A system and method for extraction of design elements of a fashion product is provided. The system includes a memory having computer-readable instructions stored therein. The system further includes a processor configured to access a catalogue image of a fashion product. In addition, the processor is configured to segment the catalogue image of the fashion product to determine an article of interest of the fashion product. The processor is further configured to generate an outer contour of the article of interest using a contour tracing technique. Moreover, the processor is configured to analyze coordinates of the generated contour based upon convexity defects of the contour to identify one or more design points. Furthermore, the processor is configured to extract one or more design elements of the fashion product using the identified design points.