By Reynand Wu 
In a seismic shift that signals a new era for Swiss digital retail, Galaxus has officially unseated long-standing leader Zalando to claim the title of Switzerland’s largest online retailer. According to the latest comprehensive industry report by e-commerce management consultancy Carpathia, Galaxus concluded 2025 with a staggering revenue of 2.5 billion euros (2.3 billion Swiss francs). This milestone marks the end of Zalando’s multi-year dominance and underscores a broader, fundamental transformation in consumer behavior across the Alpine nation.
The findings, published in Carpathia’s highly anticipated annual ranking, reveal that the gap between the two retail giants is not merely a rounding error; it is a chasm of over 542 million euros. As Zalando’s growth trajectory has hit a plateau, Galaxus has capitalized on an aggressive expansion strategy, effectively cementing its position as the preferred digital storefront for Swiss households.
The Chronology of a Market Takeover
The rise of Galaxus to the pinnacle of Swiss e-commerce was not an overnight phenomenon, but rather the culmination of a multi-year strategic pivot that caught the attention of industry analysts long before the final 2025 figures were tallied.
Early Warning Signs (2023–2024)
For years, Zalando held the top spot, benefiting from a robust logistics network and a fashion-first approach that resonated with Swiss consumers. However, as early as the 2024 report, Carpathia’s data signaled a change in the wind. While Zalando maintained its position, analysts noted that its year-over-year growth was decelerating. Simultaneously, Galaxus—the retail arm of the Digitec Galaxus group—was posting double-digit growth percentages, consistently outperforming the broader market average.
The 2025 Inflection Point
By the first half of 2025, industry insiders were already predicting a leadership change. Galaxus’s ability to integrate a vast array of product categories—moving far beyond its electronics roots into home goods, beauty, and lifestyle—allowed it to capture a larger "share of wallet" than a specialized fashion retailer like Zalando. By the final quarter of 2025, the data confirmed the shift: Galaxus had successfully leapfrogged the Berlin-based fashion titan.
The Rise of the Marketplace Model
The 2025 data also highlighted the meteoric rise of "marketplace" platforms. Alongside the success of Galaxus, the entry of international players like Temu into the top tier of the Swiss market represents a significant shift in consumer preferences. With Galaxus and Temu contributing a combined revenue increase of over 1 billion euros to the Swiss landscape, it is clear that Swiss consumers are increasingly comfortable with the convenience and competitive pricing inherent in the marketplace model.
Supporting Data: By the Numbers
The Carpathia report provides a granular look at the state of Swiss e-commerce. It is essential to note that these figures represent Gross Merchandise Value (GMV)—encompassing both direct sales and third-party marketplace transactions—adjusted for returns, cancellations, and excluding VAT.
The Billion-Franc Club
For the first time since the inception of the Carpathia rankings, four separate retailers have surpassed the one-billion-euro threshold in Switzerland. This milestone reflects an increasingly consolidated market where the "winner-takes-most" effect is becoming pronounced.
The Top 10 Online Stores in Switzerland (2025 Revenue in Euros):
- Galaxus: 2.5 billion
- Zalando: 1.97 billion
- Digitec: 1.14 billion
- Temu: 1.08 billion
- Amazon: 1.03 billion
- Ricardo: 954.6 million
- Brack: 629.8 million
- Coop: 406.5 million
- Migros: 392.4 million
- AliExpress: 390.2 million
Market Health and Aggregation
The data paints a picture of a healthy, albeit highly competitive, ecosystem. The top 50 online stores in Switzerland collectively generated a total revenue of 15.4 billion euros (14.2 billion Swiss francs). Even more telling is the concentration of power: the top 5 retailers alone accounted for 7.7 billion euros, nearly half of the entire top 50’s volume.
Furthermore, 80 percent of the top 50 retailers reported either growth or stable performance compared to 2024. This stability suggests that while new challengers are disrupting the hierarchy, the established players are successfully defending their territory through digital transformation and customer retention initiatives.
Official Perspectives and Industry Implications
The transition of power from Zalando to Galaxus has prompted widespread discourse among retail strategists. While official statements from the corporate offices of both firms remain guarded, the implications of these figures are profound.
The Marketplace Hegemony
Perhaps the most significant takeaway from the 2025 report is that the top six retailers are all operating under a marketplace model. This confirms a fundamental shift: consumers are no longer just looking for a store; they are looking for a platform that offers the "everything store" experience.
Industry consultants at Carpathia emphasize that this model is no longer an "alternative" way to shop—it is the standard. By acting as a hub for third-party sellers, companies like Galaxus and Amazon can scale their inventories infinitely without the risks associated with traditional inventory management. This scalability is the primary reason why traditional retailers, who rely solely on direct purchasing and warehousing, are struggling to keep pace.
The "Zalando Stagnation"
Zalando’s plateau, while concerning to investors, is viewed by many analysts as a structural challenge rather than a failure of execution. The European fashion market has become increasingly saturated, and with the rise of aggressive pricing from platforms like Temu and the domestic dominance of Galaxus, Zalando finds itself squeezed. To regain its footing, the company will likely need to diversify its service offerings or deepen its integration within the Swiss market through localized logistics or exclusive brand partnerships.
Future Implications: What Lies Ahead?
The 2025 data serves as a roadmap for what to expect in the coming years. As the Swiss e-commerce market continues to mature, several trends are poised to dictate the next decade of retail.
1. The Consolidation Trend
With the top 50 retailers generating over 15 billion euros, the barrier to entry for smaller, independent e-commerce sites is higher than ever. We expect to see further consolidation as smaller players either get absorbed by the giants or fold under the pressure of the rising cost of digital marketing and customer acquisition.
2. The Battle for the "Third-Party" Ecosystem
Galaxus’s success is intrinsically linked to its ability to manage a vast network of third-party sellers. The future of Swiss e-commerce will likely be defined by the quality of these partnerships. Platforms that can ensure faster delivery, better quality control, and more transparent return policies for their third-party merchants will continue to dominate.
3. Sustainability and Consumer Ethics
While the data focuses heavily on revenue, the Swiss market is unique in its growing emphasis on sustainability. As marketplaces grow, the environmental impact of increased shipping and high return rates will come under greater scrutiny. Future iterations of the Carpathia report will likely place more weight on the "circular economy" and sustainable delivery metrics as consumers begin to factor these elements into their purchasing decisions.
4. International Competition
The presence of Temu and AliExpress in the top 10 is a clear indicator that Swiss borders offer no protection against global digital platforms. The ability of these international players to operate with lean overheads and global supply chains means that local champions like Galaxus and Brack must remain hyper-innovative to maintain their leads.
Conclusion: A New Benchmark for Excellence
The crowning of Galaxus as Switzerland’s largest online retailer is more than a ranking change—it is a reflection of a nation’s evolving shopping habits. The Swiss consumer, once loyal to traditional retail brands, has fully embraced the convenience, speed, and variety of the marketplace model.
As we look toward 2026 and beyond, the industry will be watching to see if Galaxus can maintain its lead or if a resurgent Zalando—or perhaps a new international challenger—can disrupt the status quo once again. One thing is certain: the era of the "everything store" has arrived in Switzerland, and the bar for success has been raised to an unprecedented 2.5 billion euros. The competition is fierce, the stakes are high, and the digital shelf space is more contested than ever before.
Ali Ikhwan 
Nana Muazin 
Suro Senen 