Decoding India’s New Retail Ecosystems: Format Strategies, Category Shifts, Brand Expansion & Future Opportunities

8 Premium Malls | ~7 Mn Sq. Ft. | 1,500+ Brands & Stores | 42% Experience-Led Allocation

Report features:

Unity One Elegante, Delhi

Inorbit Mall, Visakhapatnam

Inorbit Mall Hubballi

Lakeshore Y Junction Mall Hyderabad

Avenue Malls, Erode

Sky City Mall, Mumbai

Dlf Midtown Plaza, Delhi

Felix Plaza, Gurugram

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Dear Readers,
Over the past 25 years, the fashion retail industry has undergone a remarkable transformation—shaped by shifting consumer aspirations, evolving business models, and the constant interplay of creativity and commerce. From the early days of organised retail to today’s complex, omnichannel ecosystem, fashion has mirrored the pace of change in society, technology, and the economy. What was once a largely fragmented market has grown into a dynamic, globally connected industry driven by scale, speed, and innovation. In India, this journey has been particularly compelling. Rising incomes, urbanisation, global exposure, and a young, digitally native consumer have fuelled the expansion of fashion retail across categories, price points, and geographies. Brands have evolved from product-led players to experiencedriven organisations, while retailers have adapted to new formats, faster trend cycles, and the growing influence of data and technology.

The Knowledge Company estimates that in the fiscal year 2024, the fashion retail market was valued at approximately $70.29 billion (Rs 6,18,525 crore) and it is projected to expand by a strong 11% to reach approximately $78.02 billion (Rs 6,86,562 crore) in fiscal year 2025. This dynamism is also reflected in its growing contribution to the overall retail sector, with its market share anticipated to increase from 7.3% in FY 2024 to 7.4% in FY 2025.

This growth, however, has not come without its inflection points. Each phase of expansion has brought new challenges—whether it was building scale, managing supply chains, navigating digital disruption, or responding to changing consumer expectations. Sustainability, circularity, and ethical responsibility have emerged as critical considerations in recent years, joining a broader set of imperatives that now shape decision-making across the fashion value chain.

Meanwhile, growing importance of sustainability in fashion retail is reflected in IMAGES Group’s decision to host the IFF Innovators Club conclave at its flagship event, India Fashion Forum 2026. The key theme of the conclave is Conscious & Committed: The Playbook for Responsible Fashion Creation — a purpose-driven platform that brings together global value-chain partners and innovations aimed at enhancing sustainability at the retail level. From responsible sourcing to cleaner production practices, CCS will foster multifaceted conversations at the intersection of fashion, ethics, climate action, and culture.

As the industry marks a milestone moment, it is also taking stock of where it stands and where it must go next. Innovation—across materials, manufacturing, retail technology, and business models—continues to redefine what is possible. Transparency, agility, and consumer-centricity have become as important as design and pricing. The fashion retailer of today must balance growth with responsibility, efficiency with experience, and global ambition with local relevance.

In this context, IMAGES Group – which is proudly celebrating 25 Years of India Fashion Forum in 2026 –continues its commitment to chronicling the evolution of fashion retail through the India Business of Fashion Report 2026.

India Business of Fashion Report 2026 is more than a book—it is a high-impact platform that sparks ideas, shapes conversations, and drives innovation across the fashion retail ecosystem. This latest edition reflects on the industry’s journey over the past quarter-century while offering insights into the forces that will define its future. Through expert perspectives, research-driven analysis, and real-world case studies, the report captures the complexities, opportunities, and strategic shifts shaping fashion retail today.

The book goes beyond print to serve as a powerful platform for insight, innovation, and industry-wide dialogue, serving as a catalyst for forward-looking ideas and strategic thinking in fashion retail.

At its core, this book is a thought leadership platform that influences how the industry thinks, innovates, and evolves. It is both a reflection and a roadmap—celebrating how far the fashion retail industry has come, while challenging stakeholders to think boldly about what lies ahead. The next phase of growth will demand sharper strategies, deeper collaboration, and a clear understanding of the changing consumer and marketplace.

As fashion retail in India and globally enters its next chapter, the opportunity is clear: to build businesses that are not only profitable and scalable, but also relevant, resilient, and ready for the future.

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Dear Readers,
Denim has journeyed far beyond its origins as a wardrobe essential to emerge as one of the most versatile, resilient, and commercially infl uential categories in Indian fashion retail. Seamlessly adapting to shifting lifestyles, evolving price–value expectations, and ever-changing style sensibilities, denim today moves effortlessly – from everyday comfort to fashion-forward expression. Denim Bible Vol 2, IMAGES Group’s second deep dive into the subject, studies denim’s rare ability to balance mass appeal with aspiration and understands how it has cemented its place as a powerful and enduring growth engine for brands and retailers across the country.

Timeless yet endlessly adaptable, denim has travelled a remarkable path—from its rugged beginnings as durable workwear conceived by Levi Strauss over a century ago to its present-day status as a global fashion essential. Along this journey, it has transcended trends and generations, earning a place in the portfolio of virtually every fashion brand and retailer, and reaffi rming its unique ability to evolve while remaining unmistakably iconic.

From global mass icons to luxury fashion houses, no label today can afford to overlook denim’s enduring power orits constant demand for reinvention. Season after season, brands across the spectrum continue to reinterpret denim through fresh silhouettes, fi nishes, and innovations, reaffi rming its unmatched ability to stay relevant in an everevolving fashion landscape.

In India, denim retail is charting a distinctive path—one that mirrors global sophistication while responding to uniquely local sensibilities. As developed markets refi ne denim through premiumisation, sustainability, and techled innovation, India is matching pace with its own scaledriven ingenuity, blending value, fashion, and accessibility. Indian brands and retailers are experimenting with faster trend cycles, inclusive sizing, omnichannel formats, and sharper price–quality equations, while catering to a young, aspirational consumer base that wears denim across occasions.

The result is a denim market that is not merely following global cues, but increasingly shaping its own retail narratives alongside the world’s most evolved fashion ecosystems.

According to an exclusive study for Denim Bible Vol 2, by The Knowledge Company, the total Indian denim jeans market is valued at approximately USD 2.2 to USD 2.4 billion in 2024-2025, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 8.1% to 9.83% through 2032. This impressive growth is fueled by a fundamental market immaturity, as India’s per capita consumption of just 0.5 pairs of jeans annually signifi es a colossal untapped potential of nearly 700 million additional pairs needed to reach a modest one-pair-per-person benchmark.

Looking ahead, India’s denim retail opportunity lies in moving from scale to strategy. Brands must deepen consumer insight to drive sharper segmentation, invest in design and fi t innovation tailored to Indian body types and climates, and build stronger storytelling around versatility, comfort, and value. But as the business of denim evolves, performance and growth can no longer be pursued in isolation from responsibility. Herein comes sustainability—an unavoidable conversation in the denim industry, which globally remains one of the most resource-intensive segments in fashion—marked by high water consumption, chemical-heavy processing, and signifi cant waste.

As awareness and regulation increase, brands are being pushed to rethink how denim is designed, fi nished, and retailed, making cleaner technologies, responsible sourcing, and circular practices central to the future credibility and growth of the category. Equally critical is accelerating the adoption of technology—across demand forecasting, inventory optimisation, and omnichannel retail—to reduce ineffi ciencies and improve speed to market. By balancing innovation with affordability and embedding sustainability as a business imperative rather than a pilot, India can elevate denim from a volume-driven category to a globally respected, future-ready retail proposition.

Signing off, I can only say, as a new generation steps into denim—seeking freedom, fl uidity, and feeling as much as fashion—the fabric must learn to move to a younger rhythm, and as India’s Gen Z re-imagines style through comfort, conscience, and creativity, denim too must fi nd its place in their unfolding story.

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Retail on Wheels captures how India has turned e-commerce into an art form — powered by proximity, purpose, and a bit of chaos management. It’s not just a market report; it’s a mirror of how the world’s most complex retail ecosystem learned to move faster than traffic on the Western Express Highway.

Across its three sections, Retail on Wheels tracks how a trillion-dollar consumption economy is being re-engineered — from defining the difference between e-commerce and quick commerce, to decoding how ONDC, UPI, and AI are quietly creating the world’s most inclusive, intelligent retail grid.

Foundations: Demand, Definitions & the Digital Flywheel

1.1 Defining E-Commerce and Quick Commerce in the Indian Context
1.2 How India Built a $60B E-Commerce Flywheel
1.3 Why Every Brand Needs an E-Commerce Strategy
1.4 India’s E-Commerce Acceleration: A Market in Motion
1.5 How India Shops & Eats Online: Inside the $345 Billion E- & Q-Commerce Revolution
Speed & Proximity: Building the Instant-Commerce Stack

2.1 How AI, Data, and Dark Stores are Reinventing Fulillment for the Speed-First Shopper
2.2 Innovation in Q-Commerce: When Speed Meets Scale — and Reliance Gets its Move On
2.3 Quick Commerce Changing the FMCG Retail Landscape in India
2.4 Quick Commerce: The Fast Lane Redefining India’s Retail Future
2.5 How India’s E-Commerce Supply Chain is Solving for Speed and Scale
2.6 Speed, Scale, and the New Shape of Indian E-Commerce
2.7 India’s Digital Food Economy: The E-Commerce and Q-Commerce Surge
E-Commerce 2030: Growth, Profitability & the New Rules of Engagement

3.2 The Future of E-Commerce: The Decade of Intelligent Commerce
3.3 Regulation, Safety & Compliance in India’s E-Commerce Food Ecosystem

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Dear Readers,
The fact that the global fashion retail industry is at a transformative shift with sustainability at its core comes as no surprise. As one of the largest contributors to global waste and carbon emissions, the industry bears a unique obligation—and an incredible opportunity—to reshape its future. Brands, retailers and companies at large are committing to designing, producing, and selling clothing in ways that respect the planet and its people. From using eco-friendly materials like organic cotton and recycled polyester to ensuring ethical labor practices across supply chains, sustainability in fashion retail addresses environmental impact and social equity in equal measure.

Infact, a Technopak study has revealed that the Indian fashion retail industry is projected to grow at a compound annual growth rate (CAGR) of more than 10% during 2023-2028 and continued consumer shift towards sustainability and corporate adoption of eco-friendly practices are expected to drive this growth.

However, even moving towards a progressive phase has not been easy for the industry. While it is true that sustainability in fashion retail is no longer a choice but a mandate driven by conscious consumers and the pressing realities of climate change, it is also true that the shift itself comes with a set of obstacles which are challenging to navigate. Limited awareness and education around sustainable practices among consumers, designers, and small-scale producers; infrastructure and technology gaps; labour and ethical issues;regulatory frameworks and scaling challenges for small enterprises all pose hurdles to a smooth transition towards a sustainable fashion framework. Nonetheless, as consumers are waking up to the cause of preserving the planet for future generations and the ‘ethical fashion market’ is gaining popularity, brands and retailers are waking up to the challenge.

Innovative technologies—focused on recycling, upcycling, and extending product lifecycles—have emerged as a cornerstone, alongside efforts to reduce waste, minimise carbon footprints, and embracing renewable energy. Transparency is also key, with brands prioritising honest sourcing and production to build consumer trust.

So much has the subject of sustainability been gaining prominence that we at IMAGES Group are hosting an IFF Innovators Club Conclave at our flagship event, India Fashion Forum 2025. A powerful highlight of the conclave is Customer-Centric Sustainability (CCS), a purpose driven platform with a showcase of global value chain partners and their innovations that help improve sustainability of the current offering at retail. From sourcing responsibly to sustainable production techniques, CCS will feature a range of multifaceted conversations at the intersection of fashion, ethics, climate change and culture.

Keeping this pivotal understanding in mind, IMAGES Group is releasing the third edition of its Sustainability Yearbook. The India Business of Fashion Report 2025 is an insightful and timely coffee table book, which studies the shift in the industry’s role towards creating a more responsible and inclusive future.
This 21st edition of our annual Business of Fashion Report is a green edition, which in keeping with our theme is printed using Favini Shiro Echo, an environmental paper with 100% recycled fibres – from cover to cover. Shiro Echo paper is CO2 emissions neutralised, and all raw materials are sourced from controlled and certified sources. Do take a look on this page to view the official certification.

Our exhaustive, research-based book presents a thorough exploration of the complex dynamics in fashion retail, featuring expert perspectives on supply chain management, sustainable circularity, and ethical practices. It addresses both the challenges and opportunities shaping the industry, offering readers a deep understanding of the evolving landscape.

It explores how the industry can embrace the shift towards sustainability and circularity, closing the loop and weaving an earth-friendly ethos into every facet of the value chain, from sourcing and production to distribution and consumption.

At its heart, this book is a call to action for retailers, designers, and stakeholders to think beyond profits and trends and embrace the broader impact of their decisions. Through real-world case studies, cutting-edge innovations, and insightful analysis, it aims to inspire readers to redefine success in fashion retail.
The Fashion Retail Industry in India and across the world stands at a pivotal crossroads today, where creativity and commerce meet the urgent need for environmental and social responsibility. Together, we can forge a future where sustainability and profitability coexist, driving a positive impact on people, the planet, and the bottom line, because sustainability in fashion retail is no longer optional—it’s essential.

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Dear Readers,
The journey of shirts in India has been as dynamic as the fashion industry itself. From being a wardrobe staple for every man to becoming a canvas for innovation and selfexpression, shirts have continually evolved to meet the changing tastes and lifestyles of consumers. Delving into this rich diversity is Shirtopedia, a comprehensive guide that celebrates the multifaceted world of shirts. This second edition dives deep into the fascinating segment of shirts, exploring its historical significance, current trends, and the immense potential it holds for the future.

The Indian shirt market has witnessed significant fluctuations in recent years, shaped by global events, changing consumer preferences, and economic pressures. Starting at $6.13 billion in 2019, the market experienced steady growth to $6.73 billion in 2020, before dipping to $4.48 billion in 2021 due to the pandemic-induced shift toward casual wear and remote working lifestyles. However, resilience marked its recovery, with the market rebounding to $6.11 billion in 2022 and surging to an impressive $8.13 billion in 2023. This growth underscores the enduring relevance of shirts in the menswear category.

Shirts are no longer confined to formal wear; they now play a pivotal role in shaping men’s fashion. From trendy casual styles to sophisticated evening looks, shirts have become a key component of the modern man’s wardrobe. Their versatility allows them to effortlessly bridge the gap between functionality and style, making them an essential part of everyday fashion.

Through this edition of Shirtopedia, we once again aim to explore how the shirt market continues to evolve with innovative designs and retail experiences that captivate customers. Whether it’s through cutting-edge fabrics enhanced by technological advancements or the integration of artificial intelligence (AI) in designing, marketing, and personalising shirt offerings, the industry is undergoing a digital transformation that promises to redefine customer engagement. These advancements not only enhance the shopping experience but also push the boundaries of what shirts can represent in the fashion world.

While the shirt market has made remarkable strides, it also presents an untapped opportunity – the potential for a premium men’s shirt and formal wear brand. As consumer preferences shift toward quality and exclusivity, this segment holds immense promise for brands willing to innovate and deliver exceptional products. The future of the Indian shirt market is bright, shaped by the perfect blend of tradition and innovation. From sustainable practices to tech-driven solutions, this sector stands on the cusp of a revolution that will transform the way shirts are designed, manufactured, and marketed and Shirtopedia is your guide to understanding this dynamic market, exploring its evolution, and unlocking the opportunities it offers.

We hope this book inspires fashion enthusiasts, retailers, and entrepreneurs to appreciate the versatility and potential of shirts as both a timeless classic and a modern trendsetter.

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The D2C phenomenon is nothing short of a revolution for consumerism and creation. Perhaps never before has India seen such energy in entrepreneurship and a bold generation of ideators and creators hoping to transform what and how Indians consume. Although only a recent development — under a decade old — the D2C business model certainly received fuel from challenges arising from the Covid-19 pandemic, but the seeds were sown earlier by digitalisation. The digital economy in India today is growing at 2.8x the regular GDP. It was 4.5 per cent of GDP in 2014, it is 12 per cent of GDP today, and it will be a fifth of the GDP by 2026-27. India is already the fastest-growing digital economy in the world, and as we aim for a $1 trillion digital economy target by 2027-28, we can look to our D2C brands as being the flag bearers of this transformation.

But along with rapid growth also comes the need for knowledge, for checks and balances. As recent years have shown, just market potential and consumer demand are not enough to build smart businesses, however great the ideas may be. And that crucial intelligence is what we are aiming to offer through this important publication, The India D2C Report 2024.

Via collaborations with key enablers and stakeholders of the D2C ecosystem, including Venture Capital heads, leading D2C entrepreneurs and market analysts, the report puts together crucial insights on brand creation, business viability, operational efficiency and scalable innovation. These narrations and analyses will be invaluable for India’s Consumer Tech universe, which is brimming with talent, guts and vision.

Driven by purpose and a deep desire for authenticity and change, D2C founders and inventors are leading the charge towards India’s next-generation avatar as a role model of responsible product creation and ethical business practices. These young dreamers and doers are the leaders of tomorrow’s India, and the pillars of what is expected to become a USD 61 billion-plus sector by 2027. This Report is a knowledge vehicle to nurture and enable that future for our new-age entrepreneurs. I hope you will make the most of the intelligence that this book offers.

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For Coupon Code mail to Vikas Neem:- vikasneem@imagesgroup.in

Designed as an authoritative encyclopaedia on the Retail Ecosystem in India by IMAGES Group, the report features insights and analyses from the country’s leading voices in policy making, economic strategy, market research, consumer behaviour, business intelligence, digital transformation. The vast audience for the report includes not just retail practitioners in India and elsewhere, but also academicians, investors, students, entrepreneurs and analysts in the country and worldwide.

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The India Food Report 2024-25, created by IMAGES Group in collaboration with consultancies, think tanks, and food industry experts, is a result of thorough research and hard work. Just like in the earlier editions of the Report, we’ve gathered loads of data, conducted research, and analyzed everything. Our goal is simple: We want this Report to give you a comprehensive picture of India’s food retail sector. This Report talks about the possibilities in both Food & Grocery and Foodservice sectors, suggesting things that are needed for steady growth. It talks about business chances, possible investments, and points out challenges that needattention.

Understanding and figuring out any industry is all about having the right information that’s easy to get. I’m happy because the info and research packed into The India Food Report 2024-25 will help everyone really get what’s going on in India’s food retail world. Huge thanks to the leading consultants, think tanks, and experts in India’s diverse food industry who pitched in to bring together this Report. Your help has been priceless, and I’m truly grateful for it.

So, as you dive into this Report, remember, it’s not just about facts and figures. It’s about getting a closer look at the heartbeat of India’s food retail scene, understanding the trends, and exploring the opportunities that lie ahead.

What we found in the IMAGES Research for The India Food Report 2024-25 is that Covid 19 really shook things up big time. But, after a bit of a slow-down in 2020-21, guess what? In 2022, things bounced back strong, with a growth rate of 10.9 percent compared to the year before. The market size hit a whopping INR 57,21,593 crore (USD 689.35 billion). With things going well and a cheerful festival season just behind us, we’re hopeful of 2023 being on track to see a big 12.3 percent expansion. That could shoot up the whole food and grocery market in India to a whopping INR 64,25,349 crore (USD 774.14 billion). Looking ahead, we’re picturing a steady growth path with a projected Compound Annual Growth Rate (CAGR) of 10.9 percent from 2020 to 2023. If things keep rolling like this, we could be looking at a massive size of INR 132.84 billion (USD 1.6 trillion) by the year 2030.

In this edition of The India Food Report, here’s another bit of good news from IMAGES Research: People’s spending on household stuff, or just regular shopping, hit a whopping INR 1,43,44,336 crore (USD 1,728.23 billion) in 2022. It grew at a cool 11.3 percent from 2012 to 2022. But the years 2020 to 2022 had a bit of a slowdown, with a CAGR of 8.2 percent. That’s because of the pandemic throwing a curveball into how much everyone was buying.

Even with the pandemic slowing things down, the fact that people kept spending more on household stuff shows that we’ve got a strong base of shoppers. It means, even when times get tough, there’s a real and lasting need for things like food and other stuff.

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