$Amazon.com(AMZN)$ AMZN is the

$Amazon.com(AMZN)$ AMZN is the No. 1 Seller of Apparel/Footwear. In 2023, we estimate that U.S. sales of apparel/footwear on Amazon’s platforms exceeded $68B. This represents a highly impressive 13.2% share of all apparel sold in the U.S. (+100bps YoY) and 41.4% share of all apparel sold online (+300bps YoY). To put it into perspective, AMZN's softlines GMV is greater than the #2 (WMT) and #3 (TJX) ranked companies combined, with only 8 other companies that sell $10B+ in the U.S. annually. What to Expect from AMZN in 2024 in Apparel & Footwear Category. We estimate AMZN to grow their softlines business +12.6% in 2024 (to ~$77B). Considering our expectations for a choppy macro affecting the overall softlines space in 2024, this GMV assumption would drive 140bps of softlines share gains for AMZN (to 14.6%) while pushing their online apparel/footwear market share to an all-time high of 44.6% (+320bps YoY). OW PT $225

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