The sneaker secondary market has reached a level of sophistication surpassing that of past collecting fads.
Most are small-time entrepreneurs hoping to earn some spending money on one or two pairs, maybe dreaming of snagging once-in-a-lifetime kicks that might bring five figures in the thriving secondary market for basketball-inspired shoes.
Sneaker resellers have been around for decades, but it took the likes of Ebay, Craig’s List, Facebook and Instagram to enable a vibrant secondary market, said Mike Powell, vice president and senior industry advisor for the research firm NPD Group. In December, online fashion retailer Farfetch bought the 3-year-old consignment platform Stadium Goods for $250 million.StockX, which also sells watches, handbags and streetwear, in September announced that it had attracted $44 million from GV, formerly known as Google Ventures, and other investors. The company’s co-founders include billionaire Dan Gilbert, who started Quicken Loans and is majority owner of the Cleveland Cavaliers.
StockX and other resale platforms grew with the help of a committed vendor pool: young people who were willing to get up early to be first in line at the latest signature sneaker drop. Then they hoped to make some money on reseller sites and avoid taking a boring summer job. Dittrich said he was inspired to write the book when he saw the Sean Wotherspoon Nike Air Max 97/1 suddenly $100 off its asking price of more than $600 on StockX on news of a fresh production run.
Loyola Marymount University finance student Maliek Reed, 19, is a sneaker fan who doesn't like the rising prices generated by popular sneaker resale websites such as StockX. “It used to be like a scavenger hunt to get it, you know?” Reed said. “With these sneaker IPOs, it’s going to get really expensive.”
“We want to work with the brands, the industry, Nike and Adidas and Supreme, etc., to release products directly into the market, to literally IPO them,” said Luber, who began collecting athletic shoes when he was 8 and now has about 350 pairs. “And in that scenario, then we really start to play both halves of the retail and resell sneaker markets.”
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