Indian firms break into top 100 luxury brands

Indian luxury brands have finally made their way into the top 100 luxury goods globally. Major retail jewellery brands like Titan, Gitanjali Gems and PC Jewellers have been featured for the first time in top 100 global brands, Deloitte said in a report.

The top three companies in the global luxury brands list are the French fashion house brand Louis Vuitton, Switzer-land-based luxury goods company Richemont and Estée Lauder, the US manufacturer and marketer of skincare, makeup, fragrance and haircare products. India is the one of the only three countries in Asia, which have luxury brands. The other Asian countries are China and South Korea.

The ranking is based on the luxury goods sales in FY14. Titan Company, which has iconic brands such as Tanishq, Titan and Zoya among others has been listed as the 32nd most powerful luxury bra-nd while Gitanjali Gems with popular brands like Nakshatra and Maya has been listed at 42 closely followed by PC Jewellers.

“Due to economic challenges, there is a possibility that the global luxury goods sector is likely to grow slow in 2016 in important markets such as China and Russia. 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 model, the growing importance of the millennial consumer and the impact of the global economy,” said Anil Talreja, partner, Deloitte Haskins.

China, France, Italy, Spain, Switzerland, the UK and the US together represent 84 per cent of the top 100 luxury goods companies. The remaining companies in the top 100 are based out of other countries. Germany and India have three companies each, Austria and Brazil two companies each, while there is one company each in Denm-ark, Luxembourg and South Korea.

However, the key challenge before the global luxury brands according to Deloitte is the rise of e-commerce. “The original challenge for luxury bra-nds was how to replicate the luxury shopping experience online, but increasingly the more valuable investment is how to use digital technology to enhance the luxury store experience,” it said.