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19 Nov 2024
India’s fast fashion sector could potentially grow into a $50-billion market by FY31, according to a report by Redseer Strategy Consultants. This growth is fueled by millennials and Gen Z, who drive the sector's ability to quickly deliver trendy, affordable styles.
In FY24, the fast fashion industry grew by 30-40%, far surpassing the broader Indian fashion sector’s 6% growth rate. This strong demand for frequent collection updates sets fast fashion apart from the traditional model of 2-3 collections annually. Currently, the market size is $10 billion, much smaller compared to global giants like Shein.
Redseer categorizes fast fashion brands into three price segments: ultra-value, mid-value, and premium. The mid-value segment is expected to grow the most due to low entry barriers and a consumer base eager for new styles. Brands offering unique and valuable products are likely to capture significant market share.
Men’s fast fashion trends include oversized t-shirts, graphic tees, and cargo pants, with coordinated outfits and multi-season jackets gaining popularity. For women, dresses and wide-legged trousers are currently popular, with future trends expected to feature more occasional wear and shapewear.
Kushal Bhatnagar, associate partner at Redseer, noted that despite a year of sluggish consumption, fast fashion has thrived in India’s retail market.
Successful brands in this sector quickly identify trends, efficiently prototype and produce new styles, and maintain agile supply chains. They effectively engage consumers, often creating viral trends through strategic pricing and marketing.
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