Looks like the sneaker resale market just got a bit more interesting as Foot Locker has announced it will be investing $100 million in GOAT Group.
Today (Feb. 7), the famed sportswear and footwear retailer announced it is making it’ biggest investment ever in GOAT Group with an eye on keeping up with the ever-changing landscape of the sneaker game and the customers that drive it to new and often more expensive heights.
“At Foot Locker we are constantly looking at new ways to elevate our customer experience and bring sneaker and youth culture to people around the world,” said Richard Johnson, Foot Locker, Inc.’s Chairman and Chief Executive Officer, in a press statement. “We are excited to leverage GOAT Group’s technology to further innovate the sneaker buying experience and utilize their best-in-class online marketplace to help meet the ever-growing global demand for the latest product. Together, Foot Locker and GOAT Group’s shared commitment to trust and authenticity in the sneaker industry will provide consumers with unparalleled experiences and diversified offerings.”
With all kinds of clothing brands and companies partnering up or simply buying out sneaker markets like London’s Farfetch’s $250 million purchase of Stadium Goods, it was only a matter of time before a brand like Foot Locker got in on the action.
What sneakerheads will be wondering about this latest merger is what will it mean for sneaker inventory and the pricing that comes with it. Will this lead to more pairs of highly sought after sneakers being sold at retail or will more of those kicks find themselves on the secondary sale market? If so will those resale prices be closer to retail due to its relationship with Foot Locker or nah?
We mean at the end of the day what we want is better access to “Limited Edition” kicks like Virgil Abhol‘s Off-White creations which seem like impossible cops unless you’re willing to live without health insurance for a few months if you’re buying on the secondary market. How about someone out there figure out a way to combat all those sneakerbots that eat up purchases with the speed of lightning before everyday consumers even have a chance to press “Add To Cart”?
We guess we’ll soon find out exactly how Foot Locker’s investment in GOAT Group will affect your kick game and pockets in the process.
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Photo: Phil Long/AP Images for Kids Foot Locker
