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Yo_Mama_Been_Loggin

(107,063 posts)
Tue Mar 2, 2021, 03:14 PM Mar 2021

Nike VP resigns after report on son's lucrative sneaker resale business

Nike executive Ann Hebert resigned Monday, a week after a Bloomberg Businessweek report detailed her son's lucrative sneaker resale business that flips hundreds of thousands of dollars worth of shoes every month.

“Ann Hebert, VP/GM, North America geography has decided to step down from Nike, effectively immediately,” a company statement reads. “We thank Ann for her more than 25 years with Nike and wish her well.”

Bloomberg's Joshua Hunt detailed the business of 19-year-old Joe Hebert, aka "West Coast Joe," who set up a sophisticated scheme for his company West Coast Streetwear to collect coveted sneakers en masse and sell them for a profit.

Bots and inside information fuel Hebert's success

Bloomberg described a transaction in which Hebert and his team used bots to overwhelm a Yeezy Supply website designed to limit purchases to one per customer. Hebert told Bloomberg he racked up $132,000 in purchases that day and quickly flipped the supply for a $20,000 profit.

https://www.msn.com/en-us/money/companies/nike-vp-resigns-after-report-on-sons-lucrative-sneaker-resale-business/ar-BB1e8urU?ocid=NL_ENUS_D1_20210302_6_2

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Nike VP resigns after report on son's lucrative sneaker resale business (Original Post) Yo_Mama_Been_Loggin Mar 2021 OP
This SHOULD be national headlines...... MyOwnPeace Mar 2021 #1
Confusing story genxlib Mar 2021 #2
This message was self-deleted by its author Mosby Mar 2021 #3
Yeah I gathered that genxlib Mar 2021 #4
She knew he was engaged in behavior contrary to company wishes Demovictory9 Mar 2021 #5

Response to genxlib (Reply #2)

genxlib

(5,506 posts)
4. Yeah I gathered that
Tue Mar 2, 2021, 03:53 PM
Mar 2021

But he didn't seem to be using Nike in any way. It seemed that he was just buying them on the secondary market and reselling them.

I could see it as being a problem if he was using his connections to buy them at a discount but that wasn't what they implied.

Insider info is illegal in stock trading but I am not sure there is anything wrong with using info for selling product in the secondary market.

Frankly, I don't really care. I just didn't sense a lot of wrong doing there. If people want to pay stupid prices for sneakers somebody is going to make some money off of them.

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