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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNike 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
MyOwnPeace
(16,887 posts)genxlib
(5,506 posts)Not sure exactly what he did wrong as it relates to Nike.
Response to genxlib (Reply #2)
Mosby This message was self-deleted by its author.
genxlib
(5,506 posts)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.