David Rosenthal: belief

Transcript context

…There became, David, to your point, about Jordan and Nike creating culture, participating in cultural movements, changing the way that people move around in the world, and having a sneaker as a thing that defines you rather than a sneaker as a thing you throw in for the tennis court, but you will wear proper shoes, anytime you go somewhere else. They really have figured out how to reach an audience and tap into their identity in a way that the original Phil Knight track shoe thing never could have dreamed. Shoes had become this method for self-expression. The secondary market is huge. Some estimate $2 billion, some people estimate $6 billion category. Keep in mind, all of athletic shoes are 150-ish, somewhere around there, so still a tiny fraction compared to the athletic sneaker market broadly. But who would have thought that used special edition shoes or secondary sales of shoes could possibly be a single digit billion dollar ecosystem? Right. Companies like Goat and StockX, and we'll talk about this more in analysis, but Nike has made the, I think, very conscious decision not to capture any of that value. I'm fascinated by that. I think they figured out clever ways to make a bunch of money on limited edition sneakers without having to be the marketplace for all the secondary sales.…

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