Southeast Asia is emerging as a hub of the global sneaker trade, with Singapore at its centre
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Southeast Asia is emerging as a hub of the global sneaker trade, with Singapore at its centre
According to a study released by premium sneaker market place Ox Street, 40 per cent of global growth in the athletic footwear market is expected to come up from this region. Here'due south why.
With an estimated value of United states of america$100 billion globally (according to analysts from Cowen Equity Inquiry), there is no doubt that the sneaker market is booming. (Photos: Sotheby's, Limited Edt/Art: Jasper Loh)
01 Oct 2022 06:30AM (Updated: 05 Jul 2022 12:47AM)
Before this yr, sneakerheads around the world gasped at the audacious South$3,500 price tag of Dior's hugely predictable Air Dior sneakers, a collaboration with Nike's Air Hashemite kingdom of jordan brand. Eye-watering every bit that may have been (in comparison, the "Pradidas" sneaker collaboration between Prada and Adidas toll about S$700 a pair), it was only only the beginning.
Presently later on they were released – all viii,500 Air Diors were snapped upwardly during the global launch – the sneakers began showing up on various resale sites for at least triple their retail toll. On Singapore-based premium sneaker marketplace Ox Street, a pair of Air Dior high tops currently hold the accolade of existence the most expensive shoes sold on the site at a whopping Southward$12,500.
Those who all the same wish to score these designer sneakers have plenty of options, equally long as they are willing to splurge. At the time of publication, Ox Street has listings for Air Diors in about every size available, with prices starting from near South$7,300.
Fifty-fifty in a year when the pandemic has confined virtually people indoors and has resulted in many cutting back on discretionary spending, sneakerheads are however splashing out on shoes. In fact, the need for limited edition and collectible sneakers has never been college.
In June, Sotheby'south auctioned a pair of Michael Jordan's autographed Nike Air Hashemite kingdom of jordan 1's from 1985 for a tape breaking US$560,000 (South$765,880). Two months later on in August, another pair of the basketballer'south autographed Nike Air Jordan 1's, too from 1985, shattered that record with a concluding price of United states$615,000 at a Christie's auction.
READ> A pair of sneakers worn by Michael Jordan sells for record United states$615,000
The sneaker juggernaut shows no signs of slowing down. Sotheby'due south about recent Cult Canvas sale featured viii ultra-rare creative person-created Nike sneakers that were made either in collaboration or incorporates an creative person's work. These include designs by French Expressionist Bernard Buffet, New York street artist Futura 2000 and Michael Lau, the pioneer of designer toy figures. Cafe'southward "Paris" Dunks, the show'due south almost expensive, is valued between The states$70,000 and Usa$fourscore,000.
With an estimated value of The states$100 billion globally (according to analysts from Cowen Equity Enquiry), there is no doubt that the sneaker market is booming. According to a study released by Ox Street, Southeast Asia is emerging every bit a key centre of the sneaker trade, with twoscore per cent of global growth in the athletic footwear market expected to come from this region.
"At that place is a global trend toward sneakers and athletic wearable, primarily driven by condolement and loosening apparel codes, like 'Zoom casual'. In Singapore and wider Asia, this trend is even more pronounced than in the West due to the twelvemonth-round hot conditions," said Gijs Verheijke, founder and CEO of Ox Street.
"At that place is a global trend toward sneakers and athletic wear, primarily driven by comfort and loosening dress codes, similar 'Zoom coincidental'. In Singapore… this trend is even more than pronounced… due to the yr-round hot weather." – Gijs Verheijke
In recent years, Singapore has go a hub of sneaker activity in the region, with a number of influential retailers – including Limited Edt, Dover Street Market and Surrender – who have sufficient clout to stock difficult-to-find sneakers which are rarely sold elsewhere.
The little red dot too hosts a number of popular street culture events, including Civilization Cartel and Sole Superior, which are a hotbed of sneaker ownership, selling and trading activity. This year, the inaugural Singapore edition of Sneaker Con, the earth's premier event for sneaker enthusiasts, was slated to happen in June but had to be postponed because of the COVID-19 pandemic.
Jeremy Tan, co-founder of Culture Cartel, said in that location are a few reasons why sneakers accept captivated the attention of savvy resellers. "Sneakers happen to have an affordable retail price, so if anyone manages to buy a pair of cool kicks at retail price, it would hateful instant profit if they were to re-sell. Plus, limited collaborations with artists, celebrities or other brands often have potential to escalate in value due to their rarity."
According to Verheijke, popular models, such as Adidas' Yeezy sneakers or Nike's Air Jordans, can fetch resale values of double to triple their retail prices. The current in-demand shoes are the Nike SB Dunks which retail at S$139 merely command a resale value of at least triple that.
The coronavirus-induced period of isolation has as well played a part in fuelling this sneaker obsession, particularly with release of the hugely pop Netflix documentary The Final Dance, which chronicles Michael Jordan's path to success.
"Many viewers were glued to the Netflix evidence The Last Trip the light fantastic toe and the demand for Jordans accept just skyrocketed. It is at an all-time high," said Mandeep Chopra, founder of Express Edt.
With many physical stores airtight to comply with diverse lockdown restrictions this year, shoppers have turned to due east-commerce sites to get their fix of kicks.
"Viewership on our social media in terms of views and engagement was at its pinnacle during the excursion breaker period," Chopra added. Announcements of sneaker drops were made via Limited Edt'south Instagram business relationship, often with stocks selling out moments after they were posted online.
Over at Ox Street, sneaker sales doubled during the circuit breaker months, with Verheijke expecting sales on his site to go on performing well for the foreseeable hereafter.
Collectors who may wish to beginning dabbling in sneakers as an alternative investment class may want o accept annotation of the experts' predictions on shoes that may proceed to appreciate in value.
Verheijke says recent releases like the Travis Scott or Ben & Jerry's Nike Dunks are currently commanding loftier prices. "Footwear that are convenient for those who are spending a lot of time at home, such equally Yeezy Slides, have also gained popularity."
Or for more than shopping ideas, keep a lookout for Culture Cartel'southward pin to a digital event this December. The online event will incorporate the event'due south hallmark programming including workshops, parties, performances and of course, sales of exclusive collaboration sneakers. They already accept a good track record with terminal year's well-received Asics X Limited Edt X Sbtg launch, said Tan. "They sold out instantly and take since go a sought-later on pair among sneakerheads."
"Many viewers were glued to the Netflix bear witness The Terminal Trip the light fantastic toe and the need for Jordans accept but skyrocketed. It is at an all-time loftier." – Mandeep Chopra
READ> T-shirts, tracksuits, bob hats: Air Dior capsule drove arrives in Singapore
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