(CNBC) – Amazon has surpassed Walmart as the No. 1 apparel retailer in the U.S. thanks in large part to the pandemic-fueled e-commerce boom, according to Wells Fargo research released Wednesday.
Wells Fargo estimates that Amazon's apparel and footwear sales in the U.S. grew by roughly 15% in 2020 to more than $41 billion, which is 20% to 25% above rival Walmart.
"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. "We now estimate Amazon will surpass $45 billion in apparel/footwear sales in 2021."
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