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As brick-and-mortar retail continues to struggle, the secondary merchandise marketplace is booming. After just three years in business, StockX, a digital marketplace for limited edition sneakers, watches, handbags and streetwear, is already making its mark. As newly installed CMO Deena Bahri revealed at Brandweek earlier this month, StockX is now a billion-dollar company.
Owned by Dan Gilbert, the founder of Quicken Loans and owner of the Cleveland Cavaliers basketball team, most StockX users are sneaker-obsessed millennials.
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