Consumers In Hong Kong Can Now Play The StockX Market For Sneakers

SourceForbes
SectorFinancial Markets
CountryMiddle east

Air Jordan 1 Retro sneakers, one of the brands carried by Stock X. AFP via Getty Images With Asian women driving interest in rare, preworn sneakers, it’s no surprise that resale platform StockX is making a run at the Asia Pacific region with the opening of an authentication center in Hong Kong and the launch of localized business in Mainland China. StockX already has a presence in Japan, where in 2019 it opened a Tokyo office and subsequently launched service in the country this year.  While opening a brick and mortar location in Hong Kong seems counterintuitive, given retail’s extreme challenges from the COVID-19 pandemic and political and social unrest, StockX has said that its growth in the coming decade will come from markets outside the U.S., including the Asia Pacific region and Europe. A report from StockX last month said the global sneaker resale market will reach $30 billion by 2030, compared with $19 billion in the U.S.

StockX transactions up over 500% in the third quarter of 2020 compared to the same period last year, and transactions ahead by 1,000% year-over-year. Younger consumers in China are driving sales ...read more...