DICK’S Sporting Goods makes a bet on the circular economy with investment in SidelineSwap

Rhea-AI Summary

DICK'S Sporting Goods has made a strategic investment in SidelineSwap, the leading resale marketplace for sports gear, signaling a commitment to the circular economy.

This investment aligns with the growing trend of secondhand shopping, which is projected to grow 127% by 2026. The partnership aims to enhance resale opportunities through pop-up trade-in events and a new trade-in platform, which combines online and in-store options for customers. This approach not only benefits customers but also drives sales and foot traffic for retailers.

Positive

• Strategic investment in SidelineSwap enhances resale offerings.
• Partnership aligns with the projected 127% growth in secondhand shopping by 2026.
• Introduction of a trade-in platform improves customer engagement and sales.

Negative

• None.

The leading sporting goods retailer is making a long-term commitment to the circular economy through its strategic investment in SidelineSwap, the leading resale marketplace in sports

BOSTON--(BUSINESS WIRE)-- SidelineSwap, the leading resale marketplace in sports, today announced that it received a strategic investment from DICK’S Sporting Goods, the leading sporting goods retailer. The two companies have been expanding their resale partnership, including more pop-up trade-in events.

"This is a big step for us," said Brendan Candon, Co-founder and CEO of SidelineSwap. “This partnership started with our commitment to make it easy for anyone to sell their used sports equipment. We’ve spent the last 5+ years building the best online resale marketplace in sports, and now we’re expanding the business to power resale wherever athletes shop or play through our trade-in platform.”

The resale marketplace landscape is rapidly evolving. Customer adoption of secondhand buying and selling continues to outpace retail growth, and is expected to grow 127% by 2026 according to ThredUp’s 2022 Resale Report. With 3 in 4 consumers reporting that they shopped or were open to shopping secondhand in the past 12 months, it’s clear resale is going mainstream. The increased adoption, led by millennials and Gen Z, is driving brands and retailers to incorporate resale into their shopping experiences. Recently many brands and retailers, including Lululemon, Ikea, and Allbirds, have introduced circular shopping experiences powered by resale partners.

By introducing the SidelineSwap Trade-in Platform, which will include pop-up events, in-store and online trade-in options for brands and retailers, and a suite of tools for resellers in the SidelineSwap community to power their own trade-in experiences, SidelineSwap is building what is likely the next generation of resale marketplaces. The Trade-in Platform is powered by SidelineSwap’s best-in-class marketplace technology and proprietary resale data. The hybrid model, which includes peer-to-peer and first party sales, gives sellers the option to choose whatever works best for them - direct resale or instant trade-in value. Together, this ensures sporting goods customers can always find the biggest and best selection of gear at the best prices on the marketplace.

In some cases customers may even find listings on a partner’s branded marketplace, which SidelineSwap also recently introduced.

“Our trade-in experiences are a true win-win-win,” said Doug Smith, VP of Partnerships at SidelineSwap. “Customers earn great value on their used equipment with hardly any work, retailer partners increase sales and foot traffic while embracing sustainability, and SidelineSwap will have an even better selection of deals. We’re just getting started on a much bigger vision for resale in sports and beyond.”

About SidelineSwap:

SidelineSwap - the world's largest online marketplace for sporting goods - makes it easy for athletes, fans and sports families to safely buy and sell their gear. Founded in 2015, SidelineSwap has enabled athletes to earn more than $100,000,000 to date by reselling the extra gear they have at home. Buyers can expect to find great value on a wide range of inventory across all sports, and sellers can quickly & easily turn their used sporting goods into cash or shopping credit. SidelineSwap was one of the fastest growing marketplaces on Andreessen Horowitz's A16z Top 100 marketplace list for 2020.

Contacts: SidelineSwap Doug Smith, doug@sidelineswap.com

About DICK'S Sporting Goods:

DICK'S Sporting Goods (NYSE: DKS) creates confidence and excitement by personally equipping all athletes to achieve their dreams. Founded in 1948 and headquartered in Pittsburgh, the leading omnichannel retailer serves athletes and outdoor enthusiasts in more than 850 DICK'S Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Going Going Gone! and Warehouse Sale stores, online, and through the DICK'S mobile app. DICK'S also owns and operates DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming.

Driven by its belief that sports make people better, DICK'S has been a longtime champion for youth sports and, together with its Foundation, has donated millions of dollars to support under-resourced teams and athletes through the Sports Matter program and other community-based initiatives. Additional information about DICK'S business, corporate giving, sustainability efforts and employment opportunities can be found on dicks.com, investors.dicks.com, sportsmatter.org, dickssportinggoods.jobs and on Facebook, Twitter and Instagram.

CONTACTS: Amanda Bonzo, DICK'S Sporting Goods, amanda.bonzo@dcsg.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005557/en/

SidelineSwap Doug Smith, doug@sidelineswap.com

Amanda Bonzo, DICK'S Sporting Goods, amanda.bonzo@dcsg.com

Source: SidelineSwap

FAQ

What companies are involved in the strategic investment related to DKS?

DICK'S Sporting Goods has invested in SidelineSwap to enhance its resale marketplace.

What is the expected growth of the resale market according to recent reports?

The resale market is expected to grow by 127% by 2026.

How does SidelineSwap's trade-in platform work?

The trade-in platform offers pop-up events and online/in-store trade-in options for customers.

How will the partnership impact DICK'S Sporting Goods and its customers?

The partnership aims to increase sales and foot traffic while offering customers better resale opportunities.