GOAT Group has secured even more financing from a high-profile investor to kick off the new year.
The sneaker marketplace announced today that it has welcomed a strategic investment from Groupe Artemis, the controlling shareholder of luxury conglomerate Kering, which owns Bottega Veneta, Gucci, Saint Laurent and more designer labels. According to GOAT, it will use the funds to “support its continued expansion in fashion apparel and new categories.”
“As a strategic investor in GOAT, Groupe Artemis will help us further accelerate our growth, particularly in fashion apparel, as we continue to drive forward with our mission to bring the greatest products together from the past, present and future,” GOAT co-founder and CEO Eddy Lu said in a statement.
Group Artemis did not disclose the amount of the investment but shared that it comes four months after a Series E funding round of $100 million, which valued the marketplace at $1.75 billion at the time. GOAT’s relationship with Kering extends back years: It has entered into direct partnerships with some of the company’s labels, including Alexander McQueen, Balenciaga and its newest label, MCQ.
“GOAT has established a rapidly growing, distinctive brand with tens of millions of younger luxury consumers, and our investment reflects our belief in their business model and the power of their technology and platform to tell the story of our brands,” said Groupe Artemis founder and president Francois-Henri Pinault, who has also served as chairman and CEO of Kering since 2005. “We see significant opportunities for expanded partnerships and many synergies between GOAT and our portfolio of brands.”
For Kering, the investment allows it to enter the ever-expanding resale market, which continues to grow as consumers seek bargains from home amid the coronavirus pandemic. According to ThredUp, resale is expected to accelerate five times over the next five years to $64 billion, while the broader retail sector is projected to shrink.
GOAT Group, which was founded in 2015, now has 13 brick-and-mortar locations across the United States, as well as Asia and Europe, plus distribution and authentication centers that ship items to 170 international markets. It delivers products to 30 million members and hundreds of thousands of sellers, in addition to its brand and boutique partners.