One of the premier sneaker resale platforms, GOAT, has officially announced the launch of its business into the Greater Asia Pacific region, specifically targeting China and its population of more than 400 million millennials.
GOAT, which says it is the world’s largest marketplace for authentic resold sneakers, called entering into China’s valuable streetwear market a “massive opportunity” as the nation is the world’s second-largest sneaker market and—prior to the official expansion—was already GOAT’s most valuable international business.
“The sneaker community has grown tremendously in China, especially with the rise of basketball and hip hop culture. So it’s no surprise the demand for sneakers has grown as well,” Eddy Lu, co-founder and CEO of GOAT Group, said in a statement. “We know that there is a huge need to ensure authentic sneakers in the global sneaker industry, and we believe China is the perfect market to begin our global expansion.”
In preparation for its official introduction in China, the sneaker resale platform developed a localized GOAT app and a WeChat Mini program specifically for the Chinese sneaker consumer. The apps offers a “seamless user interface” equipped with the same high-resolution photography and authenticity-minded shopping experience American consumers have come to expect from GOAT.
The resale platform will also host a three-day event to showcase some of its rarest and most sought-after sneaker styles for the Chinese populace. This event, and future day-to-day operations in the region, will be led by a GOAT team out of Shanghai, and the group has already opened a new facility in Hong Kong to serve China and the Greater Asia Pacific region.
Acknowledging that consumer needs in different markets can vary widely, GOAT said its plan for China and other international markets will be to continue creating localized experiences tailored to each new set of regional consumer behaviors.
“We know China is a unique market and if we use the same strategy as the U.S., we’ll likely fail,” Lu explained. “We are building this product with a local team in order to provide the Chinese consumer with a better, more personalized experience.”
The official expansion of the GOAT platform to an international market, no less than one of the most valuable sneaker markets in the world, comes just five months after Foot Locker invested $100 million into the business. For its own part, the retailer has been expanding into Asia over the last several quarters and is currently engaged in a $275 million investment surge designed to increase Foot Locker’s presence in the region.