We’ve gone through a turbulent 2020, and so has the sneaker market. The big guys are constantly releasing new designs to dominate the market, and it’s really undeniable coverage of Air Jordan. You can find it anywhere, any age or gender wearing an Air Jordan pair on their legs. It also received an “award”: The shoe of the year.
So why did Jordan take the throne like that, while so many brands have struggled with Covid-19? Let’s find out through the following article.
Increased revenue thanks to movies about Michael Jordan
According to SCMP, Air Jordan has had strong development, reaching revenue of 3.1 billion USD as of May 2019 with a growth of 10% over the same period in 2018. From September 2019 to the beginning of this year, the brand also reached $ 1 billion according to a report shared before the media.
“The most interesting thing is that we are still in the early stages of diversifying Jordan’s portfolio,” said Nike CEO Mark Parker. The main evidence is that the financial results have a very strong growth compared to 2019. The revenue of 3.6 billion USD at the end of May 2020, an increase of 15% compared to the same period last year. The brand also shares 2 reasons to gain revenue during difficult times due to Covid-19. The first is the grow up to 50% in the Chinese market. Next, the company attracted a large number of new customers including young people who switched to Nike Air Jordan just by the miniseries The last dance.
In Michael Jordan’s miniseries, there is an episode mainly about the Air Jordan line. Fans were surprised at a secret that rocked the sneaker industry when the basketball legend had a great desire to partner with Adidas than Nike. Even he and Air Jordan have brought in profits of billions of dollars over the years. Till 2015, billionaire Jordan makes up to $ 100 million a year from partnering with Nike.
Besides the scenes of his career, the secrets revealed in the documentary made Michael Jordan’s fans begin to learn about the Air Jordan as a way to show their love for the idol.
It resonated with Dior’s collaboration
Nike Air Jordan also has a strong spread to fashion markets around the world when combined with the Dior brand. Experts commented that this shoe is the most luxurious design of the brand so far.
Based on the Jordan 1 design, the French designer added Dior’s monogram signature on the swoosh mark, with the Dior’s logo embroidered on the side. Accessories are made in gray blue color and still retain the inherent beauty of Air Jordan, but somewhere else is the elegance and nobility from the Dior’s. The Nike Dior x Air Jordan 1 High design is also extremely expensive, about $ 2,200 at launch.
An important factor that makes the Nike Dior x Air Jordan 1 High widely known is the advertising strategy to “keep the heat” on the product. For more than 6 months, Dior as well as Nike have continuously “leaked” the first shoes image in the magazine with some celebs street style photos.
Another reason why the Nike Dior x Air Jordan 1 High is so hot is that it is only publicly available for 8,000 pairs, while 5,000 of them are intended for high-end customers. Those who are not on the priority list must go to the Wishlist and wait for their luck. This Dior’s action has made the shoes attract the attention of the fashion world and the focus of international media.
Michael Jordan’s shoes have been sold at the highest prices in history
According to firm Sotheby’s auction, Michael Jordan’s Air Jordan 1 shoes have the highest price in history, three times higher than expected. With a price tag of $ 560,000, the 1985 Nike sneakers officially surpass the Moon Shoe – another shoe designed by the American sports company for Michael Jordan.
“This is probably the most iconic shoe in sneakers. The fact that Michael Jordan wore these shoes in the game has taken it to new heights,” said Jordan Geller, a sneaker collector. Even many experts believe that Air Jordan shoes are seen as a viable investment with prices increasing year by year. Last year, the investment community applications – Rally Road – sold a pair of Air Jordan 1988 production signed by stars Jack Ham have rates increased from 22,000 USD to 74,000 USD in less than 365 days.
Experts believe that combining with many famous brands is a way for Air Jordan to spread influence to users globally. At the same time, this action drives the revenue growth year by year. We predict that the heat of Air Jordan will not stop in 2020, let’s look forward to it.