Inside Goat plans to merge sneaker resale and retail
Retailing and reselling luxury goods could help differentiate Goat from other players, attracting Gen Z consumers who value the fluidity of their shopping experiences. âWe are creating a premier, highly differentiated luxury and lifestyle brand uniquely positioned at the intersection of primary and resale markets,â said Eddy Lu, CEO of Goat. âThere is no other player in the world that offers primary and resale, new and used products on a single platform. This is how our Youth, Generation Z, and Millennial Community Stores.
About 80 percent of Goat members are either Gen Z or Gen Y. Gen Z is the fastest growing demographic on the platform, says brand director Sen Sugano.
Goat has partnered with 350 brands including Balenciaga, Alexander McQueen and Versace since the apparel launch in 2019. Kering Group, Artemis, invested in Goat Group in January 2021, perceiving what Kering CEO FranÃ§ois -Henri Pinault, described as “important opportunities for broad partnerships and many synergies”.
A wider fashion offer is a priority. Goat’s clothing business has already grown 500% from 2019 to 2020, compared to a 100% growth for sneakers. âWe’re still in the early days of all of our categories – sneakers, apparel and accessories – and there’s still plenty of room to grow,â says Lu.
The culture of sneakers, now more than shoes
The world of sneakers has evolved since it first became mainstream three years ago, says YouTuber and sneakerhead Richie Le, who has made weekly sneaker culture and fashion videos since 2016 and now has 1.1 million subscribers. Initially, sneakers were seen as another commodity – like baseball cards – that had become easier to trade through platforms like Goat and StockX.
Now sneakerheads are focusing more on how to style their holy grail to show an understanding of the culture. âThere are sneakerheads who buy shoes just to buy shoes,â Le says, âand then there are a lot of guys who say,â I’m not that, so let me differentiate myself by letting you know that I’m in the culture I know how to hoop, I know how to style my sneakers. ‘â
Goat aims to serve this style-conscious sneakerhead. âWe believe in bringing together the best products from the past, present and future. The idea is that you can buy the final season and you can also find that archival piece of Raf that you missed in 2003, all on one platform, âsays Sugano. Goat is also investing heavily in augmented reality to allow consumers to try on sneakers from their mobile devices and think about how to style them no matter where they are in the world.