Young people choosing strong fashion in the fiscal year 2024 wore large t-shirts, graphical tees, printed tops and cargo pants. Co-ord units and all-time jackets are likely to be their second significant fashion trend. Millennial and GenZ women purchased clothes, co-ords and wide-legged skirts in FY24 with clothes expected to be the next great thing, said a new document from Redseer Strategy Consultants. In FY24, India’s fast fashion segment grew 30-40% compared to the sluggish 6% growth for the larger apparel category. The country’s buzzing $10 billion fast fashion segment will touch $50 billion in seven years, the report said.
Strong style stands out from conventional or traditional style businesses that release three to four choices in a year based on seasons. Strong fashion refers to fast-moving clothing that is fashionable and quickly available. According to the report, fast fashion organizations are perpetually in creation method to retain customers up to date with their designs and styles and release more than 50 selections in a year.
Kushal Bhatnagar, interact companion, Redseer Strategy Consultants, said presently fast style is the fashion industry’s growth valve. India’s strong style section, aside from international names like Zara and H&M, has benefited greatly from the presence of domestic Zudio from the Tata party. A clutch of online-first companies like Newme, Urbanic and Snitch, also, have risen quickly”, Bhatnagar said.
“Victory of international companies like Shein and Fashion Nova has made rapid style mainstream”, said Sumit Jasoria, co-founder of two-year-old online children’s clothing company Newme. “Shein is ultra-fast style. It accomplishes what other people take two months to complete in seven time,” Jasoria said. Shein will quickly work for Reliance Retail in India.
Young consumers’ enthusiasm for trying new styles and brands is a contributing factor to Fast fashion’s explosive growth. Gen Z is shopping for more clothing to wear out and to share photos on social media. 362 million people, primarily younger people, use Instagram in India. According to Jasoria of Newme, which is funded by Fireside Ventures, “They are searching for international fashion styles online and watching clips. This is causing the trend for quick style.”
According to its founding partner Rahul Dayama, UK’s well-known fashion e-tailer Urbanic unveiled a second brand Savana for GenZ in India last month. He claimed that because young people are spending more, they need affordable clothing. For predictive analysis, end-to-end logistics, and to reduce dead stock, the company uses artificial intelligence for Urbanic and Savana. Dayama said, “We cannot control consumption, but we can reduce wastage by making accurate predictions about trends and inventory.”
Despite selling nationwide online, Urbanic focuses on tier 1 and tier 2 cities. “For my brands, I am looking beyond the demographics of age and city. I am looking at psychographics. People who are 50 but feel like they are 18 have me. Or people living in tier 3 cities for tier 1 purposes. They are all dressing up”, said Dayama.
However, it’s difficult to be a fast fashionista. The biggest challenge is creating a quick and efficient supply chain that can convert current fashion trends into clothing and get to the market first. Every week, Newme releases 500 designs online.
However, Vedang Patel, co-founder of online retailer The Souled Store, claimed that clutter is the biggest issue in the fast-paced fashion sector because everyone appears to have the same goods and designs. “For instance, if you see a crochet t-shirt once, you will see it everywhere. You could also be stuck with inventory when things go out of fashion, Patel said, despite the fact that fast fashion grows faster on the back of new trends.”
“The Souled Store is a 10-year-old casual wear brand for men, women and children. Although we don’t like fast fashion, our annual growth rate is 60%. We sell pop culture and our casual wear is timeless”, Patel said.
Additionally, he believes that consumers will start making wise fashion decisions when their closets are already overflowing.
But Dayama doesn’t foresee fast fashion losing steam. All social media platforms are growing. Instagram is adding new users. The market for India is “undoubtedly going to grow.” Plus there’s good competition. “There won’t likely be a winner after all, in my opinion. I haven’t met a young woman who has her wardrobe limited to just one brand,” Dayama said.