Wikipedia

Poizon

Poizon (stylized as POIZON), also known as Dewu,[3] is an online shopping platform[4] founded in 2015.

Poizon
Company typePrivate
IndustryE-commerce
Founded2015
HeadquartersShanghai[1]
Key people
Yang Bing (founder ＆ CEO)[2]
Websitewww.poizon.com

Description

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It specializes in the sneaker trade,[5] and provides product authentication services.[6] The platform is mainly skewed towards Gen Z,[7] and its minority stake was once owned by ByteDance.[8] As of 2019, its annual transaction volume amounted to 15 billion yuan,[9] which was more than triple that of StockX.[10]

Poizon is backed by Prometheus Capital,[11] and Digital Sky Technologies.[12] It is one of the two widely used Chinese sneaker-trading platforms,[13] and its popularity in the online sales market for luxury brands is growing.[14] In its early years, Poizon was a sneaker-trading platform.[15] A few years later, the platform introduced other categories such as apparel and watches.[16] By June 2022, it had about 100 million monthly active users,[17] with a valuation of more than $10 billion.[18]

History

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Established by Yang Bing in 2015,[19] Poizon was started as a sneaker forum.[20] In 2017, it was turned into a marketplace.[21] In April 2019, it secured funding from DST,[22] which made it a unicorn company.[23]

In November 2021, Poizon opened two physical stores in Shanghai.[24] In September 2022, it collaborated with Louis Vuitton to live-stream a runway show organized by the brand.[25]

References

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  1. ^ Thomas Hale; Adrienne Klasa (October 14, 2024). "Poizon expands its operations by launching two new companies". Financial Times.
  2. ^ Jinshan Hong; April Ma (October 17, 2019). "China's Sneakerheads Chase 6,600% Returns Flipping Air Jordans". Bloomberg News.
  3. ^ "Prices of Some Chinese Limited Edition Sneakers Soar". Reuters. April 6, 2021.
  4. ^ Casey Hall; Stella Qiu (December 22, 2023). "Focus: 'Daigou' goes corporate as retailers seek new ways to reach Chinese shoppers". Reuters.
  5. ^ Qian Zhecheng (October 4, 2019). "The Chinese Sneakerheads Trading Shoes Like Stocks". Sixth Tone. Archived from the original on February 23, 2024.
  6. ^ "Collecting sneakers — at $16700 a pair". The New Zealand Herald. October 25, 2019.
  7. ^ Denni Hu; Tianwei Zhang (August 27, 2024). "Chinese Malls Fight for Local Spending With 'Shock Therapy' Vouchers". Yahoo News.
  8. ^ Andrew Ross Sorkin, Vivian Giang, Stephen Gandel, Lauren Hirsch, Ephrat Livni and Jenny Gross. "In Meme Stock Trading Fix, S.E.C. to Preview New Rules". The New York Times. June 8, 2022.
  9. ^ Forbes Staff (November 10, 2019). "Sneaker Fever Sweeps China". Forbes.
  10. ^ Lianchao Lan (November 10, 2019). "China's hottest investment: overpriced sneakers". Agence France-Presse. Archived from the original on February 23, 2024.
  11. ^ Fu Zhenghao (June 9, 2022). "Global Used Sneaker Platforms Enter Tough Times". Yahoo News.
  12. ^ "The Chinese millennials making a killing trading Air Jordans, Adidas' Yeezy trainers online". South China Morning Post. October 18, 2019.
  13. ^ Stella Yifan Xie; Julie Wernau (October 28, 2019). "Chinese collectors covet high-end US sport shoes". The Australian.
  14. ^ Shirley Zhao (September 3, 2024). "China's Gray Market Is Dominating Luxury Brands' Online Sales". Bloomberg News.
  15. ^ Stella Yifan Xie; Julie Wernau (October 27, 2019). "China's Next Financial Bubble: High-End Sneakers". The Wall Street Journal.
  16. ^ Aleksandr Pyatin, Forbes Staff (May 3, 2019). "DST Global Invests in a Chinese Sneaker Resale Platform". Forbes.
  17. ^ "Bytedance Looks to Sell Stake in Poizon". The Wall Street Journal. June 8, 2022.
  18. ^ John Liu; Dong Cao; Zheping Huang. "ByteDance Said to Weigh Sale of Stake in Sneaker Reseller Poizon". Bloomberg News. June 7, 2022.
  19. ^ Shirley Zhao (August 1, 2024). "Online Platform Dewu Is Booming off the Parallel Import Trade". Bloomberg News.
  20. ^ "StockX, Goat, Grailed and more: five of the best sneaker resellers for the hottest, most coveted kicks". South China Morning Post. November 6, 2021.
  21. ^ Liana Lipanova, Forbes Staff. "Chinese Sneakerheads Trade Shoes Like Stocks". Forbes. March 28, 2024.
  22. ^ "Sneaker peak: the Chinese entrepreneurs getting rich from trading trainers". The Independent. November 1, 2019.
  23. ^ "China's Economy Is Slowing, But Don't Tell the Sneakerheads". Fortune. October 18, 2019.
  24. ^ "Chinese Streetwear Platform Poizon To Invest $50 Million in Content Pivot". The Business of Fashion. December 1, 2021.
  25. ^ Vogue Business Team. "The Vogue Business 100 Innovators: Tech and Web3 innovators". Vogue Business. December 5, 2022.
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