Leading sneaker and streetwear site GOAT’s star continues to rise with a new investment from one of the fashion industry’s leading firms.
Groupe Artemis, the parent of luxury holding company Kering—which owns labels like Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen and Christopher Kane—has provided the online sneakerhead haven with an undisclosed sum, the groups announced Tuesday.
The cash infusion comes on the heels of GOAT Group’s September series E funding round, in which the e-tailer raked in $100 million, generating a $1.75 billion valuation. According to the company, GOAT will leverage the strategic investment from Groupe Artemis in continuing its expansion into fashion apparel and other new categories. GOAT has already established direct partnerships with some of Kering’s most prominent luxury brands, like Balenciaga and Alexander McQueen—along with its latest spinoff, MCQ.
Founded in 2015, GOAT—which stands for Greatest of All Time—has risen to prominence as a sneaker marketplace for both new, exclusive drops and hard-to-find resale styles. The company has 13 physical retail stores across the globe that complement its online presence, which serves 30 million members worldwide.
“Groupe Artemis is one of the most influential and prestigious investors in luxury fashion, and their investment is another important step as we double-down on our expansion in apparel and new categories,” Eddy Lu, GOAT’s co-founder and CEO, said in a statement.
“As a strategic investor in GOAT, Groupe Artemis will help us further accelerate our growth,” he added, “particularly in fashion apparel, as we continue to drive forward with our mission to bring the greatest products together from the past, present and future.”
Groupe Artemis, which manages a range of companies across sectors, saw “significant opportunities for expanded partnerships and many synergies” between GOAT and its portfolio of brands, founder and president Francois-Henri Pinault said. “GOAT has established a rapidly growing, distinctive brand with tens of millions of younger luxury consumers,” he added, saying that the investment reflects Groupe Artemis’ belief in the GOAT business model, as well the strength of its technology and platform to tell compelling brand stories.
Pinault’s holding company has been doubling down on its investments in luxury e-commerce ventures in recent months. In November, the group increased its stake in British luxury marketplace Farfetch as the group announced its plans to expand further into the Chinese market through a strategic partnership with Alibaba.