Source: StockX / StockX
Over the years StockX’s reputation has taken a massive hit as not only have they been caught selling fake sneakers by both customers and Nike, but they don’t even guarantee authenticity anymore as bootleg sneakers are allegedly becoming more and more indistinguishable from their authentic counterparts.
Needless to say they’ve since been struggling to maintain their business earnings in recent years resulting in the company slashing their workforce, but now it seems like they may get a little boost as they’ve partnered with Walmart to sell their stock as the resale market has cooled as of late.
According to Bloomberg, Walmart Inc. is looking to get in on the sneaker resale market (a tad bit late if you ask us) and are joining forces with the embattled sneaker reselling company to help them get their foot in the door.
Starting next week Walmart’s website will carry hundreds of sneakers that hypebeasts crave before eventually expanding to possibly tens of thousands of items in the coming future.
Vice president and category lead at Walmart Marketplace, Michael Mosser feels like 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 shop from going forward.
Bloomberg reports:
Shoppers “are looking for this full spectrum of products from Walmart,” whether that’s staples or collectible items, Mosser said, adding that Walmart is experiencing healthy demand for coveted sneakers.
The partnership — the first between Walmart and StockX — is part of the retailer’s efforts to beef up its online business to grab more spending from Amazon.com Inc. and other retail giants. Walmart said last week that it will expand the assortment on its marketplace of third-party vendors to include pre-owned and collectible products, building on its offering of refurbished electronics.
For StockX, it marks its first third-party platform deal, Chief Executive Officer Scott Cutler said in an interview. The Walmart deal will help StockX reach a new consumer base, including customers who may be unfamiliar with the brand, he said.
Customers who are unfamiliar with the brand and their reputation no less (no shots).
While this move will undoubtedly help both Walmart and StockX move merchandise, we have to wonder if anything will change on StockX’s part. Will the move effect the prices of the sneakers they’re reselling? Will they once again guarantee authenticity now that Walmart is involved? These are just a few questions sneaker have now that StockX has gotten new life in 2024.
What do y’all think of Walmart partnering up with StockX? Let us know in the comments section below.
Source: StockX / StockX
