India’s apparel retail market is expected to grow with e-commerce increasing by 17 per cent y-o-y in FY25 and brick-and-mortar by 7 per cent.
Fast fashion, luxury, and ethnic segments are expected to outperform.
EBITDA margins will remain stable in FY25, improving in FY26 due to cost optimisation.
Store expansions will focus on fast fashion and ethnic formats, with a slow pace of growth.