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StockX CEO Scott Cutler joins Yahoo Finance Live to discuss which products on the marketplace have the hottest demand, dynamic pricing, and consumer spending during Black Friday and Cyber Monday.
In January 2019, StockX partnered with celebrity jeweler and influencer Ben Baller to sell 800 pairs of black and red slides directly to the public, marking the company's first "initial product offering" ("I.P.O."). [15] [36] The shoes were printed with the phrase "Ben Baller did the chain", a lyric from ASAP Ferg's song "Plain Jane" (2017). [11]
Consumers purchased shoes and apparel at a high clip during 2021 — driving Nike to record profits in its 2021 fiscal fourth quarter — and StockX was able to capitalize on the demand.
Consumers started to collect, trade and resell sneakers in the 1970s, and the sneakerhead subculture came to prominence in New York City during the 1980s. Sneakers such as the Adidas Superstar and Puma Suede were popularized by b-boys and hip-hop artists, [4] and Nike's Air Jordan line revolutionized the industry with its marketing linked to superstar basketball player Michael Jordan.
Nike asserts that StockX is minting, marketing, and selling NFTs that bear Nike's trademarks at "heavily inflated prices" without the approval or authorization of the Swoosh.
"Black Friday" has evolved in meaning and impact over the years, initially referring to calamitous days, with a notable early instance being Black Friday (1869) in the US. This financial crisis saw a dramatic plunge in gold prices, affecting investors. The term was later used in American retail, starting ambiguously in the 1950s.
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