The sneaker resale market is absolutely booming right now. It’s bigger than ever and doesn’t show any signs of slowing down soon. Two of the largest names in the market, known as GOAT and Flight Club are now merging into one mega-resell group. We’ve got the latest right here at The Idle Man.
If you’re interested in sneaker culture, or even class yourself as a “sneakerhead”, we don’t doubt that you’ve already heard of both GOAT and Flight Club. However, don’t panic if you haven’t. Both are classed as “resell websites” as such. GOAT operates mainly via an app, where individuals can list their sneakers for sale through GOAT’s moderated system, and the company will then later send them on to a buyer once sold. Flight Club runs two highly successful consignment stores in LA and NYC, as well as its hugely successful online store.
The two company’s are both hugely successful in their own fields, however they’ve recently announced the news that they are “merging”. Although it’s being marketed as a merge, it certainly seems that GOAT are acquiring Flight Club instead. With the pair being awarded $60 million in investments, most of it is being used to pay off Flight Club’s shareholders. GOAT’s co-founder and CEO Eddy Lu will be spearheading the new joint venture, whilst Damany Weir (Flight Club founder) will be the chief strategy officer.
The merge is guaranteed to create an absolute powerhouse when it comes to reselling sneakers. GOAT are at the top of the class when it comes to mobile technology and user-friendly interfaces, while Flight Club operate probably the most successful consignment stores ever, and have a web-store with millions of monthly active users. The two brands will remain the same, with the names Flight Club and GOAT both still being used, this is more of a behind the scenes merge.
Here at The Idle Man, we’re excited to see how this team effort will effect the market. It’s too early to say whether it’ll have a major impact yet, as other forms of reselling are still extremely popular, for example buying and selling via Facebook groups. There’s no doubt that both the names mentioned here are bigger in the USA than anywhere else, but this all has the potential to change in the coming months, or ever years – it’s just a case of waiting now.