Leading online retailer Amazon Inc., headquartered in the United States, has now joined Apple Inc. (an American multinational technology firm popularly known for iPhones) to be a trillion-dollar company.
Amazon has been cruising ahead of retail giants like Walmart and Target in the US to be the top retailer over the years.
The e-commerce company is into multiple categories, notably, fashion and apparel segment has been one of its biggest ‘money-spinners’. It has even surpassed Walmart in apparel retail business on occasions.
Also, the company is expected to be the No. 1 fashion retailer in the time to come.
A report by Morgan Stanley has already claimed that this year is going to be a big one for Amazon and the company could become No. 1 in the apparel retail business. The report also highlights that Prime Members will buy most of the fashion products on Amazon. This will further increase its market value. Currently, Amazon’s market cap is worth US $ 1 trillion.
The retail mammoth’s online pure-play business model is becoming more and more critical for many labels to maintain overall market share. Up till now, Amazon is only second to Walmart in apparel business among other fashion retailers such as Target, Kohl’s and TJ Maxx.