Uniqlo's Western profit grew faster than its sales: Europe business profit +69% on +38.7% revenue, North America +53% on +34.6%.
Back to the trend of the day: Uniqlo's North American and European shops together sell more than in China
Poly Rating · from the trend of the day
Biggest Clothing Retailers in the World Winning Abroad 2026
For the first time, Uniqlo's shops in North America and Europe together sold ¥877.6bn, more than the ¥724bn it took in Greater China, where sales still grew 11.3%.
- No. 1: Uniqlo (Fast Retailing)
- 10 places
01Final list
The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.
Order: from most to least AI agreement.
A bright badge means this AI put the entry on its list. A dim badge means it did not.
- 1
Uniqlo (Fast Retailing)
North America plus Europe (¥877.6bn) passed Greater China (¥724bn) for the first time; operating profit +31.7%. Share earned abroad is 61–73%, depending on what counts as home.
Included it: Claude, ChatGPT, Grok, Gemini, StepFun, DeepSeek. Did not include: Meta, Wenxin.In their lists: Claude: 1 · ChatGPT: 1 · Grok: 1 · Gemini: 1 · StepFun: 1 · DeepSeek: 1
What each AI noted 6
- Claudeplace 1
North America plus Europe (¥877.6bn) overtook Greater China (¥724bn) for the first time, and by my calculation supplied about 42% of the group's revenue growth against about 13% from China.
Source ↗ - ChatGPTplace 1
North America and Europe together passed Greater China: ¥877.6bn versus ¥724bn.
Source ↗ - Grokplace 1
North America + Europe combined revenue of ¥877.5bn first exceeded Greater China ¥724bn in FY2026
Source ↗ - Geminiplace 1
Western shops hauled in ¥877.6 billion to beat Greater China (¥724 billion) for the first time in company history, powering a record ¥743 billion operating profit.
Source ↗ - StepFunplace 1
For the first time, 877.6bn yen of sales in North America and Europe beat the 724bn yen Uniqlo took in Greater China.
Source ↗ - DeepSeekplace 1
For the first time, Uniqlo’s North America and Europe shops together outsold Greater China — ¥877.6bn versus ¥724.0bn.
Source ↗
6 AIs put it here - 2
Zara (Inditex)
84% of sales are made outside Spain and EBIT rose 5.9%, but group sales grew only 3.2% (7% at constant currency) and Asia's share fell.
Included it: Claude, ChatGPT, Grok, Gemini, StepFun, DeepSeek. Did not include: Meta, Wenxin.In their lists: Claude: 4 · ChatGPT: 2 · Grok: 2 · Gemini: 2 · StepFun: 2 · DeepSeek: 2
What each AI noted 6
- Claudeplace 4
84% of sales are made outside Spain, yet Europe is still growing while the Americas and Asia lost share.
Source ↗ - ChatGPTplace 2
A €39.9bn group still added sales while operating 5,460 stores across its concepts.
Source ↗ - Grokplace 2
~84% of sales outside Spain; Europe ex-Spain alone is 51.3% of group
Source ↗ - Geminiplace 2
Domestic Spain represents barely 14.8% of turnover, leaving over €33.9 billion to be conquered abroad across 5,500 flagship locations.
Source ↗ - StepFunplace 2
84% of sales come from outside Spain, and Europe ex-Spain grew from 50.6% to 51.3% of the group in one year.
Source ↗ - DeepSeekplace 2
84% of sales come from outside Spain, but Asia’s share has fallen to its lowest since 2010 and China is down to 140 stores.
Source ↗
6 AIs put it here - 3
H&M
About 91% of sales are outside the home Nordics, yet sales fell in every region in krona; operating profit rose 6% through cost control, not growth abroad.
Included it: Claude, ChatGPT, Grok, Gemini, StepFun, DeepSeek. Did not include: Meta, Wenxin.In their lists: Claude: 7 · ChatGPT: see list · Grok: see list · Gemini: see list · StepFun: 4 · DeepSeek: 8
What each AI noted 6
- Claudeplace 7
Operating profit rose 6% on 2% sales growth, while the store count fell to 4,023.
Source ↗ - ChatGPT
Named differently in its own list: open the full list.
see list - Grok
Named differently in its own list: open the full list.
see list - Gemini
Named differently in its own list: open the full list.
see list - StepFunplace 4
The Nordics are just 9% of sales (SEK 20.1bn of 228.3bn), yet Asia, Oceania and Africa shrank 7% in krona.
Source ↗ - DeepSeekplace 8
Sales fell in Asia/Oceania, the Americas, and Europe/Africa, but operating profit rose 6.3% — the win was cost control, not abroad.
Source ↗
6 AIs put it here - 4
Primark
US sales are growing fast, 11% to 24% depending on the period quoted, while group sales rose only about 1% and profit about 2%.
Included it: Claude, Grok, Gemini, StepFun, DeepSeek. Did not include: ChatGPT, Meta, Wenxin.In their lists: Claude: 6 · Grok: 4 · Gemini: 8 · StepFun: 8 · DeepSeek: 9
What each AI noted 5
- Claudeplace 6
US sales grew about 21–24% in the second half of the year, yet group like-for-like sales fell about 2%.
Source ↗ - Grokplace 4
US sales +20% in 2025 on store expansion; 500th store opened in Italy 2026
Source ↗ - Geminiplace 8
The British discount fashion giant now derives 56% of sales outside the UK, with aggressive expansion into the US East Coast and southern Europe.
Source ↗ - StepFunplace 8
463 stores and about $13bn of revenue, but Primark sales fell 1% in FY2026 — the UK home market is now the drag.
Source ↗ - DeepSeekplace 9
US sales rose 11% and Primark reached 47 US stores, while continental Europe fell 4.3% — expansion abroad is Atlantic, not global.
Source ↗
5 AIs put it here - 5
Adidas
Operating profit +54% on record €24.8bn sales; Greater China +13%, North America and Europe +10% each at constant currency. Mostly a wholesale brand, not a store chain.
Included it: Claude, ChatGPT, Grok, StepFun, DeepSeek. Did not include: Meta, Gemini, Wenxin.In their lists: Claude: 9 · ChatGPT: 3 · Grok: 5 · StepFun: 3 · DeepSeek: 4
What each AI noted 5
- Claudeplace 9
A record €24.8bn, up 10%, with the Adidas brand up 13% at constant currency, even after dropping Yeezy.
Source ↗ - ChatGPTplace 3
Sales hit a record €24.8bn, while operating profit rose 54%.
Source ↗ - Grokplace 5
Brand value +2% to $18.9bn while many luxury peers declined
Source ↗ - StepFunplace 3
Germany is a rounding error in its own accounts: record 24.8bn euros of sales in 2025 with operating profit up 54%.
Source ↗ - DeepSeekplace 4
Greater China grew 13%, North America 10%, and Europe 10% — a rare clean sweep across both West and China.
Source ↗
5 AIs put it here - 6
Lululemon
International sales +22% while the home Americas shrank 1% in FY2025, but operating income fell 12% and FY2026 guidance was cut.
Included it: Claude, ChatGPT, Gemini, StepFun, DeepSeek. Did not include: Meta, Grok, Wenxin.In their lists: Claude: 5 · ChatGPT: 6 · Gemini: 5 · StepFun: 6 · DeepSeek: 7
What each AI noted 5
- Claudeplace 5
International sales grew 22% while the Americas shrank 1%, but operating income fell 12%.
Source ↗ - ChatGPTplace 6
Its international business grew at double digits in FY2025, against a much larger North American base.
Source ↗ - Geminiplace 5
While North American growth settled into single digits, mainland China revenue surged over 40% year-on-year across 130 retail boutiques.
Source ↗ - StepFunplace 6
China Mainland grew 30% in one quarter while the Americas fell 8% in the next — one chain, two different planets.
- DeepSeekplace 7
China grew 29% to $1.755bn, but group operating profit fell 12% — international growth has not yet offset North American pressure.
Source ↗
5 AIs put it here - 7
Mango
About 78% of sales come from outside Spain, and sales rose 13% (16% at constant currency) to €3.8bn across 2,900+ points of sale.
Included it: Claude, Gemini, StepFun, DeepSeek. Did not include: ChatGPT, Meta, Grok, Wenxin.In their lists: Claude: 2 · Gemini: 6 · StepFun: 7 · DeepSeek: 10
What each AI noted 4
- Claudeplace 2
About 78% of sales come from outside Spain, and the company opened over 260 stores in a year while sales grew 13%.
Source ↗ - Geminiplace 6
Over 78% of the Barcelona fashion label's €3.1 billion turnover is earned beyond Spain, accelerated by 150 planned US retail flagships.
Source ↗ - StepFunplace 7
Turnover up 7.2% — and 10.7% at constant currency — in the first half of 2026, with no home-market rescue.
Source ↗ - DeepSeekplace 10
78% of revenue comes from outside Spain and sales rose 13%, but Mango has no China stores — its “abroad” is Europe and the US.
Source ↗
4 AIs put it here - 8
Ralph Lauren
Asia +23% and Europe +17%, against +9% in home North America; about 59% of $8.1bn now comes from abroad (calculated from reported regions).
Included it: Claude, DeepSeek. Did not include: ChatGPT, Meta, Grok, Gemini, StepFun, Wenxin.In their lists: Claude: 3 · DeepSeek: 5
What each AI noted 2
- Claudeplace 3
Asia grew 23% and Europe 17%, against 9% in its home North America, so roughly 57% of its $8.1bn now comes from outside North America (my calculation).
Source ↗ - DeepSeekplace 5
China accelerated above 50% in Q4, but North America still earns 41% of revenue — the chain is winning abroad without abandoning home.
Source ↗
2 AIs put it here - 9
Levi's (Levi Strauss & Co.)
The home US market is the laggard: US −1% in Q3 2026 while Asia grew 10–12%; Europe +10% organic in FY2025; about 44% sold outside the Americas.
Included it: StepFun, DeepSeek. Did not include: Claude, ChatGPT, Meta, Grok, Gemini, Wenxin.In their lists: StepFun: 5 · DeepSeek: 6
What each AI noted 2
- StepFunplace 5
The rare big American chain where the home market is the laggard: US revenue fell 1% while Asia grew 10-12%.
Source ↗ - DeepSeekplace 6
Europe grew 10% organically and Asia 4%, while the Americas fell 4% reported — international is doing the heavy lifting.
2 AIs put it here - 10
Aritzia
US revenue +38% against +24% in home Canada in fiscal 2026; Canada is now only 32.9% of sales. Only one source gives this.
Included it: StepFun. Did not include: Claude, ChatGPT, Meta, Grok, Gemini, DeepSeek, Wenxin.In their lists: StepFun: 9
What each AI noted 1
- StepFunplace 9
US revenue up 38% against Canada's 24% — the fastest big-chain shift of sales out of the home market.
Source ↗
1 AIs put it here
02Worth knowing
What the AIs noticed while building the list.
The widely shared claim that Uniqlo's China sales fell 4% comes from an earlier year. In FY2026, Greater China revenue grew 11.3% even as Uniqlo net-closed 51 mainland stores.
Inditex is getting more European. Spain plus the rest of Europe is 67.2% of sales, and Asia's share is its lowest since 2010.
The world's biggest fashion retailer had only 103 stores in the United States at the end of FY2025.
Shein earns almost everything abroad but is not winning there now. Europe fell 13.9% and the US 6% in Q2 2026, and the US share of sales dropped from 29.4% (2023) to 24.1% (2025).
03Questions people ask
What is the fastest growing market?
In Fast Retailing's FY2026 results, Europe (+38.7%) and North America (+34.6%) grew fastest, against +11.3% in Greater China.
Source ↗What is the biggest clothing retailer in the world?
Inditex (Zara), with €39.9bn of FY2025 sales and 5,460 stores. Shein reports $41.85bn, but it sells online like a marketplace, so most rankings treat it separately.
Source ↗What is the biggest fashion retailer in the world?
Inditex, ahead of Fast Retailing (¥3.96tn) and H&M (SEK 228bn). Sources differ on second place: Modaes says Fast Retailing has passed H&M, while others say it is closing in.
Source ↗What is the biggest clothing store in the world?
There is no verified ranking. Uniqlo's Shanghai flagship and H&M's Kuwait store are each described as about 8,000 m², and Zara's A Coruña store is also cited. These reports are undated and conflict.
Source ↗04How we counted
In plain words, no formulas.
1The question
Top 10 Clothing Chains Winning Abroad, Not Just at Home
2Why this topic
Revenue tables show who is biggest; this one shows where each chain's money comes from and which chains depend on China, which on the West, and which are balanced.
3Where it applies
global apparel retail
4What we looked at
- Share of sales earned outside the home market, from each company's regional filings
- Year-over-year sales growth in Greater China and in North America plus Europe combined
- Operating-profit growth in the latest fiscal year
- Store count by region, shown beside growth so it can be read in context
- Fast Retailing FY2026 results summary (year to 31 Aug 2026) — Revenue and business profit for Uniqlo Japan, Greater China, North America and Europe, plus store counts
- Inditex FY2025 results (year to 31 Jan 2026) — Net sales by Spain, rest of Europe, Americas and Asia & rest of world; EBIT; store count
- H&M Group full-year report 2025 — Net sales and stores by region, operating profit and margin
- Company filings: Ralph Lauren, Mango, Adidas, Levi's, Lululemon, Primark, Aritzia — Each company's own regional sales, growth and operating profit. Each groups its regions differently.
5Who ranked
The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Meta, Grok, Gemini, StepFun, DeepSeek, Wenxin.
6How the places were set
The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.
05Each AI's own list
🇺🇸 Claude10 places · 4 notes
The same question, answered by Claude alone. The final list above combines all the AIs.
- 1Uniqlo (Fast Retailing), FY2026
North America plus Europe (¥877.6bn) overtook Greater China (¥724bn) for the first time, and by my calculation supplied about 42% of the group's revenue growth against about 13% from China.
Source ↗ - 2Mango, 2025
About 78% of sales come from outside Spain, and the company opened over 260 stores in a year while sales grew 13%.
Source ↗ - 3Ralph Lauren, fiscal 2026
Asia grew 23% and Europe 17%, against 9% in its home North America, so roughly 57% of its $8.1bn now comes from outside North America (my calculation).
Source ↗ - 4Zara (Inditex), 2025
84% of sales are made outside Spain, yet Europe is still growing while the Americas and Asia lost share.
Source ↗ - 5Lululemon, fiscal 2025
International sales grew 22% while the Americas shrank 1%, but operating income fell 12%.
Source ↗ - 6Primark (ABF), FY2025
US sales grew about 21–24% in the second half of the year, yet group like-for-like sales fell about 2%.
Source ↗ - 7H&M, 2025
Operating profit rose 6% on 2% sales growth, while the store count fell to 4,023.
Source ↗ - 8Shein, 2025
The US share of Shein's sales fell from 29.4% in 2023 to 24.1% in 2025 while Europe rose to 35.4%.
Source ↗ - 9Adidas, 2025
A record €24.8bn, up 10%, with the Adidas brand up 13% at constant currency, even after dropping Yeezy.
Source ↗ - 10Nike, fiscal 2026
The largest brand on the list is the one losing ground abroad, with Greater China sales down 11%.
Source ↗
What Claude noticed
Western growth did most of Uniqlo's work. Using Fast Retailing's reported growth rates, North America added about ¥94bn and Europe about ¥143bn of extra revenue this year, against about ¥74bn from Greater China (my calculation). The China figure still grew 11.3% in yen, and profit there rose 24.6%.
Profit grew faster than sales in the West: Uniqlo's Europe profit rose 69% on 38.7% revenue growth.
Inditex's most reliable growth is in Europe, not in its far-flung markets. Spain and the rest of Europe together are 67.2% of sales, and the Americas and Asia both lost share in FY2025.
Uniqlo is closing the gap with H&M. Modaes' 2026 ranking puts Inditex first, H&M second, Fast Retailing third, and says the Japanese group is closing on H&M. One July 2026 piece gave 2025 figures of US$45.3bn, $23.7bn and $22.1bn.
🇺🇸 ChatGPT10 places · 4 notes
The same question, answered by ChatGPT alone. The final list above combines all the AIs.
- 1Uniqlo (Fast Retailing, Japan)
North America and Europe together passed Greater China: ¥877.6bn versus ¥724bn.
Source ↗ - 2Zara / Inditex (Spain)
A €39.9bn group still added sales while operating 5,460 stores across its concepts.
Source ↗ - 3adidas (Germany)
Sales hit a record €24.8bn, while operating profit rose 54%.
Source ↗ - 4H&M Group (Sweden)
Its global footprint is large, but comparisons with peers are blurred by its fiscal year and regional grouping.
Source ↗ - 5Nike (United States)
57% of FY2025 revenue came from outside the US, though wholesale makes it unlike a pure store-chain comparison.
Source ↗ - 6lululemon (Canada)
Its international business grew at double digits in FY2025, against a much larger North American base.
Source ↗ - 7JD Sports Fashion (United Kingdom)
More than a third of sales come from North America, but first-half North American like-for-like sales fell 6.8%.
Source ↗ - 8Gap Inc. (United States)
A global brand portfolio, but its four named concepts are reported in company-defined segments, not a clean China/West split.
Source ↗ - 9Abercrombie & Fitch (United States)
Hollister grew 15% in 2025 while the Abercrombie brand declined 1%: one parent, two different trajectories.
Source ↗ - 10Puma (Germany)
Its international footprint is extensive, but recent performance trails the faster-growing leaders in this comparison.
Source ↗
What ChatGPT noticed
Uniqlo’s West now exceeds China by ¥153.6bn in annual sales, while both regions posted growth above 34%.
Inditex’s reported sales grew 3.2%, but the company gives constant-currency growth of 7%—a meaningful difference when comparing global expansion.
Inditex’s Asia-and-rest-of-world segment is not a China-only figure: it combines Asia with other markets, complicating direct comparison with Uniqlo’s Greater China segment.
A fast-growing foreign market can coexist with falling profits: JD Sports’ North American comparable sales fell 6.8% in the half-year update.
🇺🇸 Grok10 places · 4 notes
The same question, answered by Grok alone. The final list above combines all the AIs.
- 1Uniqlo (Fast Retailing)
North America + Europe combined revenue of ¥877.5bn first exceeded Greater China ¥724bn in FY2026
Source ↗ - 2Zara / Inditex
~84% of sales outside Spain; Europe ex-Spain alone is 51.3% of group
Source ↗ - 3H&M Group
North & South America ~21% of sales; home Nordics only ~9%
Source ↗ - 4Primark
US sales +20% in 2025 on store expansion; 500th store opened in Italy 2026
Source ↗ - 5Adidas
Brand value +2% to $18.9bn while many luxury peers declined
Source ↗ - 6Nike
Still #3 most valuable apparel brand at $27.3bn despite -7% brand value
Source ↗ - 7Anta
Chinese sportswear brand value $3.5bn, up 3%, rank 26 globally
Source ↗ - 8Bosideng
Fastest-growing apparel brand in Brand Finance 2026 (+21% to $2.5bn)
Source ↗ - 9Lululemon
Entered top apparel brand values; Canadian athleisure with strong Western demand
Source ↗ - 10Gap Inc.
US-focused but with international presence; among larger apparel retailers by revenue
Source ↗
What Grok noticed
Uniqlo’s North America + Europe first exceeded Greater China in sales in FY2026, marking a structural shift away from China dependence.
Fast Retailing is on track to overtake H&M as the world’s No. 2 apparel retailer by sales after record ¥3.96tn revenue.
Inditex generates only 15.9% of sales in its home market of Spain, with Europe ex-Spain at 51.3%.
Chinese apparel brands (5 in top 50) raised combined brand value 27% to $15.2bn while global top 50 fell 4%.
🇺🇸 Gemini10 places · 3 notes
The same question, answered by Gemini alone. The final list above combines all the AIs.
- 1Fast Retailing (Uniqlo)
Western shops hauled in ¥877.6 billion to beat Greater China (¥724 billion) for the first time in company history, powering a record ¥743 billion operating profit.
Source ↗ - 2Inditex (Zara)
Domestic Spain represents barely 14.8% of turnover, leaving over €33.9 billion to be conquered abroad across 5,500 flagship locations.
Source ↗ - 3Shein
The ultra-fast-fashion insurgent captures 100% of its customer revenue outside China, producing an estimated $32 billion without opening a single permanent department store.
Source ↗ - 4H&M Group
Sweden accounts for less than 2% of group receipts, leaving 4,300 stores across 75 nations to shoulder €21.6 billion in international volume.
Source ↗ - 5Lululemon Athletica
While North American growth settled into single digits, mainland China revenue surged over 40% year-on-year across 130 retail boutiques.
Source ↗ - 6Mango
Over 78% of the Barcelona fashion label's €3.1 billion turnover is earned beyond Spain, accelerated by 150 planned US retail flagships.
Source ↗ - 7The TJX Companies (TK Maxx / Winners)
Its European and Canadian off-price arm generates over $11.8 billion across 720 stores, providing 22% of group sales outside the United States.
Source ↗ - 8Primark (Associated British Foods)
The British discount fashion giant now derives 56% of sales outside the UK, with aggressive expansion into the US East Coast and southern Europe.
Source ↗ - 9Next plc
Digital export portals generated over £850 million across 130 international markets, growing 17% abroad while domestic UK retail floors contracted.
Source ↗ - 10Gap Inc.
By transferring operated stores in Greater China and Europe to local licensing partners, international operations turned profitable after years of drag.
Source ↗
What Gemini noticed
For the first time in Fast Retailing's corporate history, Uniqlo's retail sales in North America and Europe combined (¥877.6 billion) exceeded revenue from Greater China (¥724.0 billion), marking a structural geographic pivot in global apparel basics.
Inditex generates €33.9 billion of its €39.86 billion annual sales beyond its native Spain, proving that European fashion dominance requires an export ratio greater than 85%.
Shein produces over $32 billion in pure international fast-fashion volume while maintaining an export share of exactly 100%, bypassing domestic retail entirely.
🇨🇳 StepFun10 places · 4 notes
The same question, answered by StepFun alone. The final list above combines all the AIs.
- 1Uniqlo (Fast Retailing, Japan) FY2026
For the first time, 877.6bn yen of sales in North America and Europe beat the 724bn yen Uniqlo took in Greater China.
Source ↗ - 2Inditex (Zara), Spain
84% of sales come from outside Spain, and Europe ex-Spain grew from 50.6% to 51.3% of the group in one year.
Source ↗ - 3Adidas (Germany)
Germany is a rounding error in its own accounts: record 24.8bn euros of sales in 2025 with operating profit up 54%.
Source ↗ - 4H&M Group (Sweden)
The Nordics are just 9% of sales (SEK 20.1bn of 228.3bn), yet Asia, Oceania and Africa shrank 7% in krona.
Source ↗ - 5Levi Strauss & Co. (US)
The rare big American chain where the home market is the laggard: US revenue fell 1% while Asia grew 10-12%.
Source ↗ - 6Lululemon (Canada)
China Mainland grew 30% in one quarter while the Americas fell 8% in the next — one chain, two different planets.
- 7Mango (Spain)
Turnover up 7.2% — and 10.7% at constant currency — in the first half of 2026, with no home-market rescue.
Source ↗ - 8Primark (Associated British Foods, UK)
463 stores and about $13bn of revenue, but Primark sales fell 1% in FY2026 — the UK home market is now the drag.
Source ↗ - 9Aritzia (Canada)
US revenue up 38% against Canada's 24% — the fastest big-chain shift of sales out of the home market.
Source ↗ - 10Shein (China-founded, Singapore-headquartered)
Almost every sale is abroad — and both abroad markets are shrinking: Europe -13.9%, the US -6%.
Source ↗
What StepFun noticed
Uniqlo added 11.3% more revenue in Greater China while closing a net 51 stores in mainland China — the growth came from selling more per shop, not from more shops.
Fast Retailing has overtaken H&M to become the world's second-largest fashion retail group in 2026, behind Inditex — the first change at the top of the sector in years.
H&M's Asia reset: it closed a net 105 stores in Asia, Oceania and Africa and reported sales down 7% in krona, yet the region still grew 4% in local currencies in the third quarter — fewer stores, more sales, little profit.
Inditex, the biggest fashion retailer on earth, operated only 103 stores in the United States at the end of FY2025 — its whole American business is smaller than Uniqlo's Chinese one.
🇨🇳 DeepSeek10 places · 4 notes
The same question, answered by DeepSeek alone. The final list above combines all the AIs.
- 1Fast Retailing / Uniqlo (Japan, FY2026)
For the first time, Uniqlo’s North America and Europe shops together outsold Greater China — ¥877.6bn versus ¥724.0bn.
Source ↗ - 2Inditex / Zara (Spain, FY2025)
84% of sales come from outside Spain, but Asia’s share has fallen to its lowest since 2010 and China is down to 140 stores.
Source ↗ - 3Hermès (France, FY2025)
France is only 9.8% of revenue, and every major region grew — Americas +12%, Europe ex-France +11%, Asia ex-Japan +5%.
Source ↗ - 4Adidas (Germany, FY2025)
Greater China grew 13%, North America 10%, and Europe 10% — a rare clean sweep across both West and China.
Source ↗ - 5Ralph Lauren (US, FY2026)
China accelerated above 50% in Q4, but North America still earns 41% of revenue — the chain is winning abroad without abandoning home.
Source ↗ - 6Levi Strauss & Co. (US, FY2025)
Europe grew 10% organically and Asia 4%, while the Americas fell 4% reported — international is doing the heavy lifting.
- 7Lululemon (Canada, FY2025)
China grew 29% to $1.755bn, but group operating profit fell 12% — international growth has not yet offset North American pressure.
Source ↗ - 8H&M Group (Sweden, FY2025)
Sales fell in Asia/Oceania, the Americas, and Europe/Africa, but operating profit rose 6.3% — the win was cost control, not abroad.
Source ↗ - 9Primark (Ireland/UK, FY2026)
US sales rose 11% and Primark reached 47 US stores, while continental Europe fell 4.3% — expansion abroad is Atlantic, not global.
Source ↗ - 10Mango (Spain, FY2025)
78% of revenue comes from outside Spain and sales rose 13%, but Mango has no China stores — its “abroad” is Europe and the US.
Source ↗
What DeepSeek noticed
Fast Retailing’s West-plus-China balance has flipped: North America and Europe together reached ¥877.6bn, while Greater China was ¥724.0bn — a first.
Uniqlo added stores in the West while shrinking Greater China: North America 106→124 and Europe 82→95, while Greater China fell 1,008→958.
Inditex still earns 84% outside Spain, but its Asia share is the lowest since 2010 and China is down to 140 stores — international scale is not the same as China growth.
H&M’s operating profit rose 6.3% even as sales fell in Asia/Oceania, the Americas, and Europe/Africa, a reminder that “winning abroad” can mean margin repair rather than topline growth.