Sneakers aren’t the only popular sellers in the resale market: StockX
The online marketplace StockX came out with its mid-year report, showing that the powerhouses of the sneaker game have some competition when it comes to the resale market.
According to the report, the fastest growing year-over-year brands on the platform were Birkenstock (+ 610%), Louis Vuitton (+ 440%), Crocs (CROX) (+ 430% ), Alexander McQueen (+370)%) and Reebok (+ 210%).
“The fact remains that the brands you know very well, Nike (NKE), Jordan, are dominant and are experiencing significant growth. But we’re also seeing even greater growth among some of these smaller brands, like products like Birkenstock and Louis Vuitton, ”said Jesse Einhorn, Senior Economist at StockX.
“I think it really shows that there is a lot more diversity and maturity in the sneaker market than a lot of people might think. There are a lot of threats to the dominant players. Even something like Reebok, which is actually a really big brand, is in our top 10, just like Crocs. These two brands have seen huge growth of over 200% [year over year] either way, ”Einhorn said.
When it comes to a winning strategy for these brands, Einhorn tells Yahoo Finance that collaboration is key.
“Collaborations are really the lifeblood of the sneaker game, especially the hype sneaker game and the two brands you mentioned, Crocs and Birkenstocks, as well as Reebok have all pursued very strong and jarring collaborations over the course of this year. the last year, ”he said.
“Take the example of Crocs. They’ve partnered up with a wide range of artists, Justin Bieber, Post Malone, Luke Combs, as well as brands like KFC, and created these truly original storytelling opportunities that have connected to a much wider range of clients. Through these collaborations, Crocs is able to sort of enter a space that they previously had absolutely no relevance to. Crocs was not a brand that was a priority for most sneaker buyers even a few years ago, ”Einhorn added.
While sneakers may be the biggest draw on StockX, they aren’t the only game in town. Collectibles have done big business on the platform. Einhorn noted that the best-selling product over the past year on StockX was not a sneaker but a game console – Sony’s PlayStation 5 (SONY), which sold over 150,000 units. When it comes to gross value of merchandise (GMV), or total dollars spent, three of the top 5 items sold on StockX were game consoles, including both PS5s and Microsoft’s Xbox Series X (MSFT). .
“It just goes to show that those little verticals in addition to sneakers are dominant. A lot of these collectibles and electronics are crushing it when it comes to individual releases. The GMV of the emerging category is up. 250%.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
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