Remember the “It Bag”? Well, now, thanks to the influence of streetwear in the luxury industry, it has to be replaced with “It Sneaker”.
Sneakers came up as craved status symbols for both fashion consumers and old-line sneakerheads. After the United States, China is the world’s biggest sneakers market and when Chinese shoppers think of sneakers, they identify it with die-hard giants like Nike and Adidas and brand new gamer like Gucci and Louis Vuitton; so, it is not surprising to find out that Louis Vuitton is the second most-quoted brand linked with the “sneaker” hashtag after Nike, according to L2’s Luxury China: Streetwear Insight Report (RED social shopping app insight)
Beside Louis Vuitton and Gucci, Balenciaga’s Triple S and Dior’s canvas sneakers are right below on top five.
As luxury has intruded on the sneakers territory, activewear brands are grabbing those marketing strategies usually reserved for fashion. Fila, for example, even hosted a runaway show at Milan Fashion Week this year.
Meantime, while big sneakers companies keep fighting for another audience slice, Veja - a new eco-friendly fashion player in sneakers field - manufacts sneakers just because 70% of the sneakers retail price come from marketing costs: actually, producing cost of Veja sneakers are 5 times higher than big brands sneakers, but they can sell a high quality and ecological product at sneakerheads same price with no advertising or marketing costs.