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How Sneaker Resellers & D2C Brands Are Cashing In On India’s $6 Bn Boom
- Sneakers have a rich history dating back to Liverpool Rubber Company's plimsolls in 1830, evolving into a cultural phenomenon driven by exclusivity and brand prestige.
- India is experiencing a sneaker revolution with a new generation considering sneakers as an extension of personal identity.
- The sneaker market in India is projected to grow from $3.8 Bn in FY24 to $5.9 Bn in FY32, with a CAGR of 5.45%.
- Sneakers are no longer just about aesthetics or comfort; they reflect the personalities of wearers and have become aspirational products and status symbols.
- Sneaker reselling marketplaces like Find Your Kicks and Hustle Culture have seen significant growth, bridging the gap between buyers and sellers in the secondary market.
- CDC and Find Your Kicks operate through different models, facilitating transactions between buyers, sellers, and businesses, ensuring authenticity and trust in the resale market.
- Major brands like Nike and Adidas have made their products more accessible, impacting sneaker resellers who are now diversifying into selling apparel and fashion accessories.
- Homegrown D2C sneaker brands are emerging in India to meet the growing demand, focusing on personalization and local adaptation.
- Investors are showing interest in backing homegrown sneaker brands, while reselling culture may face challenges due to low margins and counterfeit product issues.
- The Indian sneaker market is poised for significant growth, creating opportunities for more reselling platforms and local sneaker brands.
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