The top apparel retailer of the year will be…
Amazon is on track to hit a new milestone this year—at the expense of its biggest rival.
According to Wells Fargo, the online giant will be the No. 1 seller of apparel in the United States in 2018, leapfrogging longtime incumbent and rival Walmart, reported by CNBC.
The company’s apparel and footwear gross sales are expected to top $30 billion this year. These gains stem from an increase in sales among everyday wear, such as socks and underwear, as well as through partnerships with popular brands, such as Nike, the report added.
"Amazon dominates the online market for apparel and footwear (35% of share, or four times the No. 2 player) and they even have remarkably high market share in the total apparel/footwear market in the U.S.,” Wells Fargo analyst Ike Boruchow said in the report. The gross merchandise value (GMV) of apparel and footwear that was sold on Amazon's platforms approached $25 billion in 2017 — representing five times to six times the amount of softlines sold on the site just five years earlier."
To read more, click here.
According to Wells Fargo, the online giant will be the No. 1 seller of apparel in the United States in 2018, leapfrogging longtime incumbent and rival Walmart, reported by CNBC.
The company’s apparel and footwear gross sales are expected to top $30 billion this year. These gains stem from an increase in sales among everyday wear, such as socks and underwear, as well as through partnerships with popular brands, such as Nike, the report added.
"Amazon dominates the online market for apparel and footwear (35% of share, or four times the No. 2 player) and they even have remarkably high market share in the total apparel/footwear market in the U.S.,” Wells Fargo analyst Ike Boruchow said in the report. The gross merchandise value (GMV) of apparel and footwear that was sold on Amazon's platforms approached $25 billion in 2017 — representing five times to six times the amount of softlines sold on the site just five years earlier."
To read more, click here.