OpenAI Dangles Perks and Early Access to Win Investments in AI StartupsRead Now

Image: Mike Sullivan

StockX Revenue Hits $400 Million in Turf Battle With Goat

Photo: Image: Mike Sullivan

Most people who buy from e-commerce site StockX purchase the type of items it has become known for: trendy pre-owned sneakers and other streetwear. But in a twist, the new Sony PlayStation and Xbox consoles were its highest-grossing products last year as shoppers dove in, willing to pay a premium for the scarce devices. StockX’s expansion into electronics helped power the resale marketplace past $400 million in revenue last year, CEO Scott Cutler said in an interview.

For Detroit-based StockX, expanding into new product categories including collectibles and electronics is the centerpiece of a growth strategy that could coincide with a public offering this year. It contrasts with the approach of StockX’s closest rival, Goat, another startup capitalizing on the booming market for secondhand streetwear and other fashion items. To avoid turning off its core customers, Goat has resisted fanning out beyond shoes, apparel and handbags.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
startups
Stripe in Talks to Raise Up to $3 Billion From Current Investors
Stripe CEO Patrick Collison. Photo: Bloomberg.
Less than a week after telling employees that it would evaluate a public offering over the next year, payments giant Stripe is moving quickly on a deal to raise as much as $3 billion from its existing investors. The talks, which have heated up in recent days, are likely to value the company at between $55 billion and $60 billion, according to one person involved in the potential deal....
Latest Briefs
 
TikTok CEO To Testify Before Congress
SoftBank’s Ex-COO Claure to Join Shein as Head of Latin America
Biden Administration May Fully Cut Off Huawei From U.S. Suppliers
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Patreon CEO Jack Conte. Art by Mike Sullivan
Exclusive startups entertainment
At Patreon, Mismanagement Thwarts a Pandemic-Era Star
Two years ago, Jack Conte seemed to have pulled off one of the most remarkable makeovers in recent Silicon Valley memory.
CEO Maju Kuruvilla. Photo: Getty Images
Exclusive startups venture capital
Bolt CEO Cuts Staff a Third Time as Revenue Lags
Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell short of its goals , laid off around 10% of employees on Tuesday, or at least 50 people, according to two people with direct knowledge.
Photo via Shutterstock.
Exclusive microsoft ai
Microsoft Plans Security Features, Wider Release for Its OpenAI-Powered Coding Tool
ChatGPT has generated headlines and hype since its release last year, with its humanlike responses to written prompts.
Jonathan Kanter, assistant attorney general of antitrust for the US Department of Justice, speaks during a news conference on January 24. Photo by Bloomberg.
The Briefing microsoft google
DOJ’s Latest Case Against Google Is Intricate But Important
Over my career as a tech reporter, regulators have sued or threatened to sue Google for exerting monopoly power in its ads business so many times it’s hard to keep track.
Left photo by Getty Images. Right photo by Bloomberg.
The Briefing markets facebook
Trump’s Meta Return; Massage Therapists, Matthew McConaughey and Elon Musk
So much for Facebook’s efforts to become less political. Meta Platforms’ decision Wednesday to allow former President Donald Trump back onto both Facebook and Instagram threatens to undermine efforts Meta has made over the past two years to reduce the amount of political content people see in their Facebook feed.
Jack Conte. Photo: Bloomberg
Creator Economy
Where Patreon Goes From Here
Patreon , a nearly 10-year-old startup, became a pandemic success story when lockdowns left artists dependent on online sources for income.