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The four key points
Omnichannel: for most omnichannel players, the online market share has reached a plateau. This is the case in sportswear, where it has levelled off at 20%. At H&M, Inditex, and Gap, e-commerce varies between 26% and 38%. Only Inditex and Gap continue to strengthen an omnichannel presence.
General fashion: Inditex and Fast Retailing posted double-digit sales growth in 2024 (up by 10.5% and 12.2% respectively). The Spanish company, which is engaged in a drastic reduction of a store network (reduced by 25% since 2019), remains the most profitable player with a net margin ratio of 15.2%. Fast Retailing follows closely behind, with 12%.
Discount retailers: US-based TJX and UK-based Primark gained ground in 2024. Although TJX (the world’s largest fashion retailer by sales) and Primark saw more moderate sales growth (up by 4%), these players posted impressive profitability. They rank 3rd and 4th globally in terms of net margin ratio, at over 8.5%. In terms of market capitalisation, TJX is valued at US$139.32 billion, up 30.3% in a year.
Pure players: Shein, the world’s 4th largest fashion retailer, is now hot on the heels of Inditex and recorded the strongest sales growth in 2024 (up by 19%). With the exception of Zalando, all pure players saw profitability erode.
While Nike published annual results on June 26, 2025, mind Retail compiled the key figures from the financial statements of the world’s Top 13 fashion retailers (see methodology). These include 4 pure players (Shein, Zalando, Asos, and Boohoo) and 9 omnichannel retailers: Nike, TJX, Inditex, Adidas, H&M, Fast Retailing, Gap, JD Sports Fashion, and Primark. This ranking does not include multi-sector marketplaces such as Amazon or Tmall.
In 2024, the cumulative revenue of the world’s Top 13 companies reached US$309.4 billion, up by 4% in a year (after a 17.1% rise in 2023). As a reminder, the 2023 figure was high due to the inclusion of Shein in the ranking for the first time.
Top 4: sales between US$38 billion and US$57 billion
This group brings together the world’s fashion leaders in the major categories: discount, sports, generalists and pure players. As a reminder, growth rates are shown at constant rates, except for Shein (data not available). As a sign of the good health of the discount sector, the U.S. company TJX still dominates the panel with sales of US$56.4 billion in 2024, up 4% (after a rise of 9% the previous year).
In second place, Nike‘s sales (US$46.3 billion, fiscal year ending May 2025) fell by 9%. The group is returning to wholesale after years of pushing a direct-to-consumer (D2C) strategy and is resuming business via Amazon.
In third place, Inditex (revenue: US$41.8 billion) continues to slow.
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.