Foot Locker invests $100 million in GOAT Group
The companies said that the investment would eventually lead to Foot Locker and Goat Group combining their efforts across their digital and physical retail platforms.
In an interview, GOAT co-founder and chief product officer declined to disclose the company’s valuation, its revenues, how sales break down across geographic regions, or how it will work with Foot Locker going forward.
In 2018 several top sellers on GOAT sold over $10 million worth of sneakers up from $2 million in 2017, according to the company. GOAT Group now counts over 600 employees, up from 200 a year ago, with 12 million users currently active on the platform. That figure is up massively from last year when 2.5 million folks were on the platform.
Over the same period GOAT boosted its sneaker listings to 750,000 from 200,000 and now has 150,000 vendors selling to over 12 million customers. With growth like that no wonder Foot Locker wants a sip of that GOAT stew.
“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 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.”
One savvy online observer commented that the deal was the equivalent of Blockbuster investing in
“In 2015, we pioneered the ship-to-verify model with a mission to bring a seamless and safe customer experience to the secondary sneaker market,” said
Scott Martin is joining the GOAT Group’s board of directors and extends Foot Locker’s investments in startup companies and brands, which already included the women’s luxury activewear brand Carbon38; tactical play and children’s lifestyle brand Super Heroic; and footwear design academy PENSOLE.
GOAT has raised $197.6 million since it was launched it 2015. The company competes with other vendors like Stock X.