Fashion Retailing Market Report 2024

The fashion retailing market size has grown strongly in recent years. It will grow from $86.19 billion in 2023 to $92.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth during the historic period can be attributed to rising disposable income, the affordability and accessibility of fast fashion products, consumer preference for online shopping and eCommerce platforms, increased demand for business attire, and major fashion brands transitioning to online retailing.

The fashion retailing market size is expected to see strong growth in the next few years. It will grow to $123.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to rising demand for fashionable products, growing online sales, increased focus on product innovation, a higher demand for sustainable fashion items, and the expanding acceptance of digital payment systems. Major trends expected during this period include technological advancements, the rise of both global and local online fashion retailers, an enhanced retail experience, the introduction of AR and VR technologies in fashion shopping, and a focus on eco-friendly and ethical clothing.

The rapid expansion of the working population is expected to drive growth in the fashion retailing market. This increase is due to demographic changes, urbanization, economic development, higher education levels, a growing female workforce, and immigration. Fashion retailing caters to the working population by providing convenient access to professional and stylish clothing that enhances confidence and suits workplace environments. For example, in June 2024, the Office for National Statistics, a UK-based government agency, reported that the total number of Workforce Jobs (WFJ) in the UK rose by 431,000 from the previous year, reaching 37.2 million in March 2024. Thus, the expanding working population is fueling the growth of the fashion retailing market.

Leading companies in the fashion retailing market are increasingly focusing on artificial intelligence (AI) to gain a competitive edge. AI applications in fashion retail use algorithms to create personalized shopping experiences, optimize inventory management, and enhance customer service. For instance, in May 2023, Zyler, a UK-based virtual fashion try-on company, introduced an AI-powered tool designed to personalize shopping experiences. This tool utilizes advanced AI to analyze customer preferences and body measurements, offering features such as customized outfit recommendations and virtual try-ons. This innovation provides a realistic and engaging shopping experience, improves customer satisfaction with tailored fashion suggestions, and helps retailers manage stock more effectively by understanding popular trends and sizes, thereby reducing overstock and stockouts.

In September 2023, Aditya Birla Fashion and Retail Ltd., an India-based company with a diverse portfolio of brands in menswear, womenswear, and accessories, acquired a 51% stake in TCNS Clothing for $201.9 million. This strategic acquisition aims to enhance Aditya Birla Fashion's portfolio across various consumer segments and price points, while also reinforcing its commitment to promoting ethnic wear in the Indian market. TCNS Clothing, an India-based company, specializes in women's apparel brands.

Major companies operating in the fashion retailing market are Christian Dior SE, LVMH Moët Hennessy Louis Vuitton S.E., Nike Inc., Industria de Diseño Textil S.A., Adidas AG, H & M Hennes & Mauritz AB, Kering S.A., Uniqlo Co. Ltd., Chanel Inc., Gap Inc., John Lewis Partnership plc, Hermès International S.A., PVH Corp., The Swatch Group Ltd., Hanesbrands Inc., Ralph Lauren Corporation, Levi Strauss & Co., Prada S.p.A., ASOS plc, Burberry Group plc, Gildan Activewear Inc., Boohoo Group Plc, VF Corporation, Jockey International Inc., Golden Lady Company S.p.A.

North America was the largest region in the fashion retailing market in 2023. The regions covered in the fashion retailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the fashion retailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Fashion retailing involves the buying and selling of clothing, footwear, and accessories to consumers through various channels, including physical stores and online platforms. The primary goal is to fulfill consumer demand for the latest fashion trends while providing a convenient and enjoyable shopping experience. This sector focuses on curating and marketing collections that cater to a wide range of styles and preferences, thereby driving sales and fostering brand loyalty.

The main product categories in fashion retailing include bags and accessories, clothing and apparel, and footwear. Bags and accessories are items designed to carry personal belongings and include complementary items that either enhance functionality or add a decorative touch. Products are available across different price ranges, including luxury, mid-range, and budget options. They are sold through various distribution channels such as department stores, variety stores, independent shops, supermarkets, discount stores, online platforms, and others. The end-users of these products include children, men, and women.

The fashion retailing market research report is one of a series of new reports that provides fashion retailing market statistics, including the fashion retailing industry global market size, regional shares, competitors with fashion retailing market share, detailed fashion retailing market segments, market trends, and opportunities, and any further data you may need to thrive in the fashion retailing industry. These fashion retailing market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fashion retailing market includes revenues earned by entities by providing services such as merchandising, inventory management, marketing and promotion, and customer service. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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