Move over Inditex, Nike is taking over!

Inditex, the world's largest fashion company should be keeping a close eye on its back as sporting company Nike is catching up and passing them by - at least in terms of market value. For the first time ever Nike have overtaken Inditex on FashionUnited's unique business intelligence Top 100 Index, laying claim to the top spot.

Just last week FashionUnited published predictions that Nike's market capitalization would grow 18.9 percent from 87 billion US dollars in March 2015 to reach 104 billion US dollars by March 2016. However, Nike had a market capitalization of just over 95 billion US dollars only a week ago. And as of Friday, October 2 the US sportswear company saw its market capitalization reach a new all time high to 106.6 billion US dollars.

Nike surpasses Inditex

Part of this sudden growth can be attributed to Nike's Q1 report, in which the company published an increase of 5 percent in revenues to 8.4 billion US dollars, whilst its selling and administrative expenses grew by 4 percent. In addition, the report revealed a 14 percent growth excluding currency changes. Nike also reported diluted earnings per share to be up by 23 percent to 1.34 US dollar, which definitely impacted its market value.

Inditex was predicted to grow between 5 and 10 percent from 100 billion US dollars to 108 billion US dollars between March 2015 and March 2016. Nike however is expected to grow to a market capitalization of 204 billion US dollars by 2020, whereas Spanish conglomerate Inditex is expected to achieved a market capitalization that lies somewhere between 190 billion US dollars and 200 billion US dollars.

In addition, Under Armour, the new runaway sportswear success is also continuing to grow according to FashionUnited's predictions. As of Friday, it's market value grew to 21.1 billion US dollars - a 3.4 percent increase from its value last week. Under Armour is squarely on track with its expected 40 percent growth for 2015, which will see its market value grow from 17.1 billion US dollars in March 2015 to 23.9 billion US dollars in March 2016.

Adidas on the other hand seems to have recuperated part of its previous dips by increasing its market value 9 percent over the past week, up from 15.4 billion US dollars to 16.8 billion US dollars. It it stays on track then the German sportswear label will achieve its predicted yearly growth of 5.5 percent and reach a market value of 16.2 billion US dollars by March 2016. As the top fashion companies continue to perform above market expectations only time can tell how long Nike will hold the top spot.