Advertisements

GlobalData: Shein to Lead Global Apparel Market in 2024

by Tina

Shein is the biggest winner in the global apparel market in 2024, according to new research from GlobalData.

Overall, the firm said the top 10 players in the global apparel industry all saw an increase in market share in 2024, with Zara outpacing rival H&M, which the data showed saw a slight decline in market share.

Advertisements

Pippa Stephens, senior apparel analyst at GlobalData, commented: Shein’s market share is expected to surge by 0.24 percentage points to 1.53%, thanks to its ultra-low prices and quick response to fashion trends, keeping it ahead of its competitors despite ongoing criticism of its labor practices and environmental impact. Shein’s rapid rise has subsequently taken share away from other fast-fashion online pure-plays, notably ASOS and boohoo.com, which have seen sales fall sharply over the past few years.

Advertisements

Last month, the brand reported two incidents of child labor in its supply chain in 2024, in line with its 2023 figures.

Pippa Stephens said: Shein’s rapid rise subsequently took share from other fast fashion online pure-plays, notably ASOS and boohoo.com, both of which had seen sales fall sharply over the past few years.

Spain’s Zara also maintained a strong performance in the fast fashion sector, with its apparel market share expected to increase by 0.05 percentage points to 1.24%. This was helped by its local supply chain’s ability to respond quickly to new fashion trends, as well as the brand’s broad appeal.

In contrast, H&M’s share of the apparel market is expected to fall slightly to 1.06% as neutral and bland designs failed to attract consumer interest. The Spanish brand is also losing consumers to Uniqlo, which is expected to increase its market share by 0.04 percentage points to 0.92% thanks to its value proposition and aggressive expansion outside of Japan.

Germany’s Adidas rebounded from a sales slump in 2023, with its market share expected to increase by 0.17 percentage points to 1.79% in 2024, driven by its popular Originals lifestyle footwear line.

New Balance and Skechers are also expected to take market share with their comfortable footwear and successful partnerships.

In contrast, Nike suffered a setback, with market share expected to fall 0.15 percentage points to 2.85% as it lags behind in innovation and fashion credentials.

Fortunes were mixed in the luxury sector; Hermès and Chanel thrived among ultra-affluent consumers, with each brand expected to grow its market share to 0.55% and 0.59%, respectively.

Stephens said this was because high-income consumers were less susceptible to economic hardship.

Conversely, more accessible luxury brands such as Gucci faced challenges, with market share expected to fall 0.10 percentage points to 0.38%, as the more understated style of outgoing creative director Sabato De Sarno did not resonate with consumers as hoped.

Stephens added: Aspirational shoppers, who often rely on savings to buy status symbols, were hit harder, causing more accessible luxury brands to also suffer.

You may also like

blank

DailyFashionTrends delivers daily doses of style inspiration, featuring the latest trends in fashion, beauty, and lifestyle. From runway to street style, we curate must-have looks and tips to keep you chic and current. 【Contact us: [email protected]

TAGS

Copyright © 2025 Dailyfashiontrends.com