- Online marketplace company and clothing reseller company StockX announced it is donating funds to Kobe Bryant’s foundation
Online marketplace company and clothing reseller company StockX told Business Insider that it will be donating the proceeds from sales on all of its Kobe Bryant related products to the foundation set up by the basketball star. Bryant and his daughter passed away following a tragic helicopter accident on Sunday.
After Bryant passed away, the price of his sneakers increased substantially on the StockX marketplace. And many critics accused StockX of unethically benefitting from the spike in the prices.
StockX also saw a jump in interest for Bryant’s merchandise. Bryant has branded merchandise through partnerships with Nike and Adidas. Some of the shoes that were branded with Bryant were selling for around $1,000, which were previously going for $200.
“As is the case for any live marketplace, real-life events have ramifications on market performance,” said a StockX representative in an interview with Business Insider. “Following the tragic news of Kobe Bryant’s passing, there was a surge in interest in products related to the basketball legend, including some of his most noted sneaker collaborations. The increased interest is a testament to his impact both on and off the court.”
The proceeds from sales of Kobe Bryant products will be donated to the Kobe and Vanessa Bryant Family Foundation, which is a charity that helps families who are in need. Specifically, the proceeds from Bryant merchandise that occurred between this past Sunday and Saturday, February 1 will be included in the donation. The StockX sellers can still set their prices on the items, but the money StockX makes will be donated to the foundation.
StockX generates a 3% payment fee along with a transaction fee determined by the individual seller account and the item that is being sold. In terms of sneakers, the fees could add up to around 10% of the whole transaction.
Here is a statement StockX sent Business Insider:
“As is the case for any live marketplace, real-life events have ramifications on market performance. Following the tragic news of Kobe Bryant’s passing, there was a surge in interest in products related to the basketball legend, including some of his most noted sneaker collaborations. The increased interest is a testament to his impact both on and off the court. Over the course of the past decade, Bryant released hundreds of colorways in partnership with Nike, many of which were fast fan favorites along with silhouettes that have become the preferred game shoe for players across the league. Alongside Jordan, he was undoubtedly one of the most influential basketball players in the sneaker world. On the heels of an incredible career, he reinvented himself off the court with an equally impressive turn as an investor, philanthropist, and storyteller.
His legacy will continue to live on in his surviving family, the countless players that he inspired, and in the sneaker business where he had such a profound effect. In recognition of this legacy, StockX will donate all proceeds from sales of Kobe Bryant-related products (sneakers, trading cards, and merch) for the week following his tragic passing to the Kobe and Vanessa Bryant Family Foundation.”
StockX was founded by Josh Luber, Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert, and Greg Schwartz.
