Sneaker rental firm sees investment boost
KYX World is planning for a possible 10,000 subscribers.
Image © ozgurdonmaz | iStockphoto.com
US-based KYX LLC has succeeded in raising USD 3 million in a second round of funding that values the company at USD 16 million. The company specialises in renting sneakers to subscribers who perhaps want a regularly-changing selection to wear, a high-ticket pair just for a special occasion or even to try out a shoe before investing in a purchase.
The platform, known as ‘KYX World’, currently has more than 2,000 customers and offers three monthly subscription plans, each with its own benefits. The base ‘Gold’ plan has a monthly fee of USD 79, for which a subscriber is entitled to choose one pair of shoes per month from around 125 styles up to a value of USD 300. The level two ‘Platinum’ plan costs USD 169 per month and allows for two pairs of sneakers to a monthly value of USD 700. The most expensive level – the ‘Diamond’ – costs USD 349 per month, for which the subscriber can choose from over 350 styles and receive three pairs per month to a total monthly shipping value of USD 1,500. Discounts are available for six- and 12-month subscriptions and users can keep the sneakers for as long as they want.
According to KYX, each pair of sneakers is professionally cleaned and sanitised before being dispatched, and returning shoes with mild to moderate damage – such as scuffs or small stains – is described as ‘all good’.
The company plans to use the additional money to build an app as well as to expand its operations in order to draw in more customers and hire shoe-care personnel and others involved in fulfilling orders. KYX World reportedly has more than 2,000 active subscribers and 10,000 pairs of sneakers in stock, but is planning for possible growth up to 10,000 subscribers.
This article was originally published on page 2 of the March 2022 issue of SATRA Bulletin.