StockX, the Detroit-based “stock market of things” co-founded by real estate mogul Dan Gilbert, has chosen New York City for its first physical location.
The e-commerce startup reportedly valued at more than $1 billion specializes in reselling collectible sneakers and luxury goods.
StockX is an online marketplace, but has tried in-person product drop-offs in New York, Los Angeles and London, according to a news release. The incoming brick-and-mortar space in Lower Manhattan would build on that, authenticating sneakers and processing payments on site. That means sellers wouldn’t need to ship items themselves. And the shop would allow customers to interact with the brand more directly than online.
The company, led by CEO Josh Luber, made the announcement Thursday at its third annual StockX Day. For the event, it invites StockX “power users” for tours, talks, panels and parties in Detroit to showcase the brand.
StockX also said it will add collectibles to its site such as Funko pop-culture figurines and Bearbrick, a Japanese art toy brand. This marks its first foray outside wearable goods.
The company is also expanding its international presence, after it announced a West London authentication center in October. StockX plans to open its fifth authentication center in Eindhoven in the Netherlands in summer or early fall and hire 100 to staff it.
The foothold in Europe came after StockX raised $44 million in a Series B funding round announced in September. It was co-led by Silicon Valley venture capital firms GV (formerly Google Ventures) and Battery Ventures.