Sneaker resale platforms are increasingly expanding into apparel sales, shows a new report by Glossy. Resale platform Goat, which launched its apparel segment in 2019, witnessed a 500 per cent rise in apparel sales in the last six months. Sales of women’s apparels made up 40 per cent of total sales, says Eddy Lu, CEO. This encouraged the company to announce a $195 million funding round which doubled its valuation from $1.8 billion to $3.7 billion. The company’s women’s apparel segment is growing twice as fast as men’s, says Sen Sugano, Chief Brand Officer. This can be attributed to new launches from brands like Alexander McQueen and Versace who have worked directly with Goat to sell new products on its site, he adds.

Goat’s main competitor in streetwear resale market, StockX has also been moving away from sneakers. Led by Scott Cutler, CEO, the company now sells electronics and collectibles. It is valued at $3.8 billion compared to Goat’s $3.7 billion. However, its gross merchandise value of $2 billion also surpassed StockX’s 1.8 billion in 2020.

Goat’s sneaker sales grew by100 per cent year-over-year in 2020 while StockX saw more explosive growth in electronics sales, which launched in 2019 and grew by 75x from the third quarter to the fourth quarter of 2020. The company is likely to continue growing from hard-to-find collaborations, like the Supreme x North Face jackets which were among the best-selling items on StockX in the fourth quarter of 2020. Meanwhile, Goat will likely continue to work directly with brands to release products straight to the platform.