The US sneaker resale platform StockX, based in Detroit, is toying with the idea of going public, according to a report by the Bloomberg news service. The Wall Street Journal had already reported on this plan in mid-2021. StockX is now working with the investment houses Morgan Stanley and Goldman Sachs to implement the project, Bloomberg continues, citing internal sources.
However, there is no official confirmation from StockX or the banks involved. One cannot comment on market speculation or rumors, the news service quoted a spokeswoman for StockX as saying.
StockX should be in a good position to go public. During the pandemic, there has been a boom in collectibles and the company has enjoyed excellent sales. StockX completed more than 7.5 million transactions in 2020 and reached $400 million in revenue. According to its own statements, the company has been in the black since mid-2020 and was valued by investors in mid-2021 – also according to its own statements – at 3.8 billion US dollars (3.2 billion euros). This corresponds to an increase of 35 percent compared to the financing round in December 2020.
Although the Internet platform, which was founded in 2016, is primarily known for sneakers, other collectibles such as streetwear, handbags, watches, Playstations or Pokeman cards are now also traded there like stocks. According to Bloomberg, investors currently include Tiger Global Management, Altimeter Capital, Dragoneer, rapper Jay-Z’s Marcy Venture Partners, DST Global and GGV.