Ebay secures focus on sneaker market with authenticator acquisition
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eBay Inc. and Sneaker Con Digital have entered into a definitive agreement under which eBay has acquired Sneaker Con’s authentication business, a sneaker authenticator with operations in the U.S., U.K, Canada, Australia and Germany.
The company said in a statement that this acquisition is an extension of the ongoing collaboration between eBay and Sneaker Con, which has been critical to powering eBay’s Authenticity Guarantee. The service, which eBay launched in October 2020, offers full vetting and verification of select sneakers bought on the marketplace by a team of Sneaker Con’s industry experts. In just over a year, more than 1.55 million sneakers have been authenticated globally on eBay.
“We partnered with Sneaker Con to launch sneaker authentication on eBay last year because the team shared our passion for the category. The response to our authentication offering has been overwhelming, and this acquisition allows us to continue to transform eBay and bring a higher level of trust and confidence to every transaction,” said Jordan Sweetnam, SVP and general manager of eBay North America.
The company added that eBay will continue to build upon its offerings to accommodate resale market trends and ensure a seamless user experience that provides the community with a trusted marketplace.
“We respect eBay’s commitment to the sneaker culture and are honored that Sneaker Con’s authentication business will be incorporated into their platform,” added Brad Fried, the company’s co-founder.
Conceived in 2009, Sneaker Con has cultivated a global community of sneaker enthusiasts through its industry-leading events, where people gather to buy, sell and trade sought-after footwear. Sneaker Con launched its authentication business in 2018 to complement the events business and provide authentication services to further support the sneaker community.
Questions & Answers
Q.What is eBay's primary reason for acquiring Sneaker Con's authentication business?
What is eBay's primary reason for acquiring Sneaker Con's authentication business?
eBay stated the acquisition extends their ongoing collaboration with Sneaker Con, which has been crucial for their Authenticity Guarantee service. They aim to transform eBay, bringing a higher level of trust and confidence to transactions within the sneaker market.
Q.How long has eBay's Authenticity Guarantee service been operating, and how many sneakers has it authenticated?
How long has eBay's Authenticity Guarantee service been operating, and how many sneakers has it authenticated?
eBay launched its Authenticity Guarantee service in October 2020, meaning it has been active for just over a year. During this time, more than 1.55 million sneakers have been authenticated globally through the service.
Q.Does Sneaker Con's authentication business operate only in the US, or does it have a wider reach?
Does Sneaker Con's authentication business operate only in the US, or does it have a wider reach?
Sneaker Con's authentication business operates internationally, with locations in the U.S., U.K., Canada, Australia, and Germany. This global presence supports eBay's Authenticity Guarantee across multiple regions.
Q.When did Sneaker Con first establish its authentication services to complement its events?
When did Sneaker Con first establish its authentication services to complement its events?
Sneaker Con launched its authentication business in 2018. This was done to support the sneaker community and further complement their existing industry-leading events, which began in 2009.
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