Sneaker marketplace Goat Group Inc. is reportedly setting its sights on the acquisition of streetwear-resale site Grailed as it looks to expand further into the apparel industry.
As part of the deal, Grailed, a peer-to-peer based site, will continue to work under its own brand, however it will integrate Goat’s operations infrastructure, Bloomberg said in a report.
Financial terms of the deal were not disclosed to the publication.
Goat Group executives had added that its expansion into fashion and accessories was a “natural progression” for the company, which is also said to be seeking growth abroad.
Notably, over the past year, the company has opened retail and warehouse facilities in Singapore, Tokyo and Shenzhen, China.
Goat initially invested in Grailed in 2021, leading a 60 million dollar funding round with further participation from Groupe Artemis and Gucci’s CEO, Marco Bizzarri.
The secondhand platform already counts the likes of Balenciaga and Coogi among its offering.
Speaking to Bloomberg, Eddy Lu, Goat’s CEO and co-founder, said: “We’ve been continuing to see growth across our businesses, especially in apparel and accessories, which have doubled the past 12 months.
“When you’re looking to accelerate growth even further, that’s when consolidation makes sense.”