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Buy low-tops, sell high-tops: A sneaker exchange is worth $1 billion

Posted by   /  June 26, 2019  /  No Comments

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Scott Cutler, the new chief executive of StockX, and Josh Luber, the founder, in the company’s storage room at their Detroit headquarters. / Credit Nick Hagen / The New York Times

StockX is one of several online marketplaces that have turned resales of shoes into a big — and highly valued — business.

By Erin Griffith | The New York Times

Nic Wilkins started selling parts of his sneaker collection online two years ago as a way to make some extra cash in college. The hobby took off and this year, he expects to move 10,000 pairs of shoes. His anticipated take is a 25 percent profit from over $1 million in sales.

The main website enabling Mr. Wilkins’ now full-time business? StockX, a site that treats coveted consumer goods like sneakers as tradable commodities.

Sneaker collecting and trading “just keeps growing,” said Mr. Wilkins, a 24-year-old San Francisco resident who recently hired a business partner to manage his shoe inventory at a warehouse in upstate New York. “It is absolutely wild.”

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  • Published: 4 months ago on June 26, 2019
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  • Last Modified: June 26, 2019 @ 10:25 am
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