India’s Impact on the $347 Billion Global Luxury Industry,Report

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With a burgeoning middle class and a cultural penchant for weddings, India has solidified its position as the world’s second-largest gold jewellery market. Traditional gold retailers are gradually making room for modern retail chains featuring renowned luxury brands. The report highlights six Indian luxury companies specialising in vertically integrated jewellery, including Malabar Gold & Diamonds, Senco Gold Limited, and Thangamayil Jewellery Limited, among others. These companies, alongside established names like Titan Company Limited and Kalyan Jewellers India Limited, reported significant sales growth in FY2022, further bolstering the industry’s overall performance.

Moreover, luxury brands are spearheading sustainability initiatives within the fashion sector, prioritising circularity and environmental consciousness. Leveraging emerging technologies like artificial intelligence and machine learning, these brands are driving the transition towards green practices while strengthening their relationships with consumers.

Anand Ramanathan, Partner at Deloitte India, emphasised the pivotal role of digital innovation in advancing environmentally responsible business models and meeting evolving consumer preferences. He highlighted India’s increasing appetite for luxury purchases, driven by factors such as economic growth, demographic shifts, and urbanisation trends.

Evan Sheehan, Global Consumer Products and Retail Sector Leader at Deloitte, lauded the resilience of the luxury sector, with Top 100 companies registering double-digit sales growth across all product sectors. He underscored the industry’s commitment to sustainability, evidenced by the adoption of circular economic principles, net-zero targets, and enhanced supply chain traceability.

As luxury companies navigate this evolving landscape, consumer consciousness regarding environmental, social, and governance (ESG) issues is shaping product strategies. Regulatory mandates and reporting standards further reinforce the industry’s dedication to responsible production practices and transparency.

In conclusion, India’s growing influence in the global luxury industry, coupled with advancements in technology and sustainability, underscores the sector’s resilience and potential for continued growth in the years to come.