Lockdown was a difficult time for a lot of business owners but not for Moddz in the sneaker reselling industry.
The 24-year-old, real name Momodou Saidykhan, explains how the Covid-19 pandemic, which spiked a significant rate in unemployment globally, seemed to have a positive impact on increasing sales in his sneaker reselling business.
The concept of sneaker reselling is based on the simple guidelines of most businesses – buy low, sell high. The idea works because of the supply and demand rule; due to the exclusivity and limited volume that is released, there’s simply not enough to fulfill the demand meaning not everyone who wants one at retail price is able to get a pair, thus pushing the resale price up.
The sneaker market is a niche industry due to its lucrative and unconventional ways of earning income. It’s a rapidly growing industry with continuous changes in trends and value of goods. Some people may prefer a long-time investment approach by purchasing a few pairs and wait for them to grow in value compared to others who utilize a high-volume resale strategy. According to a Cowen & Co. analysis conducted in July 2021, the current sneaker reselling market estimates the resale industry to be worth $2 billion in North America alone and predicted to reach $30 billion globally by 2030.’’
When asked how exactly lockdown helped him accomplish astonishing sales, Moddz replied “well it was a bit strange to be honest. A lot of young people who normally would have a job to go to which occupies most of their time found themselves suddenly to be jobless and with a lot of free time due to lockdown. Therefore, a lot of them ventured in the world of sneaker reselling which was perfect for me because my business at the time was focused on selling sneakers in bulk amounts to other resellers who can then resell to their clients”. Moddz further explains that the influx of new resellers and their desire for a new source of income meant he had record breaking sales as he was seen as the most reliable man to go to for the best current stock. “Between March and August 2020, I had sold over 5,000 pairs of sneakers which even at my level is insane!
Moddz set up online luxury goods marketplace ‘Elusive’ (www.elusiveltd.com) in March 2021 with the help of investment company, Pinnacle Group. He now focuses his talents and knowledge of the resale industry and sneaker reselling market into developing Elusive and its customer base as it focuses on selling directly to end users.
When asked to comment on his journey, Moddz replied “I’m extremely humbled to be in the position that I am today. From starting out with just camping outside of stores to buy sneakers and investing my student loan whilst at university just three years ago, I couldn’t be any prouder of what I’ve achieved today in the business. It’s quite rare in this industry as an individual to have accomplished some of the things I’ve been able to.“
Moddz went on to graduate from university but has no intention of giving up his passion for reselling sneakers and believes he can continue to be a role model and an inspiration to young people that there are many ways in which you can be successful without the dependency of a university degree if you stay determined and hungry to both set and achieve your goals.