Myntra, Bonkers, Freakins soar as ZARA, H&M stumble: How India's Gen Z flipped the retail playbook
For years, retail giants built shiny showrooms, launched premium lines, and banked on brand loyalty. But they made one costly assumption: that their customers would never change.
In 2024, that mistake became painfully clear.
India's Gen Z — all 377 million of them — officially overtook millennials to become the country's largest consumer group. And they didn't just change how we shop. They changed who we shop with.
Last year alone, Gen Z influenced ₹3.3 lakh crore ($40-45 billion) in apparel and footwear purchases. But here's the twist: they abandoned the brands built for them.
ZARA's growth crashed from 40% to 8%
Levi's fell off a cliff — from 54% to just 4%
H&M slipped from 40% to 11%
Why?
Because Gen Z wasn't shopping at malls. They were discovering brands like Freakins and Bonkers Corner on Instagram — serving Y2K crop tops, Korean pants, and oversized streetwear at ₹500-800. Affordable. Edgy. Inclusive.
This generation doesn't want a logo.
They want self-expression, size inclusivity, and unisex fashion that doesn't lecture them about growing up.
Legacy brands offered XS to L at ₹1,500.
Gen Z found XS to XXL at half the price — and never looked back.
Freakins racked up ₹25 crore in FY23
Bonkers.corner smashed ₹100 crore
Myntra saw the signs and launched FWD — a Gen Z-first platform with ₹500 styles. The result? 100% year-on-year growth and 16 million Gen Z users. Today, one in every three e-lifestyle shoppers is from Gen Z.
This isn't just a trend. It's a takeover.
Gen Z isn't growing into your brand.
Your brand needs to grow into them.
So, before you launch your next collection or double down on old assumptions, ask yourself:
What part of your customer has already changed — and have you noticed?
Because the most expensive mistake in business?
Assuming your customers will never change.
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