Detroit-based startup StockX said this week that May and June were two of the biggest buying months in the company's history.
What Happened: StockX, which markets itself as the “stock market of things,” has become one of the leading secondary markets for verticals such as sneakers, handbags, watches and streetwear.
In recent months, the company has expanded its offerings to include baseball cards and even Apple Inc (NASDAQ: AAPL) AirPods.
A snapshot StockX released Monday said it has cleared over $2.5 billion in sales and over 10 million lifetime transactions, with site activity up 50% from last year. Notably, StockX is also seeing growth across all age groups within the last six months. Users over 45 have increased 30%.
Why It’s Important: After receiving funding from Detroit VC, Battery Ventures, and even SalesForce’s (NYSE: CRM) Mark Benioff, StockX last year entered the unicorn club, with a value over $1 billion.
StockX CEO Scott Cutler has publicly stated in the past that going public is the company's goal.
StockX has a reported 650,000-plus individual sellers worldwide.
For those who are looking to make a return on the market, StockX provides a platform for potentially high returns on assets. Between February and June of this year, the prices of the top 500 selling sneakers on the platform increased 6%, while the S&P decreased 10%.
Nike's (NYSE: NKE) Jordans saw particular growth in May, posting 40% growth in sales that was attributed to ESPN’s “The Last Dance.”
Benzinga's Take: Keep an eye out for IPO plans from StockX. CEO Cutler is a former executive vice president for NYSE Euronext.
In May, StockX cut 12% of their workforce, which could be a sign of shoring up costs before announcing a public offering.
With other unicorn companies attempting to go public recently, it’s not guaranteed success — but the potential seems to be there.
Photo courtesy of Nike.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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