Carpathia ranking: Temu grows to one billion Swiss francs in revenue
Galaxus has overtaken Zalando as Switzerland's highest-grossing online retailer in 2025, according to the latest e-commerce ranking by the consulting firm Carpathia. With estimated online sales of 2,3 billion Swiss francs, the Migros subsidiary is around 480 million francs ahead of Zalando, which reached 1,82 billion francs.
Among the biggest winners is the Chinese marketplace Temu. The company increased its estimated revenue within a year from 700 million to around one billion Swiss francs, thus moving into fourth place. For the first time, four online shops in Switzerland exceeded the one billion Swiss franc revenue mark: Galaxus, Zalando, Digitec, and Temu.
In 2025, the 50 largest B2C online shops generated a total revenue of CHF 14,2 billion, covering approximately 90 percent of Swiss online retail. Carpathia estimates the total market volume at CHF 15,8 billion. Around 80 percent of the top 50 providers were able to increase or at least maintain their revenue compared to the previous year. Providers in the fashion and consumer electronics sectors, in particular, performed well in this still highly competitive market.
Amazon ranked fifth with an estimated revenue of 950 million Swiss francs. Carpathia attributes the comparatively slow growth, among other things, to the fact that the US corporation still does not operate its own Swiss online shop. Furthermore, the analysis reveals an increasing dominance of marketplace models: all six largest providers in the ranking rely on this business model.
