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GOAT Group Inc. (which oversees GOAT and Flight Club) is growing as the sneaker resell platform is set to acquire Grailed, according to a report by Bloomberg.
Grailed, the peer-driven platform for apparel resell, will still operate as its own brand but will integrate GOAT’s operations infrastructure such as shipping and payments, Bloomberg reports. Financial terms of the deal, however, weren’t disclosed.
The latest move by GOAT Group is a continuation of the company’s expansion in the global e-commerce market of clothes, sneakers, and accessories.
Over the last year, GOAT Group opened retail and warehouse facilities in Singapore, Tokyo, and Shenzhen, China, over the past year. Earlier in the spring, the company also announced a deal with Paris Saint-Germain, the French Nike and Jordan Brand-sponsored football club, to release merch on the platform and even don the GOAT brand on the team’s jersey sleeves.
For GOAT Group, the acquisition is another piece of the puzzle.
“We’ve been continuing to see growth across our businesses, especially in apparel and accessories, which have doubled the past 12 months,” said Eddy Lu, co-founder and CEO of GOAT Group. “When you’re looking to accelerate growth even further, that’s when consolidation makes sense.”
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