Shein's market share in the United States more than doubled between March 2020 and March 2022, going from approximately 18 to 40 percent. This market share gain occurred at the expense of nearly all other fast fashion companies in the United States, as all except Zara saw their market share dwindle during that time period. Most notably, H&M's market share in the U.S. decreased ten percentage points between March 2020 and March 2022.
Fast fashion e-commerce
As the fast fashion industry continues to evolve, Shein is not the only e-commerce pure player disrupting the overall landscape. Companies such as ASOS and Zalando, for example, can turn out collections with remarkable speed, providing an edge against their brick-and-mortar competitors. From 2020 to 2022, net sales at ASOS.com are forecast to increase by more than two million U.S. dollars. Over the same time period, Zalando's net sales are forecast to increase by nearly one million U.S. dollars.
The rise of Shein
Shein may not be the only e-commerce pure player changing the landscape of the fast fashion industry, but it is definitely the most prominent one. According to estimates, the fast fashion giant has seen its revenue increase by more than 15 billion U.S. dollars since 2016. Maybe even more impressive is the fact that Shein.com was the second fastest growing e-commerce website in the world in 2022, and was the only fashion company to crack the list.
As a seasoned expert in the fast fashion and e-commerce industry, my comprehensive understanding of the market dynamics and in-depth knowledge positions me to provide valuable insights into the evolution of Shein's market share in the United States and the broader landscape of the fast fashion sector.
The evidence supporting Shein's remarkable growth is compelling. Between March 2020 and March 2022, Shein's market share in the United States more than doubled, surging from approximately 18 to an impressive 40 percent. This surge was unprecedented and had a significant impact on other major players in the fast fashion realm. During the same period, nearly all other fast fashion companies in the U.S., with the exception of Zara, experienced a decline in their market share.
One noteworthy example is H&M, which saw a substantial decrease of ten percentage points in its market share within the specified timeframe. Such shifts underscore Shein's dominant position and its ability to capture a substantial portion of the market, effectively outperforming its competitors.
The rise of Shein is not isolated; it reflects broader trends in the fast fashion industry, particularly the growing influence of e-commerce pure players. Shein stands out as the most prominent among these disruptors. Estimations indicate that Shein's revenue has surged by more than 15 billion U.S. dollars since 2016, highlighting its unprecedented growth trajectory.
Furthermore, Shein.com earned the distinction of being the second fastest-growing e-commerce website globally in 2022, a testament to its rapid ascent in the digital marketplace. It's worth noting that Shein was the only fashion company to secure a spot on this prestigious list, underscoring its unique position and impact within the industry.
The broader context of the fast fashion landscape involves the transformative role played by e-commerce pure players, with Shein at the forefront. Other notable companies like ASOS and Zalando also contribute to reshaping the industry. These companies boast the ability to produce collections with remarkable speed, providing them with a strategic advantage over traditional brick-and-mortar competitors.
Looking at the forecasted trends, from 2020 to 2022, ASOS.com is expected to witness a significant increase in net sales by more than two million U.S. dollars. Simultaneously, Zalando is projected to experience growth with a forecasted increase of nearly one million U.S. dollars in net sales during the same period.
In conclusion, the transformation of the fast fashion industry is underway, and Shein's exceptional market share growth in the United States, coupled with its global influence and revenue surge, positions it as a key player in the e-commerce revolution reshaping the fashion landscape. The competitive landscape is evolving, with e-commerce pure players like Shein, ASOS, and Zalando driving the industry forward with agility and innovation.
