Shein, the ultra-fast fashion giant from China, strengthened its ever-tightening grip on the apparel market in 2024, outpacing competitors once more as budget-conscious consumers continued to turn to familiar brands amid growing economic uncertainty.

The Singapore-based Shein is estimated to have extended its apparel market share by 0.24 percentage points in 2024, reaching a total of 1.53 percent, according to the latest insights from data and analytics firm GlobalData.

“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,” said Pippa Stephens, senior apparel analyst at GlobalData, in a statement. Stephens credits part of Shein’s continual rapid rise to its rock-bottom prices and ongoing ability to swiftly adapt to fashion trends.

Global brands by apparel market share in 2023 and 2024 Credits: GlobalData

Shein dominates the apparel market share in 2024

The brand’s growth, unsurprisingly, persists amid ongoing criticism of its labor and environmental practices. In 2024, Shein disclosed two cases of child labor within its supply chain, matching the reported incidents from the previous year, as the Italian Competition Authority accused the Chinese fashion giant of posting misleading sustainability claims on its website in October 2024.

Partly in response to these claims, Shein launched the Shein Foundation, a non-profit organization intended to “support more inclusive and sustainable communities in the areas where Shein operates," earlier this year. A move which consolidated all its other sustainable and diversity initiatives, such as Shein Cares and the Shein Extended Producer Responsibility Fund, the non-profit also aims to improve biodiversity, support vulnerable communities, and “drive sustainable change."

Another fast fashion brand that continued to grasp a strong performance in 2024 is Spain’s Zara, with its apparel market share predicted to rise by 0.05 percentage points to 1.24 percent in 2024. This growth is largely driven by its efficient local supply chain, which enables swift trend adaptation, and its broad consumer appeal.

In contrast, Sweden’s fast-fashion king, H&M’s market share, is projected to edge down slightly to 1.06 percent, as its neutral and uninspiring designs struggle to capture consumer interest. Meanwhile, Japanese fast fashion brand Uniqlo is gaining ground, with its share anticipated to rise by 0.04 percentage points to 0.92 percent, fueled by its strong value proposition and aggressive expansion outside of Japan.

Adidas makes a comeback in with apparel market share in 2024, while Nike slips

Looking at the sportswear segment, Germany’s Adidas made a strong comeback from its 2023 sales slump, with its market share expected to climb by 0.17 percentage points to 1.79 percent in 2024, according to GlobalData, who attribute this in part to the enduring success of its Originals lifestyle footwear line.

Meanwhile, US brands New Balance and Skechers are set to gain ground, capitalizing on the demand for comfortable footwear and strategic brand partnerships.

Nike, on the other hand, is projected to see a slight decline, with its market share dipping 0.15 percentage points to 2.85 percent, as it struggles to keep pace with shifting fashion trends and innovation.

Chanel & Hermes thrived with apparel market share in 2024, while Gucci struggled

The luxury apparel market saw mixed results, with Hermès and Chanel flourishing among high-net-worth shoppers. Both brands are expected to have expanded their market share, reaching 0.55 percent and 0.59 percent, respectively.

According to Stephens, this was “due to high-income consumers being less vulnerable to economic hardships.” In contrast, accessible luxury brands like Gucci struggled, with its market share projected to slip by 0.10 percentage points to 0.38 percent. The departure of creative director Sabato De Sarno and his subdued design direction likely failed to make the anticipated impact on consumers.

“Aspirational shoppers, who tend to rely on their savings to afford status symbols, were much harder hit, causing more accessible luxury brands to suffer,” concluded Stephens.