Malabar Gold & Diamonds, along with four other jewellery firms and fashion accessory maker Titan, have entered the global top-100 luxury brands list. Leading the domestic contingent, Malabar Gold claimed the 19th rank as the top Indian international jewellery brand, followed by Titan Company, a Tata group entity, which secured the 24th position.
In the Deloitte global luxury goods list of 2023, Kalyan Jewellers and Joy Alukkas secured the 46th and 47th positions, respectively.
The other two jewellery makers, Senco Gold & Diamonds and Thangamayil Jewellery, ranked 78th and 98th, respectively.
Diversified French luxury major LVMH topped the list.
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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 report indicated that the demand for luxury goods is projected to surge even more, presenting abundant opportunities for domestic brands to excel on the global stage.
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In 2023, the top-100 luxury goods sellers collectively achieved a turnover of USD 347 billion, marking a notable increase of 13.4 percent compared to the previous 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.
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