Fashion Titans Stand Firm: Major Industry Players Increase Revenues by 2% in 2024

The world’s largest fashion industry groups are resisting uncertainty, a consumer who is no longer in love with the sector and, above all, the luxury pinch. The world’s ninety largest companies in the fashion industry ended 2024 with aggregate revenues up 2%, defying the decline recorded by sectors such as luxury and sports.

According to data collected by Modaes to analyze the evolution of the largest fashion groups in the world, the aggregate turnover of the world’s largest companies reached €825.038 million in 2024, including the segments of mass distribution, luxury, sports, perfumery, urban fashion, department stores, footwear and Spanish operators. E-commerce companies are excluded from the calculation, as their high percentage of sales coming from non-fashion products alters the comparison.

Of all the segments analyzed in 2024, two closed with a negative sales performance. These are, however, two subsectors with a high weight in the total: luxury and sport.

The ten largest luxury companies in the world ended the last fiscal year with a 3.7% drop in their aggregate turnover, most of them affected by a high dependence on China and by the disaffection of Western consumers. Asia’s Chow Tai Fook was the worst performer (down 17.5%), followed by Capri (-15%) and Kering (-12.1%). At the other extreme are companies such as Prada and Hermès, which have defied the context and posted double-digit growth.

The ranking of the world’s largest luxury operators ended 2024 with hardly any changes, although these will come in 2025, when the corporate movements that have taken place in the last year will have an impact on the accounts, affecting companies such as Prada, Capri and Tapestry.

Sports equipment also saw red in 2024, ending the year with a 3% drop in the aggregate turnover of the largest companies. The culprit of this evolution is the American Nike, the world’s largest group in the sector, which is in a slump.

Sports have been affected in the last fiscal year by a slowdown in total business after the boom resulting from the pandemic and by the change of focus in distribution (moving towards B2C and leaving behind the chains) that most brands have implemented in recent years.

The ranking of the world’s largest luxury operators ended 2024 with little change, with LVMH at the top despite a drop in sales last year.

The urban fashion sub-sector is another of those that has recorded a weak performance in the last financial year, with an increase of only 2.7% in aggregate turnover. Currency exchange has played a dirty trick on the sector’s major operators, with a majority representation of U.S. companies.

The ranking of the world’s largest urban fashion groups is once again led by PVH, thanks to the strength of two of the world’s most international brands, Calvin Klein and Tommy Hilfiger. At number two, Levi Strauss repeats, focused on a plan to turn around its evolution by revitalizing its main brand, Levi’s, and selling the secondary brands, Dockers. In third position, Urban Outfitters takes bronze from American Eagle.

The department store business continues to navigate through turbulence that, year after year, takes away some of the most emblematic operators of this commercial format, which nevertheless closes 2024 with an increase of 3.9% in aggregate turnover due to the entry into the ranking of new operators such as John Lewis, El Puerto de Liverpool and Dillard’s.

Of all the segments analyzed in 2024, two closed with a negative sales performance: luxury and sport

With Macy’s in clear global leadership despite having been in the crosshairs of what would have become one of the largest corporate transactions in recent years and its sales having continued to decline in 2024, the ranking keeps El Corte Inglés in second place on the podium and as the main department store player on the European continent.

Changes are expected for 2026, following the purchase by the El Puerto de Liverpool of almost 50% of the shares of the company listed until now on the stock exchange. It is one of the most important operations in the department store sector in recent years.

In the opposite direction, the large retail groups have closed the last financial year on an upward trend. The aggregate turnover of the largest companies in the segment, led by Spain’s Inditex, rose by 9.3% in 2024, boosted by the growth of the Spanish giant and the Japanese group Fast Retailing. The Swedish company H&M and the U.S. companies VF and PVH ended last year with negative sales.