According to a survey by Bain & Company and Myntra, India's online fashion and lifestyle sector is projected to grow from US$ 16-17 billion to US$ 40-45 billion by 2028. The broader lifestyle market, estimated at US$ 130 billion in 2023, is expected to reach US$ 210 billion by 2028, with a CAGR of 10-12%. E-commerce penetration in this sector is anticipated to increase from 13% to 18-22%, driven significantly by Gen-Z consumers through frequent purchases.
 

The report highlights key growth drivers for India's online fashion market, including lower inflation, rising incomes, and fashion-conscious Gen-Z customers. AI-driven personalization, virtual try-ons, and voice-assisted shopping enhance the online shopping experience. Social media generates 20% of traffic for top direct-to-consumer (D2C) brands. For global companies, entering the Indian market requires a unique consumer proposition, optimized sourcing, and strategic partnerships. Myntra CEO Nandita Sinha noted that 3 out of 5 global brands entered India online last year, showcasing Myntra's reach to 99% of pin codes.
 

Source: IBEF

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