Malabar Gold & Diamonds, four other jewellery companies and fashion accessory manufacturer Titan have reached the global list of top-100 luxury brands. Malabar Gold topped the domestic contingent, ranking 19th as the top Indian international jewellery brand, followed by Tata Group company Titan Company in 24th place.
Kalyan Jewellers and Joy Alukkas are ranked 46th and 47th, respectively, in the Deloitte global luxury goods list 2023. Senco Gold & Diamonds and Thangamayil Jewellery finished 78th and 98th, respectively.
LVMH, a diversified French luxury group, topped the list.
Malabar, situated in Kozhikode, is making its first appearance on the list, with a revenue of more than USD 4 billion in 2023, compared to Titan’s USD 3.67 billion.
The emergence of homegrown luxury businesses highlights the changing dynamics of the luxury goods sector.
Deloitte stated in a research issued on Monday that as the local economy grows and customer preferences develop, the country’s luxury sector is expanding significantly, contributing to these companies’ worldwide prominence.
The demand for luxury products is anticipated to rise further, providing abundant opportunity for domestic firms to flourish on the global stage, the report said.
The top-100 luxury goods dealers had a turnover of USD 347 billion in 2023, up 13.4 pe cent year on year.
According to the research, LVMH contributed up to 31 per cent of the entire sales.
Furthermore, the top ten of them owned 63 per cent of the market and their sales increased 23 per cent YoY in the reporting year. They also controlled 76.4 per cent of the aggregate net profit of the top 100 luxury goods businesses.
Richemont recovered the third spot, while PVH Corp placed second.
