JOIN USThree India brands Titan, Gitanjali Gem and PC Jewellers were featured for the first time in top 100 according to the Global Powers of Luxury Goods 2016 report of Deloitte titled “Disciplined Innovation”.
Among the Top 10 companies globally, three are luxury conglomerates participating in multiple sectors of the luxury good market. The top three companies are Louis Vuitton, Richemont and Estée Lauder. Swatch Group lost the No. 1 position as the ‘highest net profit margin Top 10 Company’ that it had held for the previous two years to Louis Vuitton, but only because of the exceptional profit reported by the company for the Hermès shares.
“We are on the verge of entering into the second half of ‘decade of change’ for luxury goods sector with an expectation of remarkable changes by 2020,” Deloitte Haskins & Sells Partner Anil Talreja said.
“Due to economic challenges there is a possibility that the global luxury goods sector is likely to grow slow in 2016 in important markets such as China and Russia. However, we see India as a growing market for luxury goods due to key factors like improved purchasing power, better consumer buying behaviours, the merging of channels and business model, the growing importance of the millennial consumer; and the continued impact of the global economy,” Talreja said.
The world’s 100 largest luxury goods companies generated sales of $222 billion in financial year 2014, 3.6% higher year-on-year.