ByteDance is considering selling “a low single-digit stake” in the Poizon online sneaker market in preference to an existing investor, Bloomberg reported on Tuesday (June 7th).
Poizon, officially known as Shanghai Shizhuang Information Technology, is valued at more than $10 billion, according to the report. ByteDance, which owns video-sharing platform TikTok, revamped its investment arm earlier this year, eliminating its venture capital group and revamping its strategic investment group.
The online sneaker resale market has been turbulent these days, with the StockX marketplace battling Nike’s allegations that it was selling counterfeit versions of Swoosh-branded sneakers.
Read more: Nike Alleges Sneaker Marketplace StockX Sells Fake Shoes
CNBC reported Monday (June 6) that StockX said Nike had previously praised its anti-counterfeiting measures, citing a proposed filing with the US District Court in New York.
Nike and StockX first clashed over non-fungible tokens (NFTs), with Nike suing StockX in February, claiming that StockX’s NFTs of Nike shoes infringed trademarks and could confuse customers.
Poizon, known as “De Wu” in Chinese, launched an app that offered information on the latest fashion trends in 2015 and became an online marketplace two years later, Bloomberg reported. The platform authenticates products before they are resold, preventing users from buying counterfeits.
Meanwhile, Ross Yip, co-founder and COO of online sneaker startup KicksCrew, told PYMNTS that the company is “trying to democratize sneaker culture”, introducing more women to its platform. -training and helping small retailers and mom and pop stores bring their businesses online. .
See more : KicksCrew aims to grow sneaker culture for more women, moms and pop shops
Due to KicksCrew’s gender-neutral size chart and marketing proposition, 40% of its customers are now women, and the list of retailers looking to showcase their digital storefront to the world is also growing.
“Our female customers actually convert 27% better than males, and they are also more frequent repeat purchasers,” Yip said.