India’s fast fashion market to grow to $50 billion by FY31: RedSeerConsulting
One of the few outperforming sectors in India’s retail market, fast fashion is poised to grow to $50 billion by FY31.
As per a RedSeerConsulting report, currently worth $10 billion, the fast fashion market in India grew by 6 per cent in FY24. The key driver of this growth was the rapid turnover of styles. Unlike traditional brands launching a few collections seasonally, fast fashion giants like Shein offer up to 50 collections annually. This allows consumers to stay on-trend without breaking the bank.
The Indian fast fashion market caters to different price points. Zudio dominates the ultra-value segment, offering low-cost, trendy pieces thanks to its efficient supply chain. Premium brands like Zara capitalise on brand loyalty and cater to a more discerning customer. This segment may see an influx of global and Indian designer brands in the future.
However, dominated by brands by H&M, the largest segment, the mid-value market, is expected to be highly competitive due to low entry barriers and a customer base open to experimentation. Success of this segment will hinge on unique branding and strong value propositions.
Overall, the future of fast fashion in India is bright, with immense potential for growth across all segments.
