Gobi backs sneaker, apparel ecommerce firm’s $6m raise

Kicks Crew, an ecommerce platform for sneakers and apparel, has raised US$6 million in a series A funding round led by Gobi Partners, Pacific Century Group, and Complex China.

Kicks Crew co-founders Ross Yip (left) and Johnny Mak / Photo credit: Kicks Crew

The ecommerce platform, which has offices in the US and Hong Kong, was founded in 2008 by Johnny Mak. The new round is also the company’s first-ever fundraise since its establishment.

Kicks Crew is looking to tap into the booming global footwear market, which is estimated to be worth nearly US$400 billion. The company is also eyeing the US’ footwear apparel and accessories market, which it estimates to be worth US$200 billion.

The ecommerce firm did not disclose financials but said its gross merchandise value grew 15x year-over-year in FY 2021.

Its web traffic has grown more than 5x since January 2021, driven by growth in its key markets. Traffic from Canada rose 20x while visits from US and Australia grew 19x, Kicks Crew co-founder and COO Ross Yip told Tech in Asia.

Yip previously served as director of business development at Goat, a US-based sneaker marketplace.

He further revealed that Gen Y and Gen Z make up 60% of the company’s customer base, the largest market in terms of age groups. Meanwhile, female customers account for 40% of the platform’s sales.

“We have also noticed significant growth in repeat customers over the past year. With new product functions such as livestreaming, we will enhance our interactions and engagement with our customers and expect growth in our increasingly loyal customer base,” Yip added.

See also: Why Alibaba should spin off Lazada

Kicks Crew currently has more than 80 employees across four offices in Hong Kong, Mainland China, Taiwan, and Japan. The company aims to increase its headcount to around 150 employees by the end of this year. It also plans to set up a new base in Los Angeles.

Apart from strengthening its position in the US, Kicks Crew is looking to enter Japan and focus on Southeast Asia. The company will add support for local languages and currencies to tap into the new markets.