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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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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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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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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Dear Readers,
It has been rightly said that sustainability is intuitively understood, yet has no coherent definition. It is context dependent and situational and has different meanings for different people. In the context of fashion retail, sustainability simply translates into preserving the environment, but away from the glitz and glamour of the world of clothes, the fashion retail industry has a dark, gritty side. It has the dubious distinction of being one of the largest polluters in the world today, and according to a study by WHO, contributes to nearly 10% of the global carbon emissions. Consumers are buying more, paying less and discarding faster than ever before. In response, clothes are being produced by the bulk and usingcheaper raw materials, in a bid to make fast profits. The Ellen Macarthur Foundation, a United Nations Environment Programme partner, has estimated that a truckload of abandoned textiles is dumped in landfill or incinerated every second.

However, every cloud has a silver lining. On the flip side of this dismal story is the beautiful tale of the rise of the sustainable fashion market. This segment of the industry has seen significant growth in recent years, as attitudes toward environmentalism have changed. Brands and retailers, alarmed at the increased rate of pollution are rapidly changing stance, shifting to sustainable methods of sourcing and production. As consumers are waking up to the cause of preserving the planet for future generations, the ‘ethical fashion market’, as it is being dubbed, is gaining popularity. This segment is expected to grow to 9.7% by 2030 and products marketed as sustainable are expected to grow 5.6 times faster than their regular counterparts. Studies show that the Asia Pacific region accounts for 36% of the global ethical fashion market, the largest global share.

It is keeping in mind this pivotal, transformational moment that we are introducing the second edition of IMAGES Group’s sustainability book. Beyond Trends: 100 Sustainable Fashion Retail Initiatives is an insightful and timely book that studies change in consumer behaviour, leading to a makeover for the fashion retail industry. Once solely focused on style and trends, this industry is waking up to the clarion call for adoption of sustainable and circular practices.

As we stand at the intersection of fashion and responsibility, our book serves as a guiding light, illuminating the path towards a more sustainable future for the industry.

Within these pages, readers will discover a wealth of knowledge and expertise from leading voices in the field. From the intricate complexities of supply chain management to the innovative solutions driving circularity and ethical practices, this book offers a comprehensive exploration of the multifaceted challenges and opportunities facing fashion retailers today.

But beyond mere analysis, this book is a call to action. It challenges us to rethink our approach to fashion, to re-imagine the way we design, produce, and consume clothing. It reminds us that sustainability is not just a trend but an imperative — a fundamental shift in mindset and practice that is essential for the well-being of our planet and its people.

This 20th 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.

The book presents our discerning readers with a compilation of retailers, brands, and companies that deeply embrace and actively implement sustainability principles. While the responsibility of making mindful purchases ultimately rests with the consumer, we have endeavored to simplify this process by curating this list. Through our exploration of sustainability, we have come to recognize that consumers wield the greatest influence as the primary agents of change. They have the capacity to guide us toward a fashion retail environment that is more mindful and compassionate.

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Omnichannel has emerged as the ‘hero’ for retail since the pandemic and in our quest to decode the omnichannelmaturity narrative for retail, we set out to examine the retail scape through IMAGES India Phygital Index (IPI) 2022. Following a grand success and huge positive response on IMAGES India Phygital Index (IPI) 2021, this year we set out on the path to analyse the omnichannel strength and maturity of India even further. We have examined almost 102 retailers encompassing online and in-store retail across fi ve segments. Unlike last year, this year our analysis includes fi ve business parameters: e-commerce share of the business, organisational maturity, omnichannel features, practices, and capabilities, and customer journey seamlessness. Each of these parameters has been broken down further for more in-depth investigation.

The IPI 2022 brings to the front important benchmark and best practices that can be applied to prioritise and plan for the new normal. The idea of omnichannel retail at present has begun to receive a new meaning owing to the new tech implementations and renewed strategies that are making shopping personalised, seamless, convenient,and experiences more noteworthy. The idea of omnichannel has been a buzzword for months now, but how many retailers have been able to achieve that is a question that we want to ask and answer through the new study put forth here.

Through this index, we look forward to noticing the changes that have happened within the retail domain and observing the gaps that exist and bringing to the front the technology adaptation and other factors, which have contributed to the omnichannel propagation in retail. From the time we conceptualized the IMAGES India Phygital Index, we have tried to understand the backdrop of omnichannel growth in India and whether it has matured over time or if it is still in a very nascent stage. Through our research and understanding, we intend to measure the omnichannel gap every year through IPI and will continue outlining our fi ndings to note how each sector is reducing the gap to make omnichannel a reality for retail.

Through our fi ndings, we understood that customer today is demanding quicker delivery and is looking for faster resolution of returns too. From same-day delivery to ordering online and picking up in-store, ordering online paying for it at the doorstep, and other such convenient propositions emerged as a winner. We also notably understood that loyalty is winning big with the customers today and it is fast-changing the omnichannel landscape. So, we wish to dive deeper into the concept with our fi ndings every year and build the omnichannel growth story in India!

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