Since starting the company back in 2015, Lu says revenues hit over $2 billion in the last 12 months, with sneaker and apparel seeing growth of 100% and 500% year over year.
Back in 2019 Foot Locker invested $100 million, which at the time was the largest amount invested in a secondary retail outfit. Lu says he plans to expand internationally with the additional funding while better servicing the 600,000 sellers and 30 million members on the platform. Also in 2019, Goat launched a “TRY-ON” feature using Augmented Reality to show what the sneakers would look like on the customer’s foot.
Interesting that this feature was first utilized back in the mid 1990’s when companies such as Nokia, Swatch watches, Rebok were using VRML, Virtual Reality Modeling Language. It’s only taken the market 25 years for consumers to catch up to viable use cases at retail for immersive technology.