StockX, the marketplace for limited-edition goods, has just announced they are expanding beyond sneakers.
Starting today you’ll be able to buy and sell watches and handbags from luxury brands like Rolex, Audemars Piguet, Hermes, etc. StockX will be physically inspecting each of these items for authenticity before shipping them to customers, just like they already do for sneakers.
These items will also have the same transparent marketplace that sneakers get — meaning each item will have its own bid / ask price (and spread) that is determined by the market’s current desire for the item. You’ll also be able to see historical pricing for each item.
Until now StockX has only let users buy and sell new shoes — but for watches and handbags the startup will reduce that barrier slightly and allow items that are in “excellent condition.” While this is a little vague, the app will show potential sellers an interactive photo guide setting guidelines for the quality of items — i.e. only watches where the crystal is free of cracks and scratches. And, of course, all items will be inspected by hand by StockX to confirm that the items are actually in excellent condition.
Expanding from sneakers to watches and handbags is an interesting jump, and is a big bet that the app will be able to quickly diversify its user base. The average high-end handbag or watch customer typically doesn’t overlap with sneaker collectors, so StockX will have to recruit users that may not have heard of the app.
This expansion into other categories of items wasn’t a total surprise. Earlier this year the startup closed on $6 million in new funding from high-profile investors like Wale and Mark Wahlberg, and is expecting to hit $100M in total GMV by the end of 2017. When they closed their last round StockX explained that the funding would be used to expand the company into other verticals, like watches and handbags.
To manage these new categories, the company has hired experts in both fields. The watch team will be led by Reginald Brack, former SVP and International Head of Retail, Watches at Christie’s Auction House. And, StockX has snagged The RealReal’s former Vice President of Business Development, Cynthia Houlton, to lead the handbag team.
Watches and handbags on StockX are available now for all U.S. buyers and sellers, and will soon expand internationally.
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