Sole Connections: Footwear Brands Drive 'Sneakerhead' Culture

In a thrilling development within the sneaker industry, Urban Islander, a multi-brand apparel and footwear collection by Limited Edt, has announced its debut in India through an exciting licensing collaboration. While former US President Donald Trump took sneaker heads by surprise by introducing Never Surrender High-Top, a striking gold-colored sneaker featuring the American flag which was unveiled at a recent sneaker con event.

The global sneaker market has been booming, with a total revenue of approximately $72.7 billion in 2022. Projections suggest this figure will surpass $100 billion by 2026, showcasing the immense potential and growth of the industry.

Footwear continues to be heavily purchased item for Americans, as highlighted by the Footwear Distributors and Retailers of America (FDRA). In 2022 alone, the US imported 8.1 pairs of shoes per capita, with annual sales exceeding $104.6 billion.

Meanwhile, the Indian footwear market reached a value of $15.1 billion in 2022. Forecasts from IMARC Group anticipate significant growth, with the market expected to reach $31.2 billion by 2028, demonstrating a robust compound annual growth rate (CAGR) of 12% during 2023-2028.

Building Vibrant Sneaker Community

Mark Ong aka Mr. Sabotage, the creative force behind the "Urban Islander" collection, boasts an impressive portfolio, including collaborations with renowned athletes like Kobe Bryant and Steph Curry, as well as leading brands such as Nike SB, Puma, and New Balance.

Established in 2003 by Mandeep Chopra, Limited Edt has been a stalwart in Singapore’s streetwear scene for over two decades. Chopra said, “India holds immense potential, and with family ties, it was a natural choice for Limited Edt’s expansion. We aim to engage with the vibrant sneaker community in India, providing unparalleled access to unique products.”

He further said, “The strategy includes fostering long-term relationships with the local sneaker and streetwear community, pushing the envelope and advancing the sneaker and street fashion scene in India. This marks the beginning of our journey in India. While anticipating more stores in the future, we’re focusing on building a solid foundation, one step at a time.”

Lim Kean Bon, Area Director, India, South Asia, and Africa, Singapore Tourism Board, expressed excitement about Limited Edt's venture into India. "We are thrilled to see this special Singapore collection being launched in India for the first time. India's vibrant retail landscape presents an exciting opportunity for Singapore’s homegrown sneaker brand, Limited Edt, to connect with sneaker fans here.”

He further said, “We hope Indian sneaker fans will enjoy shopping this exclusive collection, designed in collaboration with renowned sneaker designer Mr. Mark Ong, and also experience the Limited Edt distinct lifestyle concept that is a testament to Singapore’s vibrant retail landscape,” As Limited Edt aims to bridge the gap in India's sneaker market, Chopra shared, "India deserves attention from global brands. We want to push these brands to bring their top-tier products to India. It's not that India lacks demand; it's time they pay more attention to our vibrant market."

PUMA India Sets Benchmark

In another exciting collaboration, PUMA has ingeniously crafted special collaborations both globally and locally, such as the Fenty x PUMA collection launched in collaboration with the pop star Rihanna or the One8 men’s collection with the Indian cricketer Virat Kohli. These collaborations have helped the brand establish both global and local connections to not only expand its footprint but also gain market share in India. PUMA has also released limited-edition collections in collaboration with Dua Lipa and Neymar Jr.

Shreya Sachdev, Head of Marketing at PUMA India, stated, “We have seen a surge in the sales of our limited-edition sneakers and other collections that we launch in collaborations. People want to collect limited editions and the newest drops. Such collaborations were earlier popular in the West but came in full throttle in India. Our collaborations, such as with SpongeBob, Pokemon, and high-end streetwear designers, among others, have worked differently across our categories and are always in high demand.”

Elaborating on collaborations with celebrities, Sachdev said, “Our recent collaboration with Virat Kohli to create the brand One8 signature line brought Virat's vision of colors, fabrics, and designs that he enjoys wearing, to his fans. Such high-octane collaborations enable fans to enjoy wearing products liked and made by their favorite celebrities.”

Skechers' Collaborative Growth

Skechers recently announced record annual sales of $8 billion for 2023, with a YoY increase of 7.5 percent. Its Direct to Consumer sales grew by 24.3 percent. Robert Greenberg, Chief Executive Officer of Skechers during the earnings call said, “Skechers’ new annual sales record of $8.00 billion was the result of the broad acceptance for our products worldwide, our loyal and growing consumer base, the cultivated relationships with our partner network, and our determined and dedicated team.”

He further said, “We had also introduced partnerships and a capsule collection with Martha Stewart and Snoop Dogg, who appeared in a joint Super Bowl campaign. Skechers Performance signed Europe’s top goal scorer for 2023, Harry Kane, as well as other premier players for the launch of Skechers Football. We further expanded our product offering and elite-level roster with NBA players Julius Randle and Terance Mann, both competing in Skechers Basketball.”

Recently, Skechers had announced that it has joined forces with Belgian artist, Vexx, a creative artist who has captured the digital universe, galleries and museums across three continents. The fourth installment of footwear from the Skechers Artist Series, the Skechers x Vexx collector’s capsule features the creator’s signature “doodles,” known around the world, integrated within Skechers footwear and apparel.

“As an artist, it’s been a priority for me to create without compromise, and Skechers celebrates that philosophy,” says Vexx. “They collaborate with diverse artists and give them the freedom to explore. It’s unique for a brand of this size to let independents drive their collections in new directions. Footwear as a canvas is interesting when you think of people from all walks of life walking in your art. That’s exhilarating and inspiring.”

Eyeing Mega Share

Meanwhile, Vedang Patel, Aditya Sharma, Harsh Lal, and Rohin Samtaney, founders of the omnichannel lifestyle D2C brand The Souled Store recently raised INR 135 Cr in a strategic round led by Xponentia Capital. Existing investors Elevation Capital and RPSG Capital also took part in this round.

The Souled Store started in 2014 as a branded merchandise specialist but diversified into casual wear, athleisure, loungewear, footwear, and bags in the past few years. It currently holds licensing agreements for branded merchandise featuring 300+ characters from Disney, Warner Bros, World Wrestling Entertainment (WWE), the Indian Premier League (IPL), the English Premier League (EPL), and more.

As per media reports founder Vedang Patel claimed that the D2C brand has hit an ARR of INR 400 Cr (in GMV) for FY24, eyes a 15% EBITDA margin and aims to cross INR 1K Cr in GMV in the next three years. 

Today, countless fashion brands have chosen to create capsule collections celebrating famous ambassadors. Both Louis Vuitton and Adidas, chose to team up with Kanye West to release limited-edition footwear.