[googoogaga]

>The hobby took off and this year, he expects to move 10,000 pairs of shoes. His anticipated take is a 25 percent profit from over $1 million in sales.

$250K profit, $1M in sales, $1B valuation. Lol. Can't wait until this useless company fails miserably. Obsession with thousand dollar "streetwear" and "sneakers" is beyond pathetic. Usually you'll find the people most interested in this dogshit are the people who can afford it the least. Obsession with consumption-based "hobbies" like this is the mark of a cookie cutter.

[dang]

Would you mind reviewing the site guidelines and sticking to the rules when posting here? Hacker News is trying to be a bit different from the internet default, and your comment broke at least these two:

"Don't be snarky."

"Please don't post shallow dismissals, especially of other people's work. A good critical comment teaches us something."

https://news.ycombinator.com/newsguidelines.html

https://news.ycombinator.com/newsguidelines.html

[changdizzle]

You realize this is talking about one of the sellers on the platform right? Not the platform itself.

Looks like GMV is actually ~1.2B/year and even at a conservative 10% profit margin, they're pulling in at least $120M/year.

"The company said its revenue more than doubled in the last year, with gross product sales topping $100 million a month. It has expanded into streetwear and luxury goods like handbags and has more than 800 employees."

[knd775]

The transaction fees on sneaker sales (by far their largest segment) are between 8% and 9.5% depending on seller volume. Since StockX authenticates every shoe, that eats up a bit of that fee. The point of your comment mostly still stands, but I wanted to mention some real numbers.

https://help.stockx.com/articles/478556-what-are-stockx-sell...

[detaro]

The first two numbers are for one dude using the platform to trade.

[yesimapro]

The next paragraph....

"The main website enabling Mr. Wilkins’ now full-time business? StockX, a site that treats coveted consumer goods like sneakers as tradable commodities."

The website is enabling Mr. Wilkins, among many others to sell shoes.

Later on in the article... "[StockX] gross product sales topping $100 million a month"

[bluedino]

Hey, they could pivot to selling something else. After all, eBay was started to sell to collectors of ~~Beanie Babies~~ ~~Pez Dispensers~~ broken laser pointers.

[askafriend]

[bad comment retracted]

[dang]

"Please don't comment on whether someone read an article. "Did you even read the article? It mentions that" can be shortened to "The article mentions that.""

https://news.ycombinator.com/newsguidelines.html