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Data from Altan Insights reveals a dip in Jordan shoe resale values as competitor brands surge. This trend sparks investor concerns about Jordan Brand's future trajectory and market positioning.
Slipped Resale Premiums
On the popular resale platform StockX, the average premium paid on new releases of Nike's Air Jordan 1 Retro High, a highly sought-after collector's shoe, has fallen from a peak of 61% in 2020 to a mere 4% in 2023. According to a Reuters report, sneaker styles that previously commanded a premium of $100 or more above Nike's list price sell at a premium of less than $10 or even at a discount.
Bernstein analysts have expressed concerns about the Jordan brand losing steam, given its significance as a major source of sales for Nike. The Jordan brand accounted for approximately 16% of Nike's revenues within the wholesale market; the Jordan brand has witnessed a 29% increase compared to the previous year.
Nike's CEO, John Donahoe, who recently spotlighted the brand's unwavering devotion to the Chinese market per an EconoTimes report, stated in June that Jordan was on the path to becoming the second-largest footwear brand in North America, with growth exceeding 30% in fiscal 2023.
Assessing Consumer Sentiment
While sales on StockX do not directly affect Nike's revenues, analysts consider resale values as a measure of consumer sentiment towards a brand and the broader demand for discretionary goods. Despite the decline in resale premiums, Nike remains among the top five best-selling sneaker brands on StockX.
However, the platform has recorded more significant year-over-year sales growth for other companies, such as running brand Asics and French-owned sports retailer Salomon.
As the decline in resale premiums suggests, Nike has also reported slower growth. Sales in the key North American region saw a 5% increase in the fourth quarter, ending on May 31, marking the slowest growth rate in four quarters. Furthermore, data from Barclays'
Jordan Brand's Holiday 2023 Retro Footwear Line-Up
Amid the challenges, the official reveal of the Jordan Brand's Holiday 2023 Retro Footwear line-up has garnered attention. Sneaker News revealed that this line-up includes several highly anticipated releases scheduled for October, November, and December, with the return of the original white/red Air Jordan 12, nicknamed the "Cherry," generating significant excitement.
Photo: Paul Volkmer/Unsplash
