The global sneaker market is booming. It is forecast to be worth $120 billion by 2026, up from $79 billion in 2020, helping footwear to become the biggest-selling category in the online luxury market today.
And ‘sneakerheads’, or trainer collectors, are largely to thank.
Sneakerheads sell limited-edition shoes and trainers online. Such is their success, they have opened numerous pop-up premium sneaker stores around the world.
According to footwear retailers, it is youngsters who determine the direction of ‘sneaker culture’, creating an ever-evolving market.
Susie Kuhn, the Europe, Middle East, and Africa President of Foot Locker, said big retailers are tracking changing tastes and trends to ensure young people stay engaged.
“Sneaker culture is evolving every single day because kids decide where sneaker culture is going to go. So we’re constantly looking at expansion, growth and connection through whatever is happening within that sneaker culture ecosystem, and there is a lot going on right now,” she said, according to a report in euronews.next.
Premium sneaker store Presentedby “represents a refined regeneration of sneaker and streetwear culture” in a world where “streetwear is a new luxury”.
It has branches in London, Paris, Dubai, Doha and Riyadh.
At the Doha branch, a pair of sneakers could cost between $2,000 to $50,000, with exclusive pairs, like the highly-valued Dior Air Jordans, fetching even more.
Presentedby CEO Ridwane Ettoubi said making money in sneakers involves certain skills.
“You have to be able to select the right product at the right time and know how long to hold onto it for. Now, some pieces over a period of five years have gone up by 1,000%.
“Just like in stocks and shares, these items fluctuate in price,” he said.