India’s next fashion opportunity lies in profitable premium brands rather than scale at any cost, according to Vineet Gautam, Founder, 91Brands, and Rajesh Narkar, Co-Founder & CEO, Confluxe, speaking at the 4th ETRetail ShopFWD Summit 2026 in Bengaluru. The two executives, in a trialogue moderated by Charu Lamba, Deputy Editor, ETRetail, argued that sustainable growth depends on disciplined positioning, strong unit economics, technology and profitability, as reported by ETRetail.
Premiumisation opens room beyond value segments
Gautam said India’s improving consumption environment is creating opportunities beyond the value and mid-premium segments that have attracted much of fashion’s growth in recent years. According to ETRetail, the bigger opportunity could lie in building many more ₹400-500 crore businesses that dominate clearly defined consumer segments, rather than chasing topline alone.
"Now is the time when premium and digital luxury get built." — Vineet Gautam, Founder, 91Brands
The market is fragmenting, the discussion noted. Menswear and womenswear are no longer homogeneous markets. Consumers can increasingly be segmented by aspiration, category, price point and occasion, creating room for businesses that go deeper rather than trying to serve everyone, according to ETRetail.
Sustainable growth, the executives stated, will rest on four foundations:
- Disciplined positioning
- Strong unit economics
- Technology
- Profitability
Micro-markets and the geography of premium demand
Narkar pushed back against the assumption that premium fashion demand exists only in the largest metros. He said consumers at higher average order values are already emerging from cities such as Ajmer, Indore and Gorakhpur, demonstrating that aspiration has spread much more widely than conventional premium-market definitions suggest.
"India is not a demand problem." — Rajesh Narkar, Co-Founder & CEO, Confluxe
The challenge, instead, is identifying the right segment and building an offer strong enough to unlock it. Narkar also said Indian consumers are significantly more aware of global trends and increasingly expect access to products and experiences comparable with those available internationally.
"They want the globe, and they want it now." — Rajesh Narkar, Co-Founder & CEO, Confluxe
These shifts mirror changes already visible in categories such as automobiles and technology, where consumers have demonstrated willingness to pay considerably more when they see enough value in the proposition, according to ETRetail.
Value-for-money versus value-seeking
Gautam’s operating experience has led him to reject the label of India as a value-seeking market in the sense of always wanting the lowest possible price.
"India is not a value-seeking market. India is a value-for-money market." — Vineet Gautam, Founder, 91Brands
The distinction, he explained, is important. Reducing prices may increase theoretical reach, but the executives argued that profitable premium growth requires delivering enough value to justify the price. The conversation concluded that price alone should not determine market opportunity for fashion entrepreneurs.
| Aspect | Conventional assumption | Observed demand (per executives) | | Premium demand location | Largest metros only | Also Ajmer, Indore, Gorakhpur | | Consumer orientation | Value-seeking (lowest price) | Value-for-money | | Market structure | Homogeneous menswear/womenswear | Fragmented by aspiration, category, price point, occasion | | Growth strategy | Scale at any cost | Profitable premium brands |
Implications for manufacturing and sourcing
For manufacturing executives, plant managers and procurement directors serving apparel and textile supply chains, the discussion frames the next phase of Indian fashion around profitable premium brands rather than scale at any cost, according to ETRetail. Gautam and Narkar linked that outcome to disciplined positioning, strong unit economics, technology and profitability — the same factors that will shape how brands plan production capacity and supplier partnerships. The source report did not include specific factory capacity, investment amounts or automation data, but the strategic direction described at the summit indicates that competitive advantage will accrue to producers capable of supporting brands that dominate clearly defined consumer segments with precise positioning and higher price points.
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