Market Data · 2025–2026
Brand competition: the numbers behind fashion's biggest players
Latest annual results for global fast-fashion leaders and India's largest fashion retailers, plus the race to deliver fashion in under an hour.
Forecut Editorial · 11 October 2026
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Who is growing fastest
Reported revenue growth in each company's latest full financial year. Periods differ, so compare direction rather than exact rank.
Revenue growth, latest full year
Percent change versus the previous year, as reported
The results
Figures as reported by each company or the cited coverage. Currency conversions are those given in the sources.
| Company | Period | Key figures | Source |
|---|---|---|---|
| Inditex (Zara) | Spain · FY2025 (Feb 2025 – Jan 2026) | Net sales €39.86 bn (about $46.3 bn), +3.2% (+7% at constant currency); net profit €6.22 bn, +5.8%. | FashionUnited |
| Shein | Global online · 2025 | Revenue $41.85 bn, +8% (from +20.7% in 2024); net income $2.06 bn, −38.7%. Q1 2026: revenue $9.05 bn (+1.1%) and a net loss of $99 m. | Inside Retail |
| Fast Retailing (Uniqlo) | Japan · FY2026 (to Aug 2026) | Revenue ¥3.96 trillion (about $25 bn), +16.6%; operating profit ¥743.1 bn, +31.7%. Uniqlo International revenue ¥2.41 trillion, +26.2%. | FashionUnited |
| H&M Group | Sweden · FY2025 (to Nov 2025) | Net sales about SEK 228.3 bn; operating profit about SEK 18.4 bn, up from SEK 17.3 bn. | Retail Gazette |
| Trent (Westside, Zudio) | India · FY26 (to Mar 2026) | Revenue ₹19,701 crore, +18%. 963 Zudio stores (including 6 in the UAE, +198 in the year) and 300 Westside stores (+52); 1,286 stores in total. | Storyboard18 |
| Aditya Birla Fashion & Retail | India · FY26 (to Mar 2026) | Revenue ₹8,177 crore, +11%; EBITDA ₹967 crore (11.8% margin); consolidated net loss ₹830 crore. 1,273 stores; Pantaloons 399 stores. | Apparel Resources |
India's fashion delivery race
Quick-commerce fashion players and their delivery promises, as reported in July 2026. India's quick-commerce sector is estimated at about $8.3 bn GMV in 2026.
| Player | Model | Delivery promise | Footprint / funding |
|---|---|---|---|
| Myntra M-Now | Dark stores | 30 min – 2 hrs | 10+ cities, 90+ dark stores |
| AJIO Rush (Reliance) | Store-fulfilled | 4 hrs (testing 2 hrs) | 600+ cities, 1,700+ stores |
| Zilo | Dark stores + brand outlets | Under 60 min | Mumbai; $15.3 m Series A (Feb 2026) |
| Slikk | Dark stores | Under 60 min | Bengaluru-led; $13.5 m raised |
| KNOT | Dark stores | Under 60 min | Mumbai; $5 m (Dec 2025) |
What this tells you
- Value fashion is winning in India: Zudio added nearly 200 stores in a year.
- Globally, Uniqlo is outgrowing Zara and Shein in percentage terms, while Shein's growth and profits have slowed.
- Speed is the new battleground: fashion delivered in under an hour is spreading from metros to tier-II cities.
- Scale is not profit: ABFRL grew revenue 11% but still reported a net loss.
Financial figures are summarised from the cited public sources as of October 2026 and may be restated by the companies. This is not investment advice.