In 2015, entrepreneur Josh Luber brought his idea of a 'stock market of things' to life. Now in 2019, after its latest $110 million round of Series C funding, StockX is valued at over $1 billion.
The Detroit-based company is primarily known for being a go-to platform for the nearly $6 billion sneaker resale market, but it’s also a place to buy and sell streetwear, handbags, luxury watches, another popular collectibles as if they’re shares of a company.
Luber and newly-named CEO Scott Cutler, formerly a senior VP at eBay and president of StubHub, joined Yahoo Finance's “On the Move” to discuss the site and the burgeoning resale market. "We are a marketplace; we are an evolution of eBay … but, the way that we connect buyers and sellers is the exact same way the world's stock market connects buyers and sellers," said Luber. Buyers place bids, sellers place asks, and when a bid and ask meet, the transaction happens automatically — across a true market price.
"[StockX] literally looks like Yahoo Finance on a sneaker product page; we can see every sale in every size every time," says Luber.
"We've already been growing at almost an order of magnitude faster than the rest of e-commerce in the marketplaces and products in which we are currently competing — and in many respects we are outcompeting all competitors that have the opportunity to buy on our platform as well because of our different model," said Cutler.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.