Nike Says StockX Is Selling Fake Sneakers, Seeks Amended Lawsuit | Launderer’s report
AP Photo/Alan Diaz
Nike has asked a federal judge to allow the company to add infringement and false advertising claims to its pre-existing trademark lawsuit against StockX.
Bloomberg’s Chris Dolmetsch reported on Tuesday that Nike attorneys alleged in a court filing that they were able to obtain four pairs of shoes sold as genuine on the online marketplace that were actually fakes.
Complex’s Brendan Dunne provided more details:
Nike lawyers say they obtained fake pairs of Air Jordans on StockX, slamming the platform’s authenticity guarantee in their lawsuit. pic.twitter.com/KRm14CqIMV
Nike deposit the original lawsuit against StockX in February, arguing that the retailer’s sale of non-fungible tokens (NFTs) containing images of Nike products violated the company’s trademarks.
He also said that “doubts about the legitimacy of StockX’s model” hurt the Nike brand.
StockX responded to the allegations in March, saying Nike had a “fundamental misunderstanding” of NFTs and called the allegations in the lawsuit “baseless and misleading.”
With the sneaker game booming over the past decade, StockX announced in April 2021 that it had reached a valuation of $3.8 billion.
StockX has yet to comment on Nike’s latest allegations, according to Dolmetsch.
In January, StockX hired Morgan Stanley and Goldman Sachs for advice as it prepared to take the company public sometime in 2022.
The retailer does not own the items sold on its exchange, but rather provides authentication services to facilitate sales between buyers and sellers.
Although it is best known for its designer shoes and clothing, it offers a wide range of products.