The game changing streetwear and sneaker resale platform, StockX, is now officially valued at more than $1 Billion US Dollars.
Founded by Josh Luber, StockX is the very first globally recognised stock market for sneakers and streetwear. Previously described as “The Nasdaq for sneakerheads” by the New York Times, StockX has become one of the go to platforms for all things sneakers, streetwear and resale over the last few years. The resale platform allows sneaker collectors and streetwear enthusiasts to see live bid/ask prices for some of the most sought after products such as OFF-WHITE x Nike Air Max trainers and Supreme x The North Face jackets. More recently the company has diversified into watches and designer handbags and yesterday announced further investment as well its international growth strategy.
With fake sneakers and streetwear flooding the market from China, and the quality of fakes better than ever before, authenticity had become a massive problem on other online selling sites with no guarantee of authenticity. What made StockX really stand out is its unique authentication process, as each item sold through the site is guaranteed authentic, offering peace of mind to every buyer.
Above: The Stock Market Of Things. Josh Luber talking at the London StockX event in London back in October 2018.
StockX has now secured a further $110 million US Dollars investment from a range of investors now valuing the company at over $1 Billion US Dollars. The latest news from the Detroit based resale platform highlights the rapid growth of the streetwear and sneaker resale market which originally started with collectors and enthusiasts selling drops via traditional online marketplaces such as Ebay, is now worth an estimated $6 billion dollars. With a massive growth over the last few years, the resale market is now increasingly becoming as a big as traditional retail, thanks to raffles, hype drops, clever marketing strategies and limited product availability on release day.
As well as the investment news, StockX also announced its founder Josh Luber would be stepping down as CEO and will be replaced by Scott Cutler who has previously worked as an executive for Ebay. Luber will however remain on the board of directors for the resale platform during its continued global growth.