MUMBAI, Feb 19: Malabar Gold & Diamonds and four other jewellery firms along with fashion accessory maker Titan have joined the global rank of top-100 luxury brands.
Malabar Gold led the domestic contingent, claiming 19th rank as the top Indian international jewellery brand, followed by Tata group entity Titan Company which secured the 24th position.
Jewellery players Kalyan Jewellers and Joy Alukkas listed at 46th and 47th spots, respectively, on the Deloitte global luxury goods list 2023.
The other two jewellery makers, Senco Gold & Diamonds and Thangamayil Jewellery, ranked 78th and 98th, respectively.
Diversified French luxury major LVMH topped the list.
For Kozhikode-based Malabar, this is the maiden entry to the list with a value of over USD 4 billion in terms of revenue in 2023, while Titan had a turnover of USD 3.67 billion.
The rise of domestic luxury brands underscores the evolving dynamics of the luxury goods market. As the domestic economy continues to grow and consumer preferences evolve, the country’s luxury market is witnessing significant growth, contributing to the global recognition of these brands, Deloitte said in the report released on Monday.
The demand for luxury goods is expected to soar further, offering ample opportunities for domestic brands to shine on the international scene, the report said.
The top-100 luxury goods sellers had notched up a turnover of USD 347 billion in 2023, up 13.4 per cent year on year.
Of the total turnover, as much as 31 per cent were contributed by LVMH alone, according to the report.
Besides, the top-10 of them controlled 63 per cent of the market, and their sales grew 23 per cent on-year in the reporting year, and they also controlled 76.4 per cent of the combined net profit of the top-100 luxury goods companies.
Richemont regained its third place while PVH Corp ranked second on the list. (PTI)
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