Fashion Forward: Winning in India’s Fast-Growth Apparel Market

As global apparel markets plateau – with projected CAGRs of under or around 5% in Japan, Europe, the US, and China – India stands apart. The country’s apparel sector is forecast to grow at a rapid 10–12% CAGR from 2024 to 2030, making it one of the fastest-growing large-scale markets globally.

India is ready – structurally and culturally – for a new wave of brands. Consumers across segments are actively seeking new propositions, wardrobes are expanding across occasions, and pricing and trend-orientation are emerging as key decision drivers. At the same time, distribution is formalising rapidly, with online, exclusive brand outlets, and multi-brand retail projected to account for over 60% of apparel purchases by 2030.

The ecosystem is also primed for growth: over 800 homegrown digital-first brands have launched since 2019, and global players are scaling fast. Several recent entrants have crossed the USD 50 million revenue mark within just 2-3 years of entering the Indian market, proof that with the right playbook, rapid growth is possible.

The scale is there – but unlocking it requires precise choices around price positioning, entry model, launch sequencing, localisation, distribution and marketing. Global brands that move now are best placed to lead.

India is now firmly on the radar for both local and global apparel players, with local brands like Zudio, and global brands like Uniqlo and H&M, having recently found success in the Indian apparel market. For global brands, India is no longer just a future market; it’s a live testbed for growth, relevance, and reinvention. Those who move early will have the advantage.

India: The Growth Engine the Industry Needs

1. A Market Hitting Its Stride

India’s apparel market is expected to hit USD 130–150B by 2030, growing at 10–12% CAGR – with branded apparel accounting for the majority of spend by then, and growing at over two times the pace of unbranded.