Sneaker resale platform Laced has expanded into Europe, following a successful $12M Series A round from investors including H&M Group Ventures.
The London-based sneaker marketplace says it makes it easy for customers to buy and sell rare, exclusive, and authentic sneakers. This includes major brand collaborations such as Nike x Tiffany & Co and Nike x Louis Vuitton, alongside popular favourites such as Air Jordans, and Nike Dunks. And even Harry Styles is a fan!
The business launched in 2018, founded by CEO Chris Gibbons, who wanted to create a marketplace that provides a secure, transparent and easy-to-use service for sneaker collectors and enthusiasts to buy and sell their items.
After leading a successful Series A round, Gibbons says he is using the funds to expand into Europe and grow the Laced consumer base, with products now available to purchase in a number of currencies including euros. The brand has also launched a dedicated German and French language website, ahead of rolling out Italian and Dutch sites.
Laced CEO, Chris Gibbons, says: “At the heart of the Laced platform and mission lies our belief that everyone, wherever they are, should be able to go online, purchase luxury goods and have them delivered to their door in the easiest way possible.
“Expansion into Europe means we will be putting more genuine items in the hands of more customers, which has been our goal from the very start,” he adds.
Technology Enabled Access To Authentic Luxury Goods
Luxury goods and sportswear have long been the most successful segments in the apparel, luxury and fashion sector, and the European sneaker market is estimated to produce $16.4bn in revenue each year.
Demand for these products is high, however, this appetite is increased due to the scarcity and inaccessibility of the products, says the brand. This is because often some premium products are released in a way that is not equitable for all, such as in-person drops and online raffles, which are plagued by the use of bots.
The Laced USP
Laced says its USP is that it offers transparent access to the sneaker resale market, allowing people to purchase the luxury items they want in the quickest and easiest way possible, without the need to enter raffles for the latest sneakers.
The marketplace is anonymous, with the identities of buyers and sellers never revealed. It says each transaction is handled safely and securely, differentiating Laced from other sneaker, high-end fashion and luxury goods retail and resale sites.
The counterfeit sneaker market was worth more than five times the value of the legitimate market in 2021, meaning the sale of fake sneakers has become a major problem on resale sites.
The brand says to ensure the authenticity of every pair sold it has a dedicated team of in-house authenticators that thoroughly check every pair before they are sent to the buyer. The unique authentication process was developed by Matt Miller, Laced’s Head of Authentication Operations.
Laced: the business
Laced is headquartered in London and currently has a headcount of 80+. Expansion into Europe will grow Laced’s staff by at least 25%, creating a number of jobs in departments such as content marketing, operations and logistics.
The business raised a $12M Series A round earlier this year, led by Talis Capital and with participation from H&M Group Ventures. Laced also recently revealed a rebrand, in partnership with London-based creative agency SomeOne, in preparation for their European expansion.
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