Untouched by the pandemic, the sneaker culture in India is on a rapid growth trajectory. From customising sneakers to reselling limited pairs at a 10X mark up, the sneaker business in the country is picking up pace
The revenue in the sneakers segment in India amounts to $2.60 billion in 2022, and the market is expected to grow annually by 11.58 percent according to Statista. Image: Shutterstock
An HNI bride flew from Dubai to meet multimedia artist Param Sahib Singh in New Delhi this wedding season. She didn’t fly down to buy her bridal lehenga. She flew in to get customised wedding shoes which were an exclusive pair of suede high boots. Singh, who is known for his street fashion line and eclectic art on sneakers, had to sign an NDA [non-disclosure agreement] to keep the bride’s identity hidden and the image of the shoe away from social media. The said bride spent Rs 2 lakh on her boots.
Singh takes customisation orders that go up to a lakh, and some of these orders can take more than two months to implement. He says, “Customising your sneaker is like getting a tattoo. It's personal and it reflects your style.”
Customisation, however, is just one part of the sneaker boom in the country. The Indian sneaker market is literally going places. As per market and consumer data experts Statista, the Indian sneakers market revenue is $2.60 billion in 2022, and the market is expected to grow annually by 11.58 percent.
Interestingly, a major chunk of the money generated in the segment doesn’t come from the retail business.
Alongside the regular retail sales, what is pushing the numbers in the sneaker business out of the park is the resale market where it is all about ‘cop’ and ‘drop’. In sneaker lingo, ‘drop’ is when popular labels such as Nike, Adidas, Jordan, and others, announce new launches, and ‘copping’ is the act of successfully buying a pair of sneakers.