Amazon has launched a new photography studio in London in a bid to take on the UK high street, as a surprise profit gives the company a greater market value than Walmart. Hayley Platt reports.
Suki Waterhouse - British fashion model and the latest face of Amazon. The online retailer which started out selling books now has a greater market value than Wal-Mart - after shares surged more than 17 per cent on the back of an unexpectedly high quarterly profit. In its latest global push, the company is launching a fashion studio in London. SOUNDBITE: AMAZON REPRESENTATIVE (ENGLISH) SAYING: "We wanted to be at the heart of the city so that we could access the best creative talent, photographers, models, stylists etc." Amazon's vast range of diverse offerings include homeware, data storage as well as fashion. The new studio will be used to produce hundreds of thousands of images every year - that will be used to sell Amazon's fashion across Europe, in a direct challenge to the UK high street. London Capital Group's Brenda Kelly. SOUNDBITE: BRENDA KELLY, LONDON CAPITAL GROUP, HEAD ANALYST, SAYING (ENGLISH): "High streets will just become the shop fronts for online businesses but the majority of purchases will take place there. So I think we're in for a big change in the complexion of the UK high street." Bricks and mortar shops aren't in danger of disappearing. They just might have some even stiffer competition.