Over 200 Yeezy Boost fans camped for 37 hours outside Auckland’s Britomart Adidas store to get their hands on the new limited edition sneakers earlier this month.
Shoppers who lined up for the $370 Yeezy Boost 350 v2 shoes weren’t all buying for themselves though, the profit margin on reselling them reached up to 78% before taxes.
The ‘hidden sneaker market’ in which sellers make huge profits from reselling limited edition stock is a growing global industry.
Less than a week after the shoes went on sale, they were worth over four times their retail price on Stock X, the American company leading the legal sneaker reselling market.
The lowest asking price started at $1,137USD ($1,700 NZD) and reached a high bid of $1,440 ($2,166).
Stock X is the first stock market of ‘things’, where limited edition sneakers, streetwear, handbags and watches are sold during live bids and authenticity is guaranteed.
The company, founded by CEO Josh Luber, has been described by Forbes as ‘a trendsetting website which bridges the gap between buyers and sellers by allowing buyers to bid on available limited edition shoes.’
Stock X, which competes with eBay and CraigsList in the US and Trade Me in New Zealand, is allowing sellers to make huge profits while also making their bottom line by profiting off both the buyer and seller.
Another highly inflated item on the site are the Air Jordans 1 Retro High Off-White Chicago sneakers at a low asking price of $2,600 USD and the highest bid at $5,234 USD. Their original retail price was $190-$240 USD.
Although Trade Me is the biggest online auction site in New Zealand, Stock X is collaborating with international buyers and sellers in their sneaker market, including those from New Zealand.
Within two hours of the latest Yeezy Boosts releasing last week, the limited stock had sold out. Although the Adidas store wouldn’t confirm how many pairs were available for sale, not everyone who queued got their hands on them.
Alex, 21, from the North Shore set up camp on the Wednesday 7pm and stayed until Friday 8am to buy Kanye West’s latest collaboration with Adidas.
“I hardly slept last night, it’s freezing out here and raining a lot. But I’m here because everyone is crazy about these shoes, I’m going to keep mine,” Alex said.
His 25-year-old girlfriend, Lucy Lee, who joined him in the queue that Thursday at midday and prepared to camp overnight with him, was more open to reselling.
“I haven’t decided yet if I’ll keep mine or resell them for profit online,” Lee said.
Loaded, on Auckland’s High Street, was also selling the shoes but only had around 60 people camping for two nights for the non-reflective black sneakers.
Kanye West started his collaboration with Adidas in 2013 but Yeezy Boosts were first released in 2015.
Sneakers that have a hip-hop star or professional athlete attached to their design seem have a much higher resell value.