Goat to acquire Grailed
Sneaker marketplace Goat Group Inc. is reportedly acquiring streetwear resale site Grailed, to make further inroads into the apparel sector, according to a Bloomberg report.
Under the reported deal, Grailed will continue to function as a separate platform and will integrate Goat’s operations infrastructure, including shipping and payments.
Financial terms of the deal were not disclosed.
It's not the first time the two resale companies have crossed paths. Goat recently invested in Grailed, leading a $60 million funding round along with Groupe Artemis and Gucci CEO Marco Bizzarri, in September last year.
That followed a series A funding round that saw the New York start-up ink an initial $15 million from investors, lead by Index Ventures.
Grailed, a social commerce platform that sells men's and women's streetwear and designer pieces, was founded in 2013 by Arun Gupta, Julian Connor, Jake Metzger. The site is known for its unique luxury streetwear pieces including Balenciaga jackets and vintage Coogi sweaters.
Goat Group, the online sneaker, luxury apparel and accessories platform, founded in 2015 by Eddy Lu and Daishin Sugano, has been been on mission recently to dive deeper in the apparel sector.
In April, French sports giant Paris Saint-Germain named the Los Angeles-based fashion marketplace its new official sleeve partner, via part of a multi-year global partnership.
That comes after Goat closed a $195 million Series F funding round in June 2021, more than doubling its valuation from $1.8 billion to $3.7 billion. At the time of the announcement, Goat said it would use the proceeds from its latest financing round to further invest in the growth of its sneaker business, as well as in that of its fast-growing apparel and accessories verticals.
The company said it is also planning to increase its global footprint – currently made up of 13 facilities – by adding new locations in Chicago, Japan and Singapore, and will be making “significant investments” in its technological capabilities.
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