To this point, we expect independent black-owned brands to fill the holes in the sneaker market this year. Influenced by externalities resulting from COVID-19, the proliferation of social media, societal discourses on equity, and grass-roots movements, there is a notable increase in consumer spending with independent brands, black-owned brands, and brands that partner with black creatives.įrom Sahlehe Bembury singlehandedly facilitating the revival of less fashionable brands like New Balance and Crocs with various creative collaborations to Kerby Jean-Raymond’s, of Pyer Moss, chunky Reeboks taking the streetwear movement by storm to Telfar’s iconic logo Ugg boot collaboration to Kyrie Irving exploring working with Sia Collective for his next basketball sneaker, black creatives, and independent black-owned brands are moving culture and capturing consumer dollars at a disproportionate rate – and rightfully so. The question is, which brand(s) will pick up the market share? This generational opportunity to gain new customers and earn loyalty intersects with another cultural phenomenon.
Now, sneakerheads, athletes, and the average consumer are forced to look for new sneakers to spend their money on. In addition to having one of the top ten sneaker deals in the league, with an average annual value of $11 million, Irving’s signature sneakers were the second most popular amongst NBA players themselves last season. Furthermore, the recent falling out between NBA superstar Kyrie Irving and Nike is compounding the problem. Now, a vast majority of the 10 million pairs of Yeezys that consumers would have purchased this year will most likely not get purchased. According to the Financial Times, Yeezy sneakers contributed €1.7 billion in annual revenue for the German-based sportswear brand. With no shortage of think pieces contemplating the implications the Adidas-Kanye West divorce will have on the sneaker industry, experts agree that there is an unprecedented hole in the market.
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