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Foot Locker injects $100M into sneaker company GOAT Group

February 07, 2019 / Cara Salpini
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Foot Locker announced Thursday that it made a "strategic investment" of $100 million in sneaker marketplace GOAT Group, which also owns consignment retailer Flight Club after a merger of the two businesses a year ago.The fresh funding from the athletics retailer brings the total raised by the sneaker company to $197.6 million since its founding four years ago, according to a company press release emailed to Retail Dive, and is Foot Locker's largest financial investment.As part of the investment, Scott Martin, Foot Locker's senior vice president of strategy and store development, will join GOAT Group's board of directors. A GOAT Group spokesperson also noted in an email that Foot Locker's investment was the largest to-date "into the secondary sneaker market." Foot Locker has been an active player in making its own destiny this year. The retailer has been bolder with store concepts in recent months, launching a series of pop-ups with Nike in October around the NBA season, and the "Power Store," centered around being a "hub for local sneaker culture, art, music and sports," in January. But the retailer has also been strategic about building up partners beyond just Nike, perhaps in light of past criticism of its reliance on the footwear brand.