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Wednesday, July 17, 2024
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That’s Shoe Biz

Sneakers
Ron Chenoy-USA TODAY Sports

With a new $1.75 billion valuation, Goat Group is living up to its name. The sneaker resale platform raised $100 million in Series E funding, more than tripling its previous $550 million valuation in the process.

The new round of funding — from D1 Capital Partners — will be used to launch new apparel and product categories, as well as back efforts to get more brands to sell products directly on the platform. Goat Group’s previous investors include Foot Locker, Accel, Index and Upfront Ventures.

Online sneaker sales are taking off. Goat Group’s chief competitor, StockX, reached a $1 billion valuation last year. Global resale market could reach $30 billion by 2030

Sneaky Success:

  • Global sneaker market: $100 billion
  • Global resale market: $6 billion 
  • U.S. sneaker market: $21 billion
  • U.S. resale market: $2 billion

Sneaker Retailer Digital Sales Growth:

  • Nike: 82% year-over-year online growth in its fiscal first quarter
  • Adidas: 93% e-commerce growth in its second quarter
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