Those Nikes — buy, sell or hold? Sneakers are now assets trading like stocks

Most are small-time entrepreneurs hoping to earn some spending money on one or two pairs, maybe dreaming of snagging once-in-a-lifetime kicks that might bring five figures in the thriving secondary market for basketball-inspired shoes.

Sneaker resellers have been around for decades, but it took the likes of Ebay, Craig’s List, Facebook and Instagram to enable a vibrant secondary market, said Mike Powell, vice president and senior industry advisor for the research firm NPD Group. In December, online fashion retailer Farfetch bought the 3-year-old consignment platform Stadium Goods for $250 million.StockX, which also sells watches, handbags and streetwear, in September announced that it had attracted $44 million from GV, formerly known as Google Ventures, and other investors. The company’s co-founders include billionaire Dan Gilbert, who started Quicken Loans and is majority owner of the Cleveland Cavaliers.

StockX and other resale platforms grew with the help of a committed vendor pool: young people who were willing to get up early to be first in line at the latest signature sneaker drop. Then they hoped to make some money on reseller sites and avoid taking a boring summer job. Dittrich said he was inspired to write the book when he saw the Sean Wotherspoon Nike Air Max 97/1 suddenly $100 off its asking price of more than $600 on StockX on news of a fresh production run.

Loyola Marymount University finance student Maliek Reed, 19, is a sneaker fan who doesn't like the rising prices generated by popular sneaker resale websites such as StockX. “It used to be like a scavenger hunt to get it, you know?” Reed said. “With these sneaker IPOs, it’s going to get really expensive.”

“We want to work with the brands, the industry, Nike and Adidas and Supreme, etc., to release products directly into the market, to literally IPO them,” said Luber, who began collecting athletic shoes when he was 8 and now has about 350 pairs. “And in that scenario, then we really start to play both halves of the retail and resell sneaker markets.”

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cramer: Boeing, Nike, Apple, other stocks illustrate the resiliency of this stock marketJim Cramer breaks down the latest action on Wall street and explains why certain stocks have risen when analysts said they would fall. Which means they’ll soon tank, given his record.
Source: CNBC - 🏆 12. / 72 Read more »

China data, JPMorgan results lift stocks, riskier assetsGlobal stocks rose on Friday after JP Morgan's results kicked off the U.S. ... You will give us your life savings.... - Jamie Dimon that's what happens when you skim the majority of value from an individual's labour, leaving them without enough to support themselves and their families. Well, that's one word for it, yes💋
Source: Reuters - 🏆 2. / 97 Read more »

Stocks making the biggest moves premarket: Goldman Sachs, CVS, Best Buy, Facebook & moreSome of the names on the move ahead of the open. The best deal will be $BA at open
Source: CNBC - 🏆 12. / 72 Read more »

Stocks to open higher | AT&T sells Hulu stake | Notre Dame fire extinguishedStock futures are pointing to a strong Wall Street open, after losses by the major averages Monday.
Source: CNBC - 🏆 12. / 72 Read more »

Trading Activity Stalls as Stocks Approach RecordsTrading volumes have fallen as major indexes climb toward all-time highs, the latest sign that investors remain cautious despite 2019’s powerful stock rebound. due to stock buybacks ArtificiallyValued Activity slumps when $$ and traders start moving to the Hamptons for the late spring/summer.. happens EVERY year.
Source: WSJ - 🏆 98. / 63 Read more »

Stocks in Asia set to slip; BOJ chief flags trade risksStocks in Asia were set to see opening declines following comments from the Bank of Japan chief on the risks of increasing trade protectionism for the global economic growth outlook.
Source: CNBC - 🏆 12. / 72 Read more »