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<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

<ul><li>The deal, announced in September last year, has received the <keyword id="139820" type="General" weightage="80" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s nod. </li><li>The deal remains subject to applicable regulatory and other approvals, <keyword id="353090" type="General" weightage="80" keywordseo="zeel" source="Orion">ZEEL</keyword> said.</li><li>The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and <keyword id="6358540" type="General" weightage="100" keywordseo="sony" source="Orion">Sony</keyword> LIV) and two film studios (<keyword id="3415325" type="General" weightage="50" keywordseo="zee-studios" source="Orion">Zee Studios</keyword> and Sony Pictures Films India). </li></ul> The Competition Commission on Tuesday gave its conditional approval to the mega-merger deal between Sony and <keyword id="6372205" type="General" weightage="80" keywordseo="zee" source="Orion">Zee</keyword> that will create one of the largest media groups in the country. The deal, announced in September last year, has received the Competition Commission of India's nod after the regulator accepted "voluntary remedies" proposed by the parties, sources close to the development said. In a tweet, the watchdog said it has cleared the deal with certain modifications. CCI said it has approved the "amalgamation of <keyword id="1417408" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-limited" source="Orion">Zee Entertainment Enterprises Limited</keyword> (ZEEL) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (<keyword id="55015" type="General" weightage="80" keywordseo="cme" source="Orion">CME</keyword>), with certain modifications". Details about the proposed modifications could not be immediately ascertained. CCI had issued show cause notices to the parties after it initially concluded that the deal could have an adverse impact on competition, the sources said. Subsequently, the parties proposed voluntary remedies, which have been accepted by the regulator, they added. ZEEL said CCI has granted the approval in phase-1 after evaluating the official legal and economic submissions made by the company. Most of the deals get cleared by CCI in phase-1 and only if there are serious concerns then the deal concerned is put up for public scrutiny under phase 2. "Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator's guidelines," ZEEL said, adding that further details are awaited. On September 7, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on October 14 to seek their approval for the proposed merger. The deal remains subject to applicable regulatory and other approvals, ZEEL said. In a separate statement, Sony Pictures Networks India said it is delighted to receive CCI approval for the merger. "We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future," it said. Culver Max Entertainment Private Limited was earlier known as Sony Pictures Networks India Pvt Ltd. Deals beyond certain thresholds require the approval of CCI, which keeps a tab on unfair business practices and also promotes fair competition in the marketplace. Both parties had entered into a definitive agreement for the deal in December last year and the proposed merger has already received approval from stock exchanges NSE and BSE. ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries. The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year. Under the deal, there will be amalgamation of ZEE and BEPL with CME. Besides, preferential allotment of certain shares will be made by CME to Sunbright International Holdings Limited, earlier known as Essel Holdings Limited, and Sunbright Mauritius Investments Limited, according to a release issued by CCI. CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME has several general entertainment channels, film, sports and kids' entertainment channels in India. SonyLIV is CME's digital entertainment video service which provides OTT services in India and international markets. CME reaches out to over 700 million viewers in India and is available in 167 countries. BEPL is an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. It is broadly engaged in the acquisition of rights for motion pictures, events and other TV cont ent; and in generating advertising revenue from the telecast of TV content. ZEE is a media and entertainment company, with presence across the segments of broadcasting, digital content, movies, music and live entertainment, spread over 190 countries, as per the release. ZEE5 is the company's digital entertainment video service which provides OTT services in India and international markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms">With 950 billionaires, Asia outnumbers all other regions: Forbes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a>

Competition Commission gives conditional approval to Sony-Zee merger deal

<ul class="summary-list"><li>Dru Davis is an executive producer for "Monica," which aired at the 2022 Venice Film Festival.</li><li>He got his start acting on kids shows and networked with casting directors to change roles.</li></ul>This as-told-to essay is based on a conversation with <a href="https://www.imdb.com/name/nm0204522/">Dru Davis</a>, a 28-year-old executive producer in Los Angeles, California, about his job. It has been edited for length and clarity.The applause for "<a href="https://www.imdb.com/title/tt6337816/">Monica</a>" was deafening — <a href="https://www.out.com/film/2022/9/06/trace-lysette-gets-11-minute-standing-ovation-venice-festival-film">11 straight minutes</a> of the audience heartily approving of the film we'd poured our souls into. I've been in the film industry my whole life and loved every moment of it, but standing in the crowd at the Venice International Film Festival, for a screening of a film I helped produce, felt like a true full-circle moment for my career. Filmmaking has always been in my blood. I was born in Santa Monica and raised in Culver City and Hancock Park. Several of my immediate family members inspired me with their work on the executive and creative sides of Hollywood. I even had a filmmaking fairy godmother in my actual godmother <a href="https://www.imdb.com/name/nm1204454/">Tina Treadwell</a>, who was the vice president of casting for Disney from 1997 to 2001 (she was the casting genius behind Disney shows like "Lizzie McGuire" and "Even Stevens," among many others). I learned so much from Treadwell over the years, and I'm grateful for her tutelage. My parents also always encouraged me to follow my own filmmaking dreams, so I dove in headfirst. <h2>My first big acting gig was a role on Disney Channel's 'Wizards of Waverly Place'</h2>I was 15 years old. The entire cast was so welcoming and kind. I bonded with Jake T. Austin, who played the younger Russo brother Max, and I appreciated how Selena Gomez was genuinely down to earth with a great sense of humor. I found myself fortunate enough to have a similar positive experience acting that same year in an episode of Nickelodeon's "iCarly."I'd grown up surrounded by family in the industry, and now I was finally making a name for myself. For aspiring actors out there, some of the most vital things I learned from my acting experiences were how to listen, how to understand my environment, and how to also be in the moment. The other thing about Hollywood is that there are so many opportunities outside of acting for aspiring creatives where you can feel creatively fulfilled, even if you're not in front of the camera.<h2>I wanted to try other roles in the filmmaking industry, so I became a casting director </h2>There's no magic formula for finding opportunities in Hollywood, as everyone's experience and story is different. I recognize that I was fully immersed in this industry from the start. However, even with a network, I still had to work hard to prove that I was just as capable as the people I'd grown up around.When I was still acting as a young teen, I was constantly in the offices of casting directors <a href="https://www.imdb.com/name/nm0278525/">Barbara Fiorentino</a>, <a href="https://www.imdb.com/name/nm1710208/">Danielle Aufiero</a>, and <a href="https://www.imdb.com/name/nm1906039/">Amber Horn</a>, trying to learn as much as I could about their side of the industry. We garnered enough rapport with one another to the point where I felt comfortable reaching out to them about working for them, and they agreed. Casting directors are so vital to a film or television show's success, and I was eager to learn more about that side of the creative process. It was thanks to the tutelage of those three women and Treadwell that I was hired for my first job as a casting associate for the movie "Elle: A Modern Cinderella Tale," where Treadwell was the casting director and an executive producer. From there, I went on to work in casting alongside Fiorentino, Aufiero, and Horn as they cast talent on shows like "The 100" on The CW and "UnREAL" on Lifetime. From there, I worked with another casting expert, <a href="https://www.imdb.com/name/nm0656065/">Richard Pagano</a>, as I helped him cast talent on season 1 of "Altered Carbon" on Netflix.There's this notion that everyone is out for themselves trying to "make it" in Los Angeles. The thing is, every single film and episode of television you see is the result of huge team effort. Top names in the filmmaking industry got there due to their hard work and dedication, and their willingness to learn from other experts in the industry. <h2>Thanks to one of my professional business contacts, I found my passion in executive producing</h2>When I was still casting, a friend of mine came to me and asked me if I wanted to invest in a project, or if I knew of any investors who would potentially be interested in being financial backers on a project in development. Once again, I embraced the new opportunity. Creativity can only get a great script so far without financial backing. That's where executive producers come in: They're tasked with taking care of the financial aspects of the projects. Essentially, they ensure that the project can be properly financed in order to honor the writer's vision — and in a way that's monetarily feasible for everyone involved. I established myself as a reliable executive producer on multiple projects, including "The Trial of the Chicago 7."Day to day, I sift through project offers that I'd consider backing with my private-equity sources, in addition to managing groundbreaking talent I represent through my own talent-management agency, <a href="https://www.artisticfortuneent.com/">Artistic Fortune Entertainment</a>. After all, I'd been fortunate enough to craft my own career thanks to the tutelage of mentors who believed in me, so I feel passionate about using the experience I've gained over the years to help others in the industry. One of my producing colleagues sent me the script for "Monica," and it gripped my heart from page one. I was proud to lend my name to this project because it felt like an opportunity to be a vehicle in many ways — to give room to expound on real and meaningful conversations in the world. <h2>Anyone who wants to break into this business has to be willing to do several things</h2>You need to put in the hard work, dedicate yourself to learning from others in your field, demonstrate that you can get tasks done to get a film or TV episode made, and go above and beyond what you're asked to do on a project.Most importantly, believe in yourself and what you can bring to the table. Nobody will invest in you if you don't believe you're worth backing. Correction: November 16, 2022 — An earlier version of this story misstated where Davis was born and raised. He was born in Santa Monica and raised in Culver City and Hancock Park, not born and raised in Santa Monica. He also was inspired to get into filmmaking by several family members, not his parents. An earlier version of this story omitted that Davis worked alongside Tina Treadwell, Barbara Fiorentino, Danielle Aufiero, Amber Horn, and Richard Pagano while working in casting on the film "Elle: A Modern Cinderella Tale" and the shows "The 100," "UnREAL," and "Altered Carbon" season 1.

I've been an actor on Disney Channel and cast shows for Netflix. Now I'm an executive producer &mdash; here's how I networked my way through Hollywood.

<a href="https://www.businessinsider.com/shopping/travel/hotels" target="_blank" rel="noopener"></a>Booking.com; Alyssa Powell/Business Insider<ul class="summary-list"><li>Los Angeles is home to plenty of 1,000-room hotel towers and big-name chains, but there's also a strong share of boutique offerings with about 200 rooms or less for a more intimate and design-forward approach to hospitality.</li><li>LA's boutique hotels offer a stay infused with more character and personality than you'll typically find in traditional hotels. Chic, well-located options are found in desirable areas such as Beverly Hills, West Hollywood, Downtown, and Culver City.</li><li>We chose top boutique hotels based on meticulous research, rankings on sites like <a href="https://www.awin1.com/cread.php?awinmid=8092&amp;awinaffid=257137&amp;p=https%3A%2F%2Fwww.tripadvisor.com%2F&amp;clickref=1585762808112apff5a6ahxid:fr1585762812021fhb" target="_blank" rel="nofollow noopener sponsored">Trip Advisor</a> and <a href="https://www.awin1.com/cread.php?awinmid=6776&amp;awinaffid=257137&amp;p=https%3A%2F%2Fwww.booking.com%2Findex.en-gb.html%3Flabel%3Dgen173nr-1BCAEoggI46AdIM1gEaKcCiAEBmAEJuAEHyAEM2AEB6AEBiAIBqAIDuALEvIn0BcACAQ%3Bsid%3Daa37617f285310a3e4899f2ab43f877c%3Bkeep_landing%3D1%26sb_price_type%3Dtotal%26&amp;clickref=1585762808112akrtmtv90xid:fr1585762812021bbf" target="_blank" rel="nofollow noopener sponsored">Booking.com</a>, and our own experiences on the ground. These hotels range in price from $144 to $441 to start in low season.</li><li><a href="https://www.businessinsider.com/shopping/travel/hotels" target="_blank" rel="noopener">Read all Business Insider hotel reviews here.</a></li></ul>A note from your Insider Reviews travel editor: Coronavirus has interrupted travel on a global scale <a href="https://www.businessinsider.com/coronavirus-hotel-airbnb-cancellation-change-policies" target="_blank" rel="noopener">forcing travelers to cancel and reassess plans</a> in the coming weeks and months. We understand that right now is a challenging time to plan travel. But when this time passes and things return to normal, we know you'll be eager to explore the world again.Whenever that happens for you, and we know it will, we hope our travel content helps you make informed, useful, and inspiring choices on the best places and hotels to book. So whether you use our reviews now, bookmark them for the future, or simply need an escape from the news, we'll continue to share the world with you. In the meantime, we encourage all travelers to stay safe, follow guidelines from the CDC website, and take precautions.With miles of stunning coastline, hiking trails to escape it all (or to see and be seen), a vibrant food and drink scene, and serving as both the entertainment capital of the world and the seat of much business, Los Angeles is widely desirable to many.And because of its sprawling size and the scale of its visitor draw - LA sees 50 million tourists annually - it has massive and varied hotel infrastructure to suit just about every type of traveler.Of course, that means plenty of massive properties. The Intercontinental or JW Marriott in Downtown Los Angeles, for example, each have nearly 1,000 rooms and massive meeting spaces.But hospitality is also approached on a much more intimate scale and character-infused independent and smaller hotels that all exude a sense of individuality and personal service. This, of course, is the boutique hotel, an offering that LA has turned into an art form.To come up with our list of the best boutique options in town, we looked to hotels with a max of about 200 rooms - or in some cases far less - with excellent amenities, attractive locations, and the coveted qualities boutique hotels are known for - and prized for - such as unique design, locally-sourced elements and art, unexpected amenities, and a pied-a-terre-like vibe. <h2>Need more Los Angeles hotel inspiration? Click below to jump directly to all our coverage of the best hotels in Los Angeles.</h2><ul class="summary-list"><li><a href="https://www.businessinsider.com/best-hotels-los-angeles" target="_blank" rel="noopener">The best hotels in Los Angeles</a></li><li><a href="https://www.businessinsider.com/best-affordable-hotels-los-angeles" target="_blank" rel="noopener">The best budget hotels in Los Angeles</a></li></ul>We focused on properties beloved by guests, with top reviews on <a href="https://www.awin1.com/cread.php?awinmid=8092&amp;awinaffid=257137&amp;p=https%3A%2F%2Fwww.tripadvisor.com%2F092&amp;awinaffid=257137&amp;p=https%253A%252F%252Fwww.tripadvisor.com%252FHotels-g45963-Las_Vegas_Nevada-Hotels.html&amp;clickref=1584627296332ablrqshls%257Cxid:fr1584627301983iba" target="_blank" rel="noopener nofollow sponsored nofollow sponsored">TripAdvisor</a>, as well as <a href="https://www.awin1.com/cread.php?awinmid=6776&amp;awinaffid=257137&amp;p=https%3A%2F%2Fwww.booking.com%2Findex.en-gb.html%3F" target="_blank" rel="noopener nofollow sponsored nofollow sponsored">Booking.com</a> and <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.hotels.com/?intlid=SEARCHRESULTS+%3A%3A+header_main_section" target="_blank" rel="noopener nofollow sponsored nofollow sponsored">Hotels.com</a> ratings, and accessible pricing ranging from an affordable $144 to a more indulgent $441 to start in low season.We also based choices on experience. As a Los Angeles local, I've spent tons of time at hundreds of hotels around town for stays, meals, pool and social time, and other events, and each of these has much to offer.<h2>For more boutique hotels, discover our top picks in other cities:</h2><ul class="summary-list"><li><a href="https://www.businessinsider.com/best-boutique-hotels-new-york-city" target="_blank" rel="noopener">The best boutique hotels in New York City</a></li><li><a href="https://www.businessinsider.com/best-boutique-hotels-chicago" target="_blank" rel="noopener">The best boutique hotels in Chicago</a></li></ul><h2>Keep reading to discover the best boutique hotels in Los Angeles, sorted by price from low to high.</h2><a href="http://e.businessinsider.com/join/ci/insider-picks">Subscribe to our newsletter.</a> <a href="https://www.parsintl.com/publication/business-insider/">You can purchase syndication rights to this story here.</a> Disclosure: This post is brought to you by the <a href="https://www.businessinsider.com/shopping">Insider Reviews</a> team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at reviews@businessinsider.com.

The best boutique hotels in Los Angeles

<div class="KonaFilter image-container display-table"><div><div class="image on-image">GOATGOAT cofounders Eddy Lu (Left) and Daishin Sugano left the safety of their corporate jobs to eventually venture into the online sneaker marketplace.</div></div></div><ul><li>Cofounders Eddy Lu and Daishin Sugano's story doesn't start <a href="http://www.businessinsider.com/goat-and-fight-club-merge-sneaker-retail-2018-2">with the sneaker app GOAT</a>.</li><li>The two developed thick skin from failed venture after failed venture before launching the online sneaker marketplace in 2015.</li><li>Now the company has a fresh $60 million in funding with traction and popularity to match.</li></ul> Eddy Lu and Daishin Sugano quit their boring corporate jobs on the same day eleven years ago. The two college friends had no idea they would eventually run a super-buzzy online sneaker marketplace called <a href="https://www.goat.com/">GOAT</a> that has scooped up nearly $100 million in funding and has 7 million fervent users. Sneakers were the furthest thing from their minds. And it would be many years, and many failed business ventures, before the duo found the right formula by tapping into the passionate ranks of sneakerheads. At the time, the only thing the two budding entrepreneurs knew was that they didn't want their corporate lives and they had a hunch that <a href="http://www.businessinsider.com/watch-steve-jobs-first-iphone-10-years-ago-legendary-keynote-macworld-sale-2017-6">the recently released iPhone</a> would provide an important platform for new types of businesses. "We were just like, 'Let's do a business together,'" Lu tells Business Insider. The multiyear journey took Lu and Sugano to different cities and different industries, not to mention through the <a href="http://www.businessinsider.com/financial-crisis-scariest-moments-2015-9">depths of the financial downturn</a>. And the events that led them to create GOAT is a case study in the perseverance, passion and simple chance that often form the basis of a startup success story. "In our wildest dreams we never thought this would really happen," says Sugano, 37, shortly after <a href="http://www.businessinsider.com/goat-and-fight-club-merge-sneaker-retail-2018-2">GOAT announced the acquisition of Flight Club</a>, an iconic sneaker store that will give the startup its first <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> presence.<h2>Certified tea masters and cream puffs</h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Bear Papa website</div></div></div>Lu and Sugano, who both grew up in LA, each had contacts in China. So they first gave the Import/Export business a try. They launched a golf apparel company, during which time Lu took sewing classes to hone his seamster skills. They ran an online tea business and to this day can call themselves certified tea masters as a result of the endeavor. They built countless 99 cent gaming apps for iPhone users. Nothing stuck.One day the two wandered into a Beard Papa's restaurant in LA, and, blown away by the flaky, custard-filled cream puffs in their hands, decided to franchise the Japanese chain for some "passive income" while they worked on their projects. But it was 2008, the financial crisis was in full swing and, because of the downturn, they couldn't hire managers. "Going through 2008 as a business owner you definitely earn your stripes," said Lu.Lu and Sugano's cream puff days were painful, but they taught the entrepreneurs fiscal responsibility and resilience. And it provided the spark for their next adventure. <h2>Who wants to eat with strangers?</h2>In 2010 Lu and Sugano moved to Chicago with the intent of expanding upon Beard Papa's presence in the Windy City. Once there, they discovered how difficult it can be to meet people in a new city.So they founded GrubWithUs, a dining app that arranges meals between strangers. The concept was innovative: reserve a seat at a participating restaurant for a meal that piques the user's interest. When four people reserve a spot for the same meal at the same table, the meeting is set, and a handful of lonely strangers could socialize with their peers over dinner.The startup got <a href="http://www.businessinsider.com/y-combinator-2013-5">funding from Y Combinator</a>, and the two moved back to California in 2011 to run GrubWithUs from there. But the app never became very popular. Users either had too many dietary restrictions for the meals listed in the app, didn't like the menu, thought the restaurant was too far away, or were too skittish about having dinner with unfamiliar faces. GrubWithUs gradually fizzled out over the next few years. Everything changed thanks to a pair of fake Air Jordans. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">GOAT.comA pair of 2013 retroed Air Jordan 5 Grapes currently listed on the GOAT app.</div></div></div>Sugano has been a bona fide sneaker enthusiast and basketball player since at least ten years old when his dad bought him his first pair of Air Jordan 5 Grapes. In 2013, the shoe was re-released 23 years after its debut (Michael Jordan's jersey number was 23). When he saw the Grapes were made available once again, he acted fast."Nostalgia hit me, I saw the photos: I had to have the shoe again," Sugano recalls. So he turned to eBay, which was then the largest sneaker marketplace. He mined the site for the shoe, ordered it, and when it showed up on his doorstep, he realized it was a fake.When he complained to Lu about how the online sneaker market had no authentication process, Lu asked him if there was room in the industry for a brand devoted to monitoring fraudulence between sellers and buyers."I did my due diligence and came up with nobody," said Sugano. "From that point on, we decided that this is something we could solve."They launched GOAT shortly after in July of 2015, hoping the sneaker app would live up to its namesake (Greatest Of All Time.)<h2>A Black Friday fiasco that turned into a blessing</h2>The founders started off with $7.6 million in funding from a handful of venture firms, <a href="http://www.businessinsider.com/serena-williams-alexis-ohanian-story-photos-2017-6">including Reddit cofounder Alexis Ohanian.</a>Their first step was to build and refine an authentication process to combat fraud in the online sneaker market.Both sellers and buyers use the app, with sellers required to apply before they can sell their sneakers. They're also required to take standardized photos from different angles of the shoe, i.e. the heel, the sole and the lateral sides, which are then processed. GOAT uses these images to build a database of what authentic sneaker models look like - and how to spot replicas.<div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image">Guilia White, GOAT</div></div></div>"It's a combination of image recognition with machine learning because we get so many of the same type of shoes in our building every single day," said Lu.Only once the sneaker passes the authentication process does it become activated for sale. From then on the seller interacts with buyer offers and receives a shipping label from GOAT once a sale has been made. Then the item is sent to either the company's Culver City or New Jersey distribution center, quality controlled, further authenticated and shipped out to the customer in a GOAT-designed shoe box all in one day.Lu and Sugano had learned their lesson with GrubWithUs: remove as much friction as possible for consumers in the marketplace and make it easy for the product to leave the seller's hands and ship to the buyer's door.After four months of operation, in November of 2015, the then-nobody company launched a Black Friday campaign discounting the hottest styles of the year at retail prices."That year we were talking about the Turtle Doves, the Supreme Fives," said Lu. "The internet picked it up and it kind of blew up, and every kind of blog picked up this Black Friday campaign."Over a hundred thousand users installed the app to take advantage of the sale, causing the newly-launched startup app to crash repeatedly. Some users got in, but mostly everyone was shut out from access to the discounted sneaks."We were pretty hated in the community then, but at that point it was better to be hated than to be unknown," said Lu.<h2>Tapping into star power on court and off court</h2>The Black Friday fiasco put GOAT on the map, and the company hasn't stopped growing since. The app currently has 7 million users, up from one million at this time last year. There are 100,000 sellers on the app and the marketplace has more than 400,000 sneakers, including iconic kicks like the Yeezy Boosts, Nike Air Max's and the <a href="https://www.goat.com/sneakers/pharrell-x-chanel-x-nmd-trail-human-race/available-sizes">Chanel X Pharrell's</a>, which are listed at $20,000.The company does not disclose its financial results, other than saying it's revenue last year increased 500%. The company says that sellers on its platform have raked in a collective $2 million in sneaker sales. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Jesse Grant / StringerJames Harden hosted the GOAT NBA All-Star weekend party.</div></div></div>The brand is building its buzz through events like the after party it hosted during the NBA All-Star Weekend in Los Angeles this year. Houston Rockets point guard James Harden hosted the event. And GOAT is building up its bench internally, bringing on<a href="http://www.businessinsider.com/twitter-coo-adam-bain-is-stepping-down-2016-11"> former Twitter COO Adam Bain </a>to its board last year. The company's headcount has swelled to 300 employees on staff, up from 20 employees two years ago. After raising $60 million in fresh funding from Index Ventures, Accel and other venture capital firms last month, GOAT is embarking on its next phase of growth beyond the app. In February it acquired Flight Club, which has retail locations in Los Angeles and New York. GOAT also recently launched a bi-annual, 150 plus-page lifestyle magazine for the brand called "Greatest" spotlighting people across various industries that are defining their own success stories.But despite the company's wild success, the founders know they've been fortunate. They know they've caught a culture wave, one that paying sneakerheads are glad to ride. It's a humbling experience that the guys work to keep in mind."It is funny because we did an all-hands meeting yesterday and you're talking and there's a hundred something people in the audience as opposed to just two years ago when we had less than twenty people," said Lu. "Yeah, we've just been very fortunate."<a href="http://read.bi/next-smartphone"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/video-dropbox-ceo-drew-houston-ipo-interview-2018-3">Dropbox CEO talks about how he went from rejecting Steve Jobs to an $11 billion IPO</a></h3> <div> </div> </div>

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