If you are a sneaker enthusiast, you know the culture has been around for decades. Although it is fairly new in India, it was introduced in the states back in the 1980s. Ever since the rise of Indian Sneaker culture, the market has shown a dynamic trend. In this week’s FREEMAG article, we talk about air Jordan 1 high and its hype in India.
We all know why Jordan 1 Highs tops the list of Nike’s best sneaker silhouette. It’s the history and value that particular shoe holds. However, the hype and trend tend to hit the rock bottom at some point. Before you all start pointing guns, hear me out. The Indian sneaker market is still in its early phase but the market seems to be stagnant for some Jordan 1 highs that were released this year.
To elaborate more, we saw resale prices of some Jordan 1 high such as Patent breds, Bordeaux, electro orange, and many more not reaching their full potential. Now the question is why is this happening? Are people done with Jordan 1 highs? Are fewer buyers the reason for the prices going down? or the resale prices just differ between OG colorways, collaboration, and new colorways? Nike rules over the resale market. In fact, the market exists because of them. The assumption that Jordan 1 hype may be dying is not based on the performance of a few releases but a pattern that Nike has been following while dropping sneakers. Let me explain.
In 2020, Forbes had Jordan's net worth listed at $2.1 billion. In 2021, it dropped to $1.6 billion. A drop of $500 million is shocking as it was a significant fall in Jordan’s income. Many After a while, many began to link the loss to GameStop, an electronics retailer. Despite popular belief, no official report has linked Jordan's $500 million loss to GameStop. However, Profit margins are shrinking on GR Jordans. At the same time, the number of premium or high-end Jordan releases has increased. What's left are either high-volume general releases with absolutely no profit margins or Quickstrikes that sell for two or three times the retail price. Jordan's resale market supremacy may be eroding as the brand makes it more difficult for collectors and resellers to make a profit.
As I mentioned earlier, Indian sneaker culture is still in its early stage and the market will rise to a great extent. There is no doubt the community is only going to expand in India in the upcoming years. Nevertheless, this was my take on this controversial yet important topic. What are your thoughts? Let us know!
