Foot Locker invests $100 million in online sneaker seller GOAT

The partnership between the companies makes sense, as they both operate at different ends of the same market. GOAT has become one of the most popular secondary sellers for in-demand sneakers. The company claims its top sellers made more than $10 million on the platform last year. GOAT Group claims its storefront has more than 750,000 listings from 150,000 vendors, all selling to more than 12 million customers. Foot Locker, meanwhile, has more than 3,000 physical locations. GOAT Group co-founder Eddy Lu suggested those store could become “physical access points” for GOAT’s digital marketplace.

The secondary sneaker market has become fiercely competitive and profitable in recent years. While GOAT is one of the most popular options out there, competitors like StockX and Sneaker Con have significant footholds of their own. GOAT has been making plays to stand out from the crowd, including inking a deal with NBA player Kyle Kuzma. The new partnership with Foot Locker might give the company a leg — or at least a foot — up on its competition.

Source link

Share This Post

Post Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.