Detroit-based StockX Partners with Roc-A-Fella Records Co-Founder Kareem "Biggs" Burke to Offer First Ever Consumer Goods IPO
The first ever consumer goods initial public offering (IPO)
will celebrate the twentieth anniversary of Jay Z's first album,
Reasonable Doubt, and include exclusive products from Burke's Fourth of
November clothing line
StockX,
the world's first online consumer "stock market of things" for
high-demand, limited edition products today announced that it has
expanded beyond the sneaker resale market and has created the capability
for companies and brands to have an initial public offering (IPO) of
limited-edition consumer products.
The company launched with the
sneaker resale market as its first vertical, but starting today,
consumers will be able to bid on exclusive, limited-edition Fourth of
November merchandise created by founder Kareem "Biggs" Burke on the
StockX exchange.
The apparel on StockX will
be centered on the twentieth anniversary of Reasonable Doubt, which was
Jay Z and Roc-A-Fella Record's critically acclaimed platinum debut
album. Reasonable Doubt debuted Jay Z, who has become one of the most
successful artists of all time, but also one of the most significant
movements in music history. Reasonable Doubt's family tree includes more
than a handful of multi-platinum hip hop hall-of-famers, an
internationally renowned lifestyle brand in Roc-A-Wear, Armadale Vodka,
films and countless other successful businesses.
"From the day we began
working on the 'Stock Market of Things', we've been searching for the
next 'thing' - the next high-demand, limited-edition product we could
launch on our exchange," said StockX co-founder and CEO Josh Luber.
"We are honored to have the opportunity to work with Biggs and Fourth
of November to launch the world first consumer-goods IPO with exclusive
merchandise from perhaps the greatest hip hop album of all time."
How an IPO on StockX Works
A consumer goods IPO on
StockX will function the same way as a traditional IPO on the New York
Stock Exchange, providing the same transparency, anonymity and
authenticity:
- Prior to IPO – pre-bidding opens on StockX at a minimum bid price
- IPO Date – products are sold to highest bidders, based on quantity
- Post IPO – products are shipped to buyers and can be resold on StockX
"What I loved most about
StockX was the 'bid/ask' trading platform that allows buyers to place
bids and sellers to place asks, which essentially supports
entrepreneurship on a global scale," said Biggs. "To commemorate the
twentieth anniversary of Reasonable Doubt I told Jay Z I wanted to do
something special that would capture the enthusiasm of our fans with the
platform we built together while showing the impact "Reasonable Doubt"
has on the world with millennials. After product seeding key influencers
and celebrities at our last event, it created a buzz in the market
place which led to this partnership and the world's first consumer-goods
IPO."
"The Fourth of November x
Reasonable Doubt merchandise collaboration is in honor of the album that
connected the dots between artists of today and the movement we started
years ago. If you think about the 'Reasonable Doubt' family tree, Jay Z
introduced J. Cole, Rihanna. I introduced Kanye West
to the market, who in turn, introduced GOOD Music, Pusha T, Big Sean
and many others - a lot of careers have been birthed from the movement
we started," added Biggs.
StockX, which launched in February of 2016, was co-founded by Luber, who serves as the company's CEO, and Dan Gilbert,
founder and chairman of Quicken Loans and majority owner of the 2016
NBA Champion Cleveland Cavaliers. In the six months since launch, the
company has been focused on the $6 billion
sneaker resale market, but the broader goal has always been to provide a
visible, liquid, anonymous and authentic marketplace for more consumer
goods.
Sneakerheads will still be
able to use StockX as a live 'bid/ask' marketplace that allows buyers to
place bids, sellers to place asks, and execute a trade when the
seller's ask price meets with a buyer's bid. Buyers of sneakers on
StockX will be assured of the authenticity of sneakers purchased on the
exchange, and users can see in-depth market analysis on the sneaker
resell market.
"Allowing consumers to
purchase limited-edition products at an IPO the same way they would with
company stock on the New York Stock Exchange is the next step in
StockX's continued growth to become a viable and better way to both buy
and sell certain product categories," said Luber.
VIDEO: Watch exclusive content about this news from StockX Co-Founder and CEO Josh Luber and Roc-A-Fella Records Co-Founder Kareem "Biggs" Burke below
About Reasonable Doubt Album
Reasonable Doubt is the debut album by American rapper Jay-Z. It was released on June 25, 1996, by Roc-A-Fella Records and Priority Records. The album features production provided by DJ Premier, Ski, Knobody, and Clark Kent, as well as includes guest appearances from Memphis Bleek, Mary J. Blige
and The Notorious B.I.G. Reasonable Doubt was certified platinum. It
has been ranked on several publications' lists of the greatest rap
albums ever. For more information please visit https://itunes.apple.com/us/album/reasonable-doubt/id268633751
About Fourth of November
Fourth of November is the marriage of art, love and design established in Brooklyn, NY.
The brand strives to produce garments that embody the love for
jean-making as well as traditional American fashion. Each and every
Fourth of November denim jean is first hand washed then sent for
duplication. Fourth of November uses original Italian indigo dyed yarns
to create cloth, Japanese hand washes, and American workman's heritage.
By combining it all together it produces one blue jean with the synergy
of all the original cultures.
For more information please visit http://fourthofnovember.com
About StockX
StockX is the world's first
online consumer "stock market of things" for high-demand, limited
edition products. Participants buy and sell authenticated products in a
live marketplace where they anonymously trade with stock market-like
visibility. The StockX exchange offers buyers and sellers historical
price and volume metrics, real-time bids and offers (asks), time-stamped
trades, individualized portfolio tracking and metrics, as well as
in-depth market analysis and news. StockX launched its inaugural
marketplace in the secondary sneaker space with plans to expand to
additional consumer product segments that have a natural need for a live
secondary market.
SOURCE StockX
Related Links
http://stockx.com
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