StockX reports over $1 billion in GMV in 2019
StockX, the Detroit-based “stock market of things,” has announced that it surpassed $1 billion in gross merchandise value in 2019 alone, as the platform pushed forward with international expansion, especially in Europe and Asia.
As part of its expansion efforts, StockX opened offices in Tokyo, New York City and Silicon Valley in 2019, as well as authentication centers in both the Netherlands and Atlanta. The platform also localized in France, Italy and Germany, thereby reducing processing fees and delivery times for customers in these countries.
These investments are obviously paying off for the company, which was founded in February 2016, as international sales accounted for 30% of its business last year.
Over the course of the year, the platform also saw its buyer and seller registration base increase by more than 100% and processed sales in a total of 197 countries and territories.
It wasn’t only its global reach that StockX expanded last year, though, as the company was also busy diversifying its product categories. The platform, which hosts sneakers, apparel, accessories and collectibles, added trading cards to its collectibles category in 2019. The company’s luxury and collectibles categories grew by almost 200% over the course of the year.
StockX’s team grew considerably in 2019 too, with the company’s first-ever chief financial, chief marketing and chief communications officers all joining e-commerce vet Scott Cutler, who was appointed as the platform’s CEO in June of last year. StockX currently employs around 1,000 people worldwide.
"2019 was a momentous year for StockX," said Cutler in a release. "We rapidly expanded our product lines, verticals and global footprint — all to better serve our growing platform and valued customers around the world. As the fastest-growing e-commerce marketplace of its kind, we are committed to leveraging the incredible learnings and momentum from 2019 while remaining focused on, and excited by the significant growth opportunities in 2020."
As part of a report on its progress in 2019, StockX also revealed some of its biggest selling brands in certain categories last year. In the sneaker category, the brands with the biggest market share were Jordan Brand, Adidas and Nike, with the most popular styles proving to be the Jordan 1, the Yeezy 350 and the Air Force 1.
The top three streetwear brands on the platform were Supreme, Bape and Kith, while Rolex was the most popular watch brand and Louis Vuitton was the favorite label in the accessories category.
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