Source: StockX / StockX
Over the years, StockX's reputation has taken a huge hit as not only have they been caught selling fake sneakers to both customers and Nike, but they don't even guarantee authenticity as bootleg sneakers are allegedly made increasingly indistinguishable from their originals.
Needless to say, they have since struggled to maintain their business profits in recent years resulting in the company reducing their workforce, but now it looks like they may be getting a little boost as they have teamed up with Walmart to sell their shares as a resale the market has slowly cooled.
According to BloombergWalmart Inc. is looking to get into the sneaker resale market (a little late, if you ask us) and is joining forces with the shoe resale company to help them get their foot in the door.
Starting next week, Walmart's website will carry hundreds of beastly-coveted sneakers before eventually expanding to potentially tens of thousands of items in the near future.
Vice President and Head of Category at Walmart Marketplace, Michael Mosser believes this is in Walmart's best interest to not only reach a new group of consumers, but also give their existing customers a new category to buy from in the future.
Bloomberg reports:
Shoppers are “looking for that full range of products from Walmart,” whether it's staples or collectibles, Mosser said, adding that Walmart is seeing healthy demand for coveted sneakers.
The partnership — the first between Walmart and StockX — is part of the retailer's efforts to boost its online business to win more spending from Amazon.com Inc. and other retail giants. Walmart said last week it would expand its aftermarket lineup to include used and collectible products, building on its refurbished electronics offering.
For StockX, it marks the first third-party platform deal, CEO Scott Cutler said in an interview. The Walmart deal will help StockX reach a new consumer base, including customers who may not be familiar with the brand, he said.
Customers who are not familiar with their brand and reputation (no shots).
While this move will undoubtedly help both Walmart and StockX carry merchandise, we have to wonder if anything will change on StockX's end. Will the move affect resale sneaker prices? Will they once again guarantee authenticity now that Walmart is involved? These are just a few questions the sneakers have now that StockX is getting new life in 2024.
What do you think of Walmart's partnership with StockX? Let us know in the comments section below.
Source: StockX / StockX
