By 2022, the global fast fashion market is estimated to be worth more than $106 billion, and is expected to increase significantly in the coming years. By 2027, the value of the global fast fashion market was forecast to reach a value of approximately US$185 billion.

But let’s take two examples of well-known brands.

H&M and Zara
Two of the leading brands in the fast fashion industry are H&M and Zara. These two brands have vied for the position of market leader in recent years, with the title of highest brand value changing hands on several occasions. In 2022, Zara prevailed, with a value of approximately US$15 billion. Zara is owned by the Spanish company Inditex, which also operates brands such as Bershka and Pull&Bear.

Shein achieves breakthrough in the U.S.
However, these two brands have faced increased competition from online retailers, one of the most notable being Shein, the Chinese fast fashion company. Shein saw its share of the U.S. fast fashion market more than double from March 2020 to 2022, claiming the lion’s share of the market. This came at the expense of brands such as H&M, which lost a 10 percent share.