A top Nike executive in the US has resigned from the company after 25 years after her son’s booming sneaker resale business became public.
Ann Hebert, Nike’s general manager for North America, stepped down following reports her son used a credit card in her name to purchase shoes for his business, which he resold for a profit.
Nike defended Hebert’s conduct, saying she had disclosed her son’s West Coast Streetwear firm in 2018.
The article describes how 19-year-old Joe Hebert used bots to swarm online sale sites, overcoming systems meant to restrict purchases, to buy up popular, limited edition sneakers.
In one case, he bought 132,000 dollars worth of shoes, which he resold for a profit of 20,000 dollars. He told Bloomberg he never received information from his mother.
West Coast Streetwear is part of a broader resale market for sneakers, which Cowen analysts in July estimated at 2 billion dollars in North America alone.