One of the hottest trends in contemporary fashion at the moment is reselling, the market currently unstable due to covid19 implications however it still stands. So, you ask; well what is reselling? Reselling is a secondary market for limited goods in which people will profit sums of money by purchasing an item as a customer and selling it to another for a higher price, some goods are almost unobtainable after a period of time due to such low production.
“Yeezy” The rise and downfall
The demand for a limited goods such as Kanye’s famous collaboration shoe with adidas “Yeezy” for example created a huge stable secondary market with prices soaring above retail after every new Yeezy release, the Yeezy trainer had a downfall due to so many pairs been re-released destroying the hype. Getting a “Yeezy” was an achievement in itself and counted as a blessing, from the bad collaborations to the many different models being push forwarded and introduced rapidly, yeezy sales plummeted and the shoe become irrelevant of hype.
Brands and Bots
Reselling is a major part of sneaker culture and some people see reselling as an income of money, hobby or some even addiction. Online sneaker on FCFS sites are heavily botted by programs designed to checkout. This a bot’s main feature however bots have their own market too. Bots price ranged from the lowest to highest all is decided by the features and success the bot has. There are many various hype brands, a major one being supreme, from Supremes massive collaborations with big companies as Nike and there standard basic supreme “box logo” which features the brand name “supreme” tattooed in a box on a piece of Supremes own clothing, the box logo comes in various designs and is Supremes most signature piece.
Without a doubt the majori
ty of reselling involves the younger generation who understand the hype surrounding it. A major role model to demonstrate how far reselling can take you in life is @benjaminkickz the now 21-year old started selling shoes at age 15 and has since then surpassed 1 million followers on Instagram and has sold sneakers and limited pieces to big public figures such as Drake and DJ Khaled. He has really made a big impact on the sneaker industry and still does to this day.
Why do big manufactures such as Nike purposely make there sneakers so limited?
The art of reselling is directed only from limited and exclusive items, if a manufacture makes a highly hyped shoe available to everyone whenever they want, it would destroy the market for that shoe and they would never sell out. Manufactures hype shoes up and make limited quantities because it will guarantee for them the shoe will sell out immediately, this leaves no margin for profit loss. Nikes factories are known to be in third world countries where workers earn next to the nothing for long hours work. This makes Nike’s profit exponential.
The regulated market
A natural question that arises when discussing the reseller market, is that of ethics, and is the market regulated? The appropriate answer to this is yes and no, the market for a sneaker is controlled by the sellers and buyers, especially in hand-to-hand deals. A major middleman business that helps control the sneaker market is Stockx, offering a full portfolio of market prices for sneakers, showing prices of sales and charts labelling increases and decreases for the shoe. Shoe prices tend to decrease after the official release of a shoe this being due to the wider availability. Stockx is a middleman market where buyers send their shoes to stockx and they undergo a quality and authentication process check. This reassures sneaker buyers and sellers because they are both protected from counterfeits and know they are getting exactly what they paid for. Well-known rapper Eminem is a former investor in stockx and holds a share, the percentage is unknown. With sneaker hype on the rise stock’s sales are booming due to it’s a good buyer and seller reputation and also their advertisements. If you want to sell trainers with minimal risk, stockx is the place.
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