FarFetch acquires Stadium Goods for $250M.
StockX has taken the sneaker and streetwear reselling business by storm, but there's still some tremendous value in traditional consignment shops. For example, Stadium Goods has recently sold for an enterprise value of $250 million, just a few years after they opened their doors at 47 Howard Street in New York City.
The premium sneaker and streetwear marketplace was acquired by Farfetch Limited, the leading global technology platform for the luxury fashion industry.
John McPheters, who co-founded Stadium Goods in 2015 along with Jed Stiller, says:
"Myself, Jed and our entire team couldn't be more excited to join the Farfetch family as we enter the next stage in our evolution as a global brand and product offering. By leveraging Farfetch's best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalize on the massive international demand for sneakers and streetwear. José and his team share a similar outlook for the future of fashion and retail, and together we believe the countless synergies and perfect cultural fit will make this a match made in heaven."
According to PRNewsWire, Stadium Goods will continue to operate as a standalone brand on the Farfetch platform and will be led by its existing management team. Stadium Goods' inventory will be fully integrated into and available on the Farfetch marketplace, across all geographies including the U.S.