Soletron targets $60b streetwear market

Soletron, a start-up backed by former Adobe Systems Inc Chief Executive Bruce Chizen, is building an online marketplace for streetwear and sneakers, a market that is worth almost $60 billion (Dh220.33 billion) by one estimate. Soletron, run by Shane Robinson and Allen Steigman, raised $265,000 from John Friedman of venture capital firm Easton Capital and New York angel investors in early 2011 and launched its market in November. "Urban wear is a huge niche that no one really pays attention to," said Chizen, who is on Soletron's advisory board with Superbowl MVP Santonio Holmes. "To become the Etsy of the streetwear market — that's the whole idea." Etsy, an online marketplace for handmade and vintage products launched in 2005, has over 12 million members and saw sales of almost $500 million this year, through November. Soletron is raising more money in a series A round of venture capital financing early next year and Chizen plans to invest in the business then. Other advisers include Tom Austin, co-founder of basketball apparel and shoe company AND1, and Bob Rice of investment firm Tangent Capital. Soletron has about 50 streetwear and sneaker designers selling more than 1,200 products so far. Brands include Dunkelvolk, Nooka and Kanvas Kings. The company collects transaction fees from linking designers and buyers and generates other revenue from advertising and member subscriptions. Robinson and Steigman have big plans because their target market is potentially huge.