Data: Shein named fastest growing fashion retailer for 2024
Shein came out on top once again in the global apparel market in 2024, as the fast fashion brand's market share surged.
Shein was reported as the fastest growing retailer in terms of market share in the global apparel market for 2024.
The brand’s market share was up 0.24 percentage points to 1.53%, driven by its low pricing and fast reaction to fashion trends, according to GlobalData.
The rise came despite ongoing criticism regarding the brand’s labor practices and environmental impact, with two cases of child labour recently found at its suppliers.
Although Nike was the biggest retailer overall with market share sitting at 2.85%, the sportswear giant registered a drop 0.15 percentage point drop in market share from 3.0% in 2023 – the most significant decline in market share across the top ten apparel retailers.
GlobalData senior apparel analyst Pippa Stephens explained: “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.”
Zara performed well over the period, with market share expected to have grown 0.05 percentage points to 1.24%, due to its local supply chain allowing it to react quickly to new fashion trends and its appeal among a wide demographic of shoppers.
However, H&M’s market share is forecast to have dropped to 1.06% in 2024 from 1.07% in 2023, as its more neutral designs failed to capture consumers’ attention.
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Uniqlo’s market share rose .04 percentage points to 0.92%, spurred by its strong value for money perceptions and significant international expansion.
Within sportswear, Adidas’s share was thought to have risen 0.17 percentage points to 1.79%, bolstered by the popularity of its Originals lifestyle footwear ranges. The sportswear brand had the second-largest market share overall in 2024.
Stephens noted the luxury apparel market saw a “mixed bag of results,” with brands catering to the ultra-wealthy such as Hermès and Chanel forecast to have gained share to 0.55% and 0.59%.
However, more accessible luxury brands were hit harder, with Gucci experiencing the biggest downfall with market share forecast to have fallen 0.10ppts.
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