A challenging economy made consumers more selective over where they shopped for apparel in 2024. Overall, the top 10 players in the market are forecast to have gained share, as shoppers remained loyal to brands that they could trust, while smaller players lost their footing. Winning brands offered superior value for money and style, while those with lackluster ranges lost out. Unsurprisingly, Shein was the biggest winner within the global apparel market again in 2024, according to GlobalData, a leading data and analytics company.
Pippa Stephens, Senior Apparel Analyst at GlobalData, says, “Shein’s market share is forecast to have surged by 0.24ppts to 1.53%, 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. Shein’s meteoric rise has subsequently taken share away from other fast fashion online pureplays, especially ASOS and boohoo.com, which have seen their sales plummet over the past few years.”
Elsewhere in the fast fashion space, Zara remained an outperformer, with its market share expected to have grown 0.05ppts to 1.24%, helped by its local supply chain allowing it to react swiftly to new fashion trends and its appeal among a broad demographic of shoppers. Zara’s biggest rival H&M’s market share is forecast to have fallen marginally to 1.06%, as its more neutral and lackluster designs struggled to capture consumers’ attention. H&M has been losing shoppers to Uniqlo as well, which is forecast to have grown its market share to 0.92%, due to strong value for money perceptions and significant expansion outside its home market of Japan.
Stephens continues: “Within sportswear, after experiencing a notable slump in sales in 2023, Adidas had a triumphant year in 2024, with its total apparel market share anticipated to have grown 0.17ppts to 1.79%, bolstered by the popularity of its Originals lifestyle footwear ranges. 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. Conversely, the tables turned on Nike after a strong few years, with its share anticipated to have plunged 0.15ppts to 2.85%, making it the biggest loser in the overall apparel market in 2024, as it fell behind in terms of innovation and fashion credentials.”
Stephens concludes: “The luxury apparel market also saw a mixed bag of results. Those catering to ultra-wealthy customers remained the most resilient, with Hermès and Chanel both forecast to have gained market share to 0.55% and 0.59%, respectively, due to high-income consumers being less vulnerable to economic hardships. In contrast, aspirational shoppers, who tend to rely on their savings to afford status symbols, were much harder hit, causing more accessible luxury brands to suffer. Gucci experienced the biggest downturn, with its market share anticipated to have dropped 0.10ppts to 0.38%, with its departing creative director Sabato De Sarno’s more muted styles failing to generate the buzz needed to revive the brand.”
