Luxury brands have been looking to sneakers for growth, as global sales of sneakers rose to $4.1 billion last year. For high-end brands, luxury sneakers are not just a trend, but a category.
The cost of luxury sneakers can range from hundreds to thousands of dollars. A pair of Burberry check detail leather sneakers costs $390, whereas a pair of leather, Swarovski crystal embellished sneakers by Christian Louboutin can cost over $3000. Limited edition sneakers, like the Chanel X Pharrell Hu Race Trail sneakers, sell for around $10,000.
Sneakers are the fashion industry’s fastest-growing area. According to the NPD Group, women’s sneaker sales alone increased 37 percent last year, while high heels decreased 11 percent during the same time frame. The rise of luxury sneakers can be explained by the growing influence of streetwear in luxury fashion. It’s now acceptable to wear dresses and suits with sneakers. Luxury brands have been emphasizing streetwear and incorporating street style into their products in order to switch things up and, ultimately, attract younger consumers.
Consumers are now buying sneakers from both ends of the spectrum. The people shopping at Nike and Adidas are the same people shopping at Gucci and Burberry. If luxury retailers turn sporty, that’s only a positive for the sneaker market. For consumers, it just means more options to choose from, and the more sneakers the better, right?
Featured image via Gucci