StockX, an online, stock market esque home for high end sneaker retailers and enthusiasts to buy and sell products went live this week, and already boasts more than 17,000 pairs of sneakers.
The site, created by CEO and co-founder Josh Luber in partnership wtih Gilbert, aims to create a more fairly priced market for the high end sneaker phenomenon, by leveraging a model where prices are dictate by demand, as opposed to the whim of some stranger on ebay.
Luber is best know as the founder of Campless.com, a Kelley Blue Book-like site for sneakers, which provided detailed data set for the secondary sneaker market, helping to craete a system of transparency between the buyers and sellers.
With Gilbert on board as an investor, Campless will merge with StockX and Luber will stay on to lead the company, which will utilize many of the same features as Campless but with a few new twists.
Another unique advantage of the site vs. competitors like Ebay, is that rather the company facilitates the transaction, as opposed to leaving it up to the seller/buyer. When you purchase a pair of sneakers, the seller sends them to StockX’s Detroit facility where they are verified, packaged and shipped to the seller. Luber believes this will help combat the common issue of buyers receiving fake sneakers.
If all goes well, the business should interrupt a highly profitable market. According to an interview with techcrunch.com, the secondary sneaker market in the US is valued at around $1.2 billion, with the global market coming in at an astounding $6 billion.
With over 20,000 pairs of sneakers already available on the website from sellers who signed up during the beta test, it looks like Dan Gilbert may have just found his next hit.