Photo: Graham Denholm/ Getty
The global retailers Australia has so graciously welcomed in recent times are set for even bigger things in 2015. The stats are in, and international players including Zara, Topshop, H&M, Uniqlo and Forever 21 are expected to continue their growth this year — or as we like to coin it, their domination.
IBISWorld reports that Australia’s fast fashion revenue for 2014 was $1219.4 million, but is expected to grow by 10.4% in 2015 as Uniqlo, H&M and Forever 21 enter their first full calendar year down under. According to IBISWorld’s senior industry analyst, David Whytcross, the blazing success of openings like these “generate significant growth for the overall fast fashion industry” which brings the projected fast fashion revenue for 2015 to $1346.5 million.
Zara’s accomplishments are also something to go by, with the Spanish retailer doing extremely well since it landed on our shores back in 2011. “Zara posted exponential revenue growth with extremely high retail profit margins over its first three years of operation in Australia, and IBISWorld expects this growth to continue in 2015,” said Whytcross.
If Zara is still growing four years after its opening, we can only expect these global retail giants will continue to be huge and threatening players until at least 2020, potentially dwarfing Aussie retailers. In terms of fast fashion, though, we can’t really be too annoyed, when our market was previously dominated by Australian mainstay Cotton On. Not only are these global brands adding a little option to our seemingly small landscape, but they’re also boosting the revenue in our fast fashion industry in general.