Goat makes official launch in China
LA-based sneaker resale platform Goat announced on Monday that it has launched in China, kicking off its international expansion in the second largest sneaker market in the world.
Consumers in China, which is already the resale platform’s biggest international market, will now have access to a localized Goat app and a WeChat Mini Program which have been tailored to the specificities of the local retail ecosystem.
Emulating the U.S. version of the platform, the new Chinese app is designed to offer consumers a seamless user interface featuring hi-resolution photos, and is being launched with a three-day event showcasing some of the platform's rarest shoes.
Goat has also opened a new facility in Hong Kong to better serve the Chinese market and the wider Asia Pacific region.
“The sneaker community has grown tremendously in China, especially with the rise of basketball and hip hop culture. So it's no surprise the demand for sneakers has grown as well," said Goat Group co-founder and CEO Eddy Lu in a release. "We know that there is a huge need to ensure authentic sneakers in the global sneaker industry, and we believe China is the perfect market to begin our global expansion.”
Lu was also keen to highlight the company’s efforts to ensure that its expansion in China is being thought in a way that caters specifically to the needs and buying habits of the 400 million millennials currently living in the country.
“We know China is a unique market and if we use the same strategy as the U.S., we'll likely fail," he added. "We are building this product with a local team in order to provide the Chinese consumer with a better, more personalized experience.”
Goat’s operations in China are therefore being led by a Shanghai-based team, an approach that seems reasonably prudent, bearing in mind the string of both on- and offline retailers that have fallen victim to the challenges of the market over the last few years, including Asos, New Look and Forever 21, to name but a few.
Founded in 2015, Goat recently secured a $100 million investment from American sports and footwear retailer Foot Locker.
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