Amazon's U.S. clothing sales have now outpaced Walmart's, according to new Wells Fargo data. The pandemic has caused Amazon to overtake Walmart as the top apparel retailer in the country, CNBC reports.
- Amazon's clothing and footwear sales grew 15% last year, reaching $41B. Wells Fargo estimates that this is 20-25% above Walmart's sales.
- In a note, Wells Fargo analysts said Amazon now captures 11%-12% of all U.S. apparel sales and 34%-35% of all online sales.
- For perspective, the analysts said Amazon sold nearly 7x as much online apparel/footwear as Macy's, the second-largest online supplier.
- They estimate Amazon will eclipse $45B in clothing/footwear sales this year.
- Amazon continues to expand its fashion offerings after launching online luxury clothing shops last year. Top name brands such as Nike and Birkenstock have still refused to sell directly on its platform, citing aggressive pricing tactics and other issues.