On July 22nd, GOAT, the world’s largest genuine rare shoe trading platform, announced its official landing in the Chinese market.
GOAT will host a three-day launch event to showcase the rarest and most exclusive sports shoes. GOAT also launched the official WeChat applet. It will also localize the GOAT application and launch the Chinese version of the app. This will make it easier for Chinese users to explore, collect and purchase genuine rare shoes.
Two weeks ago, “Glory” reported on GOAT’s competitors, StockX, that it would enter the Chinese market at the end of the year.
Coupled with the rapid development of the Chinese local shoe sales resale platform headed by “Poison App” and “nice”, the Chinese second-hand shoe trading market is bound to form a lively scene of global players gathering. With more than 400 million youngsters, China is the second largest market for sports shoes and the largest international market for GOAT. The landing of the Chinese market for GOAT means taking the first step in the expansion of the international market.
GOAT’s co-founder and CEO Eddy Lu said: “With the rise of basketball and hip-hop culture in China, the Chinese shoe culture and sneaker market is growing rapidly. For the second-hand sneaker trade, authenticity is one of the most important factors. We believe that the Chinese market will be the perfect starting point for the expansion of GOAT’s international market.”
GOAT China has an office in Shanghai. In order to better develop and serve the China and Asia Pacific markets, all expansion operations in China and the Asia Pacific region will be undertaken by the GOAT Shanghai team.
Eddy Lu said: “We know that China is a unique market. If we continue to use a strategy similar to the United States, GOAT is likely to fail. Therefore, we choose to work with local teams to bring better quality and personality to Chinese consumers.”
GOAT was founded in 2015 by Chinese entrepreneurs Eddy Lu and Daishin Sugano with rich entrepreneurial experience. Starting from the sneakers, GOAT has a perfect authentic certification process and has won the trust of many sneaker lovers.
By 2018, GOAT began to explode. In February, it received a new round of financing of $60 million and completed the merger with Flight Club. As of now, GOAT has accumulated a total of $198 million in financing. The current overall valuation is as high as $550 million.