Shein dominates global apparel market in 2024

Adidas also made a notable comeback in 2024.

Shein has cemented its position as the biggest winner in the global apparel market for 2024, according to the latest data from GlobalData. The fast fashion giant’s market share is forecast to have risen by 0.24 percentage points to 1.53%, outperforming all competitors.

“[It is] driven by its ultra-low price points and fast reaction to fashion trends, which helped it stay ahead of competitors despite the continued criticism regarding its labor practices and environmental impact,” said  Pippa Stephens, senior apparel analyst at GlobalData.

Shein pulled ahead of fast fashion rivals like ASOS and boohoo.com, both of which saw sharp sales declines, he added.

Meanwhile, Zara continued to outperform competitors. Its market share is expected to have grown by 0.05 percentage points to 1.24%, bolstered by its agile local supply chain and broad demographic appeal.

In contrast, H&M’s share is forecast to have edged down to 1.06%, with the brand’s more neutral designs struggling to capture consumer interest.

Uniqlo, however, is predicted to have grown its market share to 0.92%, benefiting from its reputation for strong value and an expanding presence beyond its home market of Japan.

In the sportswear category, Adidas made a notable comeback in 2024 following a difficult prior year. The brand’s market share is anticipated to have increased by 0.17 percentage points to 1.79%, thanks in part to the strong performance of its Originals lifestyle footwear line.

“Adidas had a triumphant year in 2024,” said Stephens. “New Balance and Skechers are also forecast to have won share, boosted by their comfortable and versatile footwear, as well as their multitude of popular collaborations.”

Meanwhile, Nike saw its momentum stall. After years of strong growth, the brand’s market share is forecast to have declined by 0.15 percentage points to 2.85%, making it the biggest loser in the global apparel market in 2024. Analysts attributed Nike’s decline to lagging innovation and a perceived loss of fashion relevance. In the luxury space, the market delivered mixed results.

Brands catering to ultra-high-net-worth consumers remained resilient, with Hermès and Chanel expected to have grown their market shares to 0.55% and 0.59%, respectively. These labels benefited from their affluent customer bases, who were less impacted by broader economic challenges.

Conversely, more accessible luxury brands catering to aspirational shoppers faced headwinds. Gucci, in particular, is forecast to have experienced the steepest decline among luxury players, with its share falling by 0.10 percentage points to 0.38%. The brand’s more subdued designs under outgoing creative director Sabato De Sarno struggled to generate excitement.