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The Edit LDN sows seed to serve sneakerheads around the world • TechCrunch

Before founding The Edit LDN, Moses Rashid visited sneaker festivals and exhibitions to buy limited edition shoes. But Rashid, who describes himself as a “massive sneakerhead,” was often disappointed with the shopping experience. “I thought it was crazy that I dropped $850 on a pair of sneakers, but I wouldn’t even buy a bag to take them home!” he said. He started The Edit LDN from his home two years ago to give other sneaker fans the premium experience they expect from luxury brands like Louis Vuitton or Dior.

Now, Rashid says The Edit LDN’s revenue is growing 525% year-over-year to reach $12 million by 2022. The London-based platform, which offers sneakers, streetwear and collectibles from pre-vetted resellers, announced today that it has raised $4.8 million in seed funding. The round will be used to expand into the United States and the MENA region, and was led by Regah Ventures, featuring sports players such as New York Giants captain Xavier McKinney, PJ Tucker of the Philadelphia 76ers and Jesse Lingard of the Premier League club Nottingham Forest. .

Rashid compares The Edit LDN to designer clothing and bag platform Farfetch, as both work with premium resellers and have an audience of shoppers willing to spend a lot of money on fashion. Edit LDN’s services include same-day shipping in the UK, which it plans to expand to five more countries this year, and a personal shopping team that helps customers find sneakers, put together outfits and pre-order items. Rashid said The Edit LDN is able to find hard-to-find items like Off-White X Air Jordan 1 High Chicagos signed by designer Virgil Abloh and Louis Vuitton Air Force 1s, which it gained access to three months before they were released. .

The Edit LDN founder Moses Rashid, sitting against a wall of shoeboxes of sneakers

The Edit LDN founder Moses Rashid

By 2022, The Edit LDN sold 20,000 pairs of sneakers and had 3,500 active sellers, who usually have more than 50 units on sale at a time and are able to get early access to products, Rashid said. Edit LDN’s main demographic group is between the ages of 18 and 40 and is equally divided between men and women. Customers buy up to five times per month, with an average order value of $425 per transaction. The startup’s goal is to double revenue by 2023 and grow to more than $100 million in the next three years, with a partial exit proposed for 2026.

To enable The Edit LDN to scale and help resellers sell faster, the platform has its own tech stack, including a feature that automatically applies margins to products. When resellers use The Edit LDN’s sales app, it suggests prices based on historical sales data and market tracking via AI algorithms. It also performs attribution tracking to increase sales and suggest products that a reseller should offer. Resellers’ performance is tracked, including sales, shipping time and fulfillment levels, and depending on how they do, they can unlock new benefits such as lower seller rates, free warehousing and fulfillment, and access to The Edit LDN’s concession stores in high-end department stores .

As with other high-value collectibles, authentication is an important part of selling premium sneakers. The Edit LDN’s in-house authentication team uses techniques such as visual inspection, material and packaging checks, odor and UV/black light. Rashid said they can authenticate a product every one to three minutes.

The platform’s competitors include StockX and GOAT, other designer sneaker and streetwear marketplaces that have attracted venture capital.

“The battlefield for customers is to provide a first-class shopping environment, user experience, product management, speed and service,” said Rashid. He added that resellers are able to pay 10% to 20% more per product on The Edit LDN than on other platforms because it offers them administrative support, storage and fulfillment options, and marketing through its personalized shopping service.

The Edit LDN’s plans include expanding the product range and partnering with more retailers for physical locations. It currently has concessions at Galeries Lafayette, Harvey Nichols, and Harrods.

In terms of geographic expansion, the US was chosen because items can be shipped there from the UK within 24 hours for a $30 shipping fee. Rashid said the platform has gained popularity among celebrity clients there and about 15% of sales are now comes from the US, despite little marketing. MENA is the target for expansion because it has emerging markets that are growing rapidly. The Edit LDN will launch next month at Galeries Lafayette in Doha and Harvey Nichols in Riyadh.

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