Three Indian jewellery and watch brands — Titan, Gitanjali Gems and PC Jewellers — feature for the first time in a list of the world’s top 100 luxury goods brands compiled by Deloitte, reports the Economic Times. Titan is India’s leading watch brand and has a major presence in fashion and eyewear. It also owns the Tanishq jewellery brand.
According to the report, the top 100 luxury goods brands generated sales of $222 billion in fiscal 2014, an increase of 3.6 percent over the previous year.
Three conglomerates with a footprint in multiple segments of the luxury goods market feature among the world’s top ten — Louis Vuitton, Richmond and Estee Lauder. Louis Vuitton edged out Swatch as the company with the highest net profit margins among the top ten. Swatch had recorded the highest profit margin for the previous two years.
Anil Talreja, partner at Deloitte Haskins & Sells LLP said that due to economic challenges, the global luxury goods sector was likely to go slow in markets such as China and Russia.
Talreja was, nonetheless, bullish about India. ”However, we see India as a growing market for luxury goods due to key factors like improved purchasing power, better consumer buying behaviour, the merging of channels and business models, the growing importance of the millennial consumer and the continued impact of the global economy,” he said.