Dive Brief:
- As e-commerce companies vet more products sold on their platforms, eBay has bought Sneaker Con Digital's sneaker authentication arm for an undisclosed sum, according to a Monday press release. The deal closed on Nov. 24.
- The acquisition is an extension of a partnership between the two companies. EBay has authenticated more than 1.5 million sneakers since introducing the service in October 2020.
- EBay said it has nearly 2 million sneakers for sale on its site daily, and the Sneaker Con authentication acquisition will increase users' trust in purchasing and selling shoes on their platform. Sneaker Con will retain ownership of its events business, Alan Vinogradov, CEO and co-founder of Sneaker Con, confirmed in a statement.
Dive Insight:
Over the past few years, eBay has introduced authentication services for items like high-end timepieces, jewelry and sports memorabilia, but the e-commerce veteran has paid particular attention to authenticating and promoting sneakers on its platform.
In October 2020, the company partnered with Sneaker Con to verify sneakers valued at more than $100 in the U.S. as part of its Authenticity Guarantee program. The company also kicked off on-site authentication events in April for shoes, luxury watches and other collectibles. Earlier this month, eBay enlisted La La Anthony, DJ Skee and Jacques Slade to host a sales event, dubbed The Sleigh Drop, to showcase and promote sneaker collections.
"We partnered with Sneaker Con to launch sneaker authentication on eBay last year because the team shared our passion for the category – with best-in-class capabilities to deliver what our customers want most," Jordan Sweetnam, senior vice president and general manager of eBay North America, said in a statement. "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."
As eBay invests resources into sneaker authentication, Poshmark has also waded into the space with its recent acquisition of Suede One, an online sneaker authentication company. The company folded Suede One's authentication tools into its Posh Protect and Posh Authenticate programs as part of the deal.
