Source: StockX / StockX
Over the past few years StockX has seen its reputation take all kinds of hits with customers accusing them of selling fake sneakers and Nike essentially cementing itself in a court of law.
Now, with the sneaker resale market struggling like never before, StockX is looking to shake things up on a corporate level. They have decided that a change in leadership is needed at this time. According to Nice kickscurrent StockX CEO Scott Cutler will step down at the end of the year, and the company's co-founder, COO Greg Schwartz, will take over on January 1, 2025. Although Cutler will go back to Schwartz, he will remain on board as advisor as StockX tries to figure out what direction they will take as the sneaker game isn't what it was just a few years ago.
We think they can start by improving their identity verification process and figuring out how to prevent fake sneakers from falling into the hands of high-paying customers, but that's just us. No shooting.
Per Nice kicks:
Since taking the reins in 2019, Scott Cutler has significantly expanded StockX's global footprint. Under his leadership, StockX entered several international markets, helping to make the platform a go-to destination for sneakerheads, collectors and streetwear enthusiasts worldwide. Cutler also emphasized StockX's commitment to transparency and authenticity, reinforcing the company's reputation as a trusted platform in the resale space.
However, one of Cutler's most talked about initiatives was the launch of StockX's Vault NFT project. Starting as an innovative step into the digital collectibles market, Vault NFTs allowed users to buy, sell and trade digital representations of physical products held by StockX. The project quickly gained attention and sparked a lawsuit with Nike, which argued that NFTs infringed on its trademarks. The lawsuit remains unresolved, but it underscores the bold direction StockX took under Cutler's leadership, venturing into new markets that challenged traditional industry boundaries.
These NFTs actually ended up worse than those Yeezy Pods that dropped last year. Just terrible.
Although StockX is now partnering with Walmart to move some sneakers (well, really), it's hard to see how StockX can become the force it once was in its prime with the sneaker resale market at an all-time low seasons.
But hey, that's why these CEOs and COOs make the big bucks, right?
What do you think StockX needs to do to get the company back on track? Let us know in the comments section below.
