Decoded: The Sneaker Industry

Sneakers have always been one of the staples of the wardrobe, and with the arrival of flagship sneakers, the sneaker game has been turned on its head. They have become a fashion accessory for many people, changing from one aspect to another. Over time, the number of silhouettes has also increased, from simply beautiful on the feet to comfortable and functional. The combination of different segments has led to new developments and innovations in the field, such as sports shoes, casual shoes, semi-casual shoes, etc. The good news is that interest in the sneaker industry has grown rapidly with potential customers. want to wear one shoe more than another. According to a Statista report, the sneaker segment has revenue of $2.46 million and the market is expected to grow at a CAGR of 8.93% between 2022 and 2027. It happened late, but in style. There has been a street fashion resurgence in India since the release of Gully Boy in 2019. The film embodies rap culture and street culture that is present but not prominent. However, the focus on culture resonates positively with young people. People started dressing like this, which further cemented the sneaker culture. Casual sneakers have been on the rise. Kids in India can only dream of buying Jordans and Adidas Superstars from the late 90s when they became pop culture icons. However, in our time, everything has changed dramatically. The sneaker sector in India has become one of the fastest growing sectors in India as it is still quite young. However, India is still in its infancy in the sneaker market compared to its Southeast Asian counterparts. The Indian sneaker market is set to grow by around 20.5% in 2023. According to a Statista report, the volume is expected to reach approximately 88.4 million pairs in 2027.

“India will be the fastest growing sneaker market compared to other markets. The US, Europe and Japan have already reached their peak, while India is still in its infancy. In fact, Southeast Asia has more mature markets than India like Singapore, Thailand, China, but sneaker culture will be exponential for us,” said Sangeet Paryani, co-founder of Superkicks, in interaction with Entrepreneur India .

The sneaker industry has seen a growth trend since the beginning of the pandemic. “Fortunately, the pandemic has become a very important moment for us, because the business is still in a very young stage. The post-pandemic period has also been a blessing. We as a team are very grateful to have witnessed such traction.” “said Vedant Lamba, founder of Mainstreet Marketplace, a retail and resale brand.

SUSTAINABLE WITH THE WEST

Although this trend started in the West, India is rapidly catching up. The country basically follows the same roadmap as the United States. Because teenagers and GenZ are willing to spend money to buy these shoes. The hip-hop culture acted as a catalyst. Sneakers have been at the center of the hip hop industry for some time and the same theme has been adopted in India as well. Sneaker retailers have also entered the market, increasing their numbers in the sneaker industry.

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BIG BRANDS MAKE PREDICTIONS

In recent years, Indian sneaker culture has developed rapidly. The industry took a different path. The younger generation knows who wears the cutest and coolest sneakers. Sneakers are considered a means of expressing individuality and well-being. The brand pays attention to the development of the market as it will become more mature with mass adoption in the future. Brands like Nike, Adidas, Converse, Vans have entered the market to dominate the market. In fact, these brands are trying to promote social goals through their various models. Adidas has launched its Pride collection, Nike has been involved in various social campaigns including the creation of a special iconic sneaker for Black History Month (Nike BHM) and high demand and limited edition sneakers for Indian consumers.

BENEFITS OF LAUNCHING FROM TREND

Apart from big brands, startups are also benefiting from the sneaker trend. Startups like Neeman’s and Flatheads have developed their own shoe line as the brand’s popularity has grown. According to them, the market is growing at a breakneck pace, which allows them to continue to create the best silhouettes and durable shoes.

“We assume that sustainable footwear will be a priority for buyers. While 2021 will be all about raising consumer awareness of sustainable clothing, 2022 will be all about adopting it. New eco-friendly fabrics will be popular next year, giving consumers a wide range of options. Retro and classic will also generate new interest and become fashionable, lighter shades, unique yet aesthetic pairings with matching shoes,” said Taran Chhabra, co-founder and CEO of Neemans.

INVESTORS AND Celebrities ALSO BRING

Investors in the sneaker industry expect the sneaker trend to continue. They recognize the sector’s growth and potential. “The sneaker market in India is 20-25% of the shoe industry or $2.5 billion. Environmentally conscious customers demand durable footwear for everyday use. A focus on health and wellness coupled with strong demand for GenZ is driving the growth of this market. the market is 12-15% per annum,” said Druv Kapoor, partner at Anicut Capital.

“I found a company called SoleSearch to organize events, create culture, and buy, sell, and sell sneakers. It’s also a great way for people to come together and it’s a melting pot for so much money. -Culture. Celebrities and sports stars attract “Playing sneakers attracts attention. Animals attract attention. Louis Vuitton and Gucci make sneakers, all this shows the growth of street culture in the world, and street culture is unthinkable without sandals,” says Ranvijay Singh Singh. , an actor, continues the growth of street culture in India.

Of course, the future of the sneaker market in India looks promising, as does a pair of Nike Zoom Speed ​​TR2s in Volt colors as the Indian sector is set to get big in the coming years. .

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