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E-fashion set for explosive growth
Mint Mumbai
|September 06, 2023
Digital-first fashion and lifestyle brands are set to grow into a $10 billion industry by FY28, up from the current $2.4 billion, driven by Gen-Z and millennial shoppers rising preference for mid-market online brands , according to a joint report by Bain & Co. and TMRW, a house of brands by the Aditya Birla Group.
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“Digital disruptor brands have been growing, especially in certain fragmented categories, at 33% every year since 2019 to $2.4 billion. These new brands focus on underserved sections of the market and created new offerings that focus on design aesthetics, speed to market with new trends and through community engagement, besides value. Their digital-first operating model enables speed and data-led decision-making," it added.
Such labels account for 20% of India’s online fashion market. While a few have currently crossed the ₹100 crore mark in sales, Bain & Co. expects it to grow further and at a fast clip.
Dit verhaal komt uit de September 06, 2023-editie van Mint Mumbai.
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