21 Jan StockX’s Resale Market Surpasses $1 Billion In GMV In 2019
StockX, the sneaker resale marketplace, announced it surpassed $1 billion in gross merchandise value (GMV) in 2019 and grew global buyer and seller registrations by more than 100 percent.
The platform, which also resells apparel, accessories and collectibles, focused heavily in 2019 on expanding its global business—specifically in Europe and Asia—and diversifying product categories. To mark the milestone, the company issued a report highlighting industry trends and predictions as well as insights into the company’s growth.
StockX, which launched in February 2016, announced last year that it raised $110 million in a Series C funding round that valued the company at over $1 billion. The announcement included the appointment of e-commerce veteran Scott Cutler as StockX’s CEO and was followed by news of several key hires over the course of Q4 2019.
“2019 was a momentous year for StockX,” said Cutler. “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.”
Highlights from StockX’s report include:
StockX surpassed $1 billion in annual GMV in less than three years since launching in 2016. The company saw its international markets grow to nearly 30 percent of the business. European GMV grew more than 200 percent in 2019.
The company grew its buyer and seller registration base by more than 100 percent and processed sales in 197 countries and territories.
The company ended 2019 with approximately 1,000 team members globally and expanded the executive team by hiring its first Chief Financial, Chief Marketing and Chief Communications Officers.
StockX saw sales for the luxury and collectibles categories grow by nearly 200 percent. StockX also officially launched trading cards as part of collectibles featuring hundreds of cards across all four major American professional sports leagues including the NFL, NBA, NHL, and MLB.
›Global Operations and Expansion
The company opened offices in Tokyo, NYC and Silicon Valley and authentication centers in the Netherlands and Atlanta, GA during 2019. Additionally, StockX opened its first permanent brick & mortar location in NYC and had pop-up drop-off locations in London, NYC, Los Angeles, Atlanta, and Chicago. International growth was supported by developing local operations in France, Italy and Germany which reduced processing fees and delivery times for European customers.
In terms of market share on StockX, the biggest sneaker brands were Jordan Brand, Adidas and Nike and the most popular styles were Jordan 1, Yeezy 350 and Air Force 1. In the streetwear category, Supreme led the market with Bape and Kith rounding out the top three brands. Rolex maintains the top spot on the list of watch brands moving on the platform, and Louis Vuitton is the leading brand in the accessories vertical.
StockX partnered with global brands like Adidas to release products directly to the market through a dutch auction method known as a StockX IPO (initial product offering).
For the full report, visit stockx.com/news/state-of-resale.