Amazon (AMZN) may be hiding an ace up its sleeve according to Hedgeye Retail analyst Brian McGough.

Right now, Alibaba dwarfs Amazon in the number of customer transactions it does a year. One of the reasons is Alibaba’s “Tmall,” which is essentially a virtual mall. Here’s Tmall’s unique innovation (that we ultimately think Amazon will imitate). Consider a company like Ralph Lauren that’s selling its products on Tmall. Ralph Lauren has its own branded page on the Tmall website. It has the look and feel of a Ralph Lauren website. But it’s actually Tmall, quietly operating these branded pages and fulfilling all the orders.

“That’s where I think Amazon is going,” according to McGough.

In other words, expect to see new, product-branded pages partnered through Amazon.

According to McGough:

“Amazon has started this partnership with Nike (NKE). I used to work at Nike. I’m telling you right now there is no way Nike is going to go full force on Amazon with a $160 shoe with a user-interface that hasn’t changed over the past ten years. The fact is that user interface is a disaster.

So now we get to a point where Amazon is going to switch over—this isn’t part of consensus narrative, this is part of mine, and I’ve got a very good reason why I think it’ll happen.

Nike is going to be the pilot for a redesigned user interface on Amazon. You’ll go over to Amazon and you’ll see this beautiful, Nike-esque branded interface where you can actually go and buy a relatively high priced shoe. This is the death of Foot Locker (FL)”

In the end, McGough thinks this will be a bigger deal for Amazon, than it is for Nike. Amazon will be able to approach companies underinvested in e-commerce and offer them a similar partnership model to Nike.

“If there’s one bull case on Amazon I could point to right now,” says McGough, “aside from the fact that it’s Amazon, that’s out of consensus, that would be it.”

Watch the full clip above for more.

If There’s One (Non-Consensus) Bull Case On Amazon, This Is It - real time alerts