GOAT, after last year taking in sizeable investments alongside prominent industry mergers, starts 2019 with a massive new investment from a sneaker retail giant.
Foot Locker has announced today its strategic minority investment with GOAT for $100 million. This number marks the largest investment ever made by Foot Locker. Moreover, the largest investment from a sneaker retailer into a secondary sneaker retailer. This speaks to the turn of the industry, and retailers like Foot Locker getting ahead of the trend.
“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,” spoke Foot Locker CEO Richard Johnson in a press release. “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.”
Launched in 2015, GOAT has received investments to the tune of almost $198 million in less than four years. Following a merger with Flight Club and a partnership with Kyle Kuzma both in 2018, GOAT continues on the cultural uptick. Foot Locker’s investment will certainly provide more resources and leverage.
“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,” said Eddy Lu, Co-Founder and CEO of GOAT. “Having Foot Locker as a strategic partner will also expand our business as we continue to scale our operations both domestically and internationally.”
Foot Locker, before investing in GOAT, funneled much smaller yet impactful sums to industry veteran Jason Mayden’s Super Heroic to the tune of $3 million and another $2 million to D’Wayne Edwards and the Pensole Design Academy.
