Ten of the largest international clothing and footwear retailers in Ukraine, including Inditex and LPP, increased their revenue in the Ukrainian market by 63% in 2024, with over a third of the total generated by Polish companies, Forbes Ukraine reported.
Swedish brand H&M reopened in Ukraine in November 2023 after closing due to the full-scale Russian invasion, while Spanish conglomerate Inditex returned in April 2024.
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H&M earned Hr.1.2 billion ($28.8 million) in 2024 and opened a new store in Kyiv. The company plans to reopen a further outlet in Odesa in June this year, Forbes reported.
Inditex recorded Hr.6.2 billion ($148.8 million) in revenue over the year. The chain includes Zara, Zara Home, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho.
By way of comparison, Ukraine’s largest domestic clothing manufacturer, Goldi, achieved Hr.1 billion ($24 million) in revenue.
“Customers have been waiting for these brands, especially Zara – the world’s number one. Ukraine is no exception,” UTG Director Yevheniia Loktionova told Forbes.
According to the media outlet, power outages and air raids had less impact on retailers in 2024 than in 2023. Most Ukrainian businesses adapted to wartime conditions, buying generators, Loktionova said.
Warehouse destruction and product losses significantly affect sales, though companies do not comment on these topics, the media outlet wrote.
Ukraine’s Recovery Means Transformation
Winners and losers in Ukrainian retail market last year
Adidas experienced the highest revenue increase in Ukraine last year, growing by 56.5%. The German brand now ranks fourth among top fashion retailers in Ukraine, Forbes reported.
Polish companies accounted for over a third of the total revenue among the top 10 international retailers in Ukraine. LPP led with Hr.11 billion ($264.4) in revenue (+47% on 2023). The company opened 159 new stores, 153 of which were under the Sinsay brand. LPP invested Hr. 978 million ($23.7 million) in expansion. As of March 2025, it had 303 stores across Ukraine under Sinsay, Reserved, Cropp, House, and Mohito brands, Forbes reported.
Another Polish retailer, CCC Group, launched its HalfPrice discount chain in Ukraine in 2023. This expansion helped boost revenue by 44% to Hr. 554 million ($13.5 million). CCC now operates four HalfPrice stores and 12 CCC-branded footwear stores.
MNS Investment, the distributor of Italian brands Calzedonia, Intimissimi, Tezenis, and Falconeri, generated Hr. 942 million ($22.9 million) in revenue. Around 15% of its growth came from currency fluctuations, e-commerce, and high demand for summer apparel, the media outlet wrote.
Turkish retailers were the only international fashion companies in Ukraine to see revenue declines in 2024. Colin’s revenue dropped 10% to Hr.1.5 billion ($36.5 million), while DeFacto saw a 7% decline to Hr. 588.5 million ($14.3 million). Neither company commented on the reasons for the fall.
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