Detroit-based StockX becomes a Unicorn
Interesting Detroit success story... The value of StockX, a Detroit startup that is a stock market of sorts for collectible sneakers and luxury goods, has gone over one billion dollars, earning it the status of "unicorn" in investment-world-speak. Its investors include Dan Gilbert's Detroit Venture Partners, SalesForce co-CEO Marc Benioff, musicians Steve Aoki and Eminem, streetwear designer Don C, actor Mark Wahlberg, and Washington Capitals and Wizards owner Ted Leonsis, among others.
"Born from a proliferation of counterfeit sneakers that flooded eBay and other e-commerce websites for years, StockX serves as the resale conduit for sellers to market and sell luxury goods, which are shipped to StockX's facilities in Detroit; Tempe, Ariz.; Moonachie, N.J.; and West London to be authenticated before being sent to buyers. A fifth authentication center is scheduled to open outside Amsterdam later this year, spokeswoman Katy Cockrel said."
"Since its website went live in February 2016, StockX has undergone tremendous growth since launching its authentication and stock market-like pricing of luxury sneakers. It has more than 800 employees, the majority of whom are based in Detroit inside Quicken Loans' headquarters at One Campus Martius and at its apparel authentication facility in Corktown, Crain's reported."
It now appears primed for IPO.
https://www.crainsdetroit.com/invest...eran-named-new
