StockX, the world’s leading online marketplace for sneakers, streetwear, and collectibles, is apparently in the process of announcing another round of layoffs. In June of this year, StockX went through a series of layoffs that impacted 8% of the total workforce. Another round of lay-offs this year, four months after the one that happened in June.
While the layoff decisions have been attributed to macroeconomic conditions that are affecting both StockX and the overall retail space, we can look back on several challenges the company has been facing throughout the year. A few months ago, Nike claimed that StockX was selling fake sneakers, which the marketplace has vigorously denied. While this conflict has yet to be resolved, it has definitely put a strain on StockX’s business operations. Around this same time period, StockX also announced new NFT products that are tied to physical pairs of sneakers, which was a radical step forward for the business. There have been several pieces of news throughout the year indicating that StockX plans to go public, the details of which are now unclear.
More collectibles marketplaces, for sneakers or other asset types, continue to launch every day. While StockX has been a market leader for several years, these recent layoffs may indicate potential struggles as a result of rising competitors. At the same time, these layoffs might make the organization more efficient and aligned with new goals. With so much happening at StockX, we will follow closely as the company moves forward.