GOAT will use the capital to fast-track global operations and expand its omnichannel experience.
The globally reputed American retailer of sportswear and footwear, Foot Locker Retail, Inc., has made it to the front page for having poured in a substantial amount of capital into the GOAT Group. As per sources familiar with the knowledge of the matter, the New York based retail group has invested around USD 100 million in the world’s largest marketplace for authentic sneakers.
As per the terms of the agreement, the companies will be working together to leverage Foot Locker’s physical store presence with GOAT’s digital marketplace. Industry experts vouch that the strategic partnership between both the firms seems to make perfect sense, as both of them operate at different ends of the same market.
A report from TechCrunch states that according to an official statement by GOAT, the sneaker magnate plans to deploy the capital for accelerating its operations across the globe and eventually expand its technological expertise as well as its omnichannel experience.
Speaking on the potential investment, Richard Johnson, Chairman and Chief Executive Officer, Foot Locker, Inc., stated that the firm is consistently exploring novel ways to enrich consumer experience and bring the sneaker and youth culture to the forefront. The company is rather thrilled to leverage GOAT’s technology to advance the sneaker purchasing experience for consumers and utilize GOAT’s best-in-class online marketplace in a bid to combat the ever-expanding demand across the globe for the latest product. GOAT and Foot Locker’s shared commitment to authenticity and trust in the sneaker industry will deliver diversified offerings and unparalleled experiences to consumer, Johnson elaborated further.
Of late, GOAT has apparently become the numero uno among popular secondary sellers as far as in-demand sneakers are concerned. An official claim by the company states that GOAT’s top sellers held over USD 10 million on the platform in 2018. The firm also affirms that its storefront boasts of over 750,000 listings from around 150,000 vendors, selling sneakers to a customer base of over 12 million.