Business

Nike accuses StockX of selling fake shoes – after buying its own fakes

The next battle in the ongoing war between Nike NKE,
-0.78%
and online marketplace company Stockx is growing.

Nike amended its lawsuit against StockX to include allegations of selling counterfeit goods marked as “authentic” on its platform. This comes after Nike says it has bought four pairs of fake shoes from StockX in the past few months, including a pair of Air Jordan 1 High OG “Patent Bred” sneakers. A size 11 pair of these shoes sells for around $340 Second Market after deduction of taxes and fees.

“These four pairs of counterfeit shoes were all purchased on StockX’s platform within a short period of two months, all were hangtagged with StockX’s ‘Verified Authentic’ hangtag, and all came with a paper receipt from StockX in the shoe box stating condition of the shoes is ‘100% authentic’,” claims Nike in the court records with the Southern District of New York.

StockX sells shoes, apparel and other items from a variety of brands including but not limited to Nike, Adidas ADS,
+4.90%
and Under Armor UAA,
-1.83%.
The goods are not owned by StockX at the time of sale; Instead, the sale is conducted between two people who agree on a price, and StockX acts as a middleman to authenticate the product for a fee.

Both Nike and StockX were not immediately available for comment on the new counterfeiting allegations.

Nike initially filed a trademark infringement lawsuit against StockX in February, accusing the company of violating trademark law by selling non-fungible tokens, also known as NFTs, bearing the Nike logo. In fact, the “Patent Bred” Air Jordan 1 High OG that Nike claims to have bought counterfeits on StockX’s website is also one of the eight Vault NFTs that StockX sells – and its top-selling NFT – that Nike claims violates its copyright.

In discussing the trademark portion of the lawsuit, StockX alleged that Nike had a “basic misunderstanding” of NFTs by suing them.

After receiving one Valuation of $3.8 billionthe Detroit-based sneaker resale platform, recently tapped into Morgan Stanley MS,
-0.00%
and Goldman Sachs GS,
+0.21%
as it prepares to go public sometime in 2022, corresponding Bloomberg.

https://www.marketwatch.com/story/nike-accuses-stockx-of-selling-fake-shoes-after-reps-bought-counterfeit-sneakers-on-the-site-11652287374?rss=1&siteid=rss Nike accuses StockX of selling fake shoes – after buying its own fakes

Brian Lowry

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