• Loading stock data...
Tuesday, July 23, 2024
Join us this September for Tuned In Request to Attend

TikTok Owner Looks to Sell Stake in $10B Sneaker Resale Platform

  • ByteDance is looking to offload a stake in Poizon, which has roughly 100 million monthly active users.
  • Poizon is valued at more than $10 billion.
Poizon

ByteDance, the owner of TikTok, is considering selling a minority stake in Poizon, an online fashion marketplace for sneakers and apparel, according to Bloomberg. 

The Beijing-based company is looking to offload a stake in Poizon, which has roughly 100 million monthly active users, as it downsizes its business operations, particularly its investment arm and VC team. ByteDance anticipates a crackdown by Chinese regulators on tech companies. 

  • Poizon is valued at more than $10 billion.
  • A sale would be for a stake less than 10%.
  • ByteDance prefers to sell the minority stake to an existing investor.
  • No deal is imminent, as ByteDance may decide to keep the stake. 

ByteDance, which is privately held, was looking to go public last year in the U.S. or Hong Kong but scrapped its plan for an IPO after Chinese regulators asked the company to address data security risks and other issues. As of April, ByteDance is reportedly valued at $140 billion. 

Growing Tension 

ByteDance’s plans to sell a portion of Poizon come amid tension within the sneaker resale market. 

In February, Nike sued resale platform StockX over NFTs, accusing the latter of trademark infringement when some of the NFTs included Nike shoes. Two months later, Nike claimed it purchased four pairs of counterfeit shoes from StockX — including one matching an NFT.

Earlier this week, StockX, which reached a $3.8 billion valuation in 2021, filed a response to the lawsuit with the U.S. District Court in New York claiming Nike’s allegations “lack merit.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Odell Beckham Jr. and Nike Claim Victory in Jury Ruling That Hands Both $0

The two sides were suing over alleged contract breaches, including OBJ’s gloves.
The Mississippi Department of Human Services on Monday sued retired NFL quarterback Brett Favre along with several other people and businesses to try to recover millions of misspent welfare dollars that were intended to help some of the poorest people in the U.S.

Judge in Mississippi Welfare Case Boots Brett Favre’s Lead Lawyer

The judge wrote he had a ‘pattern and practice of delicate deception.’
podcast thumbnail mobile
Front Office Sports Today

WNBA ASG, Paris Olympics Continue Rise of Women’s Basketball

0:00

Featured Today

The FTC Noncompete Ruling Could Change MMA As We Know It

Fighters could see their options—and earnings—grow.
July 21, 2024

O No Canada: The Next Big Sports Betting Scandal Could Erupt North of the Border

‘It’s open-season for match-fixing up there.’
July 20, 2024

The Road to the Return of ‘EA Sports College Football’

This summer, the biggest development in college sports is virtual.
Jan 7, 2024; Nashville, Tennessee, USA; Jacksonville Jaguars wide receiver Calvin Ridley (0) reacts after scoring a touchdown against the Tennessee Titans during the first half at Nissan Stadium.
July 14, 2024

Without Hard-Line Bans, Pro Athletes and Personnel Will Keep Betting on Sports

Penalties often aren’t stringent or consistent enough to deter banned behavior.

USOPC Sues Logan Paul’s Drink Company Ahead of Olympics

It’s not the first time the beverage company is under scrutiny.
July 9, 2024

Arch Manning Will Be in EA’s ‘College Football 25’ After All

The NCAA’s most famous backup had previously opted out.
July 16, 2024

Jaylen Brown Doubles Down on Nike Blame for Olympic Snub

Brown said he thinks Nike influenced the decision to pick Derrick White.
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
July 9, 2024

Struggling Nike Widely Cut Executives in Last Layoff

Nike is, by any measurement, facing a grave emergency.
July 2, 2024

Nike’s Worst Stock Plunge Forces Big Changes to Win Back Consumers

An already-reeling company is trying to recover from a one-day, 20% fall of its stock.
June 27, 2024

Nike’s Struggles Deepen With Weak Quarterly Earnings

Weak sales numbers drive shares further downward for the sports apparel and footwear giant.
May 30, 2024

Foot Locker, Dick’s, and Adidas Fueling a Sporting Goods Comeback

Foot Locker posts improved results, joining similar reports made recently by Dick’s Sporting Goods and Adidas.