In a notable achievement, six Indian brands have secured a position underscoring the country’s growing prominence in the industry. Malabar Gold & Diamonds and Titan, renowned names in the Indian luxury market, emerged as key players on the global stage.
Leading the Indian contingent is Kozhikode-based Malabar Gold, claiming the 19th position globally, closely followed by Titan at 24th place. These Indian giants showcased remarkable performance amidst fierce international competition, reflecting the robust growth trajectory of India’s luxury sector.
Joining the elite ranks are Indian jewellery stalwarts Kalyan Jewellers and Joy Alukkas, securing the 46th and 47th spots, respectively. Senco Gold & Diamonds and Thangamayil Jewellery also made their mark, positioning themselves at 78th and 98th places, respectively.
Malabar Gold, making its debut on the list, boasts an impressive revenue exceeding $4 billion in 2023, while Titan closely follows with revenues totaling $3.67 billion. This achievement highlights the dynamic landscape of India’s luxury market, driven by evolving consumer preferences and a growing appetite for premium brands.
Meanwhile, the global rankings were dominated by the French luxury powerhouse Louis Vuitton Moët Hennessy (LVMH), clinching the top spot. With a staggering net worth of $192 billion, Bernard Arnault, the owner of LVMH, stands as the world’s third-richest person.
The report also revealed that the top 100 luxury goods makers collectively reported a turnover of $347 billion in 2023, with LVMH contributing a significant 31%. Furthermore, the top 10 brands controlled 63% of the market and accounted for 76.4% of the combined net profit of the top 100 list.
American clothing giant Phillips-Van Heusen Corporation secured the second position, followed by Switzerland-based luxury goods conglomerate Richemont in third place, rounding off the top ranks of the global luxury goods industry.
This remarkable feat underscores India’s emergence as a formidable player in the global luxury market and sets the stage for further growth and innovation in the years to come.
