Foot Locker Inc. is backing the fast-paced world of online sneaker reselling with a $100 million investment in GOAT. The marketplace lets anyone post shoes to the site, but sellers must send the sneakers to GOAT for verification before they’re passed along to the buyer. GOAT, which stands for Greatest of All Time, is No. 59 in Internet Retailer Online Marketplaces. Foot Locker is No. 44 in Internet Retailer 2018 Top 1000.
The investment will give GOAT’s mostly digital presence a real-world space to grow, as well as help it expand internationally, says GOAT CEO and co-founder Eddy Lu.
And Foot Locker could use GOAT’s online marketplace as a new avenue for shoe sales, says CEO Richard Johnson, but exact plans haven’t been laid out.
In addition to the strict marketplace model, GOAT also generates revenue through online footwear consignment shop Flight Club, which it acquired last year after raising $60 million from Index Ventures.
- Apparel retailer Urban Outfitters Inc. (No. 39 in the Top 1000) reported “double-digit” growth in its digital channel as a driving force behind an 8% lift in comparable retail sales for the fiscal year ending Jan. 31, excluding new store openings and currency fluctuations. Total retail sales topped $3.60 billion for the 12-month period, up 10.0% from $3.30 billion the year before. Exact ecommerce figures weren’t disclosed.
- Outdoor apparel maker Columbia Sportswear Co. (No. 158) reported its ecommerce sales grew more than 20% year over year to 11% of total sales, or $308 million, for the year ending Dec. 31.
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Makeup conglomerate L’Oreal S.A. (No. 288) generated 40.6% ecommerce growth across its brands last year, with sales through its own sites and other retailers’ sites accounting for 11% of total sales. That’s equal to 2.96 billion euros.
- Shoe manufacturer Skechers USA Inc. announced a new ecommerce platform in India, joining sites in the United States and China. U.S. ecommerce sales were up 11.6%, according to an earnings call transcribed by Seeking Alpha. Chinese online sales rose 50%. Internet Retailer estimates web sales passed $44.2 million.
- Apparel retailer Ralph Lauren Media LLC (No. 76) posted digital revenue growth of 20% for its third quarter ending Dec. 29, but didn’t break out exact figures. North American online sales grew 21%, according to the filing.
- Mall retailer Genesco Inc. (No. 815) sold hat retailer Lids Sports Group to a holding company owned by capital management firm Ames Watson for $101 million. Genesco retains ownership of Journey’s, Dockers Shoes and Johnston & Murphy, among other brands.
- Wellness subscription service FabFitFun (No. 981) raised $80 million in a Series A funding round from Kleiner Perkins Digital Growth Fund. The site, which started as a newsletter and blog, adds to the subscription box business model with custom programs for fitness celebrities and influencers. FabFitFun raised $3.5 million in 2015, bringing its funding total to $83.5 million.