How GOAT Plans to Dominate the Worldwide Luxury Apparel Market

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

GOAT Group chief operating officer Yunah Lee
Courtesy of Upfront Ventures

Sign up for dot.LA's daily newsletter for the latest news on Southern California's tech, startup and venture capital scene.

After emerging as one of Los Angeles’ most well-funded and talked-about startups last year, online sneaker and apparel marketplace GOAT now has its sights set abroad.

Speaking at the Upfront Summit venture capital conference on Wednesday, GOAT Group chief operating officer Yunah Lee said international expansion is now the priority for the Culver City-based startup. GOAT opened offices in mainland China last year—its headcount there has already quadrupled, she noted—and also recently cut the ribbon on offices in Singapore and Japan.


Having sold $2 billion in merchandise on its platform in 2020 and doubled its valuation to $3.7 billion last year, GOAT now has 1,500 employees and 16 offices globally.

GOAT Group chief operating officer Yunah Lee speaking at the Upfront Summit.

Courtesy of GOAT

“We want to continue to focus on our international expansion in western Europe, southeast Asia and eastern Asia, and also continue to focus on our luxury fashion, apparel and accessories categories,” Lee said.

The COO mentioned that part of GOAT’s motivation for international expansion is to serve a diverse worldwide customer base that has different tastes depending on where they’re from. In Europe, she noted, many buyers don’t wear high-top shoes—whereas in the U.S., it’s virtually impossible to call yourself a sneakerhead without a pair of classic Air Jordan 1s. The Middle East, she added, is developing an insatiable appetite for Kanye West’s Yeezy shoe line.

Having a diverse customer base “allows us to create that global buyer-and-seller network to bring the products that these folks don't have access to easily,” Lee said. Geographic diversity is also key to courting luxury brands like Versace, Alexander McQueen and Polo Ralph Lauren, which are increasingly looking to outlets like GOAT as valuable resale marketplaces and have courted it for merchandise partnerships.

Launched in 2015 as a way for co-founder and CEO Eddy Lu and his college friends to authenticate real Air Jordans apart from fake ones, GOAT is now one of the hottest startups in Los Angeles, according to a recent dot.LA survey of venture capitalists. The company landed a $195 million funding round led by Park West Asset Management last June and has raised some $493 million to date, according to PitchBook data.

According to a recent study from Cowen, the sneaker and streetwear resale market is growing 20% annually and is estimated to surpass $30 billion in global sales by 2030.

https://twitter.com/samsonamore
samsonamore@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

Diankha Linear on How Community Is Revolutionizing Text Marketing

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

​Diankha Linear
Diankha Linear

On this episode of Office Hours, Community CEO Diankha Linear joins host Spencer Rascoff to discuss her foray into the startup world and the strategic approaching to scaling up.

Read moreShow less
https://twitter.com/spencerrascoff
https://www.linkedin.com/in/spencerrascoff/
admin@dot.la

LA Tech ‘Moves’: Dreamscape, LinQuest and PetDX Gain New CEOs

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Dreamscape, LinQuest and PetDX Gain New CEOs

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

***

Read moreShow less

This Week in ‘Raises’: ADARx Pharmaceuticals Lands $46M, PLAI Labs Scores $32M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: ADARx Pharmaceuticals Lands $46M, PLAI Labs Scores $32M
This Week in ‘Raises’: ContractSafe Inks $27.5M, Deal Box Collects $125M

A local RNA base-editing platform raised fresh funding to advance its drug development pipeline, while a local Web3 company founded by former MySpace and Jam City founders Chris DeWolfe and Aber Whitcomb scored funding to build out an artificial intelligence backed by generative AI that allows users to create and upload their own digital assets to the game.

***

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending