Professional services company Deloitte has said in a new report that widespread moves towards the circular economy and “responsible business” are providing luxury company with new opportunities for growth, writes Leatherbiz.

In the report, Global Powers of Luxury Goods 2022, the London-based professional services firm said the green transition was providing “unparalleled opportunities for companies to be innovative and disruptive”. The report has concluded that sustainable luxury is here to stay.

In the report, Deloitte calculates that the world’s top 100 luxury goods companies generated revenues of $305 billion in 2021, an increase of more than 20% compared to the previous year. This figure also represents an increase of 8.5% compared to pre-pandemic 2019.

It pointed out that just 15 companies contributed more than 65% of the total; each of those 15 companies had sales of more than $5 billion for the year.