FAST FASHION INDIAN FASHION INDUSTRY AFFORDABLE CLOTHING E-COMMERCE MIDDLE-CLASS CONSUMERS TRENDY CLOTHING ONLINE SHOPPING D2C FAST FASHION BRANDS FASHION TRENDS SUSTAINABILITY ENVIRONMENTAL IMPACT EXPLOITATIVE LABOR PRACTICES CONVENIENCE FASHI NATIONAL
MUMBAI, MAHARASHTRA, INDIA
By IFAB MEDIA - NEWS BUREAU - January 8, 2024 | 1110 7 minutes read
KEY POINTS COVERED IN THIS ARTICLE
1- Fast Fashion Market Growth:
3- E-commerce Influence:
4-Mall Attraction:
5-Continuous Updates:
6-Middle-Class Aspiration:
7-Diversification Beyond Clothing:
8-Environmental and Labor Concerns:
9-Call for Sustainability:
10-Conclusion:
What is common between brands such as Max, Zudio, H&M, Style-up, Easybuy, Style Union, Intune, Yousta, etc. They are brands that sell affordable, yet trendy clothes & accessories, which is easily liked by the youth, who tend to not to repeat their use, which is termed as "Fast Fashion".
Fast fashion is a global phenomenon that has taken the fashion industry by storm. It refers to the rapid production and consumption of affordable clothing that is quick to capture the latest trends. In recent years, India has emerged as a major player in the fast fashion market, with a growing number of domestic brands and international retailers targeting the Indian consumer.
India, with its rapid economic growth over the past few years, has witnessed an exponential rise in the “Fast fashion” industry. With just a few brands a decade ago, today we see many players, including big business houses, who have entered this segment & many still continue to enter. The fast fashion market was about ₹10,000 crores a decade ago, but today, the estimated market size has grown to over ₹1,00,000 crores. This is a huge and fast jump, and sales of these brands are growing by over 50% year on year.
In a country as diverse as India, fast fashion has gained immense popularity among the youth. With an increasing emphasis on style and affordability, young Indians have become ardent followers of this trend. Fast fashion brands have successfully tapped into their desire for trendy and inexpensive clothing options, offering them a means to keep up with evolving fashion trends without breaking the bank.
The rise of e-commerce platforms has further fueled the growth of fast fashion in India, and over 200 D2C Fast Fashion brands have emerged, in the last few years. Online shopping has made it incredibly convenient for consumers to access a wide range of clothing options at the click of a button. This, coupled with enticing discounts and sales, has led to a surge in online fashion purchases. Most stuff sold online is cheap and with deep discounts, thereby allowing the consumer to try something new, which is backed by an easy return policy (in most cases).
The Fast Fashion is here to stay & shall keep on growing, as this fits into the pockets & minds of the consumers. The best thing about a Fast Fashion retailer is that they fit perfectly on a Highstreet and also in a Shopping Mall. Taking advantage of the situation, most Malls now house multiple Fast Fashion stores to pull in the youth, who spend a good amount of time & money in the Malls. Fast Fashion stores have converted into anchors, due to their magnetic impact of pulling customers. Actually, fast fashion stores are pulling more customers to the Malls, than even department stores.
Fast fashion brands leverage this trend by constantly updating their collections, ensuring a continuous stream of attractive and affordable products. One of the key factors contributing to the rise of fast fashion in India is the country's booming middle class. With a population of over 1.4 billion people, India has a large and aspirational middle class that is constantly seeking to upgrade its lifestyle. This includes keeping up with the latest fashion trends. Fast fashion brands have tapped into this demand by offering trendy clothing at affordable prices. This has allowed the Indian consumer to stay in vogue without breaking the bank. Indian consumers can now browse through extensive collections and make purchases with just a few clicks. This convenience factor has contributed to the popularity of fast fashion in the country. This has made it even easier for fast fashion brands to reach their target audience.
The fast fashion trend in India is not just limited to clothing. Accessories, footwear, and cosmetics are also part of the fast fashion culture. Indian consumers are increasingly seeking out trendy accessories and footwear to complement their outfits. Fast fashion brands have recognized this trend and have expanded their product offerings to include these items. This has further boosted the growth and popularity of fast fashion in the country.
However, the rise of fast fashion in India has raised concerns about its impact on the environment and garment workers. Fast fashion is notorious for its high environmental costs, with clothing production contributing to pollution, water scarcity, and waste generation. Additionally, the fast fashion industry is often criticized for its exploitative labour practices, including low wages and poor working conditions. These issues have led to calls for greater sustainability and ethical practices within the fashion industry.
In conclusion, the fast fashion trend in India is on the rise, driven by the growing middle class and propelled by the convenience of e-commerce.
The fast fashion segment fit perfectly into the thought process of “Sasta, Sundar, Tikau”.
Susil S. Dungarwal, Chief Mall Mechanic® of Beyond Squarefeet He is a Shopping Mall Specialist, is a home-grown Retail & Realty expert, with more than 38 years of experience in various formats of Retailing & Mall Development. In over 3+ decades he has been associated with 100+ Malls, across 6 countries. His client lists include LULU group, DLF, Omaxe, Supertech, Tata Housing, Malabar group, DN homes, etc. He is a visiting faculty at top Business schools, Author & Blogger and also speaker at international Retail & Mall conferations. |
About Beyond Squarefeet Beyond Squarefeet is one of the leading Mall Advisory & Mall Management company that provides end-to-end solutions in development & management of malls. In its 13+ years journey, Beyond Squarefeet™ has evolved to become a distinguished "Shopping Mall Specialist” and has grown to a team of more than a 100 employees, consulting & managing over 50 Malls across India, Iran, Nepal, Nigeria, Oman & Qatar. Having been a Retailer & Mall developer both, the company has expertise in understanding the gaps, needs & requirements to develop successful Malls. Beyond Squarefeet is known for its expertise in turning challenging Mall projects into success. The company has been associated with Malls that were previously at various stages of development like the green field and even the brown field stage; across metros & tier II cities & towns. Beyond Squarefeet provides careful support & guidance on all aspects of Malls such as Feasibility, Conceptualisation (Architecture & Interiors), Branding & Marketing, Lease Management, Fit-out Management, Re-orientation, Management, among others. Their professional approach, along with passion to excel, has enabled the company to create a niche in the industry. The team has extensive "hands-on" experience in retail & mall development and manages more than 50 million sqft of mall space, both nationally & internationally. Over the last few years, Beyond Squarefeet™ has serviced many mall industry majors like the DLF Group, Omaxe Limited, LULU Group, Tata Housing, Malabar Group, Supertech Group, ABL Group, Logix Group, Alpine Group, Okaya Group, K10 Group, Chaudhary Group (Nepal), Prozone Group, PS Group, Sugal and Damani, Capital Malls, DN Homes, Sree Gokulam Hotels India Pvt. Ltd., Anantraj Developers, Grand Mart Group, Suryavardhan Estate, and many more.
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