Highsnobiety, the online magazine focused on high-end streetwear, has hired the investment bank LionTree to weigh a sale after interest from potential suitors, two people familiar with the situation told the DealBook newsletter.
The company expects to bring in about $60 million in revenue this year and could see interest from media brands or online retailers enticed by the increasing convergence of retail and media.
Highsnobiety, which describes itself as “at the forefront of youth culture,” keeps tabs on the latest sneaker drops and comments on the fashion of the day. As the lines distinguishing media, entertainment and retail blur, sites like Highsnobiety, Goop, Glossier and others serves as curated, shoppable online magazines. Highsnobiety has also ventured beyond digital media, starting its own in-house collection and pop-up shops.
Online luxury has become a hotbed of deal activity, with sites that can replicate a premium shopping experience (that Amazon cannot) fetching big money. Yoox merged with Net-a-Porter in 2015, a deal inspired in part by Net-a-Porter’s editorial abilities. Ssense, an online retailer of emerging and streetwear brands, raised funds from Sequoia Capital this year at a valuation of more than $4 billion.
Streetwear has carved out a place in the luxury industry. Brands like Supreme, Yeezy and Off-White have amassed passionate, well-heeled followings, while traditional luxury purveyors like Celine have designed collections honoring the street. High-end sneakers can now sell for more than $1,000 as trading sites like StockX and Goat have brought in millions from investors to expand their sneaker marketplaces, whose customers treat shoes as a form of currency.
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October 20, 2021 at 07:48PM
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Highsnobiety, a High-End Streetwear Site, Considers Selling Itself - The New York Times
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