Okay Harlem, Why LVMH Is Taking A Stake In A Sneaker Store In NYC?

Brand Channel reports that Stadium Goods is not just any sneaker store. It’s a purveyor of premium basketball shoes and streetwear, with customers including rappers, athletes and other sneakerheads from Harlem to Harare with money to splash out on multiple pairs of shoes at a time. So it came as no surprise that LVMH has announced it’s buying a stake in Stadium Goods.

The sneaker consignment store (and still takes in in-demand used shoes) and haute retailer’s description:

“We are a premium sneaker + streetwear marketplace selling only the most sought after footwear, apparel and other hard-to-find items on behalf of our sellers. We are driven by our principles and committed to providing the best consumer and consignment experience there is.

We source, scramble and curate the best selection of sneakers we can find from around the globe. We’re here to help you find just the right pair, or if it’s streetwear you’re looking for, we’ve got you covered.”

LVMH, European owner of premium luxury brands Louis Vuitton, CELINE and Dior, is eager to learn firsthand about the art of supply and demand and the dark art of knowing what’s hot and how to tease “drop” release-driven retail, as perfected by Supreme, adidas (Yeezy) and Nike (Air Jordan).

LVMH’s Luxury Ventures initiative launched last year to acquire minority stakes in emerging luxury brands is investing in Stadium Goods, an online marketplace for sneakers and apparel with a brick and mortar store in NYC’s Soho.

Beyond learning it may apply to its luxury brands, LVMH’s intent with its stake is to help grow the global sneaker and streetwear marketplace.

Stadium Goods was co-founded in 2015 by John McPheters and Jed Stiller along with CMO Yu-Ming Wu, the mind behind the world’s biggest sneaker exposition (New York’s SneakerCon).

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Their growth has been consistent and steady. Shortly after opening the 3,000-square-foot space, Stadium Goods announced a partnership with eBay to create exclusive custom sneaker and streetwear content, followed by a deal in 2016 with China’s Alibaba and its 11.11 Tmall global shopping spree.

A $4.6 million round of financing in January 2017 from Forerunner Ventures (Warby Parker, Dollar Shave Club, Jet.com) and The Chernin Group opened the way for further growth, followed by a deal with online retailer Zalando, giving European consumers access to shop its catalog online.

The store is the location for the Sneaker Shopping web series on YouTube with Complex, which McPheters calls a major awareness-driver. Featuring 92 celebrities including Eminem, Roger Federer, JB Smoove, Usain Bolt, Gucci Mane, Rita Ora, DJ Khaled, Scott Disick and model Bella Hadid, the series has raised Stadium Goods’ profile globally.

Reafd the entire article here.

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