Three Indian companies Gitanjali Gems, Titan and PC Jeweller have been named in the list of top 50 luxury goods firms globally that was topped by Louis Vuitton.
Gitanjali Gems Ltd was placed in the 30th rank, followed by Titan Company at 31 and PC Jeweller are 44 in the fourth annual Global Powers of Luxury Goods report.
The top three companies are LVMH Moet Hennessy-Louis Vuitton SA (Louis Vuitton, Bulgari, Emilio Pucci, DonnaKaran, TAGHeuer), Compagnie Financiere Richemont SA (Cartier, Van Cleef & Arpels, Montblanc, Chloe), and The Estee Lauder Companies Inc (Estee Lauder, M.A.C., Aramis, Clinique, Aveda, Jo Malone).
RISE IN MIDDLE CLASS
On the economic outlook of the luxury market in India and the potential impact, it may have on brands, a Deloitte India spokesperson said that a rapidly rising urban middle class with increasing disposable income is expected to drive sales of luxury goods. The demand for luxury goods is expected to remain strong.
BEST AMONG ASIA
India remains the bright spot among Asian and BRIC countries, despite the tax on luxury goods.
Emerging consumer markets continue to drive luxury market growth. In China, Russia and the United Arab Emirates, that are categorised as emerging luxury markets, 70 percent of consumers claimed to have increased their spending in the last five years as compared to 53 percent in the more mature markets (EU, US and Japan).
The report noted that the world’s 100 largest luxury goods companies generated sales of USD 212 billion in 2014-15. The average luxury goods annual sales for a top 100 company stood at USD 2.1 billion.