E-commerce site StockX, which was co-founded by Cavaliers Owner Dan Gilbert, is a "resale market for buying and selling highly coveted sneakers" and "one of Detroit's fastest growing startups," according to Chad Livengood of CRAIN'S DETROIT BUSINESS. The company "launched with a few dozen employees" in February '16 and is "employing about 300 in Detroit and about 50 in Tempe, Ariz." StockX CEO Josh Luber said that he "sees the future in creating investment indexes for sneakers." Luber said, "At some point, you'll be able to invest in the Jordan Index or the Nike Index and then be able to day-trade sneakers without ever taking possession." StockX "started as a stock market for sneakers," but it has since "morphed into a broader and widening, platform of creating a standardized secondary market for luxury goods." But StockX's quick rise to $2M in daily sales has "turned into logistical challenge for the company." StockX COO Greg Schwartz said that in the past 12 months, the company "tripled its workforce" and has "more than 100 jobs posted" (CRAINSDETROIT.com, 7/1).
