According to the new Mediobanca Global Fashion System report, sportswear is now the most dynamic sector in international fashion. Luxury remains the most profitable segment. But sportswear is moving faster in revenue growth, employment, and distribution.
In 2025, the 75 largest fashion multinationals generated a combined 541 billion euros. Growth over 2024 was modest at 0.9%. Yet it still came in 32.7% above pre-pandemic levels.
The most striking data comes from sportswear. Between 2019 and 2025, the segment grew 43.5%. That outpaced luxury, stuck at 36.2%. And it crushed lifestyle, up just 23.1%.
This isn’t a takeover in absolute value or profitability. Luxury still leads on margins, with an EBIT margin of 19.7%. Sportswear sits at 10%. But it shows faster expansion and a sharper ability to tap into new consumer behaviors.
Retail networks confirm the trend. In 2025, sportswear store count rose 7.2%. Luxury saw a slight 0.3% decline. On the employment front, sportswear posted the strongest gain: +31.4% in headcount from 2019 to 2025. Luxury trailed at +19.4%.
The poster child is On Holding. The Swiss company, a leader in premium running with its On brand, multiplied revenues 11.3 times compared to 2019. In 2025 alone, it posted 30% year-over-year growth.
The picture is clear. Luxury remains the realm of prestige, margins, and desirability. Sportswear, however, has become the segment that best captures the speed of today’s market: performance, comfort, everyday identity, and crossover appeal.
Fashion no longer moves only on the runway. Today it runs. And more often than not, it runs at sportswear’s pace.
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Alessandro Sicuro
Brand Strategist | Photographer | Art Director | Project Manager
Alessandro Sicuro Comunication
Sure-com America 