GOAT (platform)

GOAT is an American online platform offering sneakers, luxury apparel and accessories through primary and resale markets. Founded in 2015, GOAT has 50 million members and 1,000,000 sellers across 170 countries on its platform.

GOAT Logo

History

GOAT was founded by Eddy Lu and Daishin Sugano in July 2016 .[1] Lu serves as the chief executive officer and co-founder, while Sugano holds the role of chief product officer and co-founder. Yunah Lee was appointed chief financial officer in 2017, Sen Sugano was appointed chief brand officer in 2019 and Matt Cohen was appointed chief revenue officer in 2021.[2][3][4]

Goat

GOAT implements a “ship-to-verify” model that uses machine learning to verify the authenticity of the sneakers on its platform.[5] In 2019, the platform expanded into new markets and categories to offer luxury and streetwear apparel and accessories in addition to secondhand products.[6]

GOAT has partnered with several luxury brands, including Versace, Chloe, and Bergdorf Goodman.[7]

In February 2018, GOAT and Flight Club announced their merger, creating an omni-channel approach for the business.[8] The brands operate independently, as GOAT focuses on mobile and web listings, while Flight Club focuses on global retail and e-commerce consignment. In February 2019, Foot Locker invested $100 million into GOAT Group, combining their efforts across their digital and physical retail platforms.[9] In July 2019, GOAT launched in China.[10]

In September 2020, GOAT raised $100 million from D1 Capital Partners to double its market value to nearly $2 billion.[11] GOAT increased its market value to $3.75 billion over the following nine months, raising $195 million led by Park West Asset Management.[12]

References
  1. "From cream puffs to Yeezy Boosts: How the founders of the GOAT app came to supply sneakerheads with rare and popular kicks". Business Insider. March 31, 2018.
  2. "Inside Goat's plans to merge sneaker resale and retail". Vogue Business. July 21, 2021.
  3. "2019 CFO Awards: Private Large Company CFO - Finalists". Los Angeles Business Journal. September 30, 2019.
  4. "GOAT Is Turning Bergdorf Goodman Into a Sneaker Reseller". Complex. August 29, 2019.
  5. "GOAT uses machine learning, computer vision to verify your top dollar sneakers are authentic". ZDNet. August 19, 2018.
  6. "How fake Air Jordans turned these L.A. pals' sneakerhead dream into a powerhouse platform". LA Times. July 16, 2021.
  7. "How to Make a Major Business Pivot, According to the Cofounder of GOAT". Business Insider. January 8, 2021.
  8. "GOAT Gets $60 Million and Merges with Flight Club to Create a Sneaker Superpower". GQ. February 8, 2018.
  9. Clifford, Tyler (February 12, 2019). "Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says". CNBC.
  10. "U.S. sneaker marketplace GOAT officially launches in China". Yahoo! Finance. July 23, 2019.
  11. Patel, Sahil (September 23, 2020). "Sneaker Platform Goat Group Raises $100 Million to Fund Expansion Plans". The Wall Street Journal.
  12. Scott, Charity (June 24, 2021). "Goat Group, Parent of Sneaker Marketplace, Valued at $3.7 Billion in Latest Funding Round". The Wall Street Journal.
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