Indian Fast Fashion Industry Surges With 30-40% Growth In FY24

Indian Fast Fashion Industry Surges With 30-40% Growth In FY24

While the overall fashion industry in India experienced a modest 6 percent year on year growth in fiscal 2023-24, fast fashion grew at an impressive rate of 30-40 percent.

A report from Redseer Strategy Consultants has forecast that fast fashion in India is poised to become an impressive $50 billion-plus opportunity by fiscal 2030-31 as against around $10 billion currently.

Redseer has segmented the fast fashion landscape in India into three distinct categories based on price points like ultra-value, mid-value, and premium.

Each segment demands unique business and operating model strengths to achieve success. Ultra-value brands rely heavily on agile supply chains to profitably offer low-priced products.

“This is often achieved through large-scale operations, which enable cost efficiencies. As a result, large corporate are likely to dominate this segment, investing heavily in scalability,” the report stated.

As per the report, the mid-value segment is a hotbed for digital-first entrants. Low entry barriers and experimental consumer behaviour characterise this space, fostering intense competition.

To stand out, brands must offer distinctive value propositions that resonate with customers. This segment is expected to be highly dynamic, with innovative brands capturing significant attention.

Premium brands thrive on strong brand recognition and loyalty, catering to India’s aspirational consumers.

This segment is poised to attract an influx of global and Indian designer brands, capitalising on the trend of customers purchasing premium goods.

In the earlier fiscal, men’s fast fashion embraced comfort and bold statements, with oversized t-shirts, graphic tees, printed shirts, trousers, and cargo pants dominating the trend landscape.

“The next big wave will be Co-ords and versatile summer/all-time jackets, which will likely capture the attention of fashion-conscious men,” the report added.

In the women’s fast fashion space, the previous fiscal was defined by a love for stylish comfort, with dresses, wide-legged trousers, and Co-ords topping the charts.

Redseer predicts that occasional wear and shapewear will be the next game-changers in this category, offering women a perfect blend of style, comfort, and confidence.