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The Uptake | Sneaker resale market

Written by The Uptake Published on   1 min read

Has the hype run its course?

Hi, it’s Edmund.

This week, I spoke with Richard Xia, co-founder and CEO of Novelship, an online marketplace that connects buyers and sellers of limited-edition streetwear and sneakers.

Headquartered in Singapore, the online marketplace aims to create a safer buying and selling experience for streetwear and sneaker aficionados.

Novelship might be riding on the growth of the sneaker business but over the past year, macroeconomic uncertainties such as inflation and rising interest rates have hurt the sneaker resale market. Sneaker shoppers are also experiencing “drop fatigue,” as they are confronted by too many releases that are difficult to acquire.

Despite this, some analysts are still optimistic about the market’s long-term outlook. According to investment firm Cowen, global sneaker resale will hit USD 30 billion in sales by 2030, up from USD 6 billion in 2020.

To read more about Xia’s insights of the sneaker resale market, check out our Q&A here.

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