According to a report by financial analysts at Cowen, Amazon is set to become America’s largest apparel retailer by 2017. The e-commerce giant is gearing up to usurp the title held by Macy’s, Cowen reports:
We estimate AMZN’s US retail Apparel GMV [gross merchandise value] grows from $16BN in ’15 to $52BN in ’20, with US market share rising from 5% to 14% and comfortably passing Macy’s in ’17.
Amazon’s growth in apparel purchases has outpaced both Walmart and Target for the past six quarters, Bloomberg writes, despite the fact that the company only started selling clothing in 2002. In the first half of 2015, Cowen’s report notes that 11% of clothing customers at the two chains also bought clothing from Amazon, as compared with 8% in 2014.
Amazon is announcing its quarterly earnings later this week.