The World's First 'Consumer Goods IPO' Will Celebrate Jay-Z's Debut
When StockX, the stock market for sneaker resales, launched in February, CEO Josh Luber hinted the platform could eventually be used to sell more than just sneakers. That day has finally come, and it’s coming in extravagant fashion.
The company announced today that it will host what it calls the first “consumer goods IPO” on its platform with the release of limited-edition merchandise centered around the 20th anniversary of Jay-Z’s seminal debut, "Reasonable Doubt."
StockX formally partnered with Roc-a-Fella Records founder Kareem “Biggs” Burke for the release. Burke’s design company, Fourth of November, will design the apparel for the “IPO.”
A press release detailed StockX’s IPO process, which works like a company going public. Prior to the IPO, pre-bidders will name prices, offering an initial valuation. On IPO day, StockX will ship the products to the highest bidders, who are free to re-sell the merchandise on StockX.
“What I loved most about StockX [is that it] essentially supports entrepreneurship on a global scale,” said Biggs in the release. “To commemorate the twentieth anniversary of Reasonable Doubt, I told Jay Z I wanted to do something special that would capture the enthusiasm of our fans with the platform we built together while showing the impact "Reasonable Doubt" has [had] on the world.”
"Reasonable Doubt" showcases an era of Jay-Z’s life far removed from the Beyonce-wedded mogul lifestyle he lives now. The album harkens back to a time when Jay was still slinging drugs, passing out mixtapes, and hiding his money in Deutsche Bank accounts. Modern rap fans in the dark about the 90's can't miss the Notorious B.I.G. feature on “Brooklyn’s Finest.”
“The Fourth of November x Reasonable Doubt merchandise collaboration is in honor of the album that connected the dots between artists of today and the movement we started years ago,” Biggs said in the press release. “If you think about the ‘Reasonable Doubt’ family tree, Jay Z introduced J. Cole, Rihanna. I introduced Kanye West to the market, who in turn, introduced GOOD Music, Pusha T, Big Sean and many others - a lot of careers have been birthed from the movement we started.”
For more on StockX, check out our interview with CEO Josh Luber here, and info on its partnership with another huge rapper here involving Nike Inc (NYSE: NKE) Air Jordans. StockX also posted a video of a conversation between Luber and Biggs, which you can watch here.
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