Largest Fashion Retailers in the World
The fashion industry has witnessed a lot of changes over the years. Tons of new trends are being introduced each year which aggressively disrupts the fashion market in a great way. The so-called ‘fast-fashion’ trend (fast pace fashion trend where the newest designs are made affordable) is viewed as one of the biggest reasons why the fashion business has changed so much in the 21st century.
As a result, fast fashion retailers have become one of the most dominant leaders in the fashion industry. Not to mention, that most of these fashion retailers are family-owned businesses.
Here are the fashion retailers that dominate the fashion industry.
Inditex – $23 Billion Annual Revenue
Inditex is the largest fashion retailer in the world today with over $23 billion of annual revenue. This family-owned business is owned and operated by Ortega Amancio and his family. Their main brand, called Zara, brings more than $9 billion alone.
Ever since it was founded, the company has always been ahead of its competition when it comes to fast fashion. It operates an extremely efficient supply chain and inventory system. This allows the newest designs from bigtime fashion shows all over the world to be quickly made into affordable clothing which are then sold at 2,200 Zara stores spread across the globe.
H&M – $21.73 Billion Annual Revenue
H&M is only second to Inditex when it comes to annual revenue. One of the oldest and most successful fashion retailers in the world, H&M has been operational ever since it was founded by Erling Persson in 1947. The company first started selling women’s clothing but soon expanded to sell menswear as well after it has acquired a men’s clothing brand called Mauritz Widforss. The acquisition also changes the name of the company and became H&M or Hennes & Mauritz.
Today, H&M has multiple global brands under its name that includes COS, Cheap Monday, Monki, and Weekday. The company has more than 4,300 stores scattered across the globe. The company is still managed by the Persson family.
Fast Retailing Co. – $17.31 Billion Annual Revenue
Fast Retailing Co. was founded in Japan in 1949. It was only in 1994, that the company was listed on Hiroshima Stock Exchange as it had already become the country’s fastest-growing fashion retailer, making Tadashi Yanai (the founder of the company) the richest man in Japan.
Today, Fast Retailing Co. is the 3rd largest fashion retailers in the world with an annual revenue of $17.31 billion. The company was also once ranked by Forbes as the 41st Most Innovative Company in the World.
The Gap – $15.8 Billion Annual Revenue
The company was founded by Doris and Donald Fisher in 1969 with a mere $63,000 investment. Two years later, the company turned out an incredible $2 million in sales. The Gap then soon began to expand throughout the country and has already 25 retails outlets in 1973. Decades later, the company is now one of the largest fashion retailers in the world.
Today, the company has five global brands under its name – Athleta, Banana Republic, Gap, Intermix, and Old Navy. The Gap has more than 3,300 stores in 90 different countries around the world.