On today’s WJR Business Beat, Jeff shares the exciting news (initially reported in DBusiness magazine) that Detroit’s own StockX is booming, despite most brands taking a hit during the COVID-19 pandemic.
StockX launched in 2016 and offers users the opportunity to buy and sell goods like sneakers, apparel, accessories and collectibles on its trading platform. As of the second quarter of 2020, StockX has surpassed $2.5 billion in gross merchandise value (GMV) and just experienced its best performing quarter yet.
According to a recent report from Cowen Equity Research, the average consumer brand saw a 9 percent decline in search interest after March lockdowns, while StockX accelerated with double digit gains.
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StockX is backed by Detroit’s Dan Gilbert, and employs nearly 800 people in more than 10 offices and authentication centers around the world, facilitating sales in 197 countries and territories. The key executive team includes Josh Luber (co-founder), Greg Schwartz (co-founder) and Scott Cutler (CEO).
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Good morning, Kevin.
As reported this week in DBusiness Magazine, while most brands are taking a hit due to the COVID-19 pandemic, StockX, our homegrown unicorn, Detroit-based stock market of things boomed in the second quarter of the year. The company just issued a midyear 2020 performance report, and things could not look better for the company which offers buyers and sellers the opportunity to buy and sell goods like sneakers, apparel, accessories, and collectibles on its trading platform.
StockX launched in 2016 with backing from none other than Dan Gilbert has surpassed 2.5 billion in gross merchandise value traded and just experienced its best performing quarter yet: the second quarter of 2020.
Scott Cutler, CEO of StockX, says the first half of the year presented unprecedented challenges with dynamic shifts and how and where consumers spend their money. As is the case for any live marketplace, real life events have ramifications on market performance and StockX is clearly an opportunity in the right place at the right time.
According to a recent report from Cowen Equity Research, the average consumer brand saw a 9 percent decline in search interest after March lockdowns, while StockX accelerated with double digit gains.
The platform also recently took the top spot in the new luxury category in a report from Klaviyo, an e-commerce marketing platform and future commerce or retail media research startup, the report highlighted 81 brands that it says are shaping the future of e-commerce and StockX made the list.
The website is now the fourth most popular among upper Gen Z males, according to Piper Sandler’s “Taking Stock with Teens” release the spring.
The company founders, in addition to Gilbert, include Josh Luber and Greg Schwartz, and employs now nearly 800 people in more than 10 offices and authentication centers around the world and facilitate sales in 197 countries and territories.
Listen, this one is for real, so we’re proud to have them as a flagship venture for our local tech and startup scene right here in the Detroit region. Congratulations, guys!
Now it’s your turn to go out there and create the next StockX. They did it. You can too.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
