- Angela Gonzalez-Rodriguez |
StockX, a Detroit-based Dan Gilbert portfolio company, has just announced its plans to expand beyond the high-demand limited-edition items, said Tuesday that it is expanding beyond the sneakers resale market.
Following the new plan, the retailer will now offer the limited-edition Fourth of November merchandise range using a consumer-goods initial public offering model.
Inspired by NYC-IPOs, the offering will include a pre-bidding opening on StockX at a minimum bid price; an IPO date with products sold to highest bidders, based on quantity; and a post-IPO where products are shipped to buyers and resold on StockX.
Deeply rooted in the music industry, Fourth of November brand focuses on denim garments. The apparel on StockX will be centered on the anniversary of the album "Reasonable Doubt," which was debuted rapper Jay Z and released in 1996 by Roc-A-Fella Records and Priority Records, added the company in a note.
StockX said Tuesday explained this so-called IPO model noting that companies and brands now can sell products using an IPO that works much like a traditional IPO on the New York Stock Exchange.StockX was co-founded by Gilbert, founder and chairman of Detroit-based Quicken Loans Inc.,
and CEO Josh Luber. The company targeted the secondary market for collectors of expensive sneakers as its first vertical but said then that it planned to expand to other consumer goods with strong secondary markets.
In the past months, the retailer has embarked on a series of strategic investments and moves such as the partnership with rapper Eminem.
In June, StockX formed a strategic partnership with Detroit-based Marshall Mathers, better known as rapper Eminem, and his partner, Paul Rosenberg. Mathers said at the time that he would make shoes from his personal collection available.