European countries dominate the global fashion landscape, boasting six of the biggest fashion companies. As per a new report by McKinsey & Co, the United States follows closely with four, while Japan and Canada each claim one.

At the forefront stands LVMH Moët Hennessy Louis Vuitton (LVMH), a colossal entity towering over its competitors with a market capitalisation of $421.6 billion. LVMH's extensive portfolio encompasses illustrious luxury brands such as Marc Jacobs, Givenchy, Fendi, and Dior, the latter of which holds a significant 41 per cent ownership stake in the conglomerate.

In a notable turn of events in 2024, Bernard Arnault, Chairman, LVMH ascended to the title of the world's wealthiest individual, surpassing Elon Musk.

Following LVMH is the American giant Nike. Notably, 68 per cent of Nike's revenue in 2023 stemmed from footwear, with the iconic Jordan Brand raking in approximately $5 billion annually.

Other noteworthy names in the list include Inditex, the Spanish powerhouse behind Zara and several other brands, and Fast Retailing, the Japanese holding company presiding over Uniqlo, Theory, and Helmut Lang.

McKinsey & Company forecasts a modest dip in the growth trajectory of the fashion industry from the previous year’s 5 per cent to 7 per cent to this year’s 2 per cent to 4 per cent. The report attributes this to subdued economic conditions and weakened consumer confidence, though the luxury segment is poised to remain a significant contributor to economic profit.