Just a few years ago, designer sneakers were an ‘it’ item driving huge sales. Today the situation has changed, though they still have their place in luxury’s arsenal. – Via BoF
Article Link: https://www.businessoffashion.com/articles/luxury/luxury-sneaker-decline/
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Luxury labels, it seems, aren’t about to give up their high-priced takes on athletic shoes — even if they aren’t nearly the standout product they used to be.
Sales of contemporary and designer sneakers at major US department stores and large off-price players decreased by 21 percent last year compared to 2023, according to market research firm Circana. They’re down 37 percent versus 2022. Beth Goldstein, Circana’s executive director and industry analyst for footwear and accessories, attributed the decline to stretched consumers and shoppers choosing functional sneakers by sportswear brands rather than designer styles.
That’s not to say designer sneakers are dead, especially in markets beyond the US. At Mytheresa, sales of luxury sneakers are stable, said Tiffany Hsu, the company’s chief buying officer, witnessing no major downturns or peaks. Vincenzo Troia, managing director for the luxury Italian e-commerce retailer Giglio.com, echoed the sentiment, saying demand has remained consistent.
But the category isn’t driving the buzz like it used to.
“A couple of years ago, every big brand had an ‘it sneaker’ that drove a massive business,” said Hsu. “In recent years, it’s become less apparent.”
Designer and luxury sneakers underwent a renaissance in the late 2010s, when countless high-end labels released sneakers as a way to connect with young shoppers and capitalise on the soaring popularity of streetwear. The shoes became the next “it” item in luxury as customers bought in, with styles like Balenciaga’s Triple S, McQueen’s Oversized sneaker and Louis Vuitton’s LV Trainer generating piles of cash for their makers. But sneaker drop fatigue, changing tastes and a slowdown among aspirational luxury buyers (who Goldstein said fuelled the category in the US with post-pandemic savings) have pushed the shoes towards the background.
At this stage, sneakers are just part of the regular repertoire of high-end brands, a steady part of the footwear lineup that still serves as a valuable entry point for shoppers — so much so that Giglio.com’s Troia believes every luxury retailer must provide a sportswear offering and that high-end brands similarly have to do the same. Sneakers make up more than 50 percent of Giglio.com’s footwear revenue, he noted.
“The line between sportswear and formalwear is blurrier compared to the past,” said Troia. “Inside this big picture, styles are evolving and adapting to the times.”
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