Not only is Kanye West known for his controversial rap lyrics and videos or for marrying the reality TV star, Kim Kardashian, but he has gained even more fame for his contribution to Adidas in the creation of the Yeezy sneakers.
In 2015, West received the Shoe of the Year Award at Footwear News’ Annual Achievement Awards, as reported by the New York Daily News.
The Adidas Yeezy Boost 350 and 750 have sneakerheads going crazy, as they are sold in very limited quantities. For instance, only 9,000 pairs of light brown 750s were made, according to an interview by UK Complex. However, this marketing strategy has added value to the product and made the resale price much higher.
The 350s were originally sold for $200 but their exclusivity has raised their price in the resale market. Sneaker fanatics have paid up to $1100 for the oxford tan design; $1250, for the moonrock colorway; $1210, for the 2015 pirate black; $1300 for the 2016 version of the pirate black colorway and $1900, for the turtledove design, according to stockx.com, a website that tracks sneaker resale. The average price of these shoes in the resale market is $1290.
The 750s are sold at a starting price of $350 but in the resale market they have an average price of $2279. As shown on stockx.com, the triple black have been sold for up to $1,349; the light grey glow for up to $1,475; and the light brown for up to $2,400.
The demand for these shoes is so high, as compared to the supply, that stores have been forced to raffle the Yeezys. Other stores have limited themselves to selling exclusively online. The traffic on the Adidas website is so heavy during the releases that accessing the website is not easy.
The first time the Yeezys were released in Panama City, Panama, over 60 people stood in line even before the sun came out, waiting to enter the mall were the sneakers were going to be sold. However, many were disappointed to find out that only minutes after the mall was opened, they were sold out, according to the sales clerk at the moment.
In the United States, the oxford tan 350s were released online at 11:17 a.m. and were sold out by 1:06 p.m., according to a series of tweets by Adidas.
However, there are repercussions to this selling strategy. As the demand of the Yeezys skyrockets with limited amounts of pairs sold to the public, shoemakers have replicated West’s designs. Several sneaker fanatics have spotted these differences and highlighted them to the public.
Yeezy Busta, an instagram account, dedicates its posts to spotting the differences between real Yeezys and Fake Yeezys, also known as Feezys.
Evidently, this selling strategy has attracted a great amount of consumers. However, according to a press release by Adidas, Yeezy stores will soon open. “…[R]etail stores will serve as distinct hubs for adidas and West developed YEEZY product.” Even though dates have not been confirmed, Yeezy stores will be a reality in the future.