Amazon to overtake Walmart as top U.S. apparel seller in 2018

Amazon’s apparel and footwear gross sales are expected to top $30 billion this year, while Walmart’s are expected to cap off at around $20 billion. Under CEO Jeff Bezos, Amazon shares have increased by 22 percent in the past six months and 100 percent over the past year, at one point reaching $1 trillion in market value. Wells Fargo predicts the company’s shares will top $2,300 in 12 months.

“Amazon dominates the online market for apparel and fotwear (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.,” said Wells Fargo analyst Ike Boruchow in a note cited by CNBC. “The gross merchandise value (GMV) of apparel and footwear that was sold on Amazon’s platforms approached $25 billion in 2017,” a five to six-time increase from the amount of soft goods sold by the e-commerce company five years prior. Citigroup analysts also predict the number of Prime subscribers to reach 275 million over the next decade.Amazon shares were down 0.67 percent on Monday.  

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