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Five Indian brands among world's top 100 luxury goods companies: Report
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SME Times News Bureau | 23 May, 2018
Five Indian brands feature among the 100 largest luxury goods companies in the world, a Deloitte report said on Tuesday.
The
Indian companys in the list are Titan Company (ranked 28th), Kalyan
Jewellers India (37th), PC Jeweller (43th), Joyalukkas India (49th),
Tribhovandas Bhimji Zaveri (89th), said the report named "Global Powers
of Luxury Goods 2018".
Commenting on the Indian luxury goods
sector a Deloitte India spokesperson said: "India is currently
undergoing a rapid digital transformation, whilst battling the
challenges of high import duties, introduction of GST and unstable price
parity. However, with a positive economic outlook, the demand for
luxury goods segment is poised to rise in 2018."
As per the
report, the worlds top 100 largest luxury goods companies generated
sales of $217 billion in financial year 2016 and the average luxury
goods annual sales for top 100 companies is now $2.2 billion.
"The
luxury market has bounced back from economic uncertainty and
geopolitical crises in 2016, edging closer to annual sales of $1
trillion at the end of 2017" said Patrizia Arienti, EMEA Region Fashion
and Luxury Leader, Deloitte Italy.
Patrizia further said:
"Whether total global market growth is in single or double digits will
depend on many factors, including larger geopolitical factors and their
impact on tourism. Growth in the luxury goods industry will continue,
unlike in several other industries."
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