Name: The $2bn sneaker resale market: How entrepreneurs are cashing in | FT Features
Uploaded: 2020-03-07T16:25:47.000Z
Duration: 14 min 7 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The reselling aspect of sneaker culture has changed everything

I think now is the biggest time for sneakers in maybe

And rather than investing in a traditional asset classic stock

And they're selling it on an exchange later.

There is a lot of money to be made in this game.

You could make 50 grand in a weekend, man.

We estimate that there's over $2bn in gross market value

is the leader in this market with gross market value

We connect buyers and sellers the same way

that the world's stock markets connect buyers and sellers.

Just like Apple doesn't trade at the same price

a particular sneaker trade for the same price from day-to-day.

Some people's closets, you look at it and it's stock portfolio.

It's all about who can get it and where you sending it

that the person is willing to pay you more.

to $6bn in a relatively short time period.

Prices up and down like Wall Street, some experts

value the sneaker resale market at over $2bn.

We're going to take a deep look at the industry,

Is it lost, baby, tell me what you plan on it.

I had lost a job and something that I enjoyed doing.

And I was just trying to find another job,

and I figured selling sneakers would hold me

And we wind up opening this bank account, get a little $2,500

And the day I signed the lease to my store,

So in four years, it jumps from $40 to $20m in sales to 2019.

We wind up teaming up with American Eagle,

and I sell part of my business to American Eagle.

And I got Urban Necessities inside American Eagle.

that are earning very good economic returns

I will be the first person to purchase the Safari Pack that

three new different shoes, should be very profitable.

We're also going to be heading to Chinatown market.

Should be able to sell those for about $400 to $500.

But yeah, I can't really disclose how I'm here so early.

The amount of money you can make is essentially unlimited.

And there are sneaker resellers that we've seen,

they're earning several hundred thousand dollars a year.

if you can acquire these shoes at retail.

We find out where is it going to release?

And if we possibly get it before anybody else

There's this thing called "backdoor" now.

Backdoor is pretty much getting a shoe early from a retailer

or somewhere like that or someone that works inside.

being able to buy a pair of the shoes that are highly coveted

On the resell, it's like, yo, what are y'all doing?

It's because they know the shoe is going to go up in value,

and you know what the hype is about, especially now

with all the marketing that's going on with social media

Subtitles ListPlay Video

The $2bn sneaker resale market: How entrepreneurs are cashing in | FT Features

literally

stuff

ultimately

essentially