Well, this was unexpected. Earlier today, sneaker retailer Foot Locker announced that it will be investing $100 million in GOAT Group, the parent company of brands such as GOAT and Flight Club. This unprecedented move will allow the NYC-based retailer to “bring sneaker and youth culture to people around the world.”
According to the official press release, this marks the largest investment by a retailer buying into the secondary sneaker market and it is also the largest investment Foot Locker themselves have made so far since it was established over four decades ago in 1977.
Both companies will be joining forces across various platforms to develop “exclusive new customer experiences“. Of course, this news comes less than two months after London-based fashion marketplace Farfetch bought Stadium Goods for an eye-watering $250 million.
What do you think of this news? Is reselling the future of the sneaker industry? Is the market heading in the right direction? Be sure to let us know over on @thesolesupplier on Twitter, and make sure to download the official The Sole Supplier app for free right now!