Amazon is going after Michael Kors and Coach with a new line of shoes and handbags

Amazon is venturing further into the apparel and accessories market with a new private-label collection.

"The Fix," which launched Tuesday, is a collection of shoes and handbags that cost between $49 and $139 and are only available for Amazon Prime customers.

Amazon's fashion director, Kate Dimmock, said that the new collection is based on designer trends but will be sold at lower prices, WWD reported.

The e-commerce giant is going after brands such as Michael Kors and Coach by offering similar styles at lower prices. This also threatens department stores like Macy's, JCPenney, and Nordstrom that stock these brands.

Amazon has already rolled out several private-label apparel brands, and in June, it launched Prime Wardrobe, a service that makes it easier for Prime customers to shop online by enabling them to try clothes on before committing to buying them.

According to a report by Cowen & Co. from October 2016, Amazon is expected to surpass Macy's to become the biggest apparel seller this year. The company's clothing and accessory sales are expected to grow nearly 30% this year, to $28 billion.

Amazon currently claims about 6.6% of the market, but that share is expected to increase to 8.2% by next year and expand to 16.2% within five years, according to Cowen analysts.

New styles will be released monthly, and they will be more affordable than luxury brands, WWD reported.