Within five years of launching, in 2016, sneaker resale platform GOAT has gone from a new kid on the resellers block to one of the biggest companies in the streetwear world.
Eddy Lu, co-founder and CEO of GOAT, has shepherded the company through an immense growth phase, doubling its valuation from $1.8 billion in September 2020 to $3.7 billion in June. GOAT is now neck-and-neck with publicly traded rival StockX, which is valued at $3.8 billion. Market experts have predicted that GOAT will likely IPO in the next year or two, though GOAT has not officially commented on the possibility.
Today, GOAT has 40 million customers and 700,000 sellers around the world. Lu said a key to GOAT’s growth has been its ability to break down the walls between resale and the primary market.
“Eighty percent of GOAT’s customers are Gen Z and millennials, and we see their desire to incorporate a mix of high, low, new and used pieces into their wardrobe,” Lu said. “GOAT is leading the way, as we’re the only player in the space offering products from all of these categories.”
In January, Kering’s parent company, Groupe Artemis, made an investment in GOAT for an undisclosed sum. GOAT then expanded its own footprint by investing in another sneaker resale platform, Grailed, in September.
Lu said some of the biggest boosts to GOAT’s popularity came from its work with influential names both big and small in the worlds of luxury and street fashion.
“We provided access to exclusive collections curated by artists including A$AP Nast and renowned vintage specialists such as Horror Vacuo,” Lu said. He also highlighted GOAT’s digital magazine, GREATEST. Throughout 2021, it featured profiles on celebrities like Issa Rae, who shared the coverage on their social platforms.
