GOAT is looking to expand its business in the apparel game with an acquisition of Grailed.
As one of the first major players in today's sneaker aftermarket, GOAT has had to compete with others entering the space, like StockX and eBay, over the last half-decade. Although they already offer apparel on their site, it seems GOAT Group (the parent company of GOAT) is looking to expand into apparel/streetwear even further with news breaking that they are set to acquire the resale platform Grailed. This comes a little over a year after GOAT Group led Grailed's $60 million Series B funding.
According to a quote obtained from Bloomberg, CEO of GOAT Group, Eddy Wu stated, “When you’re looking to accelerate growth even further, that’s when consolidation makes sense,” in regard to the acquisition of Grailed. The platform has been around for almost a decade now and has been offering peer-to-peer sales similar to eBay with a heavy focus on men's streetwear. While now under new ownership, Bloomberg is reporting that Grailed itself will still operate on its own but will integrate shipping and payment infrastructure from GOAT.
This continues the company’s expansion in the industry as they have maintained and added partnerships with sports teams, like the NBA's LA Lakers and the French soccer club Paris Saint-Germain, while also opening warehouses in the Asia-Pacific region.
As previously mentioned, GOAT’s acquisition of Grailed isn’t set to bring any radical changes to the platform just yet, we may see further integration of services offered by the platform (like authentication or even storage options) in the near future. Keep it locked to our Twitter and the Sole Retriever mobile app to stay updated on the latest raffles, releases, news, and more in the sneaker and streetwear world.
At the time of writing, GOAT Group was unable to be reached for comment.