As brick-and-mortar retail continues to struggle, the secondary merchandise marketplace is booming. After just three years in business, StockX, a digital marketplace for limited edition sneakers, watches, handbags and streetwear, is already making its mark. As newly installed CMO Deena Bahri revealed at Brandweek earlier this month, StockX is now a billion-dollar company.
Owned by Dan Gilbert, the founder of Quicken Loans and owner of the Cleveland Cavaliers basketball team, most StockX users are sneaker-obsessed millennials. And according to Bahri, some power sellers are earning hundreds of thousands of dollars a year on the platform.
The top StockX seller so far: a pair of Nike Air Mag Back to the Future sneakers that went for $40,000.
Adweek CEO Jeff Litvack moderated the conversation while trying on the pair of 2011 Nike SB sneakers he’d just bought on the platform. Watch the full video for insights on how StockX is putting the power of retail into the hands of individuals.