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Sunday, July 14, 2024

StockX Counters Nike’s Counterfeit Claim

StockX
Stock X

StockX is speaking out weeks after being sued by Nike for allegedly selling counterfeit shoes.

The resale platform, which reached a $3.8 billion valuation last year, filed a response to the lawsuit with the U.S. District Court in New York City on Monday, also mentioning Nike’s previous praise of the company.

“In the past, Nike has sought to collaborate with StockX and has communicated confidence in the StockX authentication process,” the draft noted. 

And while the ties may have once been solid, the pair’s relationship changed in February.

  • Nike sued StockX over NFTs, accusing the latter of trademark infringement — some of StockX’s NFTs included Nike shoes. 
  • In May, Nike said it purchased four pairs of counterfeit shoes from StockX — including one matching an NFT — that were verified by StockX as authentic. 
  • StockX’s draft notes that its authentication process has prevented the sale of $60 million worth of counterfeit sneakers.

“Nike’s recent allegations lack merit, demonstrate a lack of understanding of the modern marketplace, and display anti-competition behavior that will stifle the secondary market and hurt consumers,” StockX CEO Scott Cutler said in a statement.

StockX Sums

If the company was knowingly selling counterfeit goods, StockX would reportedly have to pay triple the damages of a standard claim, adding to Nike’s already stacked statements. The Swoosh reported $10.9 billion in third-quarter revenue.

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