StockX to slash 8% of staff due to’macroeconomic challenges’

• StockX, an online retailer of athletic footwear, will lay off 8% of its workforce.
• The company primarily functions as a platform for resellers to trade rare or coveted shoes.
• StockX was valued at $3.8 billion in 2021, and the business has considered going public.

StockX, an online retailer of athletic footwear, stated on Tuesday that it would lay off 8% of its workforce owing to a tough economic environment.

“The macroeconomic challenges currently impacting our global economy continue to affect consumer behavior, and hit businesses of all shapes and sizes,” chief executive Scott Cutler wrote in an email to staff. StockX is susceptible to these obstacles.

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In addition to being a marketplace for apparel, trading cards, and non-fungible tokens, the company primarily functions as a platform for resellers to trade rare or coveted shoes. StockX was valued at $3.8 billion in 2021, and the business has considered going public.

Some of the nation’s most prolific shoe retailers said that the epidemic was a benefit to their operations, as the US government’s stimulus measures gave consumers greater purchasing power.

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StockX lay off 12% of its personnel in April 2020 for cost-cutting purposes. According to its website, it employs more than 1,500 people, the majority of whom are responsible for certifying shoes to ensure that it does not sell counterfeit goods.

Nike has filed a lawsuit against StockX, alleging that the marketplace permitted the selling of counterfeit shoes.