Luxury brands are chasing growth in India, as well-heeled shoppers and local partners with deep pockets throw up opportunities in the market. In Deloitte's Global Powers of Luxury Goods Report 2022, green transition and digital revolution are driving luxury investments. The report presents the Top 100 largest luxury goods companies globally, based on their consolidated luxury goods sales in FY2021, which we define as financial years ending within the 12 months from January 1 to December 31, 2021.
The Recovery Route
During FY2021, luxury goods companies rebounded from the COVID-19 pandemic, with store re-openings and a recovery in consumer demand. With the Covid-19 outbreak and effects of pandemic on the supply chain slowly dissipating, the luxury goods companies are on the road to recovery. The opportunities arising from this new wave of 'green transition' and metaverse are boundless. As per the trends discussed in the report, existing and new customers can interact with a brand's products and essence in new ways through digital reality. Despite the falling sales figures, almost all the companies in this group from India were profitable, giving a FY2021 composite net profit margin of 8.0%. The report also mentions that the jewelry and watches sector is the second largest contributor to the Top 100 luxury companies of the world. This sector is dominated by companies from China, Switzerland, and India.
Luxury Goods Company Sales Rebound to Beat Pre-Pandemic Levels
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