DETROIT (AP) _ A new company launched by a Detroit native offers an online portal similar to the stock market for the buying and selling of high-end, limited edition products.
Businessman Dan Gilbert is a co-founder of the website StockX, which will initially feature expensive sneakers, such as those carrying the name of famous basketball players like Michael Jordan and Kobe Bryant. For its initial launch, the website has more than 15,000 pairs of limited release sneakers representing 3,500 models, according to a spokesman.
Potential sellers will be able to list their never-worn sneakers at a desired price, and potential buyers can purchase them at the desired price or offer a different price.
In order to verify the authenticity of each pair of sneakers traded on the platform, the company said it has developed a proprietary process, which won’t allow a trade to proceed unless the authenticity of each pair of shoes has been verified.
The company, which is billed as the “stock market of things,” offers historical price and volume metrics, real-time bids and offers, timestamped trades, and additional analytics on every sneaker model presented on the marketplace.
StockX evolved from the sneaker data website Campless, which will merge into StockX, with Campless founder Josh Luber serving as the new company’s CEO.
“Sneakers are the perfect gateway product to allow us to prove our belief that the StockX exchange will replace e-commerce for certain limited edition, high-demand consumer products,” Luber said in a press release.
StockX could eventually become a marketplace for watches, handbags and other luxury goods, the Detroit Free Press (http://on.freep.com/1PM6fSI ) reported.
Gilbert is the founder of online mortgage lender Quicken Loans and owner of the NBA’s Cleveland Cavaliers.
Information from: Detroit Free Press, http://www.freep.com