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E-commerce leader Amazon.com ( AMZN ) is shutting down fashion flash sale e-tail website Myhabit.com, first reported by Women’s Wear Daily and confirmed by Amazon. The website’s employees were told Thursday morning that the site would shut down at the end of May, WWD reported. In a statement, Amazon said, “Fashion is one of Amazon’s fastest-growing categories. As we continue to increase our breadth of selection and improve the customer experience on Amazon.com, we have decided to simplify our offering and will be closing MyHabit at the end of May. “Our customers can now shop from Amazon Fashion’s incredible assortment of brands across clothing, shoes and accessories — backed by award-winning service, free shipping and returns, and exclusive benefits for Prime members.” Analysts have told IBD that apparel has not been a strong category that Amazon. Alibaba ( BABA )-backed Shoprunner — an e-tail site — has told IBD that one of the ways to compete with Amazon.com’s market dominance is to find categories where the firm is not strong. In-season, branded apparel is one such category, Shoprunner spokespersons said. Amazon.com stock fell a fraction Thursday, to 631. The company has a good IBD Composite Rating of 85, where 99 is the highest. The IBD Leaderboard stock is 4.6% extended, and thus at the high end of the buy range, from a cup-with-handle breakout at a 603.34 buy point, and is near a secondary buy point, at 638.16. Scalper1 News
Scalper1 News