Fast Fashion Trends and Growth in FY24: A Detailed Analysis
The fashion industry is constantly evolving, and in the financial year 2024, we saw some interesting trends emerge, especially in the fast fashion segment. Young men were seen sporting oversized t-shirts, graphic tees, printed shirts, and cargo pants, while millennial and GenZ women opted for dresses, co-ords, and wide-legged trousers. According to a report from Redseer Strategy Consultants, the next big thing in fashion for young men is likely to be co-ord sets and all-time jackets, with shapewear expected to be the next major trend for women.
Fast fashion, as opposed to traditional fashion brands that release 3-4 collections a year, is all about quickly moving clothes that are on-trend and hit the market swiftly. Fast fashion companies release more than 50 collections in a year, constantly keeping consumers up to date with the latest designs and styles. In FY24, India’s fast fashion segment saw a significant growth of 30-40%, compared to the slower 6% growth in the larger apparel category. The report predicts that India’s $10 billion fast fashion segment will reach $50 billion in the next seven years.
The success of global brands like Zara and H&M has paved the way for the rise of homegrown fast fashion brands like Zudio from the Tata group and online-first brands like Newme, Urbanic, and Snitch. These brands are catering to the growing demand from young consumers who are eager to experiment with new trends and brands. With the rise of social media platforms like Instagram, where 362 million users in India are actively engaging, the craze for fast fashion is only expected to grow.
While fast fashion is booming, it comes with its own set of challenges. Building an agile and nimble supply chain to convert emerging trends into clothing and reaching the market first is crucial. Brands like Newme launch 500 designs online every week to stay ahead of the competition. However, as Vedang Patel, co-founder of The Souled Store, points out, the industry is becoming cluttered, with many brands offering similar products and designs. The key is to stay relevant and avoid being stuck with excess inventory when trends change.
Despite the challenges, fast fashion shows no signs of slowing down. With the rise of social media and the increasing demand for affordable and trendy clothing, the market is set to continue growing. As Rahul Dayama, founding partner of Urbanic, puts it, the focus is on catering to the evolving needs of consumers and leveraging technology like Artificial Intelligence for predictive analysis and reducing wastage.
In conclusion, the fast fashion industry is evolving rapidly, driven by the changing preferences of young consumers and the influence of social media. As brands continue to innovate and adapt to the ever-changing landscape, the future of fast fashion in India looks promising.