Sneaker resale marketplace StockX restructured its business earlier this month, resulting in the departure of dozens of corporate employees, including its chief marketing officer.
The changes, first reported earlier this month by Nice Kicks, impacted some 40 team members, many of whom were in senior leadership positions that have since been consolidated. StockX’s CMO Deena Bahri, who became StockX’s first-ever CMO in 2019, left the company as part of the restructuring, StockX confirmed to Modern Retail. StockX said it will begin its search for a new chief marketing officer in the next few months.
In a statement to Modern Retail, StockX said, “Our business is multifaceted and continues to evolve. To better align with StockX’s current strategic priorities… we announced an organizational restructuring. This includes consolidating and shifting several leadership roles to create a flatter, more streamlined organization that enables faster decision-making, increased visibility and better cross-functional collaboration. We remain focused on our mission to empower everyone to trade what they love and thank the many team members who have contributed to this effort.”
Those impacted by the changes at StockX were given severance packages, health benefits, professional outplacement services, mental health support, an extended stock option exercise window, 401K match vesting and the option to keep their company laptops.
StockX is still hiring globally as part of the restructuring and has 27 roles open across the company, including a verification expert and a product designer, according to its jobs page.
StockX has downsized its business several times in the last four years. In April 2020, at the onset of the pandemic, it let go of 12% of its workforce, according to Footwear News. Around that time, Business Insider reported that StockX underwent two previous rounds of layoffs, as well. In June 2022, StockX cut 8% of its workforce, citing “macroeconomic challenges,” per Retail Dive. It then laid off 80 more employees in November 2022, mentioning the need “to align with current organizational priorities.”
StockX, which was founded in 2016, has made millions in revenue from selling sneakers, apparel and collectibles online. In early 2021, StockX raised $255 million at a $3.8 billion valuation, and in 2022, StockX hit record-breaking revenue amid a rising interest in streetwear culture. In 2023, it surpassed 50 million lifetime trades, 15 million lifetime buyers, and 1.7 million lifetime sellers, according to its latest trends report. The company attributed its performance to international growth and an increasingly-diverse customer base.
Speaking to Modern Retail in 2021, now-former CMO Bahri said most of the platform’s users belonged to Gen Z, but that the company had also seen a “big uptake” in women and those above the age of 45. “Our North Star is to trade in culture, which is constantly changing among consumers,” Bahri said. “Our retention strategy is about constantly staying relevant to our core consumers. Ultimately, the goal is to continue blurring the line between resale and retail.”