U.S. sneaker resale platform StockX announced the opening of a new authentication centre in Melbourne, Victoria, marking its physical debut in the Australia and New Zealand regions – one of StockX’s fastest-growing markets.
The Detroit-based StockX said the Australia opening looks to further strengthen its global footprint, which today includes a network of 11 authentication centres and drop-off locations, in addition to offices in Detroit, London, and Tokyo.
“This launch is another example of our doubling down on a commitment to provide an authentic, accessible, and truly local experience to customers across the globe,” said StockX CEO Scott Cutler.
“Not only does opening our doors in Melbourne make for an improved experience for an already engaged, passionate customer base, but it allows us to further deliver on our customer promise to be the world’s leading live marketplace for consumers of current culture,” continued Cutler.
Australians have been able to access StockX products and sell items via the marketplace since 2016. However, the opening of the new Melbourne authentication centre will provide additional customer experience enhancements, the company added.
Buyers in Australia will see lower shipping fees and shorter shipping times, while sellers will benefit from reduced fees, streamlined shipping, and faster payouts. The new operation also enables bulk shipping for established sellers and all-in pricing, a feature that matches Australian buyers with Australian sellers, in order to further minimise shipping times and related fees, when possible.
The resale market in Australia continues to grow, a recent Harris Poll survey showed. Close to one in five Australian adults (19%) have purchased or plan to purchase limited- edition sneakers in 2021 and among them, 42% say they are motivated by the investment opportunity, it added.
Just last month, StockX announced the conclusion of a US$195 million secondary tender offering, as well as inking an additional $60 million in Series E-1 primary shares, putting the Detroit-based company’s valuation at US$3.8 billion.