International Fashion Sees Market Uptick: MGFB35 Gains 0.4% in September

International fashion is once again on the rise on the international stock exchanges. In September, the Modaes Global Fashion Benchmark (MGFB35) registered a rise of 0.42% compared to the previous month, to 29,430 points. This is the second consecutive increase after the 4.1% rebound in August and only the third so far in 2025, a year marked by the sector’s poor performance for six consecutive months, from February to July.

The sector’s performance on the international stock exchanges continues to show sharp contrasts, however, with double-digit rises in stocks such as Macy’s, H&M, Kering and Zalando and falls of more than 10% in the shares of groups such as Birkenstock, Puig, Burberry and Nike.

All in all, the MGFB35, which measures the evolution of the capitalization in euros of the 35 most significant listed companies in international fashion, is still far from the closing value of 2024, when it stood at 31.The evolution of the euro on the foreign exchange market weighed on the performance of the selective from August 29th to September 27th: at constant exchange rates, the rise would have reached 0.52%.

The recovery of the SIMB35 is also taking place in a context of bonanza on the international stock markets, marked by higher increases in other sectors of the economy. In Spain, the Ibex35, the benchmark index, rose by 2.78% in the same period, while the US Dow Jones rose by 1.54%.

The U.S. department store giant Macy’s was the best stock in the selective index in September, with a 35.95% rise on the stock market, after presenting better-than-expected results on September 5th. In second place was the Swedish group H&M, with an increase of 24.6%, followed by the French giant Kering (up 20%) and the German Zalando (up 10.42%).

Behind the leading group, there were also strong increases in the German Adidas, whose shares rose by 8.4%, the British Asos, with 7.4%, and the Spanish Inditex, also with 7.4%, also in reaction to better-than-expected results.

On the other side of the scale were the German group Birkenstock (listed on the US stock exchange) and the Spanish Puig, with falls of 13.8% and 13%, respectively, which failed to reflect the rise in their first-half results on the stock exchanges. Nike, for its part, completes the list of the biggest fallers with a 10.43% drop in its value on the stock exchange.

Macy’s, H&M and Kering led the fashion rises on the international stock exchanges

Spanish company Adolfo Domínguez, which fell 9.06% in value at the end of September, and cosmetics giant L’Oréal, which fell 9.06% in value at the end of September, also closed the month down, although now in single digits. The British company JD Sports, with declines of 7.79% and 7.31%, respectively.

By segments, along with the rise of Macy’s and Kering, the French conglomerate LVMH also recorded a positive evolution within the luxury sector, with a rise in the value of its shares of 2.3%, compared to the previous month. Tapestry, for its part, posted a rise of 7.06% on the stock market, along with Essilor Luxottica, which closed September with a rise of 4.42%. On the other hand, Prada shares fell by 0.7%, Hermès by a further 1.05%, and Capri, the parent company of Michael Kors, which fell by 3.5%.

Among the group of U.S. icons, the companies maintained a mixed performance in a scenario still marked by the tariffs imposed by the U.S. government on trade relations with the rest of the world. Levi Strauss and PVH, on the one hand, recorded increases of 2.91% and 2.88%, respectively, while both Gap and VF Corporation closed the month down on the stock market, with a decrease of 0.14% and 2.71%, respectively.

This month, the MGFB35 incorporates two new companies: the US group Dick’s and the British group Next. Both replace two other operators in their respective countries: Guess, which will cease trading after being acquired by Authentic Brands, and Boohoo, now listed as Debenhams Group, which is in the midst of a deep crisis.

Updated monthly by Modaes, the MGFB35 is the result of multiplying the previous month’s value by dividing the sum of the current month’s market capitalizations in euros of the 35 companies that make up the selective by the sum of the previous month’s capitalizations, taking into account a corrective factor if there are changes in the number of shares. The MGFB35 was launched in September 2011, with a trading base of 10,000 points.