Malabar Gold, Titan in global-100 luxury brands

Mumbai: Malabar Gold & Diamonds and four other jewellery firms along with fashion accessory maker Titan have joined the global rank of top-100 luxury brands. Malabar Gold led the domestic contingent, claiming 19thrank as the top Indian international jewellery brand, followed by Tata group entity Titan Company which secured the 24thposition. Jewellery players Kalyan Jewellers and Joy Alukkas listed at 46thand 47thspots, respectively, on the Deloitte global luxury goods list 2023. The other two jewellery makers, Senco Gold & Diamonds and ThangamayilJewellery, ranked 78thand 98th, respectively. Diversified French luxury major LVMH topped the list.

For Kozhikode-based Malabar, this is the maiden entry to the list with a value of over $4 billion in terms of revenue in 2023, while Titan had a turnover of $3.67 billion. The rise of domestic luxury brands underscores the evolving dynamics of the luxury goods market. As the domestic economy continues to grow and consumer preferences evolve, the country's luxury market is witnessing significant growth, contributing to the global recognition of these brands, Deloitte said in the report released on Monday.

The demand for luxury goods is expected to soar further, offering ample opportunities for domestic brands to shine on the international scene, the report said. The top-100 luxury goods sellers had notched up a turnover of $347 billion in 2023, up 13.4 per cent year on year. Of the total turnover, as much as 31 per cent were contributed by LVMH alone, according to the report.