It has been on the lips of sneakerheads over the past few years, but it's now been confirmed that reselling is, in fact, the future of the industry. After just three years in business, sneaker resale marketplace StockX has now been valued at over $1 billion. Yes, that's billion with a "b";.
Following a game of corporate musical chairs, with co-founder Josh Luber stepping down as CEO and replaced by former eBay executive Scott Cutler, the "Stock Market of Things"; has just secured a hefty $110 million from investors DST Global, General Atlantic, and GGV Capital. This will allow StockX to expand further afield to both European and Asian market, a move that will certainly disrupt the game.
In an official statement, Cutler explained, "I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth. StockX is revolutionizing e-commerce. That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts.”
Back in February, Foot Locker announced plans that it will be investing $100 million in GOAT Group, the parent company of brands such as GOAT and Flight Club. At the end of last year, London-based fashion marketplace Farfetch also bought Stadium Goods for a whopping $250 million, further emphasising the importance of reselling in the sneaker game.
What do you think of this news? Are you at all surprised or is this what you predicted? Is the market heading in the right direction? Be sure to let us know your thoughts, and while you're here, follow @thesolesupplier on Twitter for the latest and greatest in sneakers