New analysis from GlobalData revealed that Shein has increased its market share forecast once again, as shoppers look for value amid challenging economic conditions.
The research, assessing the global apparel market, indicates that the sector’s top 10 retailers have collectively strengthened their position, while smaller competitors have struggled to maintain their footing.
Fast-fashion retailer Shein has emerged as the standout performer, taking the lead once again.
“Shein’s market share is forecast to have increased by 0.24 percentage points to 1.53%,” said GlobalData senior apparel analyst Pippa Stephens.
“Its extremely competitive pricing and quick response to fashion trends have helped maintain its competitive edge, despite ongoing scrutiny regarding labour practices and environmental impact.”
This growth appears to have come partly at the expense of other online fast fashion retailers, notably Asos and Boohoo, which have seen significant sales declines in recent years.
In the wider fast fashion segment, Zara has performed well, with its market share growing by 0.05 percentage points to 1.24%.
By contrast, H&M experienced a slight market share decline to 1.06%, with its more conservative styling failing to capture consumer interest, according to the analytics company. Many former H&M shoppers have migrated to Uniqlo, which expanded its market share to 0.92% through strong value proposition and continued international expansion beyond Japan.
The sportswear category saw mixed fortunes, with Adidas recovering strongly after difficulties in 2023. Its market share grew by 0.17 percentage points to 1.79%, bolstered by popular Originals footwear ranges. New Balance and Skechers also gained ground.
Meanwhile, Nike faced an unexpected setback after several strong years, with its share dropping by 0.15 percentage points to 2.85%—the largest decline in the apparel market for 2024.
The luxury market presented contrasting results, with brands serving ultra-wealthy consumers showing resilience. Hermès and Chanel both increased their market shares to 0.55% and 0.59% respectively, as affluent shoppers remained relatively insulated from economic pressures.
Brands targeting aspirational luxury consumers faced greater challenges, with Gucci experiencing the most significant decline as its market share fell by 0.10 percentage points to 0.38%.
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