Amazon has bested itself, and many others, on the stock market again.
Shares of the e-tailer hit a new high of $1,001.20 in morning trading Tuesday, but the moment was fleeting and the stock closed the day at $996.70 for a gain of 92 cents. The company has a market capitalization of $476.4 billion, more than double that of Wal-Mart Stores Inc.
The market has been steadily pushing Amazon’s stock higher over the last few months, leaving the prospect of hitting $1,000 per share a matter of when, not if. At the end of March, Amazon shares hit $856, a new high at the time, just after it cut a deal to acquire Souq.com, the largest online retailer in the Middle East, for an undisclosed sum.
Tuesday’s high doesn’t appear pinned to any one revelation or announcement, but Amazon has been keeping investors excited with the rollout of physical bookstores, the testing of “just walk out” grocery stores and a continued fashion push.
At the end of April the company launched its artificial intelligence-enabled Echo Look, a small stand-alone camera aimed at helping users evaluate an outfit, along with Style Check, a program that suggests outfits.
The e-commerce behemoth has also secured government approval of a patent designed for the “on-demand” creation of apparel through an “environment” of connected and computerized machines that will print and cut patterns and assemble garments without the need for human assistance.
Automated apparel manufacture could aid Amazon as it continues to build out a private-label business made up of eight brands, including mostly basic offerings in intimates, casualwear and dresses.
To oversee these and other fashion-related ventures, the company on Friday confirmed that it had named Christine Beauchamp president of its fashion division, succeeding Cathy Beaudoin, who left Amazon earlier this month after eight years in the role.
But not all of Amazon’s experiments in fashion have panned out. The company’s live-streaming shopping show, Style Code Live, was shuttered last week after just over a year.
In a message on Facebook, the show thanked its “Decoders,” but said “All good things must come to an end.…Our viewers and followers have inspired us in so many ways and there is more to come, so ‘stay tuned!’”
The company is expected to continue on in the live streaming space, although nothing appears to be in the works that specifically targets fashion.
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