Foot Locker Puts $100 Million in Secondary Sneaker Platform
Foot Locker will make a $100 million strategic minority investment in GOAT.
GOAT is a managed marketplace for sneakers that operates both the GOAT and Flight Club brands.
As the deal progresses, Foot Locker and GOAT Group will combine their efforts across physical retail and digital to create exclusive customer experiences. Foot Locker will leverage its global presence against GOAT Group’s digital abilities.
The investment will also help GOAT accelerate operations and invest in new technology.
"At Foot Locker, we are constantly looking at new ways to elevate our customer experience and bring sneaker and youth culture to people around the world," says Richard Johnson, chairman and chief executive officer, Foot Locker. "We are excited to leverage GOAT Group's technology to innovate the sneaker-buying experience further and utilize their best-in-class online marketplace to help meet the ever-growing global demand for the latest product. Together, Foot Locker and GOAT Group's shared commitment to trust and authenticity in the sneaker industry will provide consumers with unparalleled experiences and diversified offerings."
Scott Martin, senior vice president, strategy and development, Foot Locker, will join GOAT Group’s board of directors.