Two of the biggest names in streetwear resale are coming together, as resale marketplace Grailed announced a partnership with resale platform GOAT on Thursday morning.
The partnership sees GOAT Group leading a $60 million Series B investment in Grailed. Grailed, while smaller than GOAT and its main competitor, StockX, had significantly grown in the last three years, doubling its customer base and bringing in 7 million users who buy and sell via 3 million listings on the site every year.
“In GOAT Group, we saw an incredibly like-minded partner who is just as passionate and forward-thinking about the global fashion community as we are,” Gupta said in a press statement. “With GOAT’s investment, we are excited to deliver powerful new features across the platform and to double-down on our bold innovations in authentication at an even faster pace.”
For GOAT, which sells both new and pre-owned products, the investment allows the company to expand its market share in the lucrative resale world, which could be valued at $30 billion by 2030, according to Cowen Insights. This would help GOAT compete with its main rival for dominance in the streetwear resale marketplace, StockX.
GOAT and StockX are neck-and-neck in valuation. GOAT, which is not publicly traded, is valued at $3.7 billion after a nearly $200 million funding round in June, while StockX has a stock valuation of $3.8 billion. While StockX has seen success branching into categories like electronics and trading cards, GOAT has also been bolstered by categories other than sneakers, seeing 500% more apparel sales in 2020, compared to 2019. Both have also been competing to target more women and pay sellers faster.