StockX tops $1bn in sales for the first time as sneaker market continues to boom
StockX has surpassed $1 billion in gross merchandise value (GMV) for the first time thanks to massive growth in 2019.
The sneaker resale platform, which markets itself as a “fashion stock market”, achieved the coveted “unicorn” status last year when it was valued at over $1 billion.
It has now also seen its GMV grow to over $1 billion in less than three years since launching in 2016, driven by dramatic expansion of its product range and into international markets last year.
The Detroit based company saw European GMV grow more than 200 per cent last year, and its international markets now account for nearly 30 per cent of its turnover.
“2019 was a momentous year for StockX,” its chief executive Scott Cutler, who took over last year, said.
“We rapidly expanded our product lines, verticals and global footprint—all to better serve our growing platform and valued customers around the world.
“As the fastest-growing e-commerce marketplace of its kind, we are committed to leveraging the incredible learnings and momentum from 2019 while remaining focused on, and excited by, the significant growth opportunities in 2020.”
This drive saw its global buyer and seller registrations jump by more than 100 per cent, aided by new offices in Tokyo, New York and Silicon Valley as well as authentication centres in the Netherlands and Atlanta.
The mark the milestone StockX has released a report detailing the most popular and valuable items on its platform in 2019.
In the UK the Yeezy Boost V2 Black Non-Reflective was the most sought after sneaker, with sales rising 309 per cent in 2019.
Yeezys were also the top selling sneakers in German, but the Nike Air Max 1 “Have a Nike Day” were the most popular in France, Spain and the Netherlands.
Looking ahead to 2020, StockX believes artist merchandised models are the ones to watch, with the category growing fastest last year.
Exclusive sneakers for women are also expected to boom next year, as brands start to recognise that ‘sneakerheads’ are not just men.