StockX says the coronavirus has been “great for our business and growth” as shoppers are forced to turn online to make purchases.
Scott Cutler, the sneaker start-up’s chief executive, said speaking at an online interview last week that the pandemic had not hit the brand’s margins.
While almost all non-food retailers have been forced to shut their physical stores, online retailers like Amazon and Asos are now facing criticism for keeping their warehouses open and putting employees at risk.
“The recent events over the last couple of months has been a benefit to our business,” Cutler said.
“We’ve had more and more traffic and buyers coming to our site because in some respects, traditional retail in some geographies is not available.
“We thought we’ve always been a marketplace of scarcity, but now you can’t actually go into a real retail location, so you’re coming to StockX. So on the one hand, it’s been great for our for our business and for our growth.”
However, this means StockX employees are still required to come to work in its logistics centres where sneakers, handbags and streetwear are sent to be authenticated, but Cutler says he is striking a “balancing” act between continuing to operate and keeping employees safe.
Staff at authentication centres will also receive a 25 per cent salary increase during lockdown alongside a “spot bonus”.
In January, StockX reported Gross Merchandise Value (GMV) of over $1 billion for the first time 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.