Foot Locker Invests $100 Million USD in Flight Club Parent GOAT Group

This marks the retailer’s largest financial investment to date.

Footwear
39,806 Hypes 18 Comments

It was announced today that Foot Locker, Inc. will be backing GOAT Group, parent company to the GOAT and Flight Club brands, with a strategic minority investment of $100 million USD. The move will allow the New York based-retailer to “bring sneaker and youth culture to people around the world,” as explained by Foot Locker Chairman and CEO Richard Johnson in an official statement.

According to the press release, the transaction marks the largest investment to date by a retailer buying into the secondary sneaker market. Additionally, this is the largest strategic investment Foot Locker, Inc. has made so far. This investment brings the total funding raised by GOAT Group to $197.6M USD, which has been amassed over the course of four years since its inception in 2015.

The two entities will join forces across their various platforms in order to develop exclusive new customer experiences, utilizing Foot Locker’s global retail presence and GOAT Group’s digital prowess as ammunition. With the investment, there will also be a greater focus on expanding GOAT Group’s omnichannel experience and technological capabilities.

“We are excited to leverage GOAT Group’s technology to further innovate the sneaker buying experience and utilize their best-in-class online marketplace to help meet the ever-growing global demand for the latest product. Together, Foot Locker and GOAT Group’s shared commitment to trust and authenticity in the sneaker industry will provide consumers with unparalleled experiences and diversified offerings,” said Johnson.

“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,” stated Eddy Lu, co-founder and Chief Executive Officer of GOAT Group.

Scott Martin, Foot Locker, Inc.’s SVP of Strategy and Store Development, is expected to join GOAT Group’s Board of Directors.

In other business news, Apple will have to pay an estimated $571 Million USD in back taxes to France.

Read Full Article
More

What to Read Next

How UGG Bought Its Way Back to Relevance
Fashion  

How UGG Bought Its Way Back to Relevance

Is savvy marketing enough to gain streetwear’s trust?

Stone Island Continues to Innovate With Shadow Project SS19 Collection
Fashion

Stone Island Continues to Innovate With Shadow Project SS19 Collection

Featuring high-tech fabrics and new patterns.

Streetwear Impact Report Survey Week 3
Fashion  

Streetwear Impact Report Survey Week 3

Complete the survey to enter a giveaway for a pair of Versace “2Chain Reaction” sneakers.


Eytys Parodies Celebrity Endorsement With SS19 Denim Campaign
Fashion

Eytys Parodies Celebrity Endorsement With SS19 Denim Campaign

“The world’s greatest mega stars that never were.”

EX Infinitas Continues to Channel Surf Culture for FW19
Fashion

EX Infinitas Continues to Channel Surf Culture for FW19

Looking at the tension between “The Ferals” and “The Bourgeoisie.”

SSENSE Just Restocked Off-White™ x RIMOWA in Black “See-Through”
Fashion

SSENSE Just Restocked Off-White™ x RIMOWA in Black “See-Through”

Another chance to upgrade your luggage.

More ▾