Amazon.com [fortune-stock symbol=”AMZN”] is poised to become the top retailer in yet another category: clothing.
The online retailer, a relative latecomer to the world of fashion and apparel, will sell $27.77 billion worth of apparel in the U.S. in 2017, enough to supplant Macy’s [fortune-stock symbol=”M”] as the No. 1 seller of clothes in the United States, according to a report by Wall Street firm Cowen & Co released on Monday. Just four years ago, Macy’s apparel sales were five times greater than Amazon’s. This year, Cowen expects Amazon’s apparel business to reach $16.34 billion, compared to $22.2 billion for Macy’s.
The secret behind Amazon’s ascent is its now much bigger variety of apparel on offer, something that also threatens retailers like Walmart [fortune-stock symbol=”WMT”] and Target [fortune-stock symbol=”TGT”]. Cowen estimates that Amazon sells 343,000 different kinds of items (this number includes different size and color iterations of a given…
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