Foot locker have invested $100m (£770m) into Goat Group, the company which operates secondary sneaker online marketplace Goat.com.
The partnership will see both businesses working together to increase their home and global presence. It will see Scott Martin, Foot Locker’s senior vice president for strategy and store development joining GOAT Group’s board of directors.
“Foot lock have recently invested in a range of companies including activewear brand Carbon38, children’s lifestyle brand Super Heroic and footwear design academy Pensole. We are excited to leverage GOAT Group’s technology to further innovate the sneaker buying experience and utilise their best-in-class online marketplace to help meet the ever-growing global demand for the latest product.”
– Richard Johnson, chairman and chief executive officer, Foot Locker
Foot locker closed around 250 brick-and-mortar stores over the course of two years. The closures were mainly due to slowing and falling or mall markets in the US. Since then the retailer opened more than 100 physical stores in strategical locations to raise their profits.
“In 2015, we pioneered the ship-to-verify model with a mission to bring a seamless and safe customer experience to the secondary sneaker market. With over 3,000 retail locations, Foot Locker will support our primarily digital presence with physical access points worldwide, bringing more value to our community of buyers and sellers. Having Foot Locker as a strategic partner will also expand our business as we continue to scale our operations both domestically and internationally.”
– Eddy Lu, co-founder and chief executive officer, GOAT Group