Indian brands: Titan, Kalyan Jewellers, PC Jeweller, Joyalukkas, and the first-time entrant, Tribhovandas Bhimji Zaveri Limited.
Also, the top 10 luxury brands list mainly featured leading players from the EMEA region. These players are LVMH Moët Hennessy-Louis Vuitton SE, Kering SA, Capri Holdings, Compagnie Financière Richemont, L'Oréal Luxe, Chanel Limited, Essilor Luxottica, and Hermes International spread across the luxury genre, according to the Deloitte Global 2021 edition of Global Powers of Luxury Goods.
Titan jumps up 3 places on the top 100 global powers of luxury goods list to rank 22 and is amongst the 20 fastest-growing luxury goods companies.
Porus Doctor, Partner and Consumer Industry Leader, Deloitte Touche Tohmatsu India LLP, said, “Indian jewellery retailers have always been resilient. With increased vaccination and a decline in the number of COVID-19 cases, the festive season saw a strong demand compared with the past year. The Indian brands banked on their strengths and weaved in online solutions that complemented their growth strategy.”
In the past year, companies implemented environmentally-friendly changes to raise awareness amongst current and future consumers. Luxury e-commerce went past the tipping point to become a vital part of the omnichannel distribution strategy.
About 14 vertically integrated jewellery retailers from India and China are featured in the top 100 list. Sophisticated e-commerce ecosystems and partnerships allowed these luxury companies to keep the control they require over their brands’ digital marketing and pricing as well as their purchasing relationships with clients, at an affordable cost.
For the past few years, luxury brands have been focusing on the use of technology to find new ways of being sustainable—in design, production, distribution, and communication. Innovation has taken the front seat and luxury goods companies are making strategic partnerships to create new products and find alternative ways to improve their service, the report further said.
In fact, more than 80 percent of companies in the top 100 reported lower luxury goods sales in FY2020, reflecting the adverse impact of Covid-19. However, despite a fall in luxury goods sales growth, more than half of the top 100 companies were profitable in FY2020.