20 companies dominate the world's fashion industry. Here's who makes the list.

Business Insider/Jessica Tyler

Mid-market players are losing out to luxury and value brands, the report said.

• 20 major companies lead the global fashion industry right now, according to the McKinsey Global Fashion Index. These companies account for 97% of global economic profit in the sector.
• Nike, Adidas, and H&M are among the well-known names on the list.
• According to the report, mid-market players are increasingly losing out to luxury and value brands.

The global fashion market is dominated by 20 companies, according to new research from management consultancy firm McKinsey & Company.

In its "Global Fashion Index," released last week, McKinsey ranked the top fashion companies across the world by economic profit, which it defines as "a measure for value-add created by businesses, whereby opportunity costs are deducted from revenues earned."

Dubbed the "super winners," these companies currently account for 97% of global economic profit in the retail sector and own some of the biggest and best-known brands in the business, including Nike, H&M, and Zara.

"The lesson from 2017 is that size continues to matter," the report said. "There is a demonstrable advantage to scale. The one caveat is that if you can't be big, be nimble."

Noticeably absent from this list are online players and US department stores - the latter dominated the list 10 years ago, according to the report. The companies are ranked by economic profit, which is net operating profit, less adjusted taxes minus capital charge.

Find out which companies made the top 10 list below: