Walmart has been dethroned.
Amazon has surpassed Walmart as the top apparel retailer in the U.S, according to research by Wells Fargo, reported CNBC. Amazon’s apparel and footwear sales in the U.S. rose approximately 15% in 2020 to more than $41 billion, outdistancing Walmart by 20% to 25%, the report said.
“This represents highly impressive 11%-12% share of all apparel sold in the U.S. and 34%-35% share of all apparel sold online,” Wells Fargo analysts Ike Boruchow and Tom Nikic wrote in a note.
The two analysts estimate that Amazon will surpass $45 billion in apparel/footwear sales in 2021, according to the report.
Wells Fargo noted that Amazon’s massive growth in apparel was fueled by a boom in e-commerce shopping brought on by the pandemic.