Indian Fast Fashion Industry Poised to Surpass $50 Billion Mark by FY31
Tuesday, 02 July 2024, 12:19 IST
The Indian fast fashion industry is set to soar, projected to exceed $50 billion by FY31, driven predominantly by millennials and Gen Z consumers. A recent report by Redseer Strategy Consultants revealed that the sector, currently valued at $10 billion, experienced robust growth of 30-40% in FY24. In contrast, the broader fashion market in India saw a more modest 6% year-on-year growth during the same period.
Fast fashion's appeal lies in its affordability and quick turnover of trendy styles, making it a pivotal player in India's retail landscape. Despite economic challenges, fast fashion emerged as a resilient segment, distinguishing itself in the retail market, according to Kushal Bhatnagar, Associate Partner at Redseer.
However, the Indian fast fashion market, while substantial, remains smaller compared to global giants like Shein, which is three times larger. The market is segmented into ultra-value, mid-value, and premium categories, each requiring distinct business strategies to succeed.
The report forecasts that the mid-value segment will witness significant brand proliferation, leveraging consumer experimentation and lower entry barriers. Brands offering unique value propositions are expected to resonate strongly with consumers, driving further growth in the sector.
As India continues to embrace fast fashion, characterized by its rapid production cycles and accessible pricing, the industry's trajectory indicates continued expansion and transformation in the years ahead.
Fast fashion's appeal lies in its affordability and quick turnover of trendy styles, making it a pivotal player in India's retail landscape. Despite economic challenges, fast fashion emerged as a resilient segment, distinguishing itself in the retail market, according to Kushal Bhatnagar, Associate Partner at Redseer.
However, the Indian fast fashion market, while substantial, remains smaller compared to global giants like Shein, which is three times larger. The market is segmented into ultra-value, mid-value, and premium categories, each requiring distinct business strategies to succeed.
The report forecasts that the mid-value segment will witness significant brand proliferation, leveraging consumer experimentation and lower entry barriers. Brands offering unique value propositions are expected to resonate strongly with consumers, driving further growth in the sector.
As India continues to embrace fast fashion, characterized by its rapid production cycles and accessible pricing, the industry's trajectory indicates continued expansion and transformation in the years ahead.
