Currently valued at $10 billion, this dynamic segment is projected to explode to a staggering $50 billion within the next seven years, according to Redseer Strategy Consultants.
A confluence of factors is responsible for the robust expansion of this surging business and is quite a durable trend. A young, trend-obsessed consumer base, particularly Gen Z, is fueling demand for frequent wardrobe updates. Social media (SMs) have intensified this trend, creating a constant appetite for fresh styles to keep it going as we move ahead.
To meet this surging demand, global giants like Zara and H&M, and domestic brands such as Zudio, Newme, Urbanic, and Snitch are leveraging technology to churn out affordable, trendy clothing at unprecedented speeds.
While the industry's growth potential is immense and sanguine, challenges loom large. Maintaining agile supply chains to keep pace with rapidly changing trends is critical. Additionally, concerns about market saturation and the environmental impact of fast fashion cannot be overlooked unwinding the business trend.
The future remains promising despite these hurdles, industry experts remain optimistic about the sector's future, citing the expanding Indian middle class and rising consumer spending power as key growth drivers.