Top 10 Apparel Companies by Market Cap

Walk through a mall in any major city and you’ll see the same names repeating like a global chorus: Zara, Uniqlo, TJ Maxx, Louis Vuitton, Ross, Nike. Behind those logos sit a small club of publicly listed giants that dominate the value investors assign to the apparel industry.

In 2025, the global apparel market was worth roughly $1.8–1.9 trillion, and is expected to edge above $2.3 trillion by 2030, growing at a low–to–mid single-digit pace. Yet the most valuable apparel companies capture an outsized share of the economic profits and investor attention. They sit at the nexus of fashion, logistics, technology, and finance.

This article looks at the 10 most valuable listed apparel companies in the world by market capitalization as of early 2026, using up-to-date market data and cross-checking against company filings and industry reports. We’ll look not just at who’s on top, but why investors are willing to pay so much for their shares – and what that says about the future of fashion.

How this ranking was built

To rank the giants, we:

• Used market capitalization (share price × shares outstanding) as the primary metric, drawing from real-time equity data aggregators like CompaniesMarketCap, cross-checked against financial databases.

• Cut the universe to “clothing & apparel” as defined by that dataset – which includes luxury conglomerates with heavy fashion exposure (LVMH, Kering), off-price retailers (TJX, Ross), athletic wear players (Nike), and workwear/uniform specialists (Cintas).

• Anchored fundamentals (revenue, growth, margins) in the latest annual reports, SEC filings and official investor communications for each group, supplemented with coverage from outlets like Reuters, Barron’s and the Wall Street Journal for context.

Market caps move daily. The figures below are approximate snapshots for early 2026, but the ordering at the very top is remarkably stable: a small set of European luxury houses and global fast-fashion/discount specialists.

Table 1 – Top 10 apparel companies by market cap (early 2026)

Approximate ranking by market capitalization within the “clothing” category.

Source: CompaniesMarketCap “Largest clothing companies by market cap”, early 2026 snapshot.

The list immediately shows three themes:

1. European luxury dominates the top of the pyramid (LVMH, Hermès, Dior, Kering).

2. Scale retailers monetise value and “treasure hunt” shopping (Inditex, TJX, Ross, Fast Retailing).

3. Specialists with strong B2B or performance niches still command big valuations (Nike, Cintas).

Let’s walk through each of these giants in turn.

1. LVMH – Luxury’s sprawling empire at the very top

At number one sits LVMH Moët Hennessy Louis Vuitton, a conglomerate of 75 brands that has become shorthand for European luxury itself. The group’s fashion and leather houses – marquee names like Louis Vuitton and Dior – dominate mindshare, but beauty (Sephora), jewelry (Tiffany & Co.) and spirits (Moët, Hennessy) all play major roles too.

Financially, LVMH is in a cooling but still enviable position:

• Revenue in 2024: €84.7 billion, followed by €80.8 billion in 2025, a 5% year-on-year decline as post-pandemic luxury demand normalised and China slowed.

• The core fashion & leather goods division saw a 5% sales decline in 2025, while watches & jewelry and selective retailing (especially Sephora) still grew in the low single digits.

On the stock market, investors have been recalibrating their expectations. In January 2026, disappointing margins and cautious guidance sent LVMH’s shares down about 7% in a single session, dragging other luxury names with it. Even so, its market cap still sits north of $300 billion, reflecting a belief that:

• Its brand portfolio is nearly impossible to replicate.

• The group can flex pricing power and manage scarcity better than almost any peer.

• Long-term demand for high-end leather goods and accessories will grow as emerging-market wealth deepens.

In other words, even when the luxury tide recedes, LVMH remains the reference point against which all others are measured.

2. Hermès – The purest expression of scarcity value

If LVMH is a sprawling luxury “index,” Hermès is a single, razor-focused bet on ultra-high-end craftsmanship. Famous for the Birkin and Kelly bags, silk scarves and equestrian heritage, Hermès has built a business where demand constantly outstrips supply.

That strategy shows up starkly in its numbers:

• 2024 revenue: €15.2 billion, up 15% at constant currency and 13% at current exchange rates – one of the fastest growth rates in big luxury.

• Recurring operating margin: over 40% of sales, roughly double many mass-market apparel retailers.

In early 2025, those results sent Hermès’ stock soaring, lifting its valuation above $300 billion for the first time, briefly putting it alongside or even ahead of LVMH on some market-cap screens. Although both have slipped amid a broader luxury correction, Hermès’ premium remains striking.

What investors are paying for is not just present profits, but a disciplined refusal to chase volume:

• Scarcity of iconic bags keeps waiting lists long and resale prices high.

• Retail distribution is tightly controlled; wholesale is minimal.

• Pricing power is formidable, with regular price increases and little discounting.

In a low-growth luxury environment, Hermès is the house that continues to grow while others slow down – which is precisely why the market cap is so rich.

3. Inditex – Zara’s fast-fashion engine, upgraded

Move down to third place and you’re suddenly in a different world: fast fashion. Inditex, parent of brands like Zara, Pull&Bear and Massimo Dutti, is the master of turning catwalk looks into affordable clothes within weeks.

Far from being a fading fast-fashion story, Inditex has been hitting all-time highs:

• 2024 sales reached €38.6 billion, up 7.5% year-on-year; at constant currency, growth was 10.5%, with both store and online channels contributing.

• The group operates in 214 markets, with a strategy of fewer but larger, technology-rich stores + strong e-commerce integration.

By late 2025, investor confidence had pushed Inditex’s market value above €174 billion, a record for the Spanish group and a clear signal that markets see it as more than just a low-cost apparel producer.

What’s changed?

• Store concepts have moved upmarket, with “apartment”-style Zara flagships designed to feel more like mini luxury spaces than budget chains.

• Supply-chain sophistication – long a strength – is now paired with data-driven inventory management and a deliberate reduction of markdowns.

• Sustainability messaging has sharpened, with investments in recycling and more durable basics, partly in response to criticism of fast fashion’s environmental footprint.

Inditex is the proof that speed + discipline can coexist – and that fast fashion, done at scale and with tight control, can command a very premium multiple.

4. TJX Companies – The “treasure hunt” king of off-price

Where Inditex offers curated fast fashion, TJX offers the opposite: a constant treasure hunt. Through banners like TJ Maxx, Marshalls, HomeGoods and TK Maxx, TJX has turned opportunistic purchasing of other brands’ excess stock into a globally scaled business model.

Key facts:

• Net sales for fiscal 2024: $54.2 billion, up 9% versus the prior year, with 5% comparable-store sales growth.

• Over 5,000 stores across nine countries, with aggressive plans to grow to around 7,000 locations over time.

Investors like TJX for a few reasons:

1. Structural “value” tailwind. As inflation and economic uncertainty make shoppers more price-sensitive, the appeal of branded goods at a discount increases.

2. Flexible buying model. TJX purchases closeouts, overruns and special make-ups, allowing it to be incredibly opportunistic when brands over-produce.

3. Resilience to e-commerce disruption. The in-store treasure-hunt experience has proven surprisingly difficult to replicate online at scale, giving TJX some insulation from pure-play digital rivals.

The result is an apparel-heavy retailer with a market cap that rivals or exceeds many luxury houses – and one that keeps marching into new markets even as traditional department stores shrink.

5. Fast Retailing – Uniqlo’s “LifeWear” spreads from Tokyo to the world

If Zara is about speed, Uniqlo is about consistency. Owned by Fast Retailing, the Japanese group has built a global franchise on “LifeWear” – durable, minimalist basics like Heattech thermals and ultralight down jackets.

Financially, the group is hitting new records:

• FY2024 revenue: ¥3.1038 trillion, up 12.2% year-on-year, with operating profit up over 31%.

• FY2025 revenue: ¥3.4005 trillion, with Uniqlo alone generating ¥2.94 trillion and operating 2,519 stores globally.

Uniqlo’s formula is different from Western fast fashion:

• The product line is deliberately narrow and long-running, with continuous iterations rather than rapid trend turnover.

• Fabric R&D (e.g., Heattech, AIRism) gives items a quasi-“tech” aura, justifying slightly higher prices than ultra-cheap competitors.

• Store formats emphasise neatness and inventory depth rather than novelty.

Fast Retailing’s market cap reflects the belief that this model travels well. The group has made major pushes into China and Southeast Asia, and is re-accelerating expansion in China and the U.S. even as some Western apparel players retrench.

Where many apparel retailers are cyclical, Fast Retailing presents as a consumer staples-like proposition: a global supplier of everyday clothing basics with strong brand recognition and a disciplined CEO-founder at the helm.

6. Christian Dior – The holding company with a hidden twist

The presence of Christian Dior in this top 10 list can be confusing at first glance. Operationally, most Dior-branded fashion and beauty activity sits inside LVMH. Christian Dior SE, the listed French company, functions primarily as the holding vehicle that controls LVMH, with relatively little standalone operating business.

The financials underline this:

• Key consolidated data for Christian Dior show revenue of €84.7 billion in 2024 and €80.8 billion in 2025, essentially mirroring LVMH because the holding company consolidates the group’s results.

So why does it have its own substantial market cap (around $108 billion) on top of LVMH’s?

• The Pinault vs. Arnault era of French luxury left a legacy of complex holding structures, family control vehicles and cross-shareholdings.

• For some investors, Dior shares act as a leveraged or slightly differently priced way to gain economic exposure to LVMH.

• Family and long-term shareholders use the structure to preserve control while maintaining listed liquidity.

From an apparel-industry standpoint, it’s fair to treat Dior’s appearance on the list as a reminder that financial engineering matters. Some of the biggest “apparel companies” by market value are really control vehicles sitting atop the brands we see in stores.

7. Nike – The sportswear icon in transition

Jordan Brand sneakers, swoosh hoodies, lifestyle collabs – Nike has long been the default uniform of global sports and streetwear. But being a mature giant in a changing market is not easy.

On paper, Nike’s scale is enormous:

• Fiscal 2024 revenue: $51.4 billion, up about 1% year-on-year.

• Market capitalization: around $92–93 billion as of early 2026, making it the most valuable pure-play athletic apparel company, but well below its >$200 billion peak earlier in the decade.

Beneath those headline figures, Nike is grappling with several challenges:

• A margin squeeze driven by tariffs, heavier discounting and a mis-timed push into direct-to-consumer at the expense of wholesale partners.

• Slower demand and elevated inventory levels, particularly in China and the U.S., leading to planned revenue declines in some quarters and cautious guidance.

• Cost-cutting measures including layoffs and distribution-center automation initiatives, intended to slim the organisation and modernise supply chains.

Yet investors still assign a premium multiple because:

• Nike’s brand remains one of the most valuable in global fashion, regularly ranking near the top of brand-value rankings.

• Its pipeline of performance and lifestyle products – from running shoes to women’s athleisure – keeps it central to cultural conversations.

• Strategic partnerships (e.g., with creators and athletes and even collaborations with brands like Skims) create optionality for future growth.

The Nike story in this ranking is one of transition: still a titan by scale and brand equity, but facing intense competition, a shift in consumer tastes, and the need to reinvent both product and channel strategy.

8. Cintas – Workwear and uniforms as a quietly massive apparel business

The surprise entry in many people’s minds is Cintas, a U.S. company best known not for runway fashion, but for uniform rental and corporate apparel programs. If you’ve ever seen a mechanic’s coveralls, a quick-service restaurant uniform or a hotel housekeeping outfit, there’s a decent chance Cintas provided it.

Its model is different from most apparel brands:

• Cintas designs and supplies work uniforms, then runs a rental and laundering service, picking up, cleaning and returning garments on a fixed schedule.

• This creates recurring revenue and deep integration into clients’ operations – more like a B2B service contract than sporadic fashion purchases.

Financially, that service-heavy model is rewarding:

• Fiscal 2024 revenue: $9.60 billion, up 8.9% year-on-year, with operating margins above 20%.

Investors love that:

• Demand tends to be less cyclical than discretionary fashion; companies always need uniforms and safety apparel.

• Contracts are sticky; switching providers is a hassle, creating high customer lifetime value.

• Cintas has used acquisitions and cross-selling (first-aid kits, facility services, fire protection) to widen its revenue base.

So while it doesn’t define fashion trends, Cintas dominates a utilitarian but essential segment of the apparel economy – and the market reflects that with a mid-$70 billion valuation.

9. Ross Stores – Off-price scale, U.S. style

Ross Stores operates under the Ross Dress for Less and dd’s DISCOUNTS banners, focusing heavily on U.S. suburban and Sun Belt locations. The model is similar to TJX’s: buy branded merchandise at a discount, then offer it in no-frills stores at prices that feel like a permanent sale.

Key numbers:

• Fiscal 2024 sales: $21.1 billion, up from $20.4 billion in 2023, with net earnings of $2.1 billion.

• Store base: more than 2,270 locations across 44 states, D.C., Puerto Rico and Guam as of late 2025.

Ross is particularly sensitive to U.S. lower- and middle-income consumers. When that cohort feels squeezed by rent, groceries and fuel, they trade down from department stores and specialty retailers to off-price chains, boosting Ross’s traffic.

Investors see Ross as:

• A leveraged play on U.S. consumer value-seeking, with significant whitespace still left in underpenetrated geographies.

• A disciplined operator that keeps costs low and inventory turns high.

• A potential mid-term consolidation winner as weaker regional discounters struggle to compete.

In the global ranking, Ross’s $60-plus billion market cap underscores how discount apparel can create as much shareholder value as premium fashion, provided the model scales.

10. Kering – A luxury heavyweight in reset mode

Kering, parent of brands like Gucci, Yves Saint Laurent and Bottega Veneta, sits at the intersection of high fashion and financial restructuring. Once seen as a true peer to LVMH, Kering has seen both revenue and market cap slide as its flagship brand, Gucci, lost momentum.

The recent numbers tell the story:

• 2024 group revenue: €17.2 billion, down 12% year-on-year.

• Gucci’s revenue fell 23% in 2024 to €7.7 billion. Yves Saint Laurent dropped 9%, while Bottega Veneta managed a modest 4% gain.

The market has punished this deterioration. While Kering remains a major global luxury player with some of fashion’s most potent brands, its market cap of roughly $38 billion now looks modest compared to Hermès or LVMH.

However, investors are watching for a turnaround story:

• New creative directions and a recalibration of Gucci’s assortment aim to correct an over-reliance on logo-heavy, now-dated aesthetics.

• Kering has been pruning its portfolio (e.g., selling its remaining Puma stake through the Pinault family investment vehicle) to focus on core luxury houses.

• Investment in eyewear and beauty opens additional growth avenues beyond apparel.

Kering’s place on this list highlights that even top-tier luxury is not immune to fashion cycles – and that resetting a mega-brand is a multi-year process.

Table 2 – How big are these giants on the ground? (Latest full-year revenue)

Market cap tells you what investors think; revenue tells you the actual size of the business. Here is how the top 10 stack up on their latest reported full-year revenues (most for 2024 or 2025):

This table underlines how market cap and revenue can diverge:

• Hermès, with €15.2B in revenue, is worth more than groups generating several times its sales.

• TJX and Nike have similar top-line scale, but Nike’s valuation is lower than in past years due to margin and growth concerns.

• Cintas has modest absolute revenue, but its service-heavy model and steady growth justify a high valuation per dollar of sales.

What these rankings reveal about the apparel landscape

1. Luxury’s premium – but with fault lines

The upper half of the ranking is dominated by European luxury houses. This aligns with broader research: Bain & Company has forecast flat luxury goods sales in 2024 after years of explosive post-pandemic growth, with concerns about “luxury shaming,” high prices and creative fatigue.

Within that challenging environment:

• Hermès continues to outperform dramatically, extending its lead through focus and scarcity.

• LVMH’s sheer diversification gives it resilience, but recent results show even it is not immune to macro headwinds.

• Kering’s struggles highlight the risk of over-reliance on a single mega-brand’s fashion cycle.

The premium valuations of LVMH and Hermès effectively embed a bet that global wealth inequality and aspirational demand will keep luxury’s economic profit pool concentrated at the very top.

2. Value, off-price and fast fashion are the counterweight

On the other side of the barbell are companies like Inditex, TJX and Ross:

• Inditex shows that fast fashion can be profitable, data-driven and increasingly premiumised, moving closer to “affordable luxury” in store experience even while prices remain accessible.

• TJX and Ross have built gigantic businesses on the back of consumer frugality and the thrill of finding a deal, benefiting in times of economic stress.

Together, these players illustrate a broader macro pattern the apparel industry has wrestled with for years: growth is strongest at the very top and the very bottom of the price spectrum, while mid-priced, undifferentiated brands get squeezed.

3. Asia’s rise and the globalization of basics

Fast Retailing’s position in the top five underscores the growing centrality of Asia in apparel:

• Uniqlo’s store network and revenue base are now heavily skewed toward East Asia, and the company is increasingly seen as a global staple provider rather than a Japan-only story.

• Chinese and other Asian consumers are central not just to Uniqlo, but also to luxury houses’ growth – even as those markets experience volatility in 2024–26.

Meanwhile, Cintas demonstrates that “apparel” isn’t just about shoppers in malls. Workwear, safety and uniforms are becoming more sophisticated as employers pay more attention to employee experience, branding and regulatory compliance – areas where a global player can carve out a durable niche.

4. The quiet but powerful secondhand and circular trend

This ranking only includes listed primary-market companies, but a parallel story is unfolding in secondhand apparel:

• The global resale and secondhand clothing market is on track to reach roughly $350 billion by 2028 and could account for 10% of global fashion sales by 2025.

Luxury players like LVMH and Kering have experimented with repair and resale initiatives; fast fashion companies are piloting take-back schemes; and off-price retailers are effectively part of a broader “circular” ecosystem by monetising overproduction.

While these trends don’t yet fully show up in market caps, they are increasingly important to how the giants manage brand equity, regulation, and younger consumers’ expectations.

What’s not captured in this top-10 list

A few important caveats help complete the picture:

1. Private and unlisted giants are missing. Companies like Shein (ultra-fast fashion), C&A, or large private franchise groups do not appear in market-cap rankings but have massive apparel volumes.

2. Some well-known names sit just outside the top 10. H&M, Adidas, Lululemon, Moncler, and others are significant players but fall below the very elite tier in current market value.

3. Category definitions are fuzzy. LVMH and Kering derive substantial revenue from beauty, watches and jewelry; TJX and Ross sell home goods as well as apparel; Cintas is as much a facility services company as a clothing provider.

Still, the ranking captures the centre of gravity of global apparel value creation in the public markets.

Where the fashion money is flowing

Looking across these ten giants, a few broad conclusions emerge:

• Brand power and scarcity still command the highest valuations. Hermès is the purest example, but LVMH and even Gucci within Kering show how investor sentiment swings with perceived brand heat.

• Operational excellence and scale in value segments are equally powerful – just less glamorous. Inditex’s supply-chain sophistication, TJX’s buying engine, and Ross’s ruthless cost focus create enormous shareholder value even as they sell relatively low-priced goods.

• Geography matters. European groups dominate the luxury end; U.S. players anchor the off-price and uniform businesses; Asian groups like Fast Retailing are becoming global powerhouses in basics.

• The next battlefields are digital, data and sustainability. From secondhand marketplaces to AI-driven merchandising and stricter environmental regulation, the giants that adapt fastest will likely consolidate their dominance.

For now, though, if you want to understand who really “owns” the global apparel market in financial terms, you can start with these ten tickers. Whether you’re holding a Birkin, rifling through a TJ Maxx rack, or pulling on a Uniqlo down jacket, chances are you’re contributing – in some small way – to the revenues behind this ranking.