Wethenew

Wethenew is a French online marketplace specializing in the resale of authenticated sneakers and streetwear. Founded in 2018, the company has established itself as a leading platform for sneaker enthusiasts and collectors to purchase limited-edition and high-demand sneakers. Wethenew operates by collaborating with a network of partner retailers, individuals, and professionals across Europe to source new and unworn sneakers and streetwear products.

The platform's key offering revolves around providing a secure and reliable environment for buyers to acquire authentic sneakers and streetwear items. Wethenew employs a rigorous authentication system, with a team of experts meticulously verifying the authenticity of each product before it is listed for sale. Customers can purchase a wide range of sneakers from renowned brands such as Adidas, Nike, Jordan, and New Balance, as well as streetwear pieces from labels like Supreme.

Wethenew's business model centers around facilitating the resale of coveted sneakers and streetwear items that are often sold out instantly upon their initial release. By leveraging the demand for these limited-edition products, the platform offers them at resale market prices, providing customers with access to items they may have missed during the original launch.

As of late 2022, Wethenew had surpassed the 100 million euro turnover mark, and the company aims to achieve profitability by the end of 2023. In May 2023, Wethenew secured a 20 million euro Series B funding round, bringing its total funding to 31 million euros. The company has also made strategic moves, such as opening its first permanent retail corners inside Paris' Galeries Lafayette in March 2024, offering exclusive sneaker collections.

Key customers and partnerships

Wethenew has established partnerships with various entities to further its growth and expand its reach. In May 2023, the company received a strategic investment from Chalhoub Ventures, the investment arm of the Middle Eastern luxury goods retailer and distributor Chalhoub Group. This partnership aims to leverage Chalhoub Group's retail expertise and understanding of the Middle Eastern market to facilitate Wethenew's expansion in the region.

Additionally, Wethenew partnered with Athletic Ventures, a collective of current and former athletes investing in consumer tech companies. The company also secured an investment from renowned French soccer player Antoine Griezmann, exploring potential collaborations and exclusive product offerings.

Wethenew's customer base consists of sneaker enthusiasts and collectors from various industries, with a growing international presence. As of 2024, approximately 20% of the company's business originated from outside France, with plans to expand its European footprint, particularly in Spain and the Netherlands, aiming for a 40% international presence by 2026.