India’s fast fashion industry reported a year-on-year growth rate of between 30% and 40% in the 2024 financial year and its market size is on track to cross Rs 50 billion by the 2031 financial year, up from its current valuation at Rs 10 billion, according to a new report by Redseer Strategy Consultants.
“Despite a year of sluggish consumption, fast fashion stood out as one of the few thriving sectors in India’s retail market,” said Redseer Strategy Consultants’ associate partner Kushal Bhatnagar in a press release. “Brands excel by timely identifying trends, rapidly prototyping and producing, nimble supply chain, offering attractive pricing, and driving virality via effective engagement of consumers.”
India’s fashion industry as a whole reported a 6% year-on-year growth rate in the 2024 financial year, making fast fashion significantly faster growing. The mid-segment of the Indian fast fashion market is proving especially popular and this has led to the proliferation of digital-first brands, according to Redseer.
“As the fast fashion sector continues to evolve, staying ahead of trends remains paramount,” said Bhatnagar. “The time to build a fast fashion brand in India is now.”
Redseer is confident that the relatively small size of the fast fashion industry in India, compared to other countries, means that there is significant room for future growth. The industry is particularly popular with Gan Z and millennial shoppers who value affordability and swift access to fashion trends.
Numerous trends have emerged in fast fashion, despite its swift turnover of designs. For men, these include oversized t-shirts, graphic tees, and cargo pants and for women these include co-ord sets and wide leg trousers.
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