Indian Fast Fashion industry is projected to reach $50 million by Financial year 2031 as per a report released recently.
While the broader fashion industry witnessed a decent growth of 6 per cent on year-on-year basis, Indian fast fashion industry, driven by Millenials and Gen z, saw a monumental growth of 30-40 per cent. In Financial year 2024, the Indian Fast Fashion Industry is valued at $ 10 billion.
The fast fashion industry changes the game by offering constant access to contemporary styles at an affordable price.
Kushal Bhatnagar, Associate Partner with Redseer said, “Despite a year of sluggish consumption, fast fashion stood out as one of the few thriving sectors in India’s retail market.”
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Despite its size, India’s fast fashion sector is still relatively mino. Particularly when compared to international giants such as Shein, which has a threefold larger market.
Based on pricing points, the industry can be divided into three categories: ultra-value, mid-value, and premium. Different business model strengths are needed for each segment.
The analysis predicts that the mid-value brands segment will experience the greatest brand proliferation. That will take the advantage of low entry barriers and innovative customer behavior to propel growth.
According to the survey, brands that possess a distinctive and valuable positioning are anticipated to have a significant customer attraction.
