Fashion and Sport Brands Clash in Luxury Sneakers Race
HIGH-END fashion brands such as Gucci, Prada and Balenciaga are now looking to tap into the sporting world of sneakers to grow their revenue.
This puts them in direct competition with sportswear giants like Nike, Puma and Adidas, with the luxury groups confirming they are now increasing investments and marketing budgets to challenge their rivals.
“When I saw sneakers were going to be a thing, I fought it for a bit,” Salvatore Ferragamo’s designer Paul Andrew said at a conference.
“We’re definitely now investing heavily in that category, getting in very specialised people”.
Sneakers are a $55 billion global industry, according to Business Insider Australia, with both luxury groups and sports companies looking to cash in on a booming market.
Premium sneakers can start at around $400 but can easily rise as high as $3,000, for a pair of Christian Louboutin‘s leather, crystal-embellished sneakers.
Limited editions can sell for well over $10,000, including the Chanel X Pharrell Hu Race Trail or Nike’s Air Jordan 3 Retro DJ Khaled Grateful.
Sneakers are a big driver of the luxury shoe business, with the potential to become major sponsors in sporting competitions across the globe.