Dick's Sporting Goods invests in sports resale platform SidelineSwap
Sports resale marketplace SidelineSwap announced on Thursday it has received a strategic investment from retailer Dick's Sporting Goods, as the pair look to expand their resale partnership, including more pop-up trade-in events.
The investment amount was not disclosed.
Boston-based SidelineSwap is known for its Trade-in Platform for brands and retailers, which includes pop-up events, in-store and online trade-in options, and a suite of tools for resellers to power their own trade-in experiences.
The resale platform is powered by SidelineSwap’s marketplace technology and proprietary resale data, and includes peer-to-peer and first party sales, gives sellers the option to choose whatever works best for them - direct resale or instant trade-in value.
"This is a big step for us," said Brendan Candon, co-founder and CEO of SidelineSwap.
“This partnership started with our commitment to make it easy for anyone to sell their used sports equipment. We’ve spent the last 5+ years building the best online resale marketplace in sports, and now we’re expanding the business to power resale wherever athletes shop or play through our trade-in platform.”
The investment comes after Dick's Sporting Goods announced in August it is expanding its partnership with SidelineSwap to offer a series of 50 new trade-in events in seven states through the end of 2022. The Pittsburgh-based Dick's and SidelineSwap had previously held 10 successful trade-in events at four Dick's locations.
According to ThredUp's 2022 Resale report, customer adoption of secondhand buying and selling continues to outpace retail growth, and is expected to grow 127% by 2026.
Meanwhile, 3 in 4 consumers reporting that they shopped or were open to shopping secondhand in the past 12 months.
The increased adoption, led by millennials and Gen Z, is driving brands and retailers to incorporate resale into their shopping experiences. Recently many brands and retailers, including Lululemon, Ikea, and Allbirds, have introduced circular shopping experiences powered by resale partners.
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