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Home / Business / Foot Locker Invests $ 100 Million in GOAT Group – TechCrunch

Foot Locker Invests $ 100 Million in GOAT Group – TechCrunch



Foot Locker, the mall-based retailer of mass-market sneakers, has invested $ 100 million in the sneaker market and retailer of predominantly rare and exclusive GOAT Group high-end sports and lifestyle footwear Investment would ultimately result in Foot Locker and Goat Group pooling their activities on their digital and physical trading platforms.

GOAT said in a statement that the company would use the investment to accelerate its global operations and expand its omnichannel experience and technologies.

  GOAT

IT Manager Clint Arndt, CEO Eddy Lu

In an interview, the GOAT Co-Founder and Chief Product Officer rejected the company's valuation, revenue, and revenue in geographic areas, or as it did with Foot Will work loose.

In 2018, several top sellers on GOAT sold more than $ 10 million worth of sneakers (compared to $ 2 million in 2017). The GOAT Group now has more than 600 employees (previous year: 200). Currently, 12 million users are active on the platform. This number has risen massively compared to last year, when 2.5 million people were on the platform.

Over the same period, GOAT has increased its sneaker listings from 200,000 to 750,000 and now has 150,000 vendors selling to over 12 million customers. No wonder Foot Locker wants a sip of this GOAT stew.

"At Foot Locker, we're constantly looking for new ways to enhance the customer experience and bring sneaker and youth culture to people around the world," said Richard Johnson, Foot Locker, Inc. Chairman and Chief Executive Officer in a statement. "We are pleased to leverage the GOAT Group's technology to further renew the sneaker buying experience and leverage their world-class online marketplace to meet the ever-growing global demand for the latest product. The Foot Locker and GOAT Group's commitment to trust and authenticity in the sneaker industry will provide consumers with unrivaled experiences and diverse offerings.

A veteran online commentator commented that Blockbuster is an investment in Netflix At that time, when the now-defunct video rental service was still in its remaining days, it became obsolete.

"In 2015, we introduced the Ship to Verify model with the goal of providing a seamless and secure customer experience for the secondary sneaker, said Eddy Lu, Co-founder and Chief Executive Officer of GOAT Group. "With more than 3,000 retail locations, Foot Locker will support our primary digital presence with physical access points worldwide, bringing more value to our buyer and seller community. With Foot Locker as our strategic partner, our business will continue to expand as we continue to grow our business both domestically and internationally. "

Last year, GOAT earned $ 60 million when it announced its biggest strategic move to date – acquiring the physical retailer Flight Club begins with the entry into real-life store experiences.

Scott Martin joins GOAT Group's Board of Directors and expands Foot Locker's investment in start-up companies and brands, including the luxury women's brand Carbon38; tactical game and children's lifestyle brand Super Heroic; and shoe design academy PENSOLE.

GOAT has raised $ 197.6 million since its launch in 2015. The company competes with other providers such as Stock X.

In an interview with Highsnobiety, NPD Group senior adviser Matt Powell said: "The sneaker resale market has disrupted the primary market. Foot Locker is investing in this disruption and believes that the resale market will continue to grow, with part of this growth coming up. "


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