Sneakers aren’t the only hot sellers in the resale market: StockX
The online marketplace StockX has published its semi-annual report and shows that the powerhouses of the sneaker game have some competition on the resale market.
According to the report, the fastest growing brands on the platform year-on-year were Birkenstock (+ 610%), Louis Vuitton (+ 440%), Crocs (CROX) (+ 430%), Alexander McQueen (+370%). %) and Reebok (+ 210%).
“It is still the case that the brands you are very familiar with, Nike (NKE), Jordan, are dominant and growing significantly. But we're also seeing even bigger growth in some of these smaller brands, like products like Birkenstock and Louis Vuitton, ”said Jesse Einhorn, senior economist at StockX.
“I think that really shows that there is a lot more variety and maturity in the sneaker market than many people tend to think. There are many threats to the dominant players. Even something like Reebok, which is actually a very big brand, is on our top 10 list, along with Crocs. These two brands have seen tremendous growth of over 200% [year over year] in both cases, ”said Einhorn.
StockX report for mid-year 2021 - StockX
When it comes to successful strategy for these brands, Einhorn tells Yahoo Finance that collaboration is key.
"Collaborations are really the lifeblood of the sneaker game, especially the hyped sneaker game, and the two brands you mentioned, Crocs and also Birkenstocks and Reebok, have all had really strong, harrowing collaborations over the past year," he said.
“Take the example of Crocs. They've partnered with a wide variety of artists including Justin Bieber, Post Malone, Luke Combs, as well as brands like KFC, and implemented these truly extraordinary storytelling opportunities that have reached a much wider range of customers. Through these collaborations, Crocs is able to step into a space that they previously had absolutely irrelevant. Crocs wasn't a top brand for most sneaker buyers even a few years ago, ”added Einhorn.
StockX Half Year Report 2021 - StockX
Sneakers may be the biggest draw on StockX, but they're not the only game in town. Collectibles have done big business on the platform. Einhorn found that the best-selling product on StockX last year wasn't a sneaker, but a game console - the Sony (SONY) PlayStation 5, which sold more than 150,000 units. When it comes to Gross Product Value (GMV) or Total Spend in dollars, three of the top 5 items sold on StockX were game consoles, including the two PS5s and the Microsoft (MSFT) Xbox Series X.
“That just shows that these smaller verticals are dominant alongside sneakers. A lot of these collectible and electronics products actually crush it when it comes to individual releases. The GMV of the emerging category has increased by 250%. "
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
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