Mon, 15 Aug 2022 | BUSINESS SALE
Trainer reseller Kick Game is reportedly considering a sale, which could value the business at around £150 million. The company, which has seen its sales rise rapidly since the start of the COVID-19 pandemic, claims to be the UK’s biggest sneaker and trainer reseller.
Trainers have been described as an emerging asset class among traders and collectors, amid rising demand for limited edition footwear. The prices that limited-edition footwear can fetch rises as their scarcity increases, leading to hopes that Kick Game could fetch a high price if it proceeds with a sale.
Investment bank Cowen & Co has estimated that the value of the trainer resale market could hit $30 billion (£24.8 billion) by 2030. The resale market for limited edition streetwear and trainers has also been among a small number of industries to benefit from the otherwise devastating impact of the supply chain crisis.
Amid this favourable environment, Sky News has reported that Kick Game has now engaged accountancy firm PricewaterhouseCoopers (PwC) to explore strategic options for the business, including a potential sale. Sky News reports that the sale process is expected to take several months.
Founded in 2013, Kick Game has expanded to have stores in London, Liverpool, Leeds, Manchester and Birmingham. The company, which has developed a strong following among Gen Z customers, is backed by growth investment firm VGC Partners.
VGC Partners, which focuses on consumer industries and has invested in firms including Iconic Images and SuperAwesome, is thought to be in the process of finalising a £150 million fundraising.
Despite the appointment of PwC and the possibility that Kick Game may explore a sale, reports have quotes insiders as saying the business could opt for a further capital-raise over an outright sale.
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