U.S. sneaker marketplace Goat announced official launch in China.
The Los Angeles-based company said that China is the second largest market for sneakers – with some 400 million millennials within it borders — and is already Goat’s
number one market internationally.
As part of the China launch, Goat will be hosting a three-day localised event, to
showcase its most exclusive sneakers.
To assist with the entry, a localised Goat app has been made available to Chinese users,
along with a WeChat Mini Program. Much like the U.S. platform, the new China app and WeChat Mini Program feature a seamless interface and hi-resolution photos, offering a transparent shopping experience, added Goat.
“The sneaker community has grown tremendously in China, especially with the rise of basketball and hip hop culture. So it is no surprise the demand for sneakers has grown
as well,” said Eddy Lu, co-founder and CEO of Goat Group.
“We know that there is a huge need to ensure authentic sneakers in the global sneaker
industry, and we believe China is the perfect market to begin our global expansion,” he continued.
To assist with localised distribution, Goat has also opened a new facility in Hong Kong to better serve the marketplace in China, as well as the Asia Pacific region, which is looks to expand throughout, though no concrete terms have been given.
Goat’s Asia Pacific operations are being lead by a team based in Shanghai, with skills and knowledge linked to the local marketplace.
“We know China is a unique market and if we use the same strategy as the U.S., we will likely fail,” said Lu.
“We are building this product with a local team in order to provide the Chinese consumer with a better, more personalized experience,” he continued.
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Founded in 2015, Goat is a leading sneaker resale marketplace. Most recently, it secured a $100 million investment from American sports and footwear retailer Foot Locker.