Amidst Nike‘s ongoing lawsuit against the company for allegedly selling counterfeit shoes and having an unreliable authentication process, StockX has now been spotted removing “Verified Authentic” tags from its product pages. The company has changed its messaging to guarantee that products will be “StockX Verified,” a term change that allows for more room for inaccuracies. The new messaging is not as authentic as the company’s original message, which promised 100% authenticity. That being said, the company ensures customers that their verification process remains the same.
You may have noticed we updated the name of our verification process, but the work our team does every day to meet our elevated standard of excellence has not changed. https://t.co/voPO0LrbKT pic.twitter.com/sWAn7bfkw5— StockX (@stockx) November 11, 2022
“Verification is the new authentication, but our comprehensive approach remains unchanged. While product authenticity remains core to our analysis, our verification process is a better reflection of our broader proposition that we provide customers by reviewing all products sold on StockX.”
“We look at the range of indicators before sending a product onto a buyer and there are a number of reasons why a product may fail to meet our elevated standard of excellence, including incorrect size, missing accessories, a damaged box, a manufacturer defect, if it shows signs of previous wear, and of course, if the item is fake. Since our inception, StockX authenticators have reviewed more than 35 million products and we continue to invest in new technologies to use alongside human inspection and refine our policies to best serve the consumer.
Source: StockX on Twitter
The company further notes that it has reviewed more than 35,000,000 products in just the first nine months of 2022. It also notes that it has rejected 240,000+ products worth more than $70 Million USD. Furthermore, the biggest reasons cited include manufacturing defects (24%) and damaged boxes (20%) with fakes accounting for 14% of rejections.
Dan Gilbert, Josh Luber, and Greg Schwartz launched StockX, a live marketplace for sneakers, in Detroit in February 2015. The marketplace allows users to buy and sell luxury items in a live setting. The company was born out of Gilbert’s Detroit Venture Partners, and Luber’s frustration with the lack of liquidity and transparency in the resale sneaker market. StockX is a luxury goods marketplace that allows users to buy and sell items with the click of a button. The site offers a wide range of products, including sneakers, watches, handbags, and streetwear. To date, the company has raised $160 million in venture capital from the likes of DST Global, GV, Battery Ventures, Iconiq Capital, and Causeway Media Partners.
In other news, the Air Jordan 1 Retro High OG Chicago / Lost & Found release is coming soon.