There’s no business like the shoe industry, and the high-end sneaker industry is booming – CBS Miami

MIAMI (CBSMiami) – “We have Frozen yellow, Bred, Dazzling blue, Oreo, Blue Tint, The Beluga 2.0., The Beluga Reflective, Zebra, Cream,” said Daniel Cohen, owner of Sneak Peek Luxury in downtown Miami.

He recites the endless names of Kanye West’s Yeezy sneaker line as fast as he does the alphabet.

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These best-selling sneakers range from $350 to $1,000. Yes, the sneaker industry has entered a whole new stratosphere. CBS4’s Lisa Petrillo asked him about the incredible rise of the sneaker industry.

“Oh, it’s been such a ride. It’s so unreal what it is,” he said.

“It’s become such a market where I don’t think it’s just about sneakers. It sort of fits into the whole fashion realm.

And we’re talking high-end fashion. From Chanel, Dior, Louis Vuitton and more.

The sneaker craze started in 1984 with the GOAT himself Michael Jordan and the launch of his Nike Air Jordans and it never stopped.

“It was the original Jordan that came out and from then on they also created mids and lows,” Cohen explained.

“So they started bringing out Jordan golf sneakers, which I think is hilarious because then you can look stylish in your plaid shorts and your Jordans, you know.”

Of all the dunks and SBs (or skateboards), the highs, mids, and lows are Nike and Adidas. Iconic brands that continue to grow, often taken to new heights by such big stars as Kanye West, Travis Scott, Virgil Abloh for Off White and Pharell.

“Pharrell is a longtime Adidas ambassador, so he created his own design. It was the silhouette that we call ‘One Human Race,'” Cohen said. Did he kill it with it? Petrillo “He killed him,” Cohen said.

In recent years, the global sneaker resale market has exploded.

In a display case at Sneak Peak Luxury is a true collector’s item, an original Red October sneaker by Kanye for Adidas. This sneaker and those like it can sell for the price of a car!

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“Now these name sneakers in certain sizes and conditions can go up to $25,000 or $30,000! So over time and as people use them or resell them, the demand increases. Then the inventory starts to dwindle and the price shoots up,” Cohen explained.

From shoe stores that are all the rage to young entrepreneurs themselves, Kayla Bigelman has been selling sneakers for over five years and she’s only 17!

Kayla browses online sites. She finds out where and when the limited version of the in-demand sneakers are being sold and lines up (often overnight) to buy them.

She bought a Jordan 1 Obsidian for $160 and resold it for $475 a few days later.

While on a trip to Israel, Kayla found the coveted Jordan 1 Satin Black Toes.

“In Israel, I paid around $120. I sold it when I got home for $1,100,” she said.

“That’s quite the profit!” said Petrillo.

“And I got 3!” she laughed.

His gains so far?

“I’m a full-time student, so it’s more like a weekend. I say pretty much anywhere between $25 and $35,000.

As for Daniel and his team of “sneaker specialists”, they will continue to surf the trends by trying to stay one step ahead.

“For me, what I always say is that fashion is always changing,” Cohen said.

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If all of a sudden, let’s say Kim Kardashian was seen in a pair of Sketchers, tomorrow, you better believe, I’m going to call my Sketchers contacts and try to get those!