By FY31 Indian Fast Fashion Industry may Cross $50 Billion

by IS_Indust
Fashion Industry

In FY24, the fast fashion industry recorded a growth rate of 30-40%, significantly outpacing the broader Indian fashion sector, which grew by just 6%. A report by Redseer Strategy Consultants indicates that India’s fast fashion industry could become a $50-billion market by FY31. This rapid growth is driven by millennials and Gen Z, who are drawn to the industry’s ability to offer trendy, affordable styles quickly.

The fast fashion industry’s 30-40% growth rate in FY24 highlights the strong demand for its frequent collection updates, which surpass the traditional fashion model of 2-3 collections per year. Currently, the market size stands at $10 billion, which is small compared to global leaders like Shein, whose market size is over three times larger.

The study categorizes fast fashion brands into three segments based on pricing: ultra-value, mid-value, and premium. The mid-value segment is expected to see the most significant growth due to low entry barriers and a consumer base eager to experiment with new styles. Brands that offer unique and valuable products are likely to capture a significant market share.

For men, popular fast fashion items include oversized t-shirts, graphic tees, and cargo pants, with growing interest in coordinated outfits and multi-season jackets. For women, current trends are dominated by dresses and wide-legged trousers, with future trends likely to include more occasional wear and shapewear.

Kushal Bhatnagar, Associate Partner at Redseer Strategy Consultants, stated, “Despite a year of sluggish consumption, fast fashion stood out as one of the few thriving sectors in India’s retail market.”

Brands succeed by quickly identifying trends, efficiently prototyping and producing new styles, and maintaining a nimble supply chain. They also engage consumers effectively, often creating viral trends through strategic pricing and marketing.

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