Shein had the biggest global apparel market share jump in 2024, according to a report from GlobalData.
The fast fashion giant’s market share grew 0.24 percentage points to 1.53% in the year, which GlobalData Senior Apparel Analyst Pippa Stephens attributed to the company’s “ultra-low price points and fast reactions to fashion trends.” She added that this was despite continued criticism regarding Shein’s 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,” Stephens said.
GlobalData found that Zara was another outperformer in the fast fashion segment, with its market share growing 0.05 percentage points to 1.24%. The Inditex-owned brand was aided by its local supply chain, which allowed it to react swiftly to fashion trends, per the report.
H&M, however, has seen its market share decline based on its “more neutral and lackluster designs,” which failed to capture customer attention, the report said. It’s also losing shoppers to Uniqlo, which had a market share forecast of 0.92%.
The fast fashion space has been changing since the emergence of Shein and Temu in the late 2010s and early 2020s. Earlier this week, Forever 21 filed for bankruptcy and cited Shein and Temu’s increased competition as a reason.
GlobalData’s research also included sportswear and luxury brands.
Adidas had the biggest overall apparel market share increase behind Shein, with a 1.7 percentage point boost. The jump was attributed to the popularity of the footwear in its Originals line.
Stephens pointed to Skechers and New Balance as having gained market share, which she said was due to their comfortable and versatile footwear, and aided by popular collaborations.
However, Nike saw the biggest market share drop in the overall apparel category, “as it fell behind in terms of innovation and fashion credentials,” Stephens said. The company’s market share dropped 0.15 percentage points to 2.85%.
Luxury brands that saw the highest market share gains were those that catered to “ultra-wealthy” consumers who were least likely to be impacted by economic vulnerability. The report specifically pointed to Hermès and Chanel as being winners in the category, with market share of 0.55% and 0.59%, respectively.
“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,” Stephens said.
Gucci’s market share dropped 1 percentage point to a total market share of 0.38%. Stephens said departing creative director Sabato De Sarno’s muted styles failed to “generate the buzz needed to revive the brand.”
Gucci recently hired Demna as its new artistic director, after several consecutive quarters of decreased earnings for the Kering-owned brand.
