The global fashion landscape in 2024 saw fast fashion and sportswear continue to dominate, with Shein, Adidas, and Zara gaining market share through affordability, agility, and viral trends. Nike, despite remaining the largest, saw its lead shrink as competition intensified. Meanwhile, luxury leaders Hermès and Chanel remained resilient, while others like Gucci faltered amid creative missteps.
Shein — Big Winner
- Market share jumped from ~1.29% to 1.53%, a +0.24pp increase, the largest gain among major players
- Growth driven by ultra-low prices and rapid trend adoption, even amid concerns over labor and environmental practices
- Gained share at the expense of other fast-fashion pure-plays like ASOS and Boohoo
Zara (Inditex) — Steady Climber
- Market share rose by +0.05pp to 1.24%, helped by its fast local supply chain and broad appeal
- Inditex’s 2024 sales reached €38.6 bn (+7.5% growth), with robust online sales (+12%) and almost 5,563 stores worldwide
- Began early 2025 facing slower growth (4% vs 11% last year), partly due to rising competition from Shein and Temu
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Adidas — Triumphant Return
- Apparel market share grew +0.17pp to 1.79%, driven by viral success of Samba & Gazelle sneakers
- Full-year 2024 revenue was €23.7 bn (≈US$25.7 bn), up ~10–12%, while operating profit rebounded to €1.3 bn
- The company also forecasts continued strong growth in 2025, approaching double digits after the Yeezy exit.
Nike — Losing Ground
- Saw the largest decline in the apparel market: down 0.15pp to 2.85%, due to lagging innovation and overreliance on staple silhouettes
- Despite a slight revenue increase in FY24 (~+0.3%), Nike’s Q4 sales slowed, and criticism mounts over weak wholesale strategy and DTC issues.
Luxury Snapshot — Hermès, Chanel vs Gucci
- Hermès and Chanel both gained share, rising to 0.55% and 0.59%, respectively, as demand from ultra-high-net-worth consumers stayed resilient
- Gucci declined by 0.10pp to 0.38%, impacted by uninspired collections under outgoing creative leadership
Summary Table: 2024 Market Share Shifts
| Brand | 2024 Share | Change (pp) | Key Factor |
| Shein | 1.53% | +0.24 | Price & responsiveness |
| Adidas | 1.79% | +0.17 | Retro sneaker revival |
| Zara | 1.24% | +0.05 | Agile manufacturing & appeal |
| Hermès | 0.55% | n/a (share gain reported, no exact pp) | Resilient luxury spending |
| Chanel | 0.59% | n/a (share gain reported, no exact pp) | Strong ultra-luxury demand |
| Nike | 2.85% | −0.15 | Innovation slowdown |
| Gucci | 0.38% | −0.10 | Creative slump impact |
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Market Trends in 2024
- Fast fashion (Shein, Zara) continued thriving by offering affordability and speed
- Athleisure & retro sportswear strengthened Adidas and legacy players, but shoe-reliant Nike lagged
- Luxury bifurcation growing—ultra-premium (Hermès/Chanel) performs well, while aspirational luxury (Gucci) suffers
- Economic caution drove consumers toward trusted brands and value options
Conclusion
The 2024 fashion market highlights a clear divide- fast fashion and sportswear brands are winning through speed, affordability, and cultural relevance, while luxury powerhouses succeed through exclusivity and heritage appeal. However, even the biggest names like Nike are not immune to shifting consumer behavior. Agility, innovation, and strategic partnerships remain crucial as competition grows fiercer and market dynamics continue to evolve.
