While most brands are taking a hit due to the COVID-19 pandemic, StockX, a Detroit-based stock market of things, boomed in the second quarter of the year.
StockX has surpassed $2.5 billion in gross merchandise value and has experienced its biggest months of sales in the second quarter despite the COVID-19 pandemic.
The results also mark 10 million lifetime trades for the marketplace, which offers sneakers, apparel, accessories, and collectibles. The company issued a mid-year report on Monday.
“The first half of the year presented unprecedented challenges with dynamic shifts in how and where consumers spend their money,” says Scott Cutler, CEO of StockX. “As is the case for any live marketplace, real-life events have ramifications on market performance.
“These dynamic shifts in consumer behavior enables StockX to flex the model and deliver in these major cultural moments. Platforms that actively disrupt commerce are uniquely positioned to meet the consumer where they now are, which is one of the key reasons we’ve seen this recent growth.”
According to a recent report from Cowen Equity Research, the average consumer brand saw a 9 percent decline in search interest after March lockdowns, while StockX accelerated with double-digit gains.
The platform also recently took the top spot in the “new luxury” category in a report from Klaviyo, an ecommerce marketing platform, and Future Commerce, a retail media research startup. The report highlighted 81 brands that it says are shaping the future of ecommerce.
In January, StockX released its State of Resale report highlighting that it had surpassed $1 billion in gross merchandise value in 2019.
StockX launched in 2016. More than half of its 10 million lifetime trades were transacted in the last year. Excluding promos and holidays, StockX recorded 18 of its top 20 sales days in the second quarter of this year, with May and June serving as the two biggest buyer months in company history.
The website is now the fourth most popular among upper-income Gen Z males, according to Piper Sandler’s “Taking Stock with Teens,” released in the spring.
Over the last six months, the share of StockX users ages 45 and up has risen 30 percent. Women’s sneakers have outpaced the market by 70 percent over the last year, while smaller brands such as New Balance and Anti Social Social Club have seen unprecedented growth. Each has outpaced the overall market by more than 100 percent.
StockX has authenticated 3.5 million Air Jordans since inception, 1 million of which were authenticated in the las six months. The platform sold more than 40,000 pairs of the Jordan 13 “Flint,” which became the fastest-selling sneaker in StockX history. Overall, Jordan sales rose more than 40 percent during Michael Jordan’s docuseries “The Last Dance” on ESPN.
The company was founded by Dan Gilbert, founder and chairman of Quicken Loans and the Rock Family of Cos., Josh Luber, and Greg Schwartz. It employs nearly 800 people in more than 10 offices and authentication centers around the world and facilitates sales in 197 countries and territories.
The full report is available here.