Nike and Jordan Brand are losing market share in the sneaker and streetwear resale market to resurgent and upstart brands such as Asics and Fear of God, according to a new report released by online marketplace StockX.
Losing more than 10% each in total market share on the platform, both Nike and Jordan are headed the wrong direction, while Asics (+275%) and Adidas (+68%) are threatening to dethrone the industry stalwarts.
"Shifting consumer preferences and purchasing power coupled with dramatic changes in the brand landscape are driving substantial market shifts in the marketplace," StockX CEO Scott Cutler said in a release Friday.
"The inspiration and innovation coming out of many challenger brands is changing market share and preference from the traditional leaders in the resale marketplace, creating exciting opportunities for consumers. Brands that are creating culturally relevant collections backed by innovation will lead in this environment."
When examining the secondary shoe market, Asics grew 589% in the first seven months of 2024, making it by far the fastest growing sneaker resale brand on the platform. Despite the "dad sneaker" aesthetic embraced by the brand’s running shoes, it has appeared to catch the wave of shifting consumer preferences recently — further emphasized by the decline of the traditionally more fashionable Nike and Jordan brands on the shoe resale market over the same period of over 20%.
The only other sneaker brands to experience positive growth were Adidas and Yeezy, which gained 88% and 23%, respectively. Yeezy’s resurgence was explained as evidence of “the complexities of shopper behavior, where virtue signaling falls to the wayside, in favor of cultural clout.”
Many of the same themes were found in more granular examinations of specific sneaker models. The Nike Dunk saw its average price on the platform dip 14%, while the Air Jordan 1 felt a similar drop of 18%, with both brands experiencing drastic declines in price premium as well.
Streetwear apparel’s incumbents are struggling as well, with Supreme and Bape each showing small decreases in brand growth, paving the way for Yeezy’s 197% leap, as well as Jerry Lorenzo's Fear of God brand to post an 18% rise.
Other data points to success of signature sneaker lines, with Nike Performance Basketball gaining 46% year-over-year. Its leading sneaker was the Kobe Proto with a 512% trade increase and Devin Booker’s Book 1s with a price premium of nearly 20% over more than 14,000 trades this calendar year.
Will Stern is a reporter and editor for cllct.