GOAT Set to Continue Fashion Expansion With Grailed Acquisition
Global sneakers and lifestyle platform GOAT could be locking down their next major deal. According to reports from Bloomberg, GOAT are set tp acquire online streetwear and luxury marketplace Grailed in a bid to further expand into the world of fashion.
According to the news source, Grailed will continue to run as is for the most part and will remain under its own brand. The biggest changes will be happening behind the scenes, with GOAT looking to integrate its operations infrastructure with shipping and transactions across Grailed. Both platforms already have authentication processes in place, so it’ll be interesting to see what new methods will be implemented for your peace of mind.
Bloomberg have also reported that GOAT execs consider the expansion into the fashion and apparel space to be a ‘natural progression’ for the group. As you’d recall, they became Paris Saint-Germain’s official sleeve partner earlier this year.
On the acquisition, GOAT co-founder and CEO Eddy Lu stated, ‘We’ve been continuing to see growth across our businesses, especially in apparel and accessories, which have doubled the past 12 months. When you’re looking to accelerate growth even further, that’s when consolidation makes sense.’
At the time of writing, financial details have not been disclosed. Keep it locked to SF for developments.