Markets
The World’s Biggest Fashion Companies by Market Cap
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The World’s Biggest Fashion Companies by Market Cap
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Fashion is one of the largest industries globally, accounting for 2% of the global gross domestic product (GDP).
In this graphic, we use data from CompaniesMarketCap to showcase the world’s 12 largest publicly traded fashion companies, ranked by market capitalization as of Jan. 31, 2024.
LVMH Reigns Supreme
European countries dominate the list of the biggest fashion companies, with six in total. The U.S. boasts four companies, while Japan and Canada each have one.
LVMH Moët Hennessy Louis Vuitton (LVMH) is the industry’s biggest player by a wide margin. The company boasts an extensive portfolio of luxury brands spanning fashion, cosmetics, and liquor, including Marc Jacobs, Givenchy, Fendi, and Dior, the latter of which holds a 41% ownership stake in the global luxury goods company.
| Rank | Country | Name | Market Cap (USD) |
|---|---|---|---|
| 1 | 🇫🇷 France | LVMH | 421,600,000,000 |
| 2 | 🇺🇸 United States | Nike | 153,830,000,000 |
| 3 | 🇫🇷 France | Dior | 145,861,000,000 |
| 4 | 🇪🇸 Spain | Inditex | 134,042,000,000 |
| 5 | 🇺🇸 United States | TJX Companies | 108,167,000,000 |
| 6 | 🇯🇵 Japan | Fast Retailing | 81,489,917,976 |
| 7 | 🇺🇸 United States | Cintas | 61,285,867,520 |
| 8 | 🇨🇦 Canada | lululemon | 57,267,998,720 |
| 9 | 🇫🇷 France | Kering | 50,900,207,000 |
| 10 | 🇺🇸 United States | Ross Stores | 47,227,502,592 |
| 11 | 🇩🇪 Germany | Adidas | 32,535,078,209 |
| 12 | 🇸🇪 Sweden | H&M | 25,564,163,571 |
As a result of the success of the company, in 2024, LVMH chairman Bernard Arnault overtook Elon Musk as the richest person in the world.
In second place, Nike generated 68% of its revenue in 2023 from footwear. One of the company’s most popular brands, the Jordan Brand, generates around $5 billion in revenue per year.
The list also includes less-known names like Inditex, a corporate entity that owns Zara, as well as several other brands, and Fast Retailing, a Japanese holding company that owns Uniqlo, Theory, and Helmut Lang.
According to McKinsey & Company, the fashion industry is expected to experience modest growth of 2% to 4% in 2024, compared to 5% to 7% in 2023, attributed to subdued economic growth and weakened consumer confidence. The luxury segment is projected to contribute the largest share of economic profit.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
| Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
|---|---|---|
| EURO STOXX 50 | 14.9 | 2.2 |
| STOXX Europe 600 | 14.4 | 2 |
| U.S. | 25.9 | 4.7 |
| Canada | 16.1 | 1.8 |
| Japan | 15.4 | 1.6 |
| Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
| EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
|---|---|---|---|---|---|---|
| EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
| STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
| U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
| Canada | 1.00 | 0.22 | 0.40 | |||
| Japan | 1.00 | 0.88 | ||||
| Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
| Index | Description | Market Cap |
|---|---|---|
| STOXX Europe 600 | Pan-regional, broad market | €10.5T |
| STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
| STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
| STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
| EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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