(Yicai Global) June 5 -- French luxury giant LVMH Moet Hennessy-Louis Vuitton leads the list of the world's deluxe goods companies Deloitte Consulting issued, and which is based on sales for fiscal year 2016-2017. Hong Kong-based jeweler Chow Tai Fook Jewellery Group ranked 10th to become the highest-placed Chinese extravagance firm.
LVMH's sales reached USD23.50 billion in fiscal year 2016-2017, followed by US cosmetics maker The Estee Lauder Companies and Swiss watchmaker Compagnie Financiere Richemont, with sales of USD11.90 billion and USD11.70 billion, respectively. Italian eyewear maker Luxottica Group and France-based Kering -- parent of Gucci -- claimed the fourth and fifth spots. The top 100 opulent goods companies on the list had combined sales of USD217 billion in fiscal year 2016-2017, up 7 percent from the previous fiscal year. Italy has the largest number of luxury firms (24) included on the list, while France boasts the highest combined sales.
Nine Chinese firms are among the world's top 100 sumptuous goods companies, including Chow Tai Fook, seven other jewelers and Hong Kong-based high-end menswear maker Trinity International Brands.
As the millennial generation and Generation Z become key buyers of deluxe goods, brands that continuously innovate are more likely to achieve high sales, the report concluded. For example, top-shelf British brand Burberry Group, in 18th slot, spends 60 percent of its marketing budget on digital platforms such as Facebook, Twitter and Instagram.
Editor: Benedict Armour