Reselling sneakers has become one of the biggest investment opportunities for those with the know-how, and The Edit LDN sources the most popular and rare ones.
‘Farfetch of sneakers’, the London-based platform was launched by former consultant Moses Rashid as The Edit Man London in January 2020. Rashid changed the name to The Edit LDN later in the year . He originally built the platform to personally access limited and “hyped” sneakers quickly, he admitted. “We dropped the ‘man’ part of our name because we realized there were a lot of female consumers here,” he said. Edit LDN’s sales grew 450% between Year 1 and Year 2, exceeding everything from conversion rates to customer return rates. It is one of the biggest local resale platforms.
In October 2021, the company launched a Partnership with Harrods on the retailer’s very first boutique for limited edition sneakers. Managed by British shoe retailer Kurt Geiger, the Harrods store offers brands such as Yeezy, Jordan, Dior, Off-White and Supreme, and offers personal shopping services to customers wanting a specific model.
As the sneaker space expands and becomes the primary target of fashion buying ‘assets’ that may rise in value and be resold at a higher price, platforms like The Edit LDN are poised to step up. grow. Rashid spoke with Glossy about The Edit LDN’s global expansion plans, shoe models expected to be big in 2022, and the company’s upcoming plans with Harrods. The conversation below has been condensed and edited for clarity.
What do you think partnering with a department store can do for a sneaker resale business?
“Physical retail was not something that was on our roadmap at all. They saw an alignment in the resale of high-end sneakers in their space. Consciously, we are not the cheapest, but we are very focused on the quality and speed of the service. After a few conversations [with them], we then created a 2,000 square foot space. We had huge success, surpassing our goal three times in the first month, and we were integrated into the women’s and children’s floors. We are seeing a huge uptake of hyped products. And, of course, there are also those really rare pieces that cannot be found anywhere else. So together we create a destination to find a little something for everyone, with some of the coolest products.
What’s the next step in your partnership?
“We have a series of content that will be released in March, filming [videos] with rappers and musical artists in the 2,000 square foot space we have. There will be conversations around their music and around the sneakers. We’ll be looking at how to build The Edit LDN community in a Harrods customer-compliant manner, and this will be amplified on our social media channels.
How do you think customer demand will evolve over the next year?
“The customer is obviously getting smarter, so pricing is important because the customer knows what they want, for the most part. If you look at the market itself, in 2019 the sneaker resale secondary market was worth $ 6 billion. In 2030, it will be $ 30 billion. The consumer approaches the market in two ways: he buys a product to wear it, like me, or he buys to invest, because he knows that if he buys this Yeezy or this Jordan today, the value of that product will increase with it. time, as an asset. The demand will be even higher, because the supply will not be there to follow it [the market growth]. Fast delivery is really critical in this space, and we are working to reduce that timeframe from 1 to 5 days to even faster. The reality is that by the time you get [an order] in six weeks from StockX, there will be five or six more drops that you have probably already purchased. As the market becomes slightly more accessible and evolves, being able to understand what an investment is and buy it at the right price to make a profit down the line becomes a growing challenge. This is where it comes down to knowing your stuff. (According to their site, Stock X “strives to complete all orders within 7-12 business days.”)
How will the sneaker economy evolve in 2022?
“2022 will be an exciting year. Last year was the year of the Nike Dunk. Next, we’ll see collaborations and reruns of older models. We’ve seen this before with the classic Nike Air Force One, where they’ve collaborated with Supreme and Clot.. And I think we’re just going to see more of them in 2022. Sneakers are really a unicorn market. There is a huge increase in the female sneakerhead. Over the past 12-18 months, the New Balance 550 has become one of the hottest properties right now, especially when it comes to women’s sizes. Women shop differently, with more frequent purchases under £ 300 ($ 400), but it will be the men who will buy ‘grails’, or products valued between £ 600 and £ 1,200 ($ 800 and £ 1,200). $ 600). This year there will be a huge push within the UAE, especially in emerging markets like Saudi Arabia and Qatar. There will also be a bigger push to the United States to cover these four key locations – LA, New York, Miami, San Francisco – then a push to Singapore, Indonesia and China.