Foot Locker to Invest $100 Million in its Resale Marketplace GOAT Group
The resale sneaker marketplace just got even bigger. Foot Locker is making a $100 million investment through its subsidiary in 1661, Inc., d/b/a GOAT, a managed marketplace for authentic sneakers operating the GOAT and Flight Club brands (GOAT Group). Over time, Foot Locker and GOAT Group will combine efforts across digital and physical retail platforms to create exclusive customer experiences as well as an unmatched experience that elevates customer engagement across the entire sneaker industry. The investment is also expected to help accelerate GOAT Group’s global operations, expanding its omnichannel experience and innovative technologies. Foot Locker’s investment will bring the total raised by GOAT Group to $197.6M since it was founded in 2015.
“We are constantly looking at new ways to elevate our customer experience and bring sneaker and youth culture to people around the world,” states Richard Johnson, chairman and CEO, Foot Locker. “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.”
“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,” says Eddy Lu, co-founder and CEO of GOAT Group. “With over 3,000 retail locations, Foot Locker will support our primarily digital presence with physical access points worldwide, bringing more value to our community of buyers and sellers. Having Foot Locker as a strategic partner will also expand our business as we continue to scale our operations both domestically and internationally.”
The deal follows Foot Locker’s recent investments in innovative, digital-first companies including women’s luxury activewear brand Carbon38, tactical play and children’s lifestyle brand Super Heroic, and footwear design academy Pensole.
The wall of sneakers at Flight Club.