Is it time for a fresh perspective within the sneaker industry? By Arushi Sakhuja
In the early 2010s, the fashion landscape witnessed a drastic shift with the trick-up effect taking its role in supremacy. Luxury brands pivoted towards the athleisure culture seen on the streets, and one major aspect was the sneaker culture. What began as a humble athletic shoe has today, evolved into a symbol of status, self-expression, and a thriving subculture. The decade marked the renaissance of sneakers, transforming them from mere footwear to coveted fashion statements. In the words of fashion analyst Sarah Johnson, "Sneakers are no longer just shoes; they are a canvas for storytelling, a reflection of cultural shifts."
As the 21st century unfolded, the sneaker landscape underwent a seismic shift. Major athletic brands such as Nike, Adidas, and Puma started collaborating with high-profile designers, celebrities, and even artists, transforming sneakers into coveted works of art. Limited-edition releases, often accompanied by long queues, turned the sneaker market into a high-stakes game of exclusivity, hype and for many even a status symbol.
Images L-R: Limited Edt, adidas Simba, Nike Low Dunk
Once confined to the realm of sports, sneakers broke free from their athletic constraints in the latter half of the 20th century, becoming an emblem of rebellious subcultures. This was the rise of the sneaker revolution. From the iconic Converse Chuck Taylors embraced by punk rockers to the Air Jordans synonymous with basketball and hip-hop, sneakers have served as canvases for self-expression and identity. Born out of a true labour of love, Superkicks is the brainchild of Sangeet Paryani, upon seeing a huge gap in the Indian sneaker market, this premium multi-brand sneaker destination was birthed into existence and now caters to the demands of sneaker enthusiasts across the country. Paryani, the founder of Superkicks and a sneaker-head himself adds, “The sneaker culture in India is growing fast, especially among Gen Z and millennials who are always ready to buy with great frequency. It’s also the influence of Instagram and the urgent need to express through fashion and street style that’s contributing to this thriving market”.
In the dynamic realm of fashion, trends rise and fall with ever-changing and dynamic consumer preferences. In recent years, a palpable shift has occurred, signalling the ascendancy of the sneaker as a ubiquitous symbol of style. Yet, as the sneaker revolution reaches its zenith, questions beg contemplation: Is it time for this trend to take a back seat? Has the trend become too mundane? What elements of the old and new should be embraced, and what facets of the industry demand a paradigm shift?
As the sneaker wave continues its relentless surge, a discerning eye must scrutinize whether it has reached its peak and needs a recalibration of the industry's focus. According to reports, the sneaker industry is now projected to grow at an annual average rate of 3.6 per cent until 2027 as the footwear space is no longer being dominated by sneakers. We spoke to some of the leading sneaker experts in India to get a deeper industry insight.
The Sneaker Industry Slowdown
In the world of fashion, few trends have left as indelible a mark as the sneaker revolution. However, as the trend evolves, a pertinent question emerges: Is the sneaker craze veering towards mundanity? Has the industry started lacking something new and original? Like every other trend in fashion, as the sneaker trend gained momentum, it inevitably faced accusations of losing its originality. Today, some sneaker enthusiasts find themselves wondering if the industry is becoming more about hype and less about genuine innovation. Social media platforms became virtual runways, democratizing sneaker culture and providing a stage for enthusiasts to showcase their unique styles. Bold silhouettes and vibrant colours captivated a diverse and global audience, and soon became collectibles and investment pieces.
Sneakers have certainly enjoyed a steady stream of success over the recent years, and now see a shift away from the product. While no one is truly shifting away from sneakers, bigger brands have lost their grip on the market, which has in turn lowered the resale price of many of the most popular silhouettes.
Moreover, the democratization of sneaker culture has contributed to the saturation of the market. What was once a subculture is now a mainstream phenomenon, with everyone from fashion aficionados to casual consumers participating in the sneaker frenzy. Thus diluting the essence of the sneaker trend, making it commonplace rather than exclusive. The rise of fast fashion has further fuelled concerns about the commodification of sneakers. As high-street brands churn out affordable replicas of popular designs, the exclusivity that once defined the sneaker culture seems increasingly elusive. “The sneaker market has experienced a notable cooldown. However, this slowdown presents an exciting opportunity for the entry of new players. While there is a prevailing sentiment of weariness among sneaker enthusiasts towards continuous launches by major brands like Nike and Adidas, it has opened the door for smaller brands to seize attention. Noteworthy breakthrough brands such as ASICS, Hoka, On Running, and Salomon are making significant strides, challenging the established giants,” noted Mandeep Chopra, co-founder of Limited Edt.
Nevertheless, defenders of the sneaker trend argue that its evolution is a natural part of cultural progression. Looking on the brighter side, niche footwear brands are gaining market share as consumers look for alternatives to hype basketball sneakers. Chopra continues to say, “Major brands, notably Nike, faced challenges with declining influence, excess inventory, and shifting consumer priorities. However, smaller performance brands like ASICS, Hoka, On Running, and Salomon are gaining traction, challenging established players. The rise of these brands signals a shift in consumer preference, posing a challenge to traditional giants. The market's trajectory is uncertain, with questions about the need for the sneaker revolution to take a back seat.” But sneakers are far from obsolete, making up the majority of SKUs in the assortments of luxury brands.
Founders Utkarsh Gupta and Dishant Dayani of Comet, a rising player in the sneaker industry, believe that the sneaker market in India is far from saturated, contrary to popular belief. Utkarsh Gupta, asserts, "Absolutely not. The sneaker market is only now hitting the mainstream in India. The trend of sneakers came to India towards the end of the COVID period in 2021. Since then, it has slowly diffused through different rungs of society and is now approaching mainstream. The sneaker market is perhaps the fastest growing within the footwear market in India."
What lies ahead
However, entering a burgeoning market presents its challenges. Dishant Dayani emphasizes the need for differentiation and storytelling within the sneaker industry. He observes, "The sneaker market needs differentiation and storytelling."
The sneaker trend's evolution is a complex narrative that intertwines elements of creativity, exclusivity, and accessibility. While concerns about mundanity and predictability are valid, they should be viewed in the context of a broader cultural transformation. The challenge for the sneaker industry lies in maintaining a delicate balance between staying true to its roots and embracing innovation. “Achieving a delicate balance between nostalgia and innovation is critical for the sneaker industry's continued success. Recognizing the historical significance of iconic designs remains crucial, and yet, there is an opportunity to infuse a sense of optimism by embracing fresh perspectives,” further said Chopra in agreement.
In the wake of the sneaker revolution, whispers of a renaissance in traditional luxury footwear grow more audible. The artistry and craftsmanship inherent in handmade leather shoes are experiencing a revival. Luxury brands, cognisant of this shifting tide, are revisiting their roots. While sneakers continue to capture the imaginations of a broad demographic, a discerning subset of consumers seeks diversity beyond the sneaker-dominated landscape. The challenge for luxury brands lies in navigating this multifaceted palette of preferences and striking a delicate balance between tradition and innovation. Agreeing with the statement, Utkarsh Gupta reflects on historical sneaker designs, stating, "History suggests that adoption of new silhouettes takes time. While a few succeed, most new silhouettes fail. However, innovation in the world of shoes can come in many forms: upgrading nostalgic silhouettes with the latest technologies; storytelling on widely adopted silhouettes with unique designs and materials; and redefining an existing silhouette altogether. We believe all of these strategies will be important to bring something new to customers while keeping them a little close to their comfort zone."
Luxury brands are exploring hybrid designs that meld the comfort of sneakers with the sophistication of traditional footwear. This innovative approach seeks to appease both the sneaker aficionado and the connoisseur of classic elegance. It represents an acknowledgement that the industry's evolution need not be a binary choice between the old and the new, but a harmonious convergence that caters to a spectrum of tastes. To conclude Mandeep told us, the sneaker market is changing, with opportunities for smaller brands, challenges for major players, and New Balance's success showcasing a path forward in a dynamic landscape. “New Balance's success stands out, attributed to factors like collaborations and a shift towards lifestyle and fashion. The brand's ability to blend heritage with modernity and navigate challenges like supply chain disruptions positions it uniquely in the market.”
However, Dishant Dayani notes, "With sneaker adoption scaling rapidly, we are seeing the usage of running/walking shoes as lifestyle shoes reducing drastically. As sneaker adoption increases, we believe India will go through a curve starting from smart yet comfortable leather silhouettes on to more athleisure EVA (foam) based lifestyle silhouettes."
However, despite the apparent market deceleration, historical trends suggest that sneakers tend to experience increased demand during economic recessions, presenting a potential silver lining.
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