According to reports by Cowen Research, the sneaker resale market could reach $30 billion by 2030. “Flipping” sneakers buying them at retail prices, or below retail prices in some cases, and reselling them at a higher price has been big business for years. Those willing to put in the time, research, and legwork can see large profits quickly thanks to social media and growing digital marketplaces like StockX and GOAT, which are tailored specifically to the trade.
These schemes naturally attract many young hopefuls. Consider, for instance, 19-year-old entrepreneur Joe Hebert, or “West Coast Joe,” as his sneakerhead buddies almost certainly do not really call him. On Feb. 25, Bloomberg Businessweek published a lush profile on him and his budding sneaker-resale business, West Coast Streetwear. “Anything that’s releasing that I know I can make a guaranteed buck on, I’m gonna go full into,” he told writer Joshua Hunt. “That’s just my style.”
Nike executive Ann Hebert resigned Monday, a week after a Bloomberg Businessweek report detailed her son's lucrative sneaker resale business that flips hundreds of thousands of dollars worth of shoes every month. “Ann Hebert, VP/GM, North America geography has decided to step down from Nike, effectively immediately,” a company statement reads. “We thank Ann for her more than 25 years with Nike and wish her well.” Bloomberg's Joshua Hunt detailed.