Foot Locker has today announced that it is making a $100 million investment in the premier sneaker reselling app GOAT. As part of the partnership, Foot Locker and GOAT will combine efforts across digital and physical retail platforms to create exclusive customer experiences.
According to today's press release, Foot Locker’s investment will bring the total raised by GOAT Group to $197.6M since it was founded in 2015.
This marks the largest investment to-date by a retailer into the secondary sneaker market, and is also Foot Locker, Inc.’s largest financial investment to-date.
“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,” said Eddy Lu, co-founder and Chief Executive Officer 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.”