LVMH Luxury Ventures is backing sneaker and streetwear retail store Stadium Goods, according to WWD.

LVMH Luxury Ventures, an offshoot of the fashion and luxury goods conglomerate LVMH, was started in 2017 as a way for to purchase minority stakes in upcoming luxury brands.

Founded in 2015, Stadium Goods has grown quickly, collaborating with Amazon, eBay, Zalando, and Alibaba, and raising $5.6 million in investments. While the details of the deal haven't yet been announced, it's fair to assume that the partnership will help Stadium Goods expand even more in the sneaker resell market.

The news comes after GOAT announced that it will be merging with Flight Club to “become the world’s largest sneaker marketplace.”

In other sneaker news, Dior Homme’s new chunky runnner is dropping this week.

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