What if we told you sneakers are worth more than gold? Could you imagine sneakers being sold on Wall Street?
Thanks to StockX, an app where you can buy and sell sneakers with the click of one finger (just like the New York Stock Exchange), you can!
Check out our interview with Josh Luber (in red) from StockX below:
Are you what they consider a “Sneaker Head”?
Yes, I’ve collected sneakers my entire life. Before StockX I founded three other startups and worked as a strategy consultant at IBM. During this time, I spent my free time analyzing eBay sneaker sales data and used this information to launch Campless, which was the precursor to StockX. Campless was primarily a sneaker data company that we often referred to as the “Kelley Blue Book” of sneakers.
What was your first pair of exclusive Sneakers?
The Air Jordan 11 Concord. I bought these after graduating from college and wore them to play basketball for the next year and a half. I still have them.
How much did you sell your first pair of sneakers for? Do you still sell sneakers out your collection?
My sneaker collection is growing, not shrinking. I currently own about 400 pairs, but my favorite sneaker is the Air Jordan 1 Lance Mountain White (I have six pairs).
What was your idea behind starting StockX?
StockX was originally founded as a partnership between myself (CEO), Greg Schwartz, COO and Dan Gilbert, Founder & Chairman of Rock Ventures, Quicken Loans and the Cleveland Cavaliers.
We wanted to create a platform using the exact same ‘Bid/Ask’ method as the stock exchange, hence StockX, the ‘stock market of things.’ This method allows us to connect buyers and sellers using the same authentic, transparent and anonymous methods as the New York Stock Exchange – providing full transparency and real-time pricing data for the true value of consumer goods. This the most efficient method of buying or selling anything, and the transaction method that StockX uses is completely unique to the resale market. The only other place that this StockX model exists is in the stock market itself, and so far, it has worked really well for the reselling of sneakers, watches, handbags and now streetwear.
What was your most sold shoe on StockX?
In terms of volume, the most popular sneaker on StockX at any given time tends to be the most recently released model of Yeezys (Kanye West’s line of sneakers) from Adidas Retro releases of original colorways of Jordan 1s, 3s and 11s are also staples on StockX.
Do you feel sneakers are now considered investments?
To some people, yes. There’s a small segment of our customer base that is purely focused on what kind of return they can expect to make on specific pairs of sneakers — some even consider it their primary source of income. However, the majority of users on StockX are just looking for a reliable and trustworthy place where they can buy and sell sneakers for their personal use, that are no longer available at primary retailers.
What is the resell profit value as of now for sneakers?
Just like the actual stock market, the value of specific sneakers varies greatly from model to mode and brand to brand.
In general, we’ve seen the value of the sneaker resale market grow to approximately $6B globally. During this time, we’ve seen a shift in popularity from functional sneakers toward more casual low-tops that are fashion-focused and endorsed by celebrities and musicians like Kanye West, Pharrell Williams and The Weeknd.
We’ve also seen exclusive and ‘high-end’ brands try to align themselves with popular streetwear lines to better target the millennial demographic. A prime example of this is the recent Carlyle Group investment in Supreme.
Will sneakers be worth more than gold in your opinion?
Yes. Absolutely. Sneakers are worth more than gold today, and will always be worth more than gold. Always and forever…
Have you created your own shoe? If not, will you?
We worked with Jacob of JBF Customs to create ten custom Air Jordan 1s from authentic Michael Jordan jerseys and NBA game balls, which we took to ComplexCon.