Launched in 2016, DoNew operates a platform where people can buy and sell sneakers, with charts and details showing the price fluctuations of particular shoes — similar to U.S.-based StockX. In July, it was reported that StockX will begin China operations by the end of 2019. Rival GOAT has also set its sights on the China market, launching a new localized app there last month.
DoNew is vertically integrated, providing warehousing services for sellers and buyers on its platform. Sellers can store their products in a warehouse and save on logistics costs as DoNew handles the delivery. Storage fees are waived when the goods are sold via DoNew’s platform, and a small fee per pair of shoes is charged for sales on third-party platforms.
Chinese deadstock sneaker marketplace Nice (AKA, NiceHaoHuo) recently raised “tens of millions” of dollars in a Series D funding round led by the TPG-Softbank joint venture fund and Vision Capital. China’s largest sneaker trading platform Poizon raised a round valuing it at $1 billion U.S. in May, while 58.com’s c-to-c marketplace Zhuan Zhuan launched its own counterpart QieKe, also in May.