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StockX a billion-dollar startup is turning sneakers into a 'stock market'

StockX a billion-dollar startup is turning sneakers into a 'stock market'

The most popular online marketplace for rare Jordans and Yeezys,StockX, a company from Hong Kong now allows its users to track shoe collections which include asset portfolios and brands to hold IPOs for new products that are launched by the firm. The startup achieved a milestoneby notching a billion-dollar valuation after raising the largest round of venture capital funding in Michigan history.

Now, the company has come up with new strategies that help the customers to ride the booming sneaker craze and its effort to eliminate the effect of retail pricing on limited-edition items. StockX is giving a tough competition to companies like Adidas and Nike.

The company provides pin to pin information about the shoes which includes; the sale price over the last 12 months, a ticker, price volatility, and material used. The website has become a trading platform. "Demand has always been a guess, a forecast, an estimate, a projection off of last year — except in the stock market,"stated Josh Luber, StockX's co-founder and former CEO.

The site which started off in footwear in the year 2016 has now resonated with Canvas and sneaker fans. This platform has expanded enormously over a period of time and has reshaped into various categories. It also has racked up hundreds of thousands of sellers and gained numerous numbers of customers in nearly 200 countries.


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