1. ITV Report

Stock market-style online retail platform to launch in the UK

StockX co-founder and chief executive Josh Luber. (StockX/PA)

An online retail platform that uses a stock market-style model to sell in-demand trainers, watches and handbags is to expand to the UK.

StockX, which launched in the US in 2016, allows users to see data like recent sale figures from across the internet and price volatility.

Users are able to buy or sell items immediately at the lowest listed price, or buyers can place a bid that individual sellers can accept or sellers can place an “ask” that a buyer can later accept.

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The site said it aimed to become an “alternate retail channel where we work with brands as a different means of releasing products direct to the consumer”.

The site guarantees that every item bought and sold is authentic, and is opening its first European “authentication centre” in west London where all products will be physically inspected for quality and authenticity before being sent to the buyer.

StockX said more than eight million people used the platform in the US every month, resulting in more than 2 million US dollars a day in sales.

It said some of the most popular brands on the site currently included Nike, Adidas and Kanye West’s Yeezy trainers, Supreme streetwear, Louis Vuitton, Gucci and Chanel handbags and Rolex and Omega watches.

StockX’s co-founder and chief executive Josh Luber said: “We are constantly looking for ways to improve the StockX experience and we are excited about the first step of our global expansion, starting with the UK and Europe where we know there is already a thriving and dedicated sneaker, streetwear and luxury consumer goods community.

“It is our ambition that StockX will completely revolutionise e-commerce in the UK, giving consumers access to a huge number of otherwise inaccessible products with the guarantee of complete authenticity and the opportunity for consumers to grow their own portfolio of products.”