The insight: Nike, H&M, and Louis Vuitton will see their share of the global apparel market fall this year, according to a report by GlobalData. Meanwhile, adidas, Shein, Uniqlo, and Skechers will be the biggest winners as shifting trends and tariffs reshape the apparel industry.

The backdrop: The three brands facing share loss have been challenged in the past few years.

Nike and H&M are struggling to lure customers due to a lackluster product assortment and tougher competition.

• Nike is losing ground in both the performance and lifestyle spaces to competitors old and new. Upstarts like Hoka and On are gaining share in the high-end running space, while adidas’ Samba sneakers have become a fashion hit. Adidas is in fact expected to be one of the big winners this year, with its global apparel share growing by 0.1 percentage point, while Nike’s share will decline by 0.3 percentage points to 2.9%.
• H&M, meanwhile, is falling behind its fast-fashion competitors. Its slower production cycle impedes its ability to respond quickly to apparel trends, while its reliance on Asian manufacturing leaves it exposed to US tariffs. Tariffs are also a problem for Shein and Uniqlo—but one that is partially blunted by their ability to deliver products that people want to buy.
• Louis Vuitton’s biggest problem is the difficult luxury market, which is facing myriad headwinds ranging from China’s economic malaise to geopolitical uncertainty to softening demand from US consumers.

The takeaway: This year’s apparel winners share two key traits: agility in responding to consumer trends and the ability to offer products that are either affordable or that shoppers deem to be worth the expense. These factors are emerging as critical competitive advantages, especially amid economic and tariff pressures.

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