Fast Fashion Industry Report And Statistics (2024)

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Ch Daniel
Fast Fashion Revenue and Growth
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Last Updated on December 28, 2023 by Ch David

This research article delves into the Fast Fashion Industry revenue, valuation, growth, key players, customer demography, and more.

Amazing Facts About The Fast Fashion Industry

  • The global fast fashion market is expected to grow from $106.42 billion in 2022 to $184.96 billion in 2027, at a CAGR of 10.7%.
  • The¬†major players in the fast fashion market are Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, Mango, Esprit, Primark, New Look, and River Island.
  • The main regions in the fast fashion market are Western Europe, Asia Pacific, and North America.
  • The main countries in the fast fashion market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
  • The¬†main types of fast fashion are pants, coats, skirts, and others.
  • The main drivers of the fast fashion market are the increasing adoption of affordable clothes by the rising youth population and the use of virtual and augmented reality in the market.

Fast Fashion Overview

AspectDetails
Market Value (2022)$106.42 billion
Forecast Value (2027)$184.96 billion
Leading PlayersZara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, Mango, and others
Market SegmentsTypes: Women, Men, and Children
Applications: Adults, Teens & Kids Wears
Sales ChannelsOffline and Online
Key RegionAsia Pacific led the market with a 34.50% share in 2022
Technology AdoptionAR and VR for in-store experience

Market Value of the Fast Fashion Industry

The fast fashion market was worth over $106 billion in 2022 and is expected to reach about $185 billion by 2027.

YearFast Fashion Market Value
2027*$184.96 billion
2026*$167.02 billion
2025*$150.82 billion
2024*$136.19 billion
2023$122.98 billion
2022$106.42 billion
2021$91.23 billion

Source: Statista

Market Size of the Fast Fashion Industry

The fast fashion industry, valued at $122.98 billion, accounts for approximately 7.23% of the total $1.7 trillion fashion industry in 2023.

Key Players in the Fast Fashion Industry by Brand Value

Key players in the fast fashion industry include; Zara, H&M Group, Uniqlo, Gap, Forever 21, and more. Zara’s brand was valued at $15 billion and H&M’s at nearly $13 billion in 2022.

Uniqlo’s brand value also grew to about $9.6 billion from $8.1 billion in 2018.

YearH&M Brand ValueZara Brand ValueUniqlo Brand Value
2022$12.99 billion$14.96 billion$9.64 billion
2021$14.13 billion$13.5 billion$13.07 billion
2020$14.01 billion$14.86 billion$12.88 billion
2019$16.35 billion$17.18 billion$11.99 billion
2018$16.83 billion$17.71 billion$8.10 billion
2017$20.49 billion$18.57 billion$9.60 billion
2016$22.68 billion$16.77 billion$7.34 billion
2015$22.22 billion$14.03 billion
2014$21.08 billion$12.13 billion
2013$18.17 billion$10.82 billion
2012$16.57 billion$9.49 billion
2011$16.46 billion$8.07 billion
2010$16.14 billion$7.47 billion

Source; Statista, Statista

Fast Fashion E-commerce Giants’ Market Capitalization

Here are the market caps of top fast fashion e-commerce companies: Zalando (Germany) at $6.69 billion, VIP Shop (China) at $6.49 billion, The RealReal (United States) at $1.90 billion, and others.

Fast Fashion CompanyMarket Cap
Zalando (Germany)$6.69 billion
VIP Shop (China)$6.49 billion
The RealReal (United States)$1.90 billion
The Hut Group (United Kingdom)$1.25 billion
About you (Germany)$1.20 billion
ASOS (United Kingdom)$1.02 billion
boohoo.com (United Kingdom)$825 million
Stitch Fix (United States)$534 million
Global Fashion Group (Luxembourg)$333 million
Revolve (United States)$235 million

Source: Statista

Overview of the Fast Fashion Key Players

Fast Fashion Key Players in the United States by Market Share

Shein‘s market share in the US fast fashion market soared from 18% in March 2020 to 40% in March 2022.

Zara remained at 17%, H&M declined from 37% to 27%, while Fashion Nova and Forever 21 also saw drops in their shares during this time.

US Top Fast Fashion BrandsMarch 2022March 2020
Shein40%18%
Zara17%15%
H&M27%37%
Fashion Nova6%15%
Forever 219%14%

Source: Statista

Fast Fashion Key Players in Europe by Revenue

Here are the top fast fashion brands in Europe and their revenues: Zara (Inditex) with £22.54 billion ($28.7 billion), H&M with £16.83 billion ($21.4 billion), Primark (Associated British Foods) with £7.48 billion ($9.5 billion), and others.

Top Fast Fashion BrandsRevenue of the Top Fast Fashion Brands (GBP)Revenue of the Top Fast Fashion Brands (USD)
Zara (Inditex)£22.54 billion$28.7 billion
H&M£16.83 billion$21.4 billion
Marks & Spencer (Group)£10.38 billion$13.2 billion
Primark (Associated British Foods)£7.48 billion$9.5 billion
JD Sports£4.72 billion$6 billion
Next£4.17 billion$5.3 billion
Sports Direct (plc)£3.70 billion$4.7 billion
ASOS£2.73 billion$3.5 billion
Debenhams£2.28 billion$2.9 billion
The Arcadia Group£1.82 billion$2.3 billion
New Look*£1.35 billion$1.7 billion
Matalan£1.10 billion$1.4 billion

Source: Statista

Fast Fashion Revenue by Country (Europe)

Fast fashion revenue in Europe is led by the United Kingdom with $73.38 billion, followed by Germany with $61.76 billion. Luxembourg has the lowest revenue at $962.15 million.

CountryFast Fashion Revenue in Europe
United Kingdom$73.38 billion
Germany$61.76 billion
France$33.65 billion
Netherlands$15.62 billion
Poland$12.29 billion
Switzerland$10.24 billion
Belgium$9.01 billion
Austria$8.88 billion
Ireland$3.74 billion
Czechia$2.9 billion
Hungary$1.72 billion
Slovakia$1.55 billion
Luxembourg$962.15 million

Source: Statista

Overview of the Fast Fashion Sales Channels

In 2022, most fast fashion in the United States was bought online (49%), while 35% of people preferred in-store shopping at malls.

Fast Fashion Sales ChannelShare of respondents
Online49%
In-store (shopping malls)35%

Source: Statista

Overview of Web Traffic in the Fast Fashion Industry

Fast fashion web traffic analysis revealed increased visits from 2019 to 2020. In 2020, there were 563 million visits from desktop users and 632 million visits from mobile web users.

During Q4 2019, desktop visits were 166 million and mobile web visits were 102 million.

Mobile web visits surpassed desktop visits during these periods.

YearDesktopMobile web
2020563 million visits632 million visits
Q4 2019166 million visits102 million visits

Source: Statista

Frequently Asked Questions About the Fast Fashion Industry

What is fast fashion?

Fast fashion is a business model that involves the rapid design, production, and marketing of clothing styles that are inspired by the latest fashion trends. Key players include Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, Mango, and others.

What is fast fashion and why is it bad?

Fast fashion is the rapid creation and sale of trendy clothes. It’s harmful because it can harm the environment through excess waste and pollution.

It can also lead to poor working conditions for factory workers and promotes overconsumption.

How is Zara fast fashion?

Zara is a fast fashion brand because it designs, produces, and markets clothing styles that are inspired by the latest fashion trends quickly.

It does this by having a vertically integrated supply chain, using inexpensive materials, manufacturing its clothes in low-cost countries, and using simple designs.

This allows it to offer affordable clothing that is still fashionable and up-to-date.

Why is fast fashion called fast fashion?

Fast fashion is called “fast fashion” because it refers to the rapid design, production, and marketing of clothing styles that are inspired by the latest fashion trends.

This allows fast fashion brands to bring new styles to market much faster than traditional fashion brands.

What are the benefits of fast fashion?

The main benefits of fast fashion are its affordability and its ability to keep up with the latest fashion trends. Fast fashion clothes are often much cheaper than those from traditional fashion brands, making them more accessible to a wider range of consumers.

Additionally, fast fashion brands are able to quickly introduce new styles into their stores, which can help consumers stay up-to-date on the latest trends.

What are the drawbacks of fast fashion?

The main drawbacks of fast fashion are its environmental impact and its impact on workers’ rights. The production of fast fashion clothes often involves the use of harmful chemicals and water resources, and it can also contribute to pollution and climate change.

Moreover, fast fashion brands are often accused of exploiting workers, paying them low wages and forcing them to work in poor conditions.

What is the market growth projection for the Fast Fashion Industry?

The global Fast Fashion Market is expected to grow at a robust CAGR of 7.70% through the forecast period.

It is projected to reach USD 167.50 billion by 2030, from a valuation of USD 93.66 billion in 2022.

Which region dominates the Fast Fashion Market?

Asia Pacific leads the global market with a significant share of 34.50% in 2022.

The rising popularity of fast fashion in countries like China, Japan, and India contributes to this growth.

What is the biggest fast fashion industry?

The biggest fast fashion industry includes major players like Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, and more.

These companies produce and sell trendy clothing quickly to meet consumer demands.

Which country contributes most to fast fashion?

Several countries contribute significantly to the fast fashion industry, but countries like China, India, Bangladesh, and Vietnam are among the largest producers of fast fashion clothing due to their low-cost manufacturing capabilities.

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About the Author

Ch Daniel is the co-founder and co-CEO of Legit Check By Ch, one of the world's leading companies in product authentications. Daniel's experience: 8+ years in the luxury industry, 7+ years in the authentication industry, 10+ years of business development. Currently, Daniel is overseeing the development of new products of Legit Check By Ch.
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