Foot Locker has announced it has made a $100m (£77m) strategic minority investment in GOAT Group, one of the major league players in the $6bn global sneaker reselling market, which also owns Flight Club.
The new investment is the largest made by a retailer to date in the sneaker resale market, and is also the biggest investment Foot Locker has ever made.
Foot Locker chairman and CEO, Richard Johnson, said: “We are excited to leverage GOAT Group’s technology to further innovate the sneaker buying experience and utilise their best-in-class online marketplace to help meet the ever-growing global demand for the latest product.
“Together, Foot Locker and GOAT Group’s shared commitment to trust and authenticity in the sneaker industry will provide consumers with unparalleled experiences and diversified offerings. At Foot Locker we’re constantly looking at new ways to elevate our customer experience and bring sneaker and youth culture to people around the world.”
As the sneaker resale market battle heats up, Eddy Lu, co-founder and CEO of GOAT, added: “With over 3,000 retail locations, Foot Locker will support our primarily digital presence with physical access points worldwide, bringing more value to our community of buyers and sellers.”
Foot Locker’s other recent investments include $3m in former Jordan Brand designer Jason Mayden’s Super Heroic brand and $2m in the Pensole Footwear Design Academy. Since its launch in 2015, GOAT has raised a total of $197.6m in investments.