Can India's sneaker reseller business survive the global sneaker hype crash?

India’s sneaker resale business is now  flourishing–and this is just the beginning

As sneakers have surged in popularity, so too has the lucrative business of reselling them—one that shows no sign of slowing down. Gone are the days of a handful of insiders making a quick profit off limited releases. Now, it's more like a wild circus, where the hype—and potential profits—dictate everything.

India’s sneaker story 

In recent years, the sneaker resale business in India has exploded exponentially. The global valuation of this growing market, which involves buying the in-demand sneakers (or “copping”, in sneaker lingo) at retail price and reselling them at exorbitantly marked-up prices, is projected to spike to US$30 billion by 2030 according to Cowen Equity Research. 

“The Indian sneaker market wasn’t affected during the COVID-19 pandemic at all. It grew massively in the last couple of years,” says Prabal Bagla, founder of sneaker marketplace SoleSearch India. According to Statista, the sneakers segment in India is forecasted to generate a revenue of US$2.80 billion in 2024, and is expected to grow annually by 6.11 per cent (CAGR 2024-2028).

CrepDog Crew, India’s largest sneaker and streetwear store, witnessed remarkable growth in its sneakers division, boasting a 250 per cent increase in sales since the previous financial year till date, says Anchit Kapil, CEO and founder of CrepDog Crew. Today, the platform has two stores in Delhi and Mumbai respectively.

What was once a niche hobby for a group of enthusiastic yet serious collectors is now a thriving business. International brands like Nike and Adidas have begun to take note of the demand in the subcontinent. “In the last three years, India has been getting almost the same amount of Jordan drops as the United States,” according to Bagla. 

Limited Edt, the sneaker and lifestyle chain headquartered in Singapore, has now expanded its footprint to India. Gaurav Tandon, recently appointed as India’s managing director, says, "The increasing popularity of sneakers as a fashion statement, combined with rising disposable incomes, makes India an attractive destination for Limited Edt's offerings. Despite hurdles like counterfeits, the growing affinity for branded kicks creates an opportune setting for our expansion.” The brand, according to Tandon, plans on launching a VIP programme with exclusive perks like member-only drops and access to the "Vault" Room to differentiate themselves and foster brand loyalty.

India, which boasts the world's second-largest footwear market after China, is witnessing a significant shift in perspective. “Teenagers now regard sneakers as an asset,” says Bagla, adding that they are investing in shoes just like stocks or mutual funds but with the added benefit of receiving significantly faster returns. For instance, the Air Jordan x Retro Off White Chicago with a retail price of ₹19,000 is selling at more than ₹4,25,000 on the second-hand market.

However, not every pair of sneakers enjoys such attention. Marketplaces have an analysis system to pick sneakers with the potential to evolve into coveted assets, fetching big bucks on the market. “Usually, sneakers with limited drops or brand collaborations and rare colourways tend to boast the highest resale values,” says Bagla.

With a collection of 50 pairs, Bagla attributes the growth of this sneaker culture to a “sense of validation and bragging rights.” Many Gen Zs today view it as a way to be part of a cultural movement as well as a form of self-expression, while for others, they’ve become a status symbol. Rishav Trivedi, an actor and model, who spent ₹75,000 for the Air Jordan University Blue, says  "Sneakers aren't just shoes; they're pieces of art that tell a story. Initially, I started collecting sneakers inspired by my friends, but they've become an integral part of my identity. The obsession grew, and I now own over 20 pairs." 

Kapil notes that the Indian market closely mirrors global trends, with collaborations involving international celebrities—particularly in music and fashion—gaining traction. Collaborations with luxury fashion houses like Louis Vuitton or artists such as Travis Scott often generate heightened interest among Indian consumers as opposed to those with sports celebrities.

“The Indian sneaker culture is somewhat celebrity-driven,” says 21-year-old Abbas Ali Zaveri, founder of HypeFly India, another sneaker reselling platform. “When people see a Ranveer Singh or a Karan Johar rocking Jordans, there are chances that it will become super-hot. Some are drawn in by the 'hype' factor, while others delve into the backstory of the sneaker, which deepens their interest in the culture. The same happened to me,” he says.

Zaveri first got into the sneaker reselling business back in 2019. “Oftentimes, the shoes I wanted were never available in India. When I started networking, I understood that while there’s a demand and supply, there is no immediate access. I used my contacts and started selling sneakers on Instagram when I was 16.” Today, Zaveri is kitting out celebrities including Ranveer Singh, Deepika Padukone, Akshay Kumar, Siddharth Malhotra and many more. His brand even houses streetwear labels like Anti Social Social Club, Essentials and Drew House along with sneaker-care products.

Catching up with the west

Before starting SoleSearch, Bagla and his cousin Param Minhas, the co-founder, foresaw the sneaker market taking off in India. They have a theory: “Whatever happens in the west, happens five to six years later in India.”

Nike and Adidas often release limited sneaker releases through “drops”, offering a small number of pairs at retail prices within a narrow window. This presents a challenge for the average buyer, as it’s not a fair fight. Resellers often find access to these exclusive pairs through connections with store owners with networks in locations like the United States or Dubai. This often leaves buyers with no option other than to message these “sneaker mafias”, or sneaker resellers, whose pricing is unregulated and therefore wildly varied, on Instagram.

“The lack of transparency and less-than-ideal buying experiences bothered us,” says Bagla. To seize this opportunity, the cousins, with support from actor and TV personality Rannvijay Singha—known for his collection of over 1,500 pairs—consolidated inventory listings on Instagram, complete with prices and sizes. “Customers could either contact us for assistance in acquiring a pair or reach out to the sellers directly,” adds Bagla. 

During the COVID-19 lockdown, Bagla and Minhas witnessed an upsurge among sneaker resellers on Instagram and, in January 2022, decided to launch a dedicated marketplace website. Since then, sales have accelerated. Today, the platform serves as a hub for buyers and sellers, featuring renowned brands like Off White, NBA, and Fear of God, alongside homegrown labels Acid Moons and No Grey Area. “We now have over 2,000 sneaker resellers on our platform,” shares Bagla. Since its launch, the marketplace has been clocking in huge monthly sales and is worth ₹50 crore. Last June, they opened their first brick-and-mortar store in Mumbai, with plans for further expansion in Hyderabad.

While sneakerheads are often pegged as Gen-Z customers, Bagla counters that the customer in India isn’t defined by a single demographic, as he’s been seeing kids turning their parents into sneakerheads as well. “Things are changing, and there’s no specific target audience,” he says.

Pointing out a fascinating trend in the sneaker resale market, Kapil says, "Recent trends have revealed a resurgence of nostalgia-driven fashion, particularly with the revival of Y2K era shoes such as the Adidas Samba, ASICS, and New Balance models." This wave reflects a broader cultural shift towards embracing retro aesthetics and heritage styles, as consumers are keen on adding a sense of authenticity and history to their wardrobes.

Sole Search India and CrepDog Crew are no longer the only big fish in this market; they have competition. Sneaker marketplace Find Your Kicks appeared in an episode of Shark Tank India,where they raised ₹50 lakh for 25 per cent equity. 

"After the pitch aired [on the show], we gained 10,000 followers in just 10 minutes,” says co-founder Danish Chawla. Since their website launched in December 2022, Find Your Kicks garnered nearly 3,000 resellers, with 300-500 monthly sales on an average. By August 2023, they had achieved ₹4 crores in sales, marking a 40 per cent increase in just nine months. “After copping a Travis Scott Fragment x Jordan priced at  ₹15,000, I was offered ₹2 lakh just two minutes later," adds Chawla.

Checks and cheats

One of the biggest concerns in the sneaker reseller market is authenticity. "With limited access and information available to new resellers, counterfeits and fraudulent schemes cannot be ruled out,” says Chawla. Many small resellers inadvertently deal in unauthorised authentic sneakers, which are essentially export rejects, making verification a challenge. To combat this, Find Your Kicks employs a well-trained team to conduct a comprehensive 20-point authenticity check. Similarly, Sole Search India has established authentication centres in cities like Hyderabad, Delhi, Bengaluru and Mumbai.

Others are finding new ways to find their ultimate pair of trainers. Many new resellers, drawn to the lucrative nature of the business, are turning to bots— automated tools that enhance their chances of acquiring coveted sneakers at retail prices. These bots streamline the checkout process, storing the user's shoe preferences, size and payment information. According to Bagla, using bots isn't complicated. If you're tech-savvy, you can easily employ them. Both resellers and buyers are utilising bots to secure sneakers. While they don't guarantee success, they significantly enhance your chances.

Additionally, newer resellers even participate in raffles—events akin to a game of Bingo—organised by seasoned resellers or Nike. The odds of an average buyer winning a pair, however,is quite slim.

Fostering community

The sneaker reseller business is more than just making sales; it is also about building a community. “In the sneaker resale industry, the community is everything. It not only influences after-market value and acceptance of sneakers but also drives brand loyalty and advocacy. By engaging with enthusiasts, brands gain valuable credibility, feedback and establish connections, fostering sustained success in a competitive market,” says Kapil. 

In 2022, SoleSearch introduced the concept of Sneaker Cons in India with “Sneakin' Out”—a multicultural event for buyers and sellers. In partnership with Swiggy, they have so far orchestrated two seasons in cities like Mumbai, New Delhi, Chandigarh and Goa, among others. Vendors at the convention collectively rake in products worth ₹4-5 lakh every day.

Bagla explains, "It's a one-stop-shop for immersing oneself in sneaker culture—it's an opportunity for people to experience and be part of this vibrant community for a day." These events typically feature numerous stalls showcasing sneaker and streetwear brands, both Indian and international. Hip-hop culture is a prominent element, with performances by renowned artists in the genre.

Just the beginning

The homegrown fashion streetwear scene has also begun to respond to the shift in customer appetite. Contemporary labels like Huemn, Rising Among, Jay Walking, and Nought01 have gained significant traction in the past two years. Rising Among, for example, was part of the New York Fashion Week in 2023.

“Sneaker culture gave a push to a whole subculture that was waiting to evolve in the subcontinent,” says Bagla. From streetwear to sneakers, this community offers a multitude of entry points. “With hip-hop getting more popular, we're looking at a future where everyone wants more sneakers," says Kapil. The once-gatekeeping nature of the Indian sneaker market is now shifting. “The more people are educated about this culture, the more the customer base is growing," says Zaveri. “Right now, the sneaker scene in India is nowhere near its maximum potential.”

But amidst the hype surrounding sneakers, does it signal the end of the resale market? Kapil holds a different view. According to him, Indian resellers are actively adapting and leveraging these changes to improve their businesses to ensure sustainability. By embracing this shift positively, resellers in the country are able to thrive and innovate within the evolving sneaker ecosystem.

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