2017 was a banner year for StockX. We added three new verticals – watches, handbags and streetwear – to go alongside our flagship sneaker marketplace. We launched multiple charity campaigns, and raised over $650,000 for charities across the country. We stormed ComplexCon, started a TV show, and even declared our own national holiday.
Meanwhile, our company grew by leaps and bounds. When the year began last January, our offices were staffed by a modest crew of 23- roughly the number you’d need to stage a professional basketball game. By year’s end, our numbers had ballooned to 120, a nearly sixfold increase, and enough to fill two NFL rosters- with plenty leftover for injury reserve.
Here are a few more numbers that illustrate our extraordinary year:
Our sneaker marketplace exploded in 2017. A total of 3,518,615 Asks were proffered. That’s more than 3.5 million instances where a concrete, verified offer to sell a sneaker was extended by its owner- more than the combined populations of Alaska, Vermont, Wyoming and both Dakotas. If our 2017 Sneaker Asks received congressional apportionment, it would send 5 separate representatives to Washington D.C!
Over the course of the year, we also authenticated 6,317 varieties of sneaker. This included 339 different Ultra Boost models, 265 different Air Force 1s, 350 different NMDs, and 305 different Jordan 1s. All told, they featured a whopping 4,658 distinct colorways, came in 94 different sizes, and ranged in price from as little as $25, for the Jordan 1 Mid Wolf Grey, to as much as $30,000, for the Nike Air MAG ‘Back to the Future’.
In May, we launched our handbag vertical, and in the intervening months, we’ve already seen enough activity to identify market trends. For this review, we took the top 100 handbags, ranked by market share (e.g. total dollars spent), and coded each according to type. The results show which styles of handbag were most popular on the secondary market in 2017:
The biggest selling handbag type was the duffle, or what Louis Vuitton calls its “Keepall” model. This included the LV x Supreme Keepall Bandouliere, which, with an average price of over $6400, had the highest market share of any StockX handbag. All told, duffle bags accounted for 25% of the StockX handbag market; backpacks were a close second, accounting for 22%; and crossbody bags placed third, with 17%. Wallets and fanny packs each claimed a modest market share of 5% and 4% respectively.
In May we launched our watch marketplace. In just 7 months, we authenticated 172 different types of watch model, from brands ranging from Tudor and TAG Heuer to Audemars Piguet and Patek Philippe. Prices of these timepieces vary significantly, with the highest sale belonging to the Rolex Day-Date in Gold, which sold for the tidy sum of $23,500.
In November, we crossed another watch-related milestone, when we partnered with fellow Detroit brand Shinola to launch the world’s very first Initial Public Offering for watches. Bidders competed for a chance to win a prototype of the Lake Eerie Monster, Shinola’s debut mechanical wristwatch. This was the first time a watch unavailable to the public was made directly available to the secondary market via the StockX platform. A total of roughly $23,000, raised from the top 5 bids, was split among three charities: The Empowerment Plan, the Detroit Children’s Fund, and the Cleveland Metropolitan School District’s Project ACT.
In October, we launched our streetwear marketplace, with clothing and accessories from Supreme. A few weeks later, we introduced the concept of “Supremeiums” – the value added by the Supreme brand, expressed as a price premium on the Supreme item relative to its generic equivalent. Our original test case was the Chopsticks Set- one of the most popular and unique Supreme accessories, and a product to which we were excited to return for this, our Year in Review:
Over the last two and a half months, we sold a grand total of 463 sets of Supreme Chopsticks. Based on our original Supremeiums calculation, that’s the equivalent of 130,103 ordinary chopsticks. (To answer your question, yes: the above graphic does indeed visualize all 130,103 of them). In other words, for the amount of money spent on Supreme Chopsticks in 2017, a Chopsticks connoisseur could purchase over one hundred and thirty thousand ordinary sets. What they would do with all those chopsticks- we wouldn’t hazard to guess.