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US' Goat closes Series F funding round of $195 m to double its value
03 Jul '21
3 min read
Pic: PR Newswire
Goat Group, the global platform for the greatest products from the past, present and future, has concluded a Series F funding round of $195 million, which has more than doubled its valuation to $3.7 billion from $1.8 billion. The company has continued to grow in core sneakers business as well as newer categories, including apparel and accessories.
The financing was led by Park West Asset Management, funds and accounts advised by T Rowe Price Associates, Franklin Templeton, Adage Capital Management and Ulysses Management.
Goat's business has continued to deliver strong performance with rapid growth in multiple categories, achieving Gross Merchandise Value of $2 billion in the last 12 months and year-over-year GMV increase in sneakers over 100 per cent, as well as year-over-year GMV increase in apparel of 500 per cent.
" Goat's growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world," said Eddy Lu, co-founder and chief executive officer at Goat Group. " Goat is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals."
"We are delighted to be investing in Goat. We are excited by its distinct value proposition to customers," said Tyras Bookman, portfolio manager at Park West Asset Management. “Goat's combination of premier e-commerce and brick-and-mortar assets, which include the iconic Goat and Flight Club brands, enable it to engage its global community in unique ways and capture huge market opportunities across multiple lifestyle categories, while remaining authentic and true to its values," added Bookman.
"Goat's founders and leadership team have a compelling vision, and we believe they have built a strong brand and platform with significant competitive advantages," said Jodi Love, investment analyst at T Rowe Price. "We look forward to working with the company as they continue on their path to durable growth."
Goat will use the proceeds from the financing round to help further invest in growth in its sneaker business as well as its rapidly growing apparel and accessories verticals, and to increase its global footprint of 13 facilities with the addition of Chicago, China, Japan and Singapore. The company will also continue its focus on providing a trusted end-to-end experience to its 30 million members and 600,000 sellers by making additional, significant investments in its technology and brand.
The financing was led by Park West Asset Management, funds and accounts advised by T Rowe Price Associates, Franklin Templeton, Adage Capital Management and Ulysses Management.
Goat's business has continued to deliver strong performance with rapid growth in multiple categories, achieving Gross Merchandise Value of $2 billion in the last 12 months and year-over-year GMV increase in sneakers over 100 per cent, as well as year-over-year GMV increase in apparel of 500 per cent.
" Goat's growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world," said Eddy Lu, co-founder and chief executive officer at Goat Group. " Goat is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals."
"We are delighted to be investing in Goat. We are excited by its distinct value proposition to customers," said Tyras Bookman, portfolio manager at Park West Asset Management. “Goat's combination of premier e-commerce and brick-and-mortar assets, which include the iconic Goat and Flight Club brands, enable it to engage its global community in unique ways and capture huge market opportunities across multiple lifestyle categories, while remaining authentic and true to its values," added Bookman.
"Goat's founders and leadership team have a compelling vision, and we believe they have built a strong brand and platform with significant competitive advantages," said Jodi Love, investment analyst at T Rowe Price. "We look forward to working with the company as they continue on their path to durable growth."
Goat will use the proceeds from the financing round to help further invest in growth in its sneaker business as well as its rapidly growing apparel and accessories verticals, and to increase its global footprint of 13 facilities with the addition of Chicago, China, Japan and Singapore. The company will also continue its focus on providing a trusted end-to-end experience to its 30 million members and 600,000 sellers by making additional, significant investments in its technology and brand.
Fibre2Fashion News Desk (SV)
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