Among the jewellery players, Kalyan Jewellers and Joy Alukkas are listed at the 46th and 47th spots, respectively, on the Deloitte global luxury goods list 2023. Senco Gold & Diamonds and Thangamayil Jewellery, the other two jewellery makers, ranked 78th and 98th, respectively.
Leading the list is the diversified French luxury major LVMH. Malabar's entry into the list marks a significant milestone with a revenue value surpassing $4 billion in 2023, while Titan reported a turnover of $3.67 billion.
The emergence of domestic luxury brands highlights the changing landscape of the luxury goods market. With the ongoing growth of the domestic economy and evolving consumer preferences, India's luxury market is experiencing substantial expansion, garnering global recognition for these brands, as noted in the report released by Deloitte on Monday.
The demand for luxury goods is projected to continue rising, presenting abundant opportunities for domestic brands to excel on the global stage. The top 100 luxury goods sellers collectively achieved a turnover of $347 billion in 2023, reflecting a 13.4% increase year on year.
Notably, LVMH alone contributed 31% of the total turnover, underscoring its dominant position in the luxury goods market. The top 10 brands collectively controlled 63% of the market share, with their sales witnessing a remarkable 23% growth year on year. Additionally, these top brands accounted for 76.4% of the combined net profit of the top 100 luxury goods companies. Richemont reclaimed its third-place position, while PVH Corp secured the second rank on the list.
