Air Jordans, Nike Dunks and Air Force 1s soared in value last year as investors snapped up basketball-inspired sneakers, hoping to flip them for a profit. The hang time for this market is over.
Some of these limited-edition shoes are now reselling for 30% less than just a few months ago as owners unload high-end footwear at reduced prices. A pair of Air Jordans released on July 13 that might have once vanished in minutes took days to sell out from Nike Inc.’s virtual shelves. Average transactions at online sneaker resale marketplace StockX dropped 20% in June.