eBay will acquire Sneaker Con Digital’s authentication business to enhance the marketplace’s Authenticity Guarantee. More than 1.9 million pairs of sneakers are available on eBay any given day, making the category an important one for the retailer.
“eBay has always been a vibrant community of enthusiasts, with deeply knowledgeable buyers, sellers and employees,” said Jordan Sweetnam, SVP and General Manager of eBay North America in a statement. “We partnered with Sneaker Con to launch sneaker authentication on eBay last year because the team shared our passion for the category — with best-in-class capabilities to deliver what our customers want most. The response to our authentication offering has been overwhelming, and this acquisition allows us to continue to transform eBay and bring a higher level of trust and confidence to every transaction.”
Sneaker Con vets sneakers through its operations in the U.S., UK, Canada, Australia and Germany, and has authenticated more than 1.55 million pairs for eBay. Sneaker Con will retain its events business, which hosts global events for people “to come together and share their passion for sneakers,” according to Alan Vinogradov, CEO and co-Founder of Sneaker Con in a statement.
It’s been estimated that counterfeiting will be a $4.2 trillion dollar industry by 2022, and global damages from counterfeit goods will exceed $323 billion, according to Red Points. Resellers like eBay have been taking the challenge seriously, which has led to efforts including the launch of a drive-thru authentication station in Los Angeles and in-person authentication events in five cities.