🌈 A quick taster for you:
- Limited edition sneakers have a very large market.
- Buy at cost price, and sell them on for more.
- You can also earn money through other clothing items.
🧐 Why do I care?
How much is your outfit worth? €1,800,000? Probably not! But the Nike Air Yeezy 1 Prototype — which are the first sneakers designed by Kanye West — sold for this outrageous sum in April 2021. So, welcome to the crazy world of limited edition sneakers! We’re here to explain how your shoes can become part of your financial plan.
🔍 What exactly is happening here?
- How does the sneaker business work?
In recent years, the market for rare sneakers has continued to grow. Basically, it works like this: you buy a pair of sneakers at a comparatively low price, and then sell them at a higher price later on to someone who wants to buy them but can’t find them for sale elsewhere. Of course, this doesn’t work with sneakers that are widely available, but only with ones that are rare or limited edition. Probably the best known are the collaborations between Off-White and Nike, or Adidas and Yeezy.
- Well, that doesn't sound so hard, does it?
Actually, it can be tricky. There are now loads of people who keep track of when brands are releasing new shoes. Also, a lot of these limited sneakers aren’t easy to buy — you often need to sign up for an online raffle, and then hope that you’re one of the lucky ones who win the raffle and get the right to buy the shoes.
- Okay, and then where do I sell them?
Similar to selling shares, there are various exchanges for sneakers where you can buy and sell them — prices are based on supply and demand.
- Then I'm ready to take the next step!
Yeezy, wait a minute! Just like on the regular stock exchange, you shouldn't invest in anything you don't understand. And the same goes with sneakers. "Limited edition" often actually isn’t that limited, and not every collaboration hits like Kanye and Nike.
🤓 What does this mean for me?
- Anyone can participate in a raffle
Before you buy some new sneakers, check online to see what rare sneaker releases are coming up. If you're lucky there’ll be a raffle you can enter, and if you get the chance to buy the shoes then you can decide if you want to keep them for yourself, or see if someone will offer you a higher price for them.
- Other clothing can also earn you money
You’ve probably got a pair of sneakers that you hardly ever wear, or a hoodie in the back of your closet that you don’t think is cool anymore. But just because you think that, doesn't mean other people won’t want them. With Vinted or Ebay, there are many ways for you to sell the clothes you no longer want — so clean out your closet and make a bit of cash!