Team Swoosh puts another one on the scoreboard as Nike remains the world’s most popular shoe brand, per Statista. Some could even argue that Nike holds the top two spots from the report as the Swoosh-backed Jordan Brand comes in just behind first-place.
Long gones are the days when sneakers were purchased simply for function as modern culture beholds footwear as an icon all its own that serves as a symbol of self expression, and status.
In fact, Sotheby’s regularly auctions off highly-coveted pairs like the Futura Laboratories x Virgil Abloh x Nike Dunk Low, the Undefeated x Nike Air Force 1 Low “Entourage,” and the Air Jordan “Dynasty Collection,” proving that sneakers are emblems of moments in culture that can be appraised and valued like fine art.
Whether its hype, investment pieces, or simply just fashion trends, the sneaker game has experienced a lucrative growth spurt in recent years that doesn’t seem to be slowing down anytime soon.
According to estimates from Statista Market Insights, sneakers – excluding performance shoes – are now a $75-billion market and expected to grow to nearly $100 billion in annual sales by 2028.
Nike holds 18% of the market share making the Swoosh number one in the global sneaker landscape. However, Nike also has other runners in the race as second-placed Jordan brand and seventh-placed Converse are also owned by the Beaverton-based sportswear brand.
Longtime Nike competitor adidas comes in at third-place at 9%. Adidas has had a challenging year financially after the Three-Stripes cut ties with Kanye “Ye” West in October 2022. Ironically, Skechers comes in at fourth-place on this list, which may seem to answer why Ye showed up to the Skechers’ office unannounced following his contract termination with adidas.
Ye’s departure left adidas with over $530 million worth of Yeezys which was projected to lower adidas’ revenue by $1.29 billion. However, adidas decided to move forward with selling the remaining inventory, which earned adidas $565 million and made up 85% of adidas’ Q2 profits.
Now that Yeezy season is officially on the outs at adidas, only time will tell how the leaderboard will change and if adidas will continue to stand alongside Nike and Jordan Brand at the winners podium.
The footwear landscape has changed a lot with newcomers like MSCHF, cult leaders like Crocs, refreshed heritage brands like New Balance, and niche options like Salomon. As the market continues to diversifies, the changes will surely affect the numbers.
Additionally, Nike has become so valuable in the eyes of the consumer that the supply chain is being seized by organized crimes rings that are targeting the Swoosh’s most sought-after product.
While Nike has not publicly disclosed any financial losses related to theft or stolen goods, the Swoosh has been the victim of two major robberies in the past year as the Los Angeles Police Department recently recovered $7 million worth of stolen sneakers, just months after $800,000 worth of product was stolen from Nike’s Memphis facility.
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