Titan, PC Jeweller & Joyalukkas Among Global Fastest Growing Luxury Brands: Report

Three Indian brands, Titan, PC Jeweller, and Joyalukkas are amongst the list of 20 fastest growing luxury goods global companies, said Deloitte’s Global Powers of Luxury Goods 2019 report. According to the report, Titan had a sales growth of 23.6 percent in the financial year 2017 and a CAGR of 19.7 percent between the financial year 2015-17, emerging as the fourth fastest growing global luxury goods company.

PC Jeweller and Joyalukkas also featured on the list of fastest 20 growing companies along with Titan with a sales growth of 13.4 percent and 9.6 percent, respectively. Kalyan Jewellers and Tribhovandas Bhimji Zaveri were amongst the other five Indian brands who made to the Global Powers of Luxury Goods Top 100, FY2017 list.

Despite the recent slowdown of economic growth globally in major markets including China, the Eurozone, and the US, the top 100 luxury goods companies generated aggregated revenues of USD 247 billion in the fiscal year 2017, representing composite growth of 10.8 percent.

Overall, 76 percent of companies reported growth in their luxury sales, with nearly half of these recording double-digit year-on-year growth.

According to the report, mergers and acquisitions, continue to play an important role, especially to adopt the bricks and clicks strategy. For instance, Titan recorded high sales performance in its retail segment was attributed to new stores, new brand launches, and robust e-commerce performance through its website, Caratlane.com.

“India continues to experience a high growth rate on the back of growing markets beyond the major metros and the emergence of HENRYs (High-Earners-Not–Rich-Yet),” said Anil Talreja, Partner, Deloitte India.

According to the report, the next few years are going to be dynamic for the Indian luxury market with increasing growth and competition seen especially in the bridge to luxury segment.

“In an age of fast-changing trends, luxury companies are re-examining the value of brand heritage and history and are adopting an omni-personal approach focusing solely on the new age consumer,” says Patrizia Arienti, Deloitte EMEA Fashion, and Luxury Leader. “To accomplish this, they are committed to making significant investments in digital technologies.”

Courtesy: ET Retail.com