The world’s biggest fashion companies

Sportswear continues to dominate the global fashion market. Credit: Tada Images / Shutterstock

GlobalData has compiled a list of the biggest fashion companies in the world by sales (2023). While sportswear continues to dominate the space, it is unsurprising to see the likes of Inditex, Shein and some luxury fashion players feature among the top ten.

Nike, owner of the Nike and Converse brands, reported revenues of US$51,362m for the fiscal year ended May 2024 (FY2024), an increase of 0.3% over FY2023. 

In February, Nike announced a move into the shapewear space with a partnership with Kim Kardashian’s shapewear brand SKIMS with experts suggesting it should help the brand to boost interest in its “flagging” women’s apparel and accessories, category.  

Nike is said to be the most resold brand with data revealing it has the most online listings with over 1.1m, excluding shoes, across eBay and Depop. 

Indeed, according to Dr Keshav Kranthi, ICAC’s chief scientist, such verification and regulation “can be challenging in Asia and Africa because the crop is primarily grown by smallholder farmers”. Globally, smallholders account for more than 99% of production, he stresses.

US Cotton Trust Protocol, which is a voluntary sustainability programme and traceability platform, says the proposed EU green claims directive, which ensures that companies substantiate their claims, will also “have a significant impact” in 2025. It offers quantifiable measurements across six key sustainability metrics:

• Water use 
• Energy efficiency 
• Land use 
• Soil health 
• Soil carbon  
• Greenhouse gas emissions.  

The current demands are “pushing brands and retailers to rethink their supply chains,” it argues, adding that companies will also have to respond to “improved time to market efficiencies.” It adds that to build a “more resilient and responsible cotton industry (…) collaborative partnerships will be essential.”

Spanish retail giant Inditex reported revenues of €35,947m ($38,951m) for the fiscal year ended January 2024 (FY2024), an increase of 10.4% over FY2023. In FY2024, the company’s operating margin was 18.9%, compared to an operating margin of 16.9% in FY2023.

Through its Zara brand, Inditex has been making waves in the sustainability space.  Last summer, Zara and circular fashion startup Circ announced the launch of a second clothing collection made using fabric from recycled textile waste. 

German sportswear giant Adidas reported revenues of €23,683m ($25,662m) for the fiscal year ended December 2024 (FY2024), an increase of 10.5% over FY2023.

In FY2024, the company’s operating margin was 5.6%, compared to an operating margin of 1.3% in FY2023. The net profit of the company was €764m in FY2024, compared to a net loss of €76m in FY2023.

Experts have attributed Adidas’ recent success to fashion and innovation that resonate with consumers. 

Luxury retailer LVMH reported revenues of €84,683m ($91,759m) for the fiscal year ended December 2024 (FY2024), a decrease of 1.7% over FY2023.

In FY2024, the company’s operating margin was 22.3%, compared to an operating margin of 26.2% in FY2023. In FY2024, the company recorded a net margin of 14.8%, compared to a net margin of 17.6% in FY2023.

In 2024 LVMH remained top of the super winners fashion list and accounted for 17% of the economic profit of the entire fashion industry in 2023. McKinsey’s super winners list is based on 2023 data as that’s the last full year of data available.  

Since it is not publicly traded, it is difficult to access Shein’s financial statements. However, GlobalData records its 2023 clothing and footwear sales at $26.38m.

According to GlobalData research, Shein made the biggest market share gains in 2024.

GlobalData senior apparel analyst Pippa Stephens comments: “Shein’s market share is forecast to have surged by 0.24ppts to 1.53%, driven by its ultra-low price points and fast reaction to fashion trends, which helped it stay ahead of competitors despite the continued criticism regarding its labour practices and environmental impact.”   

Trade policy changes

Lu explains today’s fashion business is highly global and relies heavily on the frequent movement of goods and services across borders. Thus, the uncertain and protectionist nature of US trade policy during Trump’s second term could present significant challenges to the fashion industry in 2025.

“Notably, when the 7.5% Section 301 tariff was imposed on selected Chinese clothing products in 2018, the US Consumer Price Index (CPI) growth was relatively low at 1.9%. However, imposing a 20% global tariff, a 60% tariff on Chinese products, and the existing 15-30% regular tariff on clothing when the CPI is historically high is like “adding fuel to the fire,” he says.

While Crietee worries the power imbalance in the apparel supply chain will mean the biggest burden will be placed on manufacturers.

However, Randy Carr, president and CEO of emblem and patch manufacturer World Emblem, believes we will see more nearshoring come into fruition in 2025, noting there are many advantages for brands looking to nearshore operations, specifically faster turnaround times, better quality control, and overall cost savings.

“By relocating production to neighboring countries like Mexico, businesses can reduce transportation costs, shorten lead times, and gain greater oversight of manufacturing processes. Nearshoring has the potential to boost the growth of Mexican manufacturing exports to the US from $455bn today to an estimated $609bn in the next five years, according to Morgan Stanley Research,” he says.

On the other hand, Accenture’s CEO Matt Jeffers states it is important to remember nearshoring will put further pressure on price points and take time to take effect especially in new countries such as those in North Africa.

Lamar sees knowledge and partnership as being key. Companies will need to foster greater collaboration with their supply chain partners as they will be responsible for managing diligence and diverse sourcing programmes.

“Fast changing and comprehensive regulations and an uncertain tariff future (including the likelihood that new US tariffs trigger retaliatory tariffs), will mean supply chain partners need to be increasingly connected with each other and with appropriate government officials so they can both inform those policies while they are being crafted and respond to new policies that take effect.

“Winners in 2025 and beyond will be those who are ready to embrace the challenges, and who can do so while staying focused on delivering to their competitive advantage, whatever that may be,” he shares.