Trainers marketplace The Edit LDN has secured USD$4.8 million in startup money to aid in its expansion throughout the US and Mena. Sports stars such Xavier McKinney of the New York Giants, PJ Tucker of the NBA, and Jesse Lingard of the Premier League all participated in the seed round, which was led by Regah Ventures.
The had additionally opened new concession spaces at the Galeries Lafayette in Doha in November 2022. It also committed to opening in Riyadh in February of this year by signing an arrangement with Harvey Nichols.
The e-commerce company for limited edition trainers, streetwear and collectibles is looking to expand its reach into the United States, Middle East and North Africa.
“We have been laser focused on providing a premium service and doing this super fast to anyone buying limited edition trainers globally. This was an unmet need in the sneaker community and our growth success is testament to how we are conquering this,” commented The Edit LDN CEO Moses Rashid in a statement.
Meanwhile, Mark Hager, CEO at Regah Ventures said that “We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited trainers, streetwear and collectibles. With unique market positioning, celebrity endorsements, and the powerful brand they have built in a short space of time, it is a really exciting business. We have every confidence in Moses and the wider management team to turn this into a more than one billion US dollar business quickly, and we at Regah Ventures are delighted to be a part of the journey.”
Over the past two years, The Edit LDN’s revenue has increased by more than 500 per cent yearly as the market capitalizes on the momentum of the $30 billion sneaker resale market, which has shown 5 per cent annual growth overall. The retailer is based on proprietary technology and provides proactive seller service through its Personal Shopper team, same-day delivery in the UK (with plans to expand this service to five additional countries in 2023), storage facilities for resellers, and same-day delivery in five additional countries.
Mr. Rashid started The Edit LDN in January 2020 in his spare bedroom out of a love for shoes, and it has grown to be a multi-million dollar company in just two years, according to news website fashionunited.in. The company increased the size of its workforce from 18 to 45 individuals, including a financial director who came from StockX. Along with being the first to accept cryptocurrency purchases, The Edit LDN is also the first worldwide sneaker platform to enter the metaverse via Bloktopia.
With the Chicago Bulls, one of the most prestigious sports franchises in the world, the firm signed a two-year global cooperation agreement in 2022. Additionally, it debuted as the first reseller at the Harrods department store in 2021. The sneaker industry is currently valued at 30 billion US dollars globally.
