Carbon pricing would be the most structurally embedded risk and hardest to reverse. Carbon pricing is different as it sits directly on Scope 3, where 96–99% of apparel emissions occur. That means it’s embedded in Tier 2 manufacturing and upstream energy systems. Unless those systems decarbonise, cost exposure compounds year over year.
In the Indian context, fashion is inseparable from textiles. India has a very rich textile tradition, deeply rooted in ethnic practices and aesthetics. At the same time, design is also a global language, and globalisation has led to homogenisation. When you visit superstores in Europe or Asia, you often see similar, standardised products. The truly distinctive items usually come from traditional markets. Once a product is converted into a brand, it risks becoming homogenised and losing its uniqueness.