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| Name | StockX CEO Scott Cutler on the company's new $3.8B valuation |
| Video Uploader | Video From CNBC Television |
| Upload Date | This Video Uploaded At 08-04-2021 15:40:27 |
| Video Discription | Online sneaker marketplace StockX is now valued at $3.8B. CEO Scott Cutler joins CNBC's Frank Holland to discuss the increase in valuation, changes the company has been making, NFTs and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi StockX, after a record year of revenue, completed a new funding round that values the high-end sneaker reseller at $3.8 billion. The company on Thursday announced the conclusion of a $195 million secondary tender offering as well as an additional $60 million in Series E-1 primary shares. “This news signals the broad recognition and excitement for the long-term value of StockX’s business,” CEO Scott Cutler said in a statement. “Fundamental shifts in both consumer buying and investing behavior provide an immense growth opportunity for StockX.” Altimeter Capital led the all-cash offer that included previous investors and new investor Dragoneer Investment Group. The company has also confirmed that some employees will sell shares. This announcement raises StockX valuation by 35% from the $2.8 billion in December. “The company has rapidly established itself as one of the most important online marketplaces for Gen Z and millennial consumers,” said Jared Middleman, partner at Dragoneer. “This position has unlocked a number of promising new growth opportunities, and we are excited to support the StockX team as they work to realize this potential.” StockX is expected to go public in the second half of 2021, Dow Jones reported Wednesday, citing sources. In response to that report, a StockX spokesperson told CNBC: “Our focus right now is on global expansion and category diversification, while continuing to grow our core business. There are massive opportunities ahead, and our mission right now is to execute.” The company that once billed itself as the “Stock Market of Sneakers” has extended its offerings to collectibles, handbags, electronics and more. But the core business remains the same, users can buy or sell goods on an open market, with StockX providing the platform, authentication and niche content related to what it calls “current culture.” The Covid pandemic lead to a surge in so-called athleisure sales, and StockX benefitted from the abrupt shift in consumer spending, generating over $400 million in revenue in 2020, according to the company. StockX executives said it also closed more than 7.5 million trades and reached $1.8 billion in gross merchandise value last year. StockX previously reported $2.5 billion in GMV from the launch of the company in February 2016 to June 2020. The resale market is becoming increasingly popular with shoppers of all ages, with sites like The Real Real going public in 2019 and Poshmark debuting earlier this year. StockX competes with similar sites such as Stadium Goods and Goat, but is widely considered the leader. “We are just scratching the surface of what StockX can deliver for the millions of global buyers and sellers who count on the platform for a wide range of authentic current culture products,” said Cutler. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV [Fy04RANGpUI] |
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