Sneaker Resale Battle Heats Up with Foot Locker’s $100 Million Investment in GOAT
American multi-brand footwear retailer Foot Locker has announced a $100 million in GOAT Group, one of the most prominent players in the global sneaker reselling market.
The investment brings GOAT’s total raised investment to $197.6 million since its launch in 2015. The move marks the largest investment to date by a retailer into the secondary sneaker market, as well as Foot Locker’s biggest investment ever.
“At Foot Locker we’re constantly looking at new ways to elevate our customer experience and bring sneaker and youth culture to people around the world,” Richard Johnson, Foot Locker, Inc.’s chairman and CEO says in a statement provided to Highsnobiety. “We’re excited to leverage GOAT Group’s technology to further innovate the sneaker buying experience and utilize their best-in-class online marketplace to help meet the ever-growing global demand for the latest product.”
“In 2015, we pioneered the ship-to-verify model with a mission to bring a seamless and safe customer experience to the secondary sneaker market,” adds Eddy Lu, co-founder and CEO of GOAT Group, who says that having Foot Locker’s global reach will enable GOAT’s business to scale its operations both domestically and internationally.
“With over 3,000 retail locations, Foot Locker will support our primarily digital presence with physical access points worldwide, bringing more value to our community of buyers and sellers,” he says.