The Kicks You Wear, Vol. 372 — StockX x Walmart 😳

Talk about a collab no one saw coming

Sep 06, 2024

Good morning, folks! Welcome back to the Kicks You Wear. Thanks so much for rocking with me today. I appreciate you giving me a bit of your time.

I hope you had a fantastic week. I don’t know about y’all, but that 4-day work week after a 3-day weekend always hits nicely for me. Hoping to relax some more this weekend before the sports schedule gets hectic.

Folks seemed to enjoy the Andiem interview from last week! If you’ve got any other folks in footwear (startup or otherwise) you’d love to get a bit of perspective from, let me know. We’re going to do more of that.

Refer a friend

Let’s dive in.

Walmart and StockX are joining forces

a computer screen with a web page on it — *Photo by Marques Thomas on Unsplash*

StockX and Walmart are coming together as one feels like the time the Warriors signed Demarcus Cousins. Sure, in 2015? That’d have been incredible. In 2019? It wasn’t as scary as it was interesting. I’m getting a bit ahead of myself here.

Let’s start from the beginning.

What’s happening: The two sides announced their partnership together on Wednesday.

How it’ll work: Listings from StockX’s platform will be listed on Walmart’s website starting next week.

The site will only list items that have been “pre-verified” through StockX’s platform on the site.
Details haven’t been given on exactly how, exactly, that process will work. But I’d bet good money that the items available will be the same inventory that StockX’s Flex program sellers listed.
StockX’s Flex sellers can send the company items for pre-verification. Once verified, the items are listed on StockX’s platform as the “Xpress Ship” items you see with the rocketship next to the item name. They’re shipped within three days of purchase.

The why: If we put together a Venn diagram of the consumer base for these two companies, there probably isn’t that much overlap.

Sure, Walmart is a ubiquitous brand at this point with a large enough footprint that everyone you know has shopped there more than a few times. But StockX is niche. It’s also expensive. Those are two things Walmart, generally, is not. That contrast is why they attract very different audiences.

It’s also why this partnership exists. Both sides access something they don’t have.

For Walmart: The company has embarked on a mission to catch up with Amazon in third-party sales. StockX represents just one piece of that plan. Walmart has already done more.

The company announced the expansion of its marketplace offerings to include beauty items, collectibles and pre-owned items at the Waldorf Marketplace Summit last week.
It also launched its platform for pre-owned items called Resold at Walmart.

The sneaker aftermarket gives it an opportunity to tap into a market in which Amazon has yet to gain ground. That’s where StockX comes in. Walmart is essentially trying to build its own variation of eBay — a collectibles database where you can buy anything from anyone. It’s intriguing.

For StockX: This move gives the company access to a customer base it didn’t have before.

In a statement to Retail Dive, the company said, “Adding a range of coveted current culture items from StockX helps Walmart Marketplace continue its rapid acceleration by offering more items that customers want and love. Walmart’s vast customer base – many of which are new to StockX – will get to experience the platform in a way that is convenient for them.”

StockX and its sellers get access to the millions of customers who shop at Walmart every single day. The traffic alone makes this a partnership worth exploring.

But, beyond that, StockX — and the footwear aftermarket as a whole — has needed a lifeline. This could be it.

The footwear market bubble from 2020 to 2022 burst a while ago, and we’re seeing the results now. It hasn’t been great for the secondary market.
Footwear brands are less focused on scarcity. Consumers are diversifying their palettes and buying brands outside of Nike, Jordan and Yeezy. Key collaborators have disappeared. It’s a different game now.

The bottom line: This might not cause a major sea change for StockX, but it should help the company tread water better until things lighten up again. Then maybe those IPO conversations will resume.

Steven Smith is out of Kanye’s circle

We just talked about one partnership rising. Now, let’s talk about one that has fallen apart.

What’s happening: Kanye West has “fired” his business partner, renowned footwear designer Steven Smith.

Smith has worked with West since 2016 on every iteration of Yeezy and its rebrand, YZY. He’s stuck by West’s side through every controversial moment over the last 8 years.

Until now, apparently.

What he’s saying: Smith told Fast Company’s Mark Wilson that West has “lost his mind.”

“The whole of Yeezy is circling the drain and this is just part of it. He has surrounded himself with toxic, C-grade losers,” Smith continued to say about his former partner.

Those are harsh words for a guy Smith has long seemed to consider a friend. In his reporting, Wilson points out that Smith has been a “sensitive defender” of West — particularly when it comes to his mental health. Yet, for reasons unclear, he’s reached a breaking point.

Maybe it was West getting involved with ghouls Milo Yiannopolis. Maybe it was the YZY Porn announcement. Maybe there was some creative difference that couldn’t be reconciled. I have no idea.

But I do find this a bit odd.

The other side: Maybe this is just the cynic in me. But why’d it take this long for Smith to come to this conclusion? West didn’t just lose his mind yesterday.

Smith was silent when West was tormenting the rank-and-file at Adidas. He was there when West went on his anti-semitic rants. He was there when West made his White Lives Matter shirts.
Through it all, Smith publicly said nothing. He stayed in the background and kept working.

Now, when Yeezy is dead and no good ideas are coming from that camp, Smith is out. It’s all just a little too convenient for me. Nobody wants to jump off a rocketship when it's flying high.

The big picture: Smith is going to be OK. He’ll find a job designing whatever he wants wherever he goes. He’s a legend in footwear. And, honestly, good on him for recognizing Kanye West’s bullshit. I’m glad he’s finally speaking up.

I hope he can live with everything else he overlooked in the meantime.

A signature for the sake of signature

Steph Curry announced that De’Aaron Fox is getting a signature basketball shoe under the Curry brand.

complexsneakers

A post shared by @complexsneakers

The backdrop: Fox signed on as the first Curry Brand signature athlete last October ahead of the NBA season. It was obvious then that, at some point, he’d be getting a signature shoe. That’s happening soon, according to Curry.

I’m happy for Fox and this is a big move for the Curry brand. I just don’t know if it’s the right one.

Here’s why: I’m sure this isn’t what Fox signed up for, but the smarter play is to keep him in the signature Curry line with his own PEs. He’s an excellent up-and-coming player entering his prime. Curry will be retiring soon. Somebody needs to carry the Curry signature line forward. Otherwise, it has no purpose. And that’s what holds this entire thing together.

Years ago, the homie Russ Bengtson wrote about how Jordan Brand should only make shoes for Michael Jordan.

He pointed out how Russell Westbrook’s and Dwyane Wade’s signature models never mattered with Jordan Brand because, well, they weren’t Michael Jordan.

Here’s the question I can’t answer when it comes to Wade and now Westbrook: If the Jordan Brand’s top basketball endorser wears something other than the actual Air Jordan, who the heck is the Air Jordan even for? Yes, it’s technically still for Michael Jordan himself. But Mike is 54 now, and “I want to be like Mike” is just a lyric from a commercial jingle. Kids today want to be like Russ, and if that’s the case, they should want to wear what he’s wearing. Which should be the flagship Air Jordan.

The same thing will happen with Fox here. Steph Curry is no Michael Jordan, sure. But De’Aaron Fox is also no Steph Curry. Are kids out there really going for the Curry Fox 1? I’m not sure they will.

The big picture: The signature shoe market is crowded and will only grow. Currently, 28 active athletes between the WNBA and NBA have their own signature models. Then, when you add other sports like baseball (Francisco Lindor, Shohei Ohtani, Bryce Harper) and Tennis (Coco Gauff), the market is beyond oversaturated.

This move here feels like adding a signature model just for the sake of adding a signature model. While it’s cool for Fox, I’m not sure it’s good business.

Playing football in Forces

Who knew Air Force 1s and football could look so cool together? The internet is remembering when Aaron Brooks made that pop off back in the early 2000s.

nicekicksvault

A post shared by @nicekicksvault

What a combo. You see a lot of Dunks and Jordans today. But Forces? Nah. That’s different.

Andscape spoke to Brooks about the decision to ball in Forces in 2017. He was just shaking the table, y’all. True fly guy stuff.

Saints quarterback Aaron Brooks broke out high-top Air Force 1s at home in the Louisiana Superdome. “Nobody was rocking the Air Force 1s. So, I was like, ‘Yo, let me do something different,’ because that’s what it was about — making a statement,” Brooks said.

Somebody has to bring this back. Jalen Hurts, make it happen.