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Sneaker reseller StockX valuation jumps to $ 3.8 billion

StockX, CEO, Scott Cutler

Scott Murin | CNBC

StockXAfter a record year of revenue, it completed a new funding round valuing high-end sneaker resellers at $ 3.8 billion.

On Thursday, StockX announced a $ 195 million secondary tender offer and an additional $ 60 million in Series E-1 primary shares.

“This news shows broad awareness and excitement about the long-term value of StockX’s business. Fundamental changes in both consumer buying and investing behavior offer StockX an immeasurable growth opportunity. “Masu,” CEO Scott Cutler said in a press release.

Ultimate Capital He led a full cash offer, including a former investor and a new investor, the Dragoneer Investment Group. The company also confirmed that some employees will sell their shares. The announcement raises StockX’s valuation by 35% from $ 2.8 billion in December 2020.

Jared Middleman, a partner at Dragoneer, said: “The company is rapidly establishing itself as one of the most important online marketplaces for Gen Z and Millennial consumers. The StockX team is working to realize this potential.”

StockX will be available in the second half of 2021. Dow Jones Report Quoted source on Wednesday.

In response to the report, a StockX spokesperson told CNBC: “Our current focus is on global expansion and diversification of categories while growing our core business.

Source: StockX

Source: StockX

Formerly known as the “sneaker stock market,” the company has expanded its products to include collectibles, handbags and electronics. However, the core business remains the same, allowing users to buy and sell goods in the open market. StockX provides platforms, certifications and niche content related to what is called the “current culture”.

According to the company, Covid’s pandemic has boosted so-called athleisure sales, and StockX has benefited from rapid changes in consumer spending, generating more than $ 400 million in revenue in 2020. StockX executives said they completed more than 7.5 million transactions last year, reaching a total commodity value of $ 1.8 billion. StockX previously reported $ 2.5 billion in GMV from the company’s establishment in February 2016 to June 2020.

The resale market is becoming more and more popular with shoppers of all ages with sites such as: Real Real Published in 2019, Posh mark Debuted earlier this year. StockX competes with similar sites such as Stadium Goods and GOAT, but is widely regarded as a leader.

“We are only part of what StockX can offer to millions of global buyers and sellers who trust a wide range of genuine current cultural product platforms,” Cutler said.

Sneaker reseller StockX valuation jumps to $ 3.8 billion

Source link Sneaker reseller StockX valuation jumps to $ 3.8 billion

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