The Chinese Ultra-Fast-Fashion giant Shein has further expanded its already growing influence on the 2024 clothing market and left its competitors again: inside.
The company based in Singapore was able to increase its market share in the 2024 clothing segment by 0.24 percentage points to a total of 1.53 percent, according to the latest findings by the data and analysis company Globaldata.
“Sheins rapid rise in particular has decreased market shares in particular with other pure online fashion retailers-especially ASOS and Boohoo, who have had a strong drop in sales in recent years,” said Pippa Stephens, Senior Apparel Analyst at Globaldata. She leads Sheins ongoing success, among other things, to the extremely low prices and the ability to quickly adapt fashion trends.
Shein dominates the 2024 clothing market
Shein continuously growth takes place despite the continuing criticism of the company’s work and environmental practices. In 2024, Shein reported two cases of child labor in his supply chain – the same number as in the previous year. In addition, the Chinese fashion giant was charged by the Italian competition authority in October 2024 due to misleading sustainability statements on its website.
In response to these allegations, Shein founded the Shein Foundation, a non -profit organization at the beginning of the year, which is supposed to support “inclusive and sustainable communities in the regions in which Shein works”.
This foundation summarizes all previous sustainability and diversity initiatives of the company- including Shein Cares and the Shein Extended Producer Responsibility Fund. It pursues the goal of promoting biodiversity, supporting endangered communities and “driving sustainable change.”
Another fast fashion provider who showed a solid performance in 2024 is the Spanish company Zara. Its market share is expected to increase by 0.05 percentage points to 1.24 percent – favored by an efficient local supply chain that enables a quick reaction to trends, as well as a broad consumer: internal address.
In contrast, the market share of the Swedish fashion group H&M is slightly back with 1.06 percent. Above all, the reason for this is not very inspiring designs that do not manage to arouse consumers’ interest: to arouse inside. In the meantime, the Japanese fast fashion brand Uniqlo is gaining ground. Their market share is expected to increase by 0.04 percentage points to 0.92 percent, powered by a strong price-performance ratio and an aggressive expansion outside of Japan.
Adidas celebrates a comeback in 2024, nike loses
In the sports clothing segment, the German brand Adidas was able to win again after a difficult year 2023. According to Globaldata, its market share is expected to increase by 0.17 percentage points to 1.79 percent, which is particularly due to the continued success of the original lifestyle shoe line.
The US brands New Balance and Skechers also have growth because they benefit from the increasing demand for comfortable shoes and strategic brand partnerships.
Nike, on the other hand, has to accept a slight decline. The market share of the US sports giant is expected to drop by 0.15 percentage points to 2.85 percent. The reasons for this are challenges in adapting to new fashion trends and innovations.
Chanel & Hermès flourish in the luxury segment in 2024, while Gucci is weakening
Mixed development was shown in the luxury clothing market. While Hermès and Chanel were able to flourish in wealthy consumers: and expanded their market share to 0.55 percent or 0.59 percent, Gucci had to struggle with difficulties.
According to analyst Stephens, high -compensation consumers are affected by economic uncertainties, which is why luxury brands such as Chanel and Hermès could be stable. On the other hand, more affordable luxury brands such as Gucci have come under more pressure. The market share of the Italian label is expected to decrease by 0.10 percentage points to 0.38 percent. The departure of creative director Sabato de Sarno and its reserved design direction apparently did not have the hoped -for effect on customers.
“Aspirational shopping, which are often dependent on their savings in order to be able to afford status symbols, were hit harder by the economic challenges. This led to brands in the affordable luxury segment in particular,” concluded Stephens.
This article was used with digital tools translated.
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