Calvin Klein And Tommy Hilfiger Are Sending A Clear Signal That Amazon Is The Future Of Fashion, And It’s Terrible News For Department Stores
One of the biggest fashion retailers in the US is going all-in on Amazon, and it’s telling of where fashion is headed. According to a recent report from Nomura, Amazon now offers a bigger selection of Calvin Klein and Tommy Hilfiger clothing than Macy’s and JCPenney do. These brands, both owned by PVH Corp, have historically had a strong presence in department stores. However, Nomura data shows that they are shifting away from this channel in search of greener pastures. While department stores have struggled in recent years, Amazon has been growing its apparel business exponentially. Analysts say it’s on track to overtake Walmart as the leading US apparel retailer by the end of 2018. “Department store heavy dependent brands could potentially see a growing Amazon apparel push as a plug to longer-term department stores woes,” the Nomura analysts wrote, adding that recent upticks at these stores are cyclical, not structural. Read more at Business Insider.
