Fast Fashion has democratised the fashion industry. For Millennials and Gen Z (the driving force for this industry), Fast Fashion has provided affordability combined with constant access to trendy styles making it a game-changing experience.
Redseer Strategy Consultants has released a comprehensive study shedding light on the rapid growth and evolving trends within India’s fast fashion sector. The study underscores significant growth prospects within India’s fast fashion industry, offering insights into anticipated trends in the years ahead.
Key findings:
- The Indian Fast Fashion industry is projected to burgeon into a massive US$ 50 billion market by FY31, indicating a promising future:
- In FY24, the Fast Fashion sector surged ahead with a 30-40% growth rate. In contrast, the broader fashion sector in India saw a modest 6% year-on-year growth. This underscores the robust demand and increasing consumer inclination towards affordable and trendy clothing options.
- Fast Fashion brands, renowned for their agility, can introduce over 50 collections annually, eclipsing the traditional fashion model of 2-3 collections per year.
- Currently valued at US$ 10 billion, India’s Fast Fashion market, while substantial, remains comparably smaller than global giants like Shein, which is 3x times larger. 2. Mid-value segment to lead the proliferation of digital-first brands
- Fast Fashion brands can be classified into three segments based on price: Ultra-value, mid-value, and premium. Each segment requires distinct business model strengths.
- The mid-value brand segment will see the maximum proliferation of brands, leveraging low entry barriers and experimental consumer behaviour to drive growth. Further, brands with unique & value-adding positioning are expected to appeal strongly to customers.
3. Trends in Fast Fashion
- In men’s fast fashion, popular styles include oversized t-shirts, graphic tees, and cargo pants, with upcoming focuses on co-ords and summer/all-season jackets.
- Popular items for women encompass dresses, wide-legged trousers, and co-ords, with upcoming trends in occasional wear and shapewear.
“Despite a year of sluggish consumption, fast fashion stood out as one of the few thriving sectors in India’s retail market. Brands excel by timely identifying trends, rapidly prototyping and producing, nimble supply chain, offering attractive pricing, and driving virality via effective engagement of consumers,” Kushal Bhatnagar, Associate Partner, Redseer Strategy Consultants said.
“As the fast fashion sector continues to evolve, staying ahead of trends remains paramount. The time to build a fast fashion brand in India is now,” he added.
Redseer Strategy Consultants is a renowned strategy consultancy firm with a global footprint. Founded in 2009, Redseer collaborates with leaders and organisations to build digital businesses. Using proprietary methodologies, consumer understanding, research, and an entrepreneurial mindset, Redseer offers solutions in private equity, growth advisory, and consumer research. Headquartered in Bengaluru, Redseer has a team of over 200 consultants in India and around the world.
