Fast Fashion Industry Winners and Strugglers

Fast Fashion Industry Winners and Strugglers

There is no doubt that clothing remains a big business; Americans spend more than $250 billion on apparel each year. Mar 2014 – Mar 2017 saw exponential growth to fast fashion websites with a 67% increase in visits. However, the last year (Mar 2016 to Mar 2017) revealed a 9.47% decline as fast fashion brands struggle to maintain production at increasingly low prices. Which fast fashion brands have pulled ahead of the market, while others fall behind?

Fast Fashion Strugglers

Many retailers, including the once all-powerful Forever 21, have steadily lost market share in the fast fashion industry:

 

Source: Hitwise

 

In early 2015 Forever 21 ranked #1 in the fast fashion industry and pulled almost one third of the entire market, while driving Old Navy’s visit share down to only 16%. As significant as this market shift was, no fast fashion brand has collapsed as rapidly as Nasty Gal, who underwent bankruptcy and had to be acquired for a financial lifeline.

 

Source: Hitwise

 

Fast Fashion Winners

The fast fashion industry may be struggling, but it isn’t all doom and gloom. There are several brands that have managed to grow consistently in recent years:

 

Source: Hitwise

 

H&M has experienced steady online market share growth since 2014, although perhaps not quickly enough to compete with rapid risers like Torrid, ASOS and Zara in the long term. The most meteoric rise by far as been UNIQLO, a Japanese brand who first appeared in New York City in 2006 and expanded aggressively across the country over the following decade.

Many retailers, including the once all-powerful Forever 21, have steadily lost market share in the fast fashion industry:

 

Source: Hitwise

 

There are many more aspects to consider as the Fast Fashion Industry progresses. In the Full Report we also delve into the competition between Forever 21 and H&M as they fight for millennial market share; and the consumer concerns around the impact of the apparel industry on the environment, and factory workers.

Download the Full Report Here

Methodology: Data collected using Hitwise Intelligence AudienceView Tool, measuring visit share and traffic for top 12 fast fashion brands in the US from 3/14/2014 – 3/17/2017