LVMH, a French multinational luxury goods conglomerate, has once again topped Deloitte’s annual list of the world’s largest luxury companies. The report, ‘Global Powers of Luxury Goods 2019’, says despite an overarching economic slowdown in key global regions, including China, the Eurozone and the United States, the luxury sector has witnessed growth.

The top 100 luxury goods companies accrued $247 billion in 2017, increasing $30 billion from the previous year’s $217 billion, according to a statement from Deloitte.

The growth represents a 10.8 per cent lift, significantly outpacing the prior year’s gain of just one per cent. Within the top ten alone, 48.2 per cent of the total luxury sales were produced, marking a one per cent rise over the previous year.

American cosmetics company Estée Lauder ranked second, while Swiss jewelery label Compagnie Financière Richemont was third. Others in the top ten included Kering SA (France), Luxottica Group (Italy), Chanel Limited (UK), L’Oréal Luxe (France) and The Swatch Group (Switzerland). (DS)

Fibre2Fashion News Desk – India

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