Amazon Will Dethrone Walmart As The No. 1 Retailer Of Apparel This Year, Predicts Wells Fargo
Amazon has another milestone in its sights. And this time, Walmart’s in the crosshairs. The e-commerce giant will be the No. 1 seller of apparel in the U.S. in 2018, according to Wells Fargo, which raised its price target on the Seattle-based retailer Monday following new analysis into its clothing segment. The e-commerce behemoth’s apparel and footwear gross sales is expected to top $30 billion this year and leapfrog longtime incumbent Walmart for the top spot, wrote Wells Fargo analyst Ike Boruchow. “Amazon dominates the online market for apparel and footwear (35 percent of share, or four times the #2 player) and they even have remarkably high market share in the total apparel/footwear market in the U.S.,” he wrote in a note to clients. Read more at CNBC.
