StockX, the Detroit-based first-ever stock market of things, announced it surpassed $1 billion in gross merchandise value in 2019 and grew global buyer and seller registrations by more than 100 percent.
“2019 was a momentous year for StockX,” says Scott Cutler, CEO of StockX. “We rapidly expanded our product lines, verticals, and global footprint, all to better serve our growing platform and valued customers around the world. As the fastest-growing e-commerce marketplace of its kind, we are committed to leveraging the incredible learnings and momentum from 2019 while remaining focused on and excited by the significant growth opportunities in 2020.”
StockX launched in February 2016 and announced last year that it raised $110 million in a Series C funding round that valued the company at more than $1 billion.
The two-sided marketplace for sneakers, apparel, accessories, and collectibles expanded its global business, specifically in Europe and Asia, and diversified product categories. To mark the year, the company issued a report on Friday highlighting industry trends and predictions as well as insights into the company’s growth. Highlights from the report include:
- Platform momentum – Along with StockX passing its $1 billion mark since launching, its international markets grew to nearly 30 percent of the business.
- Customer momentum – While growing its buyer and seller registration base, the company processed sales in 197 countries and territories.
- Team growth – StockX ended 2019 with about 1,000 team members globally and hired its first CFO, chief marketing officer, and chief communications officer.
- Vertical extension – Sales for the luxury and collectibles categories grew by nearly 200 percent. StockX also officially launched trading cards as part of collectibles, featuring hundreds of cards from the NFL, NBA, NHL, and MLB.
- Global operations and expansion – The company opened offices in Tokyo, New York City, and Silicon Valley, as well as authentication centers in the Netherlands and Atlanta. It also opened its first permanent brick and mortar location in New York City and had pop-up drop off locations in London, New York City, Los Angeles, Atlanta, and Chicago. StockX localized in France, Italy, and Germany, reducing processing fees and delivery times for European customers.
- Sales trends – The biggest sneaker brands were Jordan Brand, Adidas, and Nike. Supreme led the streetwear category, followed by Bape and Kith. Rolex maintained the top spot in watch brands, and Louis Vuitton is the leading brand in the accessories vertical.
- Brand collaborations – StockX partnered with global brands to release products directly to the market through a Dutch auction method known as a StockX IPO (initial product offering).