The Edit Ldn’s Moses Rashid Talks Yeezy, Preloved, Coming to America – WWD

LONDON – The Edit Ldn, a fast growing sneaker resale platform founded by Moses Rashid, has big plans for the US market next year.

Having recently received additional funding of $ 3.5 million from its investors, the platform is looking to focus on the American market. The goal is to set up a local team by next fall and open a retail location in Las Vegas by winter.

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At the time of the interview, Rashid was traveling around the US to meet with major sports clubs, hoping he could score some of them as partners by next spring. Last month the platform named New York Giants captain Xavier McKinney as its first brand ambassador.

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“We have a big ambition to take over the US from the point of view of the sneaker resale platform. The appointment of McKinney is our first step into the market. It seems to have worked and now I am meeting with pro athletes such as MMA fighters, basketball and big clubs,” he said. Rashid told WWD.

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The international market represents about 50 percent of its business and the US alone is responsible for generating 20 percent of its revenue.

Launching a store at Harrods last year, The Edit Ldn entered Qatar this month with a pop-up at Galeries Lafayette Doha. Saudi Arabia’s capital Riyadh and the Netherlands are also on the agenda for expansion next year.

Edit LDN is holding a car boot sale at Bricklane to celebrate the preloved launch.

Edit Ldn is holding a car boot sale in Brick Lane to celebrate the preloved launch.

courtesy

Since launching in 2020, The Edit Ldn has seen sales increase by 525 percent year-over-year. Its core female customers, aged between 18 and 34, tend to shop more frequently and spend under $300 per transaction, while its core male customers tend to spend $500 and up on products, Rashid revealed.

He points to Crocs’ collaboration with Salehe Bembury, Telfa x Ugg and Adidas’ Samba and Gazelle sneaker models as some of the most requested new items on the site today.

The Edit Ldn has recently been developed into preloved. Rashid says it was a natural step since many of his sneaker suppliers are shopaholics themselves.

“The preloved section works a bit differently. You can take your own picture. This will then be approved by our team. Then of course if there is a sale, you will send the preloved product to The Edit Ldn headquarters to be authenticated and put in a nice box, and sent to customer from there,” explained Rashid.

The platform involves professional sellers in the luxury space such as Sellier Knightsbridge, as well as sources from loyal customers who are celebrities or professional footballers.

The vertical is launched with a wide selection of cult pieces from brands such as Chrome Hearts, Louis Vuitton, Off-White, Balenciaga, Dior and Enfants Riches Déprimés, in addition to premium-priced but more accessible sneaker styles, such as sneakers. various Yeezy models.

Yeezy shoes saw an average price increase of 20 percent in the first few days after Adidas officially cut ties with Ye, formerly known as Kanye West, Rashid noted.

“I think people are worried that stocks are going to decrease. Where we are now is that we have a little bit of a plateau, and naturally following the plateau we see a little bit of a dip,” he added.

A selection of rare sneakers on sale at The Edit LDN

A selection of rare sneakers on sale at The Edit Ldn.

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According to Rashid, his platform has carved a niche in the competitive resale space by offering a luxury experience that price-driven players, such as StockX, cannot deliver.

For example, The Edit Ldn launched a same-day delivery service in the UK.

“We are trying to build the most premium streetwear sneaker and collectibles platform on the global platform. Think of Farfetch but with the position of Louis Vuitton. Yes, consciously the price is a bit expensive, but for that it will be faster than the others,” explained Rashid.

One method The Edit Ldn uses to shorten the waiting window between placing an order and getting it delivered is to only connect local buyers and sellers.

Another strategy used to ensure supply is that it prioritizes retailers who have 50 or 100 units to sell, rather than one or two pairs.

“We incentivize them to put products through our platform instead of others. The reason why they can do that is that they achieve sales between 10 to 20 percent higher from our platform than many of our competitors.

“We also give them an account manager, who proactively tries to sell the product for them. For example, you might have five pairs of Nike x Travis Scott, and we’ll take that and push it to our personal shopping team, who manage [soccer] players from Manchester United, Chelsea, Newcastle, and so on.

LDN Edit Shop at Harrods

Shop Edit Ldn at Harrods.

courtesy

The Edit Ldn is looking to expand its local network in new markets to support its growth. Rashid revealed that there are around 5,000 resellers on the platform, and last month alone, 300 more resellers joined.

The platform also invests heavily in building its culture and community to retain customers. For example, it feted the launch of preloved last week with a car boot sale in London’s Brick Lane with food, drinks, and live music, inviting customers to come taste and touch preloved pieces.

“Our job is really to bring them the hottest, coolest and most cultured, and give them an experience that money can’t buy,” Rashid said.

“Over the next 12 months, part of my role is really putting us in places that we shouldn’t be doing for a three-year-old business. And hopefully, our customers and followers will be really excited to come and be part of the journey with us ,” he added.



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