The Kicks You Wear, Vol. 246 — 🥴 Feeling the squeeze
Your favorite reselling platforms are going to squeeze all the cash out of you they can
Gooooood morning, family. Welcome back to the Kicks You Wear. Thank you so much for rocking with me today. I appreciate you.
Hopefully, you’ve had an awesome week. Unless you’re Ime Udoka. Then I can only question why you would ever bring shame to Nia Long’s name. But he’s probably (???) not subscribed to the Kicks You Wear so let’s keep it pushing.
Let’s get it.
It costs a lot to sell shoes these days
Our favorite resale brands are really feeling the squeeze.
What’s happening: Both StockX and eBay dropped news of new fees coming to their platforms this week.
StockX is adding a new $4 single-item charge, meaning that if you’re not selling in bulk you’ll be charged a bit more for the single item you’re selling.
eBay bumped its “final value fee” up to 12.9% for any sneakers sold between $100 and $150. Any sneakers outside of that range will not be affected for now.
eBay also announced it would be expanding the silhouettes included in its authentication program, meaning more shoes will fall in the window.
Why this is happening: With less folks hitting the secondary market as things cool, both are looking to squeeze more profit out of each individual consumer.
StockX is trying to encourage bulk sales with their new single-item tax because it brings in more money. On the other end, eBay is expanding their authentication service which likely means they’re adding more staff.
Regardless of reasoning, it’s becoming increasingly expensive to buy and sell shoes on the secondary market.
Where everyone stands: You’re looking at, at least, $25 to $30 in shipping and fees on the big 3.
GOAT:
A 9.5% commission fee for sellers and a $5 seller fee
A processing fee of up to 8% on instant ship items with shipping that can get up to $25
A 2.9% cashout fee
A shipping cost of at least $14.50 for buyers
StockX
10% transaction fee on sales with a 3% payment processing fee
The new $4 single-item charge
A shipping cost of $14.95 for buyers
eBay
12.9% "final value fee" coming for sneakers between $100-$150
An 8% “final value fee” for sneakers outside that window
A new flat-rate shipping cost of $14.95.
In a sense, this is a convenience fee. When you’re navigating the resale market, you expect to incur these charges. It’s the cost of being able to double back and pick up a shoe you may have missed on or go find a pickup from years ago.
Plus, with authenticity guarantees from each platform, it’s worth paying these costs.
Although, it’d admittedly be an easier pill to swallow if we knew just a tiny bit more about their process.
The big picture: As the resale market has gotten more expensive, we’ve seen folks opt for other platforms like Tradeblock. That’s why the investment in that platform, and others like it, makes so much sense.
There’s lots of opportunity there. Don’t be surprised if more competitors jump into the field trying to steal away business.
Are Adidas and GAP trying to stop Kanye?
Kanye West dropped a document on Instagram earlier this week showing what seemed to be a non-compete clause from both Adidas and GAP barring him from doing, well, just about anything with his likeness and Yeezy as a brand.
I posted it to Twitter and, well, the jokes were flying. But the truth is we still don’t know much about what this is.
The doc:
The details: Again, this seems to be some sort of non-compete clause done between Yeezy and GAP.
It blocks Kanye from using Yeezy to “use, wear, sponsor, promote, market, advertise, endorse, design, manufacture, license or sell” products under Yeezy trademarks, Kanye’s likeness or with any identifiable brands associated with him.
The products falling into that window include apparel and footwear in lifestyle, athleisure, streetwear and sportswear categories. Plus much more.
Yes, but: If this is real, it wouldn’t be a surprise that it exists. Non-compete clauses are common in most contracts.
This isn’t the end of the world for Yeezy, The Fashion Law explains.
As for the nature of restrictions that are included in the summary shared by Ye more broadly, they are hardly earth-shattering. It is not-at-all unexpected, after all, for companies like adidas or Gap to insist upon terms that require the face of a venture to agree to refrain from engaging in directly-competing (or possibly even indirectly-competing) activities for the duration of a venture, and to negotiate the nature/strength of those terms with counsel for the other contracting parties, which would be Ye and Yeezy here.
So don’t fret. Ye is fine. Let’s just hope he actually reads his next contract and we can avoid all this mess.
Would you like to resell Zadeh Kicks’ sneaker inventory?
The last time we checked in on the Zadeh Kicks scandal, court-appointed receiver David P. Stapleton was looking for the best way to sell Michael Malekzadeh’s inventory to issue refunds out to customers he scammed.
The news: Apparently, they found it. And the best way is to involve an “expert” who can help get the job done, Complex reports.
“In its first filing last month, Stapleton announced that the sneakers would be up for sale but said it was still exploring the best way to do so. Through numerous conversations with industry experts, the receiver has now determined the most efficient strategy is to get help from an “expert who has relationships with the key industry wholesalers and resellers.” The candidate would assist in selling the sneakers in bulk, ideally creating a wholesale method that will drive competition amongst potential buyers.”
This is almost certainly one of those “don’t contact us, we’ll contact you,” situations. But, man. Somebody tell the court to call me.
What’s next: Stapleton’s plan to resell these kicks is to be presented within the next 45 days.
My obsession: The New Balance 90/60
The New Balance 90/60 is one of the best legitimately new silhouettes we’ve gotten in sneakers over the last few years. I’m extremely confident in saying that. I can’t get enough of these joints, man.
Concepts sent out early access to these pairs dropping today and you know your boy had to cop.
Can’t wait for them to get here. This will be my third pair and I’m almost definitely doubling back for the blue joints in the next month. I’m about to start collecting these joints like Infinity Stones.
I tried to force a Thanos/New Balance pun but it was a dud. You get the point, though. Go get you some 90/60s. They’re awesome.
#TheKicksWeWear
ROCK OUT WITH YOUR KIX OUT
The homie Tej and his baby boy pulled up on us, fly as always.
The homie BG double dipped with these Travis joints. It made me feel broke as hell, tbh.
My man Ryan with the two dogs pulled up in the Sachs joints looking spiffy.
The homie Guru came through with the Kozik SB Dunk highs kicking fall off with the beautiful earthy tones
The GOAT Jasmine kept it P with the Playoff 12s. Sick.
My dog Rick Dubb popped out in the Bodega No Bad Days 997s. This is one I’ve definitely got to double back for.
The homie Britt popped out in the Crepe Hemp Air Max 1s and MY WORD I need these in my life.
Then the homie Dandin took us home with the 94 Chicago 1s. Need I really say anymore? SHEEEESH.
SMOKED IT.
Thank you so much for rocking with me, fam. Appreciate y’all. Let’s chat again on Monday.
Until then, fam. Be easy, be safe, be kind. And we out.
-Sykes 💯