In a bid to strengthen its foothold in the Asia-Pacific (APAC) region, the sneaker resale marketplace today announced the opening of an authentication centre in Hong Kong and the launch of localised operations in Greater China. This adds to StockX’s existing presence in Japan, where it unveiled a Tokyo office last year and localised service in 2020.
APAC is one of StockX’s fastest-growing regions globally, with transactions up over 500 percent in the third quarter of 2020 compared to last year. Despite physical retail in Hong Kong suffering a double blow from Covid-19 and socio-political unrest, the city has proven a bright spot for the business, with transactions up 1,000 percent year-on-year. The move also primes the sneaker exchange for growth in mainland China, where sales-driving younger shoppers are increasingly open to buying pre-loved items. It will, however, face tough competition: local and global players like Yoho’s UFO platform and Stadium Goods have already made efforts to woo Chinese streetwear lovers.