StockX Surges

ESPN’s ‘The Last Dance’ helped StockX sell 40,000 pairs of “Flint” Air Jordan 13 sneakers in June, the latest success for the sneaker, collectible, and apparel marketplace. Despite the coronavirus pandemic, StockX reported “double-digit gains” in search interest following coronavirus pandemic-related lockdowns in March according to its mid-year report despite average consumer brand interest dropping 9%, according to Cowen Equity Research. In total, StockX has now surpassed $2.5 billion in lifetime gross merchandise value.

Air Jordans have played a significant part in StockX’s growth, with 3.5 million pairs of the shoes being authenticated by the platform in its history – 900,000 of those within the past six months. Jordan sales grew 38% during ‘The Last Dance’ broadcasts. The combined value of the top 500 sneakers gained 6% in March.

Since launching in 2016, StockX has facilitated more than 10 million trades, with 50% of those coming in the past year. The second quarter of 2020 provided the site with 18 of its top 20 sales days ever, outside of promotions and holidays. May and June were its two biggest buyer months ever.

Based in Detroit, StockX was founded by Quicken Loans founder Dan Gilbert and Josh Luber, Greg Schwartz, and Chris Kaufman. StockX has raised more than $150 million in venture funding and was valued at $1 billion last year. In December 2019, StockX formalized its first sports partnership, with the Gilbert-owned Cleveland Cavaliers.

StockX said it’s the No. 4 site among “upper-income Gen Z males” with a “69% market penetration among Gen Z sneakerheads” – who spend an average of $503 on sneakers every year. The site also saw the share of its users over 45 grow 30%.