{"id":5125,"date":"2019-07-10T12:19:54","date_gmt":"2019-07-10T12:19:54","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=5125"},"modified":"2022-04-28T16:45:19","modified_gmt":"2022-04-28T11:15:19","slug":"stockx-on-trading-consumer-goods","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/trends-and-analysis\/stockx-on-trading-consumer-goods\/","title":{"rendered":"StockX On Trading Consumer Goods In The Luxury Market"},"content":{"rendered":"Reading Time: <\/span> 7<\/span> minutes<\/span><\/span>

In late June this year, online resale marketplace StockX became the <\/span>first billion dollar<\/span><\/a> street-wear and sneaker reseller after recently securing $110 million funding.\u00a0<\/span><\/p>\n

Founded by Josh Luber in 2015, StockX entered the market by reselling high-end sneakers. In just four years, the Detroit-based secondary marketplace not only earned unicorn status but also managed to clock <\/span>gross product sales that exceed $100 million a month<\/span><\/a>.<\/span><\/p>\n

Part of the reason for the company\u2019s success can be ascribed to the flourishing <\/span>sneaker industry<\/span><\/a> within the <\/span>footwear industry<\/span><\/a> and the <\/span>resale market<\/span><\/a>. According to the Grand View Research <\/span>report<\/span><\/a>, the athletic footwear industry would be worth over $95 billion by 2025 – and the resale sneaker market has a huge <\/span>role to play<\/span><\/a> in making these shoes cool again.\u00a0<\/span><\/p>\n

\"\"
Source: The New York Times<\/figcaption><\/figure>\n

However, it is StockX\u2019s unique business model that largely fuelled its growth. Designed as \u2018a stock market for consumer goods\u2019, the company blends a stock market model with consumer goods that have a certain ascending value attached to them. It is a resale market with a difference because StockX recognizes that certain consumer goods like high-end sneakers, bags and watches can be traded as assets.\u00a0<\/span><\/p>\n

\u00a0\u201cAt the highest level, the reason that this business has been successful is it\u2019s about this model. We have taken the way the stock market works and created a consumer goods marketplace for it. We are an evolution of eBay. All we do is connect buyers and sellers. But the way that we do that, the way we connect buyers and sellers is the exact same way that the world’s stock markets connect buyers and sellers,\u201d Luber <\/span>revealed<\/span><\/a>.<\/span><\/p>\n

\u201cThe stock market has been the most efficient form of commerce for 200 years,\u201d he adds. \u201cAnd all we did was\u2026 from these commodities from stocks, bonds, oil and gas to new commodities to sneakers to street-wear, and watches and handbags. All we are trying to do is just sort of like mimic what has been a super successful model for connecting people and use it for something else. And it works!\u201d<\/span><\/p>\n

The resale marketplace has simplified the concept of the stock market for consumers who love to buy and sell sneakers and other luxury items and the trading process brings in a great deal of excitement. StockX then studied the demand & true market value of these goods and used this knowledge to build an efficient resale marketplace, which is now worth $1 billion.\u00a0<\/span><\/p>\n

Campless to StockX<\/b><\/h2>\n

Luber\u2019s entrepreneurial streak and passion for sneakers were visible from a very early age.\u00a0<\/span><\/p>\n

At 8 years old, he discovered his love for sneakers. He now has an <\/span>enviable collection<\/span><\/a> that includes Air Jordan 1, Air Tech Challenge 2, seven pairs of the Air Max 97 BW, Air Classics BW Stash that he grabbed via StockX and a rare limited edition Adidas Century Low G3 Emilio Pucci.<\/span><\/p>\n

\"\"
Source: The New York Times<\/figcaption><\/figure>\n

\u00a0<\/span>While he was nurturing his passion for Jordans, he <\/span>experimented with entrepreneurship<\/span> by selling baseball cards, chewing gum and blow-pops as a teenager. Luber\u2019s first company was Tech Experts \u2013 a business that was into fixing computers. In 2006, he started an online restaurant staff scheduling platform called Servinity, which he had to shut down after the market crash in 2008-2009. The company he started after that was Turntable.fm, a music start-up. Throughout this time, he also held onto the conventional corporate day jobs that allowed him to live his entrepreneurial dreams.\u00a0<\/span><\/p>\n

It was Campless, a sneakerhead data and analytics company that Luber started in 2012 where his love for sneakers and business collided.\u00a0<\/span><\/p>\n

While talking about what triggered him to start Campless, Luber <\/span>shares<\/span><\/a>, \u201cAt the end of 2011, you had the last time Jordan released the Jordan 11 Concord\u2026 Now, the industry is back in the headlines for the first time in 15 years because of riots and people killing each other for sneakers\u2026 It was really just me not seeing any real analytics around the sneaker industry\u2026 It also coincided, in retrospect, with Facebook buying Instagram. That\u2019s all sneakerheads ever wanted to do: see what shoes other people were wearing and show off their [collection].\u201d<\/span><\/p>\n

It was the first company that tried to make sense of the demand & supply, study the influence of social media and trace the rise of the sneaker industry by analyzing data.\u00a0<\/span><\/p>\n

Campless is the company on whose foundation StockX was built. It was a meeting with American billionaire and governor of the National Basketball Association’s Cleveland Cavaliers Dan Gilbert that enabled the sneaker data site\u2019s transformation into a consumer goods\u2019 stock market.\u00a0<\/span><\/p>\n

Breaking The Exclusivity Barriers\u00a0<\/b><\/h2>\n

In 2015, Luber received an email from two people who worked with Dan Gilbert and they agreed to fly him to Cleveland to meet Gilbert. In that meeting, Luber shared a roadmap that he had sketched for Campless\u2019 future on a piece of paper. The roadmap had listed three business objectives \u2013 a price guide, a sneaker portfolio and then a stock market for sneakers, based on the data Luber had. And that turned out to be <\/span>exactly what Gilbert wanted to build<\/span>. That\u2019s how the two decided to collaborate and develop StockX.<\/span><\/p>\n

Since then, the company has transformed the sneaker resale activity into a serious business. It changed the industry\u2019s ecosystem, for sneaker brands and consumers, both.\u00a0<\/span><\/p>\n

\"\"
Source: The Hundreds<\/figcaption><\/figure>\n

On paper, the idea of a stock market sounds complicated \u2013 something that the millennials and Gen Zs who want to buy and sell shoes might not find interesting. Additionally, there\u2019s the menace of fakes that have infiltrated the luxury sneakers industry. But StockX has managed to elevate the shopping experience through its authentication centres, pop-up stores, and easy-to-use-and-understand interface.\u00a0<\/span><\/p>\n

\u201cThe core of it is what\u2019s called a \u2018live bid-ask\u2019 model\u2026 where buyers are placing bids and sellers are placing asks. And it is all on a single product page. That\u2019s the key. It\u2019s about standardization. If you go buy a share of Nike stock from the New York Stock Exchange, there\u2019s not thousands of people saying \u2018buy my Nike stock\u2019\u2026 On StockX there\u2019s one product page for the shoe. And by bringing all that at one place, then you can leverage all of the data and the efficiencies of how the stock market works. It\u2019s about that single asset and that\u2019s really a super powerful part of it,\u201d Luber <\/span>explained<\/span><\/a> when asked about how the StockX\u2019s interface works and how it is different than other reselling platforms.\u00a0<\/span><\/p>\n

As far as keeping fakes at bay, the company has employed a team of industry experts and has built authentication centres where the sneakers undergo intense scrutiny. Besides the US, the reseller has also set up centres in <\/span>Europe<\/span><\/a> and plans to keep <\/span>expanding<\/span><\/a>. To enhance the customer shopping experience, StockX has also invested in <\/span>physical pop-up stores<\/span><\/a>, where sellers can walk in, get their shoes authenticated on the spot and walk out with cash.\u00a0<\/span><\/p>\n

This has helped to increase accessibility. For decades, big sneaker and luxury brands have leveraged the exclusivity model by releasing limited stock of the new releases in the market and maintaining a gap between the demand and supply. Even this limited stock is available to a selected group of people. But StockX is promoting accessibility by making these exclusive sneakers available to the masses. The company is also democratizing the industry by becoming a platform that is not just a reseller but a primary marketplace.\u00a0<\/span><\/p>\n

Sneaker IPOs And Taking Over Asia<\/b><\/h2>\n

After seeing the adoption rate of StockX, it didn\u2019t surprise anyone to witness its organic progression from a reselling platform to an exclusive selling platform.\u00a0<\/span><\/p>\n

In January 2019, the company <\/span>launched<\/span><\/a> Ben Baller Did The Chain IPO through a blind Dutch Auction. This method has traditionally been used only for stocks and securities. But StockX\u2019s Ben Baller IPO, a first of its kind, attracted 10439 bids on the 800 pair of footwear slides. The average price of these slides <\/span>shot up by three times<\/span><\/a>.\u00a0<\/span><\/p>\n

Since a blind Dutch Auction was a new concept, especially for a 14 year old sneaker-head, the company commissioned videos, which explained the process.\u00a0<\/span><\/p>\n

Luber believes that this is how limited luxury stock should be released as it helps to reveal the true value of a commodity \u2013 the fair price. It also provides equal opportunity to all those who have the willingness and means to buy.\u00a0<\/span><\/p>\n

\u201cIf the IPO of a company happens, then that same market continues to trade. It\u2019s one market that blurs the line between what is retail and what is resale. The concept of retail\/resale price going away in the stock market is just one number. It\u2019s whatever the true market value is. The idea was always that this could be the way to do that for consumer goods\u2026 Our hypothesis is that is how super-hyped, limited products should be released, as opposed to today, where a retail price is placed on a product that has no bearing on the value of it,\u201d he <\/span>stated<\/span>.\u00a0<\/span><\/p>\n

He plans to host more IPOs on his platform in the future. The company is also expanding its product portfolio of other luxury goods by adding handbags, watches and art. They are also collaborating with designers in the form of blind auction activations to launch exclusive products that would be available on their platform for a limited amount of time.\u00a0<\/span><\/p>\n

Sneakers were and are the company\u2019s primary product category that helped them to double their revenue. But their future plans include launching new merchandises directly, introducing the existing categories into new markets by expanding internationally and focusing on new categories like art.<\/span><\/p>\n

In a day and age where data is gold, Luber was wise enough to first analyze the market and look at all the numbers before jumping into a business that aspired to create a stock market for consumer goods. It took the company only four years to touch $1 billion. At this rate, $2 billion isn\u2019t very far away, if the company\u2019s idea about IPOs pans out well. In Luber\u2019s <\/span>words<\/span>, \u201c<\/span>Ideas are worthless. Execution is the only thing that matters.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 7<\/span> minutes<\/span><\/span> In late June this year, online resale marketplace StockX became the first billion dollar street-wear and sneaker reseller after recently securing $110 million funding.\u00a0 Founded by Josh Luber in 2015, StockX entered the market by reselling high-end sneakers. In just four years, the Detroit-based secondary marketplace not only earned unicorn status but also managed to …<\/p>\n","protected":false},"author":23,"featured_media":5132,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[143],"tags":[260,88,212,305,304],"acf":[],"yoast_head":"\nStockX On Trading Consumer Goods In The Luxury Market | Vue.ai Blog<\/title>\n<meta name=\"description\" content=\"StockX studied the demand & true market value of the goods and built an efficient resale marketplace, which is now worth $1 billion.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vue.ai\/blog\/trends-and-analysis\/stockx-on-trading-consumer-goods\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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