Global segment ranking · Commerce & consumer › Digital brands

The world’s most valuable fashion startups

Edition 0·Published 22 Oct 2026·Next scheduled update 27 Feb 2027

Digital-native fashion companies: direct-to-consumer brands of clothing, activewear, lingerie, footwear, jewellery, eyewear and travel goods born online or online-first, and fashion-focused e-commerce platforms and marketplaces. Ranked worldwide by AI-estimated valuation, with listed pure players shown in grey at their market value for reference. The market sets the value; AI models estimate it.

Twice a year Claude · multi-AI consensus from 1 Dec 2026· Method· Order never changed by a human

Key metrics for this segment: key milestone. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.

Not in this segment. Listed, so not ranked (shown in grey): Shein (Hong Kong, Sept 2026), ZOZO, Zalando, Warby Parker, Revolve, LuxExperience (Mytheresa), Reformation (July 2026), ASOS, Rent the Runway and Allbirds. Bought or controlled: Everlane (Shein), Lyst (ZOZO), Daniel Wellington (Timex), Pangaia (Royal Group), Monica Vinader (Bridgepoint), Kakao Style (Kakao), Maia Active (Anta Sports); Fabletics was created inside TechStyle Fashion Group. No outside equity round of at least USD 1M found: Alo Yoga, Lounge, Faherty, Bombas, Insider. Insolvent: Brandi, Amaro. No round for more than ten years: Veepee. In other segments: resale (Vinted, Vestiaire Collective, StockX) under Second-hand; general and wholesale marketplaces (Temu, Trendyol, Faire) under General marketplaces; beauty brands under Beauty; store-led retailers (Urban Revivo) outside this segment. A company appears in one segment only. Method

The segment at a glance

34companies ranked

11companies on the radar

11countries in the ranking

10listed benchmarks

Sources: Company announcements, Bloomberg, Reuters, Financial Times, Business of Fashion, WWD, Modern Retail, TechCrunch, Les Echos, The Economic Times, Inc42, Entrackr, The Korea Economic Daily, 36Kr, LatePost, and market data for listed companies. Intention counters will be shown above a threshold of amount and number of Backers.

Rankings by region

Filter the ranking and the Radar. Ranks stay worldwide. Regional pages: Asia · Europe · Middle East & North Africa · North America.

Global ranking · Fashion

Top 34 Radar Challengers

Snapshot22 Oct 2026First edition: no movements yet.

World · 34 ranked companies

#	Company	Last round · Key metrics	Estimated valuation (AI) · range	Pool of Interests	Back
—	SheinListed · HKEX		USD 26bnMarket cap · Sep 2026Listed company · not ranked
1	QuinceOnline retailer selling apparel, cashmere, jewellery and home goods at low prices by sourcing directly from factories and shipping straight to consumers.	Series E · USD 500M · Mar 2026Revenue topped USD 1bn in 2025 · 2025	Last known equity round: Series E · USD 500M · Mar 2026 (ICONIQ Capital; Basis Set Ventures, Wellington Management) Published valuation: USD 10bn (Mar 2026)Method	Be the first	Back
—	ZOZOListed · TSE · 3092		USD 6.7bnMarket cap · Oct 2026Listed company · not ranked
—	ZalandoListed · XETRA · ZAL		USD 6.1bnMarket cap · Sep 2026Listed company · not ranked
2	VuoriPerformance apparel brand offering activewear and athleisure for men and women, sold online, through its own stores and via selected wholesale partners.	Growth round · USD 400M · Oct 2021Key metrics not disclosed	Last known equity round: Growth round · USD 400M · Oct 2021 (SoftBank Vision Fund) Published valuation: USD 5.5bn (Nov 2024)Method	Be the first	Back
3	SkimsShapewear, underwear, loungewear and activewear brand sold mainly through its own online store and a growing fleet of retail stores, with a size-inclusive range.	Growth round · USD 225M · Nov 2025Expected to exceed USD 1bn in net sales in 2025 · Nov 2025	Last known equity round: Growth round · USD 225M · Nov 2025 (Goldman Sachs Alternatives; BDT & MSD Partners) Published valuation: USD 5bn (Nov 2025)Method	Be the first	Back
—	Warby ParkerListed · NYSE · WRBY		USD 3.2bnMarket cap · Oct 2026Listed company · not ranked
4	Musinsa#3 in South KoreaOnline fashion platform that sells streetwear, designer and own-label apparel to young Korean shoppers through its app, Standard private label and a growing network of physical stores.	Series C · USD 190M · Jul 2023Consolidated revenue of KRW 1.47tn in 2025 (+18%) · Sep 2026	Last known equity round: Series C · USD 190M · Jul 2023 (KKR, Wellington Management)Method	Be the first	Back
5	IICOMBINED (Gentle Monster)#7 in South KoreaDesigns and sells sunglasses and optical frames under Gentle Monster, plus Tamburins fragrances and Nudake desserts, through flagship stores, online shops and global retail partners.	Strategic round · USD 100M · Jun 2025Key metrics not disclosed	Last known equity round: Strategic round · USD 100M · Jun 2025 (Google) Published valuation: USD 2.2bn (Jun 2026)Method	Be the first	Back
6	Ably#9 in South KoreaRuns a mobile fashion marketplace that recommends clothing, shoes and accessories from thousands of small online shops to young Korean women using personalised algorithms.	Strategic round · USD 71.4M · Dec 2024GMV above KRW 2tn per year; 9M+ MAU across apps · Dec 2024	Last known equity round: Strategic round · USD 71.4M · Dec 2024 (Alibaba) Published valuation: USD 2.1bn (Dec 2024)Method	Be the first	Back
—	RevolveListed · NYSE · RVLV		USD 1.6bnMarket cap · Oct 2026Listed company · not ranked
7	GymsharkGym and fitness apparel brand selling activewear and accessories mainly through its own website and app, built on social media and athlete influencers.	Minority investment · USD 262M · Aug 2020Revenue of GBP 647M in FY to July 2025 · FY 2025	Last known equity round: Minority investment · USD 262M · Aug 2020 (General Atlantic); GBP 200M for 21%, much of it buying existing sharesMethod	Be the first	Back
—	LuxExperience (Mytheresa)Listed · NYSE · LUXE		USD 1.4bnMarket cap · Oct 2026Listed company · not ranked
—	ReformationListed · NYSE · REF		USD 870MMarket cap · Oct 2026Listed company · not ranked
8	UrbanicSells affordable fast fashion for young women online, mainly in India, Latin America and other emerging markets, using data-led design and quick production.	Series C · USD 150M · Nov 2021Key metrics not disclosed	Last known equity round: Series C · USD 150M · Nov 2021 (Mirabaud Lifestyle Impact & Innovation Fund, D1 Capital Partners; JAM Fund)Method	Be the first	Back
9	CiderOnline fast-fashion brand selling trend-driven womenswear in small batches through its app and website, using social media data to decide production.	Series C · USD 140M · Apr 2022Key metrics not disclosed	Last known equity round: Series C · USD 140M · Apr 2022 (Andreessen Horowitz, DST Global)Method	Be the first	Back
—	ASOSListed · LSE · ASC		USD 690MMarket cap · Sep 2026Listed company · not ranked
10	Savage X FentyLingerie, sleepwear and loungewear brand selling through its own e-commerce site, a VIP membership programme and retail stores, with an inclusive size range.	Series C · USD 125M · Jan 2022Key metrics not disclosed	Last known equity round: Series C · USD 125M · Jan 2022 (Neuberger Berman)Method	Be the first	Back
11	Eyewa#6 in the UAESells prescription glasses, sunglasses and contact lenses online and through a growing store network across the Gulf, with in-house brands and eye tests.	Series C · USD 100M · Nov 2024Key metrics not disclosed	Last known equity round: Series C · USD 100M · Nov 2024 (General Atlantic, Badwa Capital, Turmeric Capital)Method	Be the first	Back
12	NeiwaiDesigns and sells comfortable lingerie, loungewear and activewear for women online and through stores in China, with a focus on body inclusivity.	Series D · USD 100M · Jul 2021Key metrics not disclosed	Last known equity round: Series D · USD 100M · Jul 2021Method		Not open to Backers
13	AwayTravel brand selling suitcases, bags and travel accessories directly to consumers online and through its own stores, known for its carry-on luggage.	Series D · USD 100M · May 2019Key metrics not disclosed	Last known equity round: Series D · USD 100M · May 2019 (Wellington Management; Baillie Gifford, Lone Pine Capital, Global Founders Capital)Method	Be the first	Back
14	Rothy'sFootwear and accessories brand making washable shoes and bags knitted from recycled plastic, sold online and in its own stores.	Strategic investment · USD 200M · Dec 2021USD 140M revenue over the last twelve months · Dec 2021	Last known equity round: Strategic investment · USD 200M · Dec 2021 (Alpargatas); USD 475M deal for 49.9%: USD 200M of new shares, the rest bought from the foundersMethod	Be the first	Back
15	GIVASells silver, gold and lab-grown diamond jewellery online and through a fast-growing network of stores in India, positioned on affordable everyday fine jewellery.	Series D · USD 62M · Jun 2025Key metrics not disclosed	Last known equity round: Series D · USD 62M · Jun 2025 (Creaegis; Premji Invest, Epiq Capital, Edelweiss Discovery Fund); INR 530 croreMethod	Be the first	Back
16	SnitchSells fast-fashion menswear such as shirts, jeans and streetwear online and through a rapidly expanding chain of stores across Indian cities, including quick delivery.	Series B · USD 32.7M · Jun 2025Revenue of INR 243 crore in FY2024 · FY25	Last known equity round: Series B · USD 32.7M · Jun 2025 (360 One Asset Management; Ravi Modi, SWC Global, IvyCap Ventures); INR 280 crore of new shares, plus INR 60 crore of existing shares sold Published valuation: USD 290M (Jun 2025)Method	Be the first	Back
17	TecovasWestern wear brand selling handmade cowboy boots, apparel and accessories directly to consumers online and through its own stores across the United States.	Series C · USD 56M · Jan 2022First USD 100M revenue year in 2021 · 2021	Last known equity round: Series C · USD 56M · Jan 2022 (Elephant; Access Capital, Seamless Capital, Kemmons Wilson Companies)Method	Be the first	Back
18	Blue Elephant#23 in South KoreaDesigns affordable fashion sunglasses and optical frames sold through its own stores in Korea and abroad and online, targeting young trend-driven consumers.	Series A · USD 71.4M · Aug 2026Key metrics not disclosed	Last known equity round: Series A · USD 71.4M · Aug 2026 (Affinity Equity Partners) Published valuation: USD 290M (Aug 2026)Method	Be the first	Back
19	ThirdLoveLingerie and underwear brand selling bras in half-cup sizes online, using a fit-finder questionnaire to recommend sizes to women.	Series B · USD 55M · Feb 2019Key metrics not disclosed	Last known equity round: Series B · USD 55M · Feb 2019 (L Catterton; Allen & Company)Method	Be the first	Back
20	Love, Bonito#27 in SingaporeDesigns and sells womenswear made for Asian body types through its own e-commerce site and stores in Singapore, Malaysia, Indonesia, Hong Kong, Japan and the US.	Series C · USD 50M · Jan 2022Key metrics not disclosed	Last known equity round: Series C · USD 50M · Jan 2022 (Primavera Capital)Method	Be the first	Back
21	CotopaxiOutdoor apparel and gear brand selling colourful backpacks, jackets and clothing online and in stores, operating as a certified B Corp that funds poverty-relief grants.	Growth round · USD 45M · 2021Key metrics not disclosed	Last known equity round: Growth round · USD 45M · 2021 (Bain Capital Double Impact)Method	Be the first	Back
22	MokobaraDesigns and sells premium luggage, backpacks and travel accessories direct to consumers online and through its own stores in India and abroad.	Series C · USD 10.3M · Sep 2026FY25 revenue INR 230 crore (+96%) · FY25	Last known equity round: Series C · USD 10.3M · Sep 2026 (Sauce VC; Niveshaay Sambhav Fund, Ayra Ventures, Peak XV Partners); INR 90.66 crore Published valuation: USD 220M (Sep 2026)Method	Be the first	Back
23	UNTUCKitMenswear and womenswear brand selling shirts designed to be worn untucked, online and through a large network of its own stores.	Growth round · USD 30M · Jun 2017About USD 150M in sales, profitable · Dec 2018	Last known equity round: Growth round · USD 30M · Jun 2017 (Kleiner Perkins)Method	Be the first	Back
24	MejuriFine jewellery brand designing gold and silver pieces sold online and in its own showrooms, aimed at women buying jewellery for themselves.	Series B · USD 23M · Apr 2019Key metrics not disclosed	Last known equity round: Series B · USD 23M · Apr 2019 (Felix Capital)Method	Be the first	Back
25	NEWMESells trend-led fast fashion for young Indian women through its app, website and stores, using rapid design cycles and data on demand.	Series B · USD 12M · Dec 2025FY24 revenue about USD 5.8M · FY24	Last known equity round: Series B · USD 12M · Dec 2025 (Accel India, Fireside Ventures; Point72 Ventures, AUM Ventures, 2am Ventures); INR 108.66 crore Published valuation: USD 110M (Dec 2025)Method	Be the first	Back
26	Coolmate#11 in VietnamSells basic menswear, activewear and underwear online in Vietnam with a direct-to-consumer model, now expanding into womenswear, stores and international marketplaces such as Amazon.	Series C · USD 20.2M · Nov 2025More than 5 million orders delivered in Vietnam over six years · Nov 2025	Last known equity round: Series C · USD 20.2M · Nov 2025 (Vertex Growth, Cool Japan Fund, YoungOne, Vertex Ventures)Method	Be the first	Back
27	Rare Rabbit (House of Rare)Designs premium casual menswear and womenswear under Rare Rabbit and Rareism, sold through its own website and stores across Indian cities.	Growth · USD 18M · Jun 2024FY23 revenue INR 381 crore, net profit INR 32 crore · FY23	Last known equity round: Growth · USD 18M · Jun 2024 (Gruhas; A91 Partners, Ravi Modi family office); INR 150 crore, first tranche of a larger roundMethod	Be the first	Back
28	LibasDesigns and sells Indian ethnic wear for women, such as kurtas and suits, online and through marketplaces and its own stores.	Series A · USD 18M · May 2024Revenue above INR 500 crore in FY2024 · FY24	Last known equity round: Series A · USD 18M · May 2024 (ICICI Venture); INR 150 crore, first outside roundMethod	Be the first	Back
29	Ace & TateEyewear brand designing prescription glasses and sunglasses sold at fixed prices online and through its own stores across Europe.	Growth round · USD 16.1M · Jul 2020Key metrics not disclosed	Last known equity round: Growth round · USD 16.1M · Jul 2020 (Rinkelberg Capital); EUR 14.25MMethod	Be the first	Back
30	The Souled StoreSells licensed pop-culture and casual apparel such as T-shirts, sneakers and accessories online and in stores across India, featuring Marvel, anime and sports franchises.	Series B · USD 16M · 2023FY25 revenue INR 492 crore (+37%), profitable · FY25	Last known equity round: Series B · USD 16M · 2023 (Xponentia Capital; Elevation Capital); INR 135 croreMethod	Be the first	Back
31	NaadamCashmere apparel brand buying fibre directly from herders in Mongolia and selling sweaters and knitwear online at prices below traditional luxury labels.	Series A · USD 16M · Jul 2018Key metrics not disclosed	Last known equity round: Series A · USD 16M · Jul 2018 (Vanterra Capital; Torch Capital, U-Start Club, Trail Post Ventures, Plug and Play Ventures)Method	Be the first	Back
32	Pomelo FashionSells trend-led womenswear online and through stores in Thailand and South-East Asia, combining its own label with an online fashion platform.	Series C3 · USD 12.5M · Dec 2021Key metrics not disclosed	Last known equity round: Series C3 · USD 12.5M · Dec 2021Method	Be the first	Back
—	Rent the RunwayListed · Nasdaq · RENT		USD 60MMarket cap · Oct 2026Listed company · not ranked
33	CuupLingerie and swimwear brand selling minimalist bras, underwear and swimsuits online and in its own stores, with an extended range of band and cup sizes.	Series A · USD 11M · Dec 2019Key metrics not disclosed	Last known equity round: Series A · USD 11M · Dec 2019 (Insight Venture Partners; Forerunner)Method	Be the first	Back
34	Bonkers CornerSells oversized streetwear and casual apparel for young Indians through its own website, marketplaces and an expanding store network.	Series A · USD 10.8M · Mar 2026FY25 revenue INR 123 crore, profit INR 4.3 crore · FY25	Last known equity round: Series A · USD 10.8M · Mar 2026 (India SME Investment Fund; Radhakrishna Ramnarain Pvt Ltd, Namita Thapar); INR 95 croreMethod	Be the first	Back
—	AllbirdsListed · Nasdaq · BIRD		USD 28MMarket cap · Oct 2026Listed company · not ranked

Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms

Corporate investor? Back the startups of your own segment

Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main activity in this segment (fashion). Country shown is the country of main operations. Request a correction

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How to read this ranking

Rank

Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.

Estimate

An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.

Hundreds of k$
Millions $
Tens of M$
Hundreds of M$
Unicorn
Decacorn
Hectocorn

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Invest in fashion, together

Uback aggregates investment intentions from business angels, family offices, corporates and sector specialists worldwide. Every ranked company already has professional investors on its cap table, who have negotiated a shareholders’ agreement: you don’t start from a blank page.

Strength in numbers

Alone, a small ticket opens no doors. Together, Backers carry weight.

Declare an Interest · free

On a company, whether or not it has agreed, or on a sector in a country, a region or worldwide. Up to 5 at a time, movable or withdrawn at any time.

Confirm it as an Intention · coming soon

When a pool’s Interests reach its confirmation threshold, Backers confirm them as paid Intentions.

A partner desk takes over

When a pool’s Intentions reach its critical mass, a floor amount estimated by the AI, the pool is passed to the country's Fundraising Desk, who presents this demand to the companies concerned and, if expectations converge, builds a transaction. A block of existing shares goes to the Secondary Sales Desk assigned to the company.

Closing

Capital raise or sale of existing shares: small tickets are pooled in a common vehicle set up by the partner desk. Each Backer decides whether to take part.

Uback does not advise, does not negotiate, collects nothing. Each funding round is run with the Fundraising Desk of the company’s country, each sale of existing shares by the Secondary Sales Desk assigned to the company, under the law that governs its shares.

Get notified when Intentions open What happens after my declaration? Interests: free, open now · Intentions: coming soon, once the Fundraising Desk signs · price per ticket band · valid for life · movable until you sign with a partner desk

Challengers

A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.

Sponsored space · no Challenger listed yet

Radar · known eligible companies, not ranked

Sorted by date of last round, with no judgement and no AI call.

True Classic · United States · North AmericaMay 2025; Amount not disclosedBack
Represent · United Kingdom · EuropeNov 2024; Amount not disclosedBack
Virgio · India · AsiaDec 2022 · USD 37MBack
Sézane · France · EuropeSep 2022; Amount not disclosedBack
Snocks · Germany · EuropeApr 2022; Double-digit million eurosBack
FABRIC TOKYO · Japan · AsiaJan 2022; JPY 1.03bn including debt; equity share not disclosedBack
Bananain (Beneunder) · China · Asia2021; Amount not disclosedNot open to Backers
Ubras · China · AsiaSep 2020; Several hundred million RMBNot open to Backers
Missoma · United Kingdom · EuropeFeb 2019; Amount not disclosedBack
Jimmy Fairly · France · EuropeJan 2017; Amount not disclosedBack
Hawkers · Spain · EuropeOct 2016 · USD 55.5M; EUR 50M for a minority stakeBack

Listed benchmarks

Not ranked: no intention is possible on a listed company.

Shein · SingaporeHKEX · USD 26bn (Sep 2026)
ZOZO · JapanTSE · 3092 · USD 6.7bn (Oct 2026)
Zalando · GermanyXETRA · ZAL · USD 6.1bn (Sep 2026)
Warby Parker · United StatesNYSE · WRBY · USD 3.2bn (Oct 2026)
Revolve · United StatesNYSE · RVLV · USD 1.6bn (Oct 2026)
LuxExperience (Mytheresa) · GermanyNYSE · LUXE · USD 1.4bn (Oct 2026)
Reformation · United StatesNYSE · REF · USD 870M (Oct 2026)
ASOS · United KingdomLSE · ASC · USD 690M (Sep 2026)
Rent the Runway · United StatesNasdaq · RENT · USD 60M (Oct 2026)
Allbirds · United StatesNasdaq · BIRD · USD 28M (Oct 2026)

Sources and method for this segment

Calendar. Global segment rankings are published twice a year. Next edition: February 27, 2027.

Eligibility. At least $1M raised in equity, non-listed company, main activity in this segment (fashion). A company appears in one segment only.

Sources. Company announcements, Bloomberg, Reuters, Financial Times, Business of Fashion, WWD, Modern Retail, TechCrunch, Les Echos, The Economic Times, Inc42, Entrackr, The Korea Economic Daily, 36Kr, LatePost, and market data for listed companies.

Method and rules, common to all rankings →

The world’s most valuable fashion startups

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