Table of contents
Over the past four years, the fast fashion industry has experienced notable fluctuations, with leading players such as H&M, Inditex SA, and Fast Retailing Co., Ltd. navigating a complex landscape marked by evolving consumer preferences, supply chain disruptions, and economic uncertainties. Between 2020 and 2024, these companies reported varying trajectories in revenue and net income, reflecting both the challenges and opportunities inherent in the sector. Notably, some brands achieved net incomes exceeding €1 billion, showcasing their resilience and strategic agility.
According to recent estimates, the global apparel market was valued at over €1,7 trillion in 2024, with fast fashion representing approximately 10% to 12% of that total. While year-on-year growth in 2024 was largely flat, long-term forecasts remain positive. Market analysts project a compound annual growth rate of 3% to 5% through 2030, driven by rising demand in emerging markets and the acceleration of direct-to-consumer and omnichannel strategies.
The fast fashion sector itself is expected to continue evolving — balancing affordability with environmental impact, and speed with creative credibility. With mounting regulatory pressures and shifting demographics, the ability to innovate sustainably and operate efficiently is increasingly critical.
This article analyses the three companies' recent financials, regional performance, channel evolution, brand strategies and leadership shifts — offering a comparative perspective on where the fast fashion giants stand and where they're headed. Each company's financial year concludes on different dates: H&M Group's fiscal year ends on 30 November, Inditex SA's on 31 January, and Fast Retailing Co., Ltd.'s on 31 August. Their respective annual reports were released in early 2025, offering a comprehensive view into their performance during the 2024 fiscal year.
Financial Performance Overview (2020–2024)
Over the past four fiscal years, H&M Group, Inditex SA, and Fast Retailing Co., Ltd. displayed markedly different trajectories in revenue and operating income, shaped by their strategic priorities, geographical exposure, and resilience to macroeconomic fluctuations.
Revenue
Don't miss a single insight, get the full access today
The all-access pass to our entire library and tools
Subscribe
H&M Group
Brands: H&M (including H&M HOME, H&M Move, H&M Beauty), COS, WEEKDAY MTWTFSS, Monki, & Other Stories, ARKET, Singular Society, Sellpy, Looper Textile Co., Cheap Monday, Creator Studio. Afound was discontinued in 2024; Monki will merge into WEEKDAY MTWTFSS by 2025.
H&M Group reported relatively moderate revenue growth from 2020 to 2023, climbing from SEK187.031 million in 2020 to a peak of SEK236.033 million in 2023. However, 2024 saw a slight contraction of –0,7%, bringing revenue down to SEK234.478 million. The flatlining of sales reflects inflationary pressures on consumers, delayed inventory sell-through, and a strategic pause in aggressive expansion. H&M’s revenue growth between 2020 and 2024 was just 25,3%, the lowest of the three.
Inditex
Brands: Zara (including Zara Home), Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho.
Inditex SA maintained a consistently upward trajectory, demonstrating the strongest revenue expansion across the group. Revenue rose from €20.402 million in 2020 to €38.510 million in 2024 — an increase of nearly 89%. This performance was driven by high demand elasticity, fast replenishment cycles, and the expansion of its online and physical footprint. The group’s omnichannel strategy and data-driven merchandising allowed it to maintain strong full-price sales and reduce markdown dependency.
Fast Retailing
Brands: UNIQLO, GU, Theory, Helmut Lang, Comptoir des Cotonniers, Princesse tam.tam, J Brand (inactive)
Fast Retailing Co., Ltd. also delivered strong revenue performance. The group’s revenue increased from ¥2.131 billion in 2020 to ¥3.123 billion in 2024 — a growth of 46,5%. While lower in percentage terms than Inditex, the company’s gains are noteworthy given the strength of its international markets outside Japan. UNIQLO International accounted for over 50% of total revenue in 2024, with standout performance in Southeast Asia and China. Fast Retailing’s ability to translate the LifeWear concept into global markets has proven to be a reliable growth engine.
When comparing the trajectory over the four-year period:
Inditex SA emerges as the fastest grower, almost doubling its top line between 2020 and 2024.
Fast Retailing Co., Ltd. delivered stable double-digit growth and is gaining share through internationalisation.
H&M Group, despite recovery efforts, has largely remained stagnant, with most gains achieved in 2022 and limited progress thereafter.
The divergence in performance reflects differences in brand equity, supply chain agility, digital capabilities, and global positioning. Inditex SA and Fast Retailing Co., Ltd. have succeeded in building aspirational relevance while maintaining affordability — a balance H&M Group continues to recalibrate.
Operating Income
H&M Group experienced significant fluctuations in operating income during the review period. From a low base of SEK1.574 million in 2020 — as the pandemic-induced downturn hit profits — the group made a strong recovery in 2021 and 2022, reaching SEK14.700 million in 2023. However, in 2024, operating income halved to SEK7.100 million. This sharp decline can be attributed to increased sourcing costs, intensified price competition, and continued investment in transformation initiatives that have yet to yield full-margin recovery.
Inditex SA delivered robust and consistent growth in operating income. From € 414 million in 2020, the group expanded profitability to €6.970 million by 2024 — a nearly fivefold increase. Its superior margin profile is largely driven by rapid stock rotation, centralised control over product flows, and effective in-season reactivity. The brand’s emphasis on inventory discipline and its ability to sell through at full price contributed to sustained profitability.
Fast Retailing Co., Ltd. more than tripled its operating income over the same period, increasing from ¥149,4 billion in 2020 to ¥526,5 billion in 2024. The strongest growth occurred in 2022–2024, thanks to higher productivity per store, strong sales in international markets, and reduced markdown reliance. The group’s unique blend of local store autonomy and global operational coherence enabled margin expansion despite a challenging macroeconomic backdrop.
Comparing the three:
Inditex SA maintains the highest profitability — both in absolute and relative terms — through refined operational control.
Fast Retailing Co., Ltd. is gaining rapidly, supported by robust overseas earnings and cost efficiency.
H&M Group’s performance has been volatile, with early gains eroded in 2024, highlighting the fragility of its operating leverage in a high-cost environment.
Overall, the profit gap between H&M Group and its peers has widened, signalling the urgency for the group to enhance supply chain flexibility and improve full-price sell-through rates in the years ahead.
Regional and Channel Performance
Geographic Breakdown
The 2024 regional performance of H&M Group, Inditex SA, and Fast Retailing Co., Ltd. highlights distinct strategic footprints shaped by brand maturity, global expansion, and geographic dependencies. H&M Group reports revenue across six core regions: the Nordics, Western Europe, Eastern Europe, Southern Europe, the Americas, and Asia, Oceania & Africa. Inditex SA consolidates its performance into four primary zones: Spain, Europe excluding Spain, the Americas, and Asia & Rest of World. In contrast, Fast Retailing Co., Ltd. separates its contributions by business segments and regional clusters, including UNIQLO Japan, Greater China, South Korea & Southeast Asia (plus India & Australia), Europe, and North America. While H&M Group and Inditex SA continue to derive a majority of their revenue from Europe, Fast Retailing Co., Ltd.’s business remains anchored in the Asia-Pacific region. The Americas represent a growing opportunity for all three players, though the extent of penetration varies significantly. These differences underscore how each company leverages its core geography to balance growth, manage risk, and deliver long-term value.
H&M Group derived a significant portion of its sales from Europe, with Germany, the UK, and Sweden among its top-performing markets. In 2024, the company highlighted a solid recovery in Eastern Europe and stabilisation in North America. However, Asia remained challenged due to supply disruptions and lingering impacts from pandemic-era closures. The company's global footprint spans over 75 markets, but its over-reliance on mature regions limits growth momentum. H&M’s geographic reach is broad, but growth remains anchored in Europe, limiting overall global acceleration.
Inditex SA continued to expand its international dominance, with Spain accounting for around 13% of total revenue in 2024, down from over 20% a decade ago — a testament to global diversification. Asia-Pacific, particularly China and Japan, demonstrated resilience, while North and Latin America posted high double-digit growth. The group has succeeded in embedding flexible store concepts in urban centres, backed by robust logistics hubs. Inditex SA shows the most balanced global presence, with mature, emerging and frontier markets contributing meaningfully.
Fast Retailing Co., Ltd. remains heavily reliant on Japan but is rapidly scaling operations in international markets. By 2024, UNIQLO International exceeded 50% of group revenue, driven by aggressive expansion in China (1.031 stores), Southeast Asia (342 stores), and Europe (68 stores). Its Global is Local
strategy — empowering localised management while maintaining global brand coherence — helped it outperform in culturally diverse regions. Fast Retailing Co., Ltd. is gaining fast internationally, though it still faces dependence on Asia.
Sales Channels
In 2024, global fashion leaders H&M Group, Inditex, and Fast Retailing advanced their omni-channel strategies to strengthen sales and customer engagement. H&M Group saw online sales reach 30% of total revenue, supported by cross-border e-commerce expansion and store optimisation in growth markets. Inditex SA achieved a 12% rise in online sales alongside higher store productivity, driven by strong digital engagement and continued investment in integrated store technology. Fast Retailing Co., Ltd. recorded approximately 20% e-commerce penetration in key regions, enhancing its mobile-first ecosystem and leveraging physical stores as service hubs. Across all three, fewer but more strategic store locations played a central role in enabling seamless integration between digital and physical channels.
H&M Group
In 2024, online sales represented approximately 30% of H&M Group’s total net sales. The company maintained presence in 60 dedicated online markets, while brands like COS, WEEKDAY MTWTFSS, Monki, & Other Stories and ARKET expanded global accessibility through external marketplaces and cross-border capabilities.
Despite a net reduction of 116 stores (88 openings vs. 204 closures), H&M Group operated 4.253 stores across 78 markets by year-end. Most closures occurred in mature markets, while store openings were concentrated in high-potential growth regions. In 2025, the group is set to enter Brazil both physically and digitally.
The omni-channel model was further refined with upgraded apps, new store formats, RFID deployment, and enhanced click-and-collect and return services. The group’s integration of online and physical channels aims to deliver a seamless customer experience.
Inditex
Inditex SA reported €10,2 billion in online sales in 2024, representing 12% growth YoY. The group achieved a 5,9% increase in store sales, driven by improved footfall and productivity, even as total store count decreased by 2,3%.
Digital engagement remained high:
- 218 million active app users
- 8,1 billion online visits (+10%)
- 257 million social media followers
Inditex SA continues to invest in its store digitalisation and optimisation programme, which enables full integration between physical and online sales. This strategy supports inventory flexibility, product visibility, and customer convenience across the buying journey.
Fast Retailing
In FY2024, e-commerce accounted for approximately 15% of Fast Retailing Co., Ltd.’s total sales. Regional online penetration included:
- ~20% in Greater China, South Korea, North America, and Europe
- ~10% in Southeast Asia, India, and Australia
UNIQLO LIVE STATION, a digital streaming service, helped connect users with styling inspiration and real-time product discovery. The company also enhanced its mobile-first ecosystem with faster search, sizing guidance, and content integration.
Fast Retailing Co., Ltd. ended August 2024 with 797 stores in Japan and 1.698 UNIQLO International stores, with a notable push in Greater China (1.032 stores), Southeast Asia, and North America. The group emphasises synergy between physical retail and digital platforms, positioning stores as hubs for pickup, service, and engagement.
H&M Group: Strategic Streamlining and Brand Revamp
Leadership: In January 2024, Helena Helmersson stepped down as CEO. She was succeeded by Daniel Ervér, former head of the H&M brand, marking a transition toward renewed focus on agility and profitability amid rising competition and macroeconomic pressures.
Strategic Highlights: H&M Group is focused on repositioning itself with sharper brand identity, product upgrades, and digital transformation. The company has invested in circularity, pre-loved platforms, and retail experience to remain relevant in a crowded market.
Brand Highlights (2024):
H&M celebrated 20 years of designer collaborations in March 2024, including archive reissues from Karl Lagerfeld and Stella McCartney.
Rabanne x H&M and Mugler x H&M capsules launched in November 2023, merging high fashion with mainstream accessibility.
H&M Studio returned to Paris Fashion Week in February 2024, reinforcing its fashion credibility.
H&M Beauty opened its first stand-alone flagship in Oslo in October 2023.
Other brands like COS and ARKET focused on elevated basics and sustainability-led messaging.
Financial Performance by Brand (2024): While exact breakdowns are not published, the H&M brand continues to generate the bulk of revenue. COS and & Other Stories are seen as more premium pillars within the group. Afound was phased out, and Monki underperformed, leading to a portfolio reshuffle. Sellpy and Creator Studio represent long-term innovation bets in resale and content commerce respectively.
Retail Expansion: H&M Group had a net reduction in store count in 2024, prioritising profitability over scale. Key new openings focused on flagship experiences and integration of click-and-collect services. Investments in digital warehousing and real-time inventory management enhanced operational backbone.
Ambassadors and Campaigns: Charli XCX fronted the autumn/winter 2024 campaign in August 2024. H&M Move partnered with professional athletes and local sport communities, and H&M Studio leveraged global influencers during Paris Fashion Week.
Insight & Positioning: H&M Group is in a transition phase, shifting away from fast turnover to more curated, value-added collections. Its success will depend on execution of portfolio simplification, full-price conversion, and new experiential formats.
Inditex: Diversified Powerhouse With Global Momentum
Leadership: No major leadership transitions occurred in 2024. The group remains under the strategic guidance of Marta Ortega Pérez (chairwoman) and CEO Óscar García Maceiras. Marta Ortega's creative influence continues to shape Zara's elevated fashion direction.
Strategic Highlights: Inditex SA focused on digital-first store experiences, global retail optimisation, and scalable sustainability. Investment in logistics automation and high-capacity fulfilment hubs continued.
Brand Highlights (2024):
Zara introduced
The New
concept in April 2024 and opened flagships in Athens, Nanjing, and Zurich.Massimo Dutti launched the Gravity collection in March 2024.
Pull&Bear pushed nature-inspired messaging with
We Are the Landscape
in May 2024.Bershka went retro-sport with late-90s aesthetics in February 2024.
Stradivarius gained virality with the
Denim of Interest
drop in March 2024.Oysho shifted toward activewear functionality with
Back to Training
in January 2024.
Financial Performance by Brand (2024): Zara and Zara Home generated €27.778 million (+6,6%), making up nearly 72% of group revenue. Stradivarius saw the highest growth rate at 14,1%, followed by Bershka and Oysho at 11,8% each. Massimo Dutti and Pull&Bear delivered steady growth of 6,6% and 4,6%, respectively.
Retail Expansion: Inditex SA entered new markets such as Uzbekistan and planned expansion into Iraq, Austria, and Sweden. Store formats evolved to be larger, experience-led, and more digitally integrated.
Ambassadors and Campaigns: In May 2024, Zara collaborated with Kaia Gerber and Lucy Boynton. In April 2024, Stradivarius scaled its TikTok ambassador network, while Pull&Bear aligned with music subcultures and regional artists.
Insight & Positioning: Inditex SA continues to combine global scale with creative relevance. Its diversified brand portfolio allows it to appeal to premium, mainstream and youth segments with clear identity and strong commercial traction.
Fast Retailing: LifeWear’s Global Ascent
Leadership: No major leadership changes were reported during the period. Founder Tadashi Yanai remains chairman and president. The long-term succession plan remains unclear, with his two sons both holding executive roles.
Strategic Highlights: Fast Retailing Co., Ltd. continues to expand its global positioning under the LifeWear brand philosophy — combining Japanese design with universal basics. Key themes include affordability, quality, and timelessness, complemented by steady internationalisation.
Brand Highlights (2024):
UNIQLO expanded its performance and lifestyle categories in April 2024, launching UV protection lines and viral AIRism updates. It also opened a flagship in Bangkok in May 2024 and relaunched its UT collaboration series in June 2024.
GU accelerated trend drops with fashion-forward content via GU LIVE Station in March 2024.
Theory remained focused on minimal essentials and city wear, mainly in the US and Japan, with refreshed seasonal campaigns in February 2024.
Financial Performance by Brand (2024): UNIQLO International generated more than 50 % of {Fast Retailing Co., Ltd.}}’s total revenue for the first time in 2024. China remained its top market overseas, while Southeast Asia and Europe recorded high double-digit growth. GU reported stable domestic growth. Precise brand-by-brand revenue wasn’t disclosed, but UNIQLO accounted for the majority of the ¥3.123,0 billion in total sales.
Retail Expansion: The company crossed 3.600 stores globally, with major openings in cities like London, Bangkok, Mumbai, and Paris. It plans further entries into Africa and Latin America. Experiential retail concepts like UNIQLO PARK and renovated Ginza locations in Japan deepened brand equity.
Ambassadors and Campaigns: In March 2024, UNIQLO leveraged its global ambassadorships with tennis star Roger Federer, fashion icon Inès de la Fressange, and artists like Billie Eilish for its UT T-shirt series. It also partnered with local influencers in Asia to deepen regional resonance.
Insight & Positioning: Fast Retailing Co., Ltd.’s trajectory reflects the successful export of Japanese retail philosophy to global audiences. With UNIQLO International now driving the majority of revenue, the group’s growth story increasingly hinges on global consumer trust, agile supply chain logistics, and brand universality.
Conclusion: Shaping the Future of Fast Fashion
From 2020 to 2024, H&M Group , Inditex and Fast Retailing have navigated a rapidly evolving industry — one shaped by consumer demand for value and transparency, macroeconomic shocks, digital acceleration, and sustainability imperatives.
Inditex SA emerges as the financial frontrunner, with consistently rising revenue and profitability powered by a dynamic, globalised brand portfolio. Its ability to combine fast fashion agility with premium positioning and localised presence has ensured steady outperformance.
Fast Retailing Co., Ltd. is closing in, fuelled by the global rise of UNIQLO and its ability to scale Japanese design principles across international markets. While still behind Inditex SA in total profit, it shows the strongest momentum in both brand desirability and regional diversification.
H&M Group , meanwhile, remains in a phase of strategic recalibration, balancing operational complexity, portfolio restructuring and transformation efforts. Despite its scale and reach, the group has yet to fully unlock consistent growth and margin recovery, though the shift to full-price sales and experiential formats signals a more resilient future.
As fast fashion converges with lifestyle, sustainability, and tech-led retail, the ability to remain agile — not just operationally but culturally — will define who leads. While Inditex SA has built a fortress of fashion agility, and {Fast Retailing Co., Ltd. exports thoughtful basics with growing emotional appeal, H&M Group 's next chapter depends on mastering focus without losing reach.
Ultimately, the story of these three companies encapsulates the broader evolution of the fast fashion industry — one where scale alone no longer suffices, and where brand coherence, digital sophistication, and consumer relevance are the currencies of long-term success.
Read the full H&M Group report here.
Inditex SA here, and
Fast Retailing Co., Ltd. here
Sources: Bain & Company, McKinsey & Co., Statista, H&M Group Annual Reports 2020–2024, Inditex SA Full Year Results 2020–2024, Fast Retailing Co., Ltd. Annual Reports 2020–2024, Financial Times, Vogue Business, FashionNetwork, CadenasER, Fashionating World
Note: All figures above are presented in euros (€) for comparability. Currency conversions are based on average 2025 exchange rates: 1 EUR ≈ 11.3 SEK, 1 EUR ≈ 158 JPY.
Cover Image: H&M A/W 2023, Zara 2023 Controversial Ad and Uniqlo Mame Kurogouchi FW 2023, courtesy H&M, CNN and GUAP websites.