Sneaker fans know: sneakers are not just sneakers. A culture of its own has long since developed, from which a collectors’ market like art or watches has developed.
The secondary market is now a billion dollar business. If you are familiar with it (how many copies of this pair exist? Is this still made? Can you buy from the factory?) And have the right contacts to dealers, you can make money with it.
In this scene, Joe Hebert (19) became one of the greats, at one point rented a warehouse and made a name for himself on social media as “West Coast Joe”. Revenue: Mostly $ 200,000 a month! In May 2020, when the Americans got their first Corona checks, he even turned over 600,000 dollars, as he told Bloomberg in an article about sneakers as a new asset class.
Joe lives in Portland in the US state of Oregon, where Nike and the US subsidiary of the German sports brand Adidas are also based. You know the right people there, says Joe.
His problem: He bragged about his business on Instagram and said “Bloomberg“Also his tricks. For example: Using bots, i.e. repetitive computer programs, he bought up limited “Yeezy” sneakers in large quantities and sold them at a higher price, and he also recruited online friends to take part.
Laypeople need to know: Yeezy, this is a limited Adidas shoe collection by rapper Kanye West. The demand for them is so high that they are allotted by online raffle – and limited to one pair per buyer at a price of $ 220.
Buying shoes is thus becoming an online game of chance, which is good for the brand: Both winners and losers keep fueling the hype about shoes on social media, for example when they get hold of coveted items or complain that they didn’t get anything.
To prove his Yeezy deal, Joe, who always hid or pixelated his face on Instagram, showed the “Bloomberg” journalist the credit card statement with the $ 132,000 charge for the Yeezy sneakers, which he got in a very short time Had resold time for a total of 152,000.
It turned out that the card belongs to his mother, and that she is none other than Ann Hebert – Nike’s America boss!
The suspicion arose that the offspring, who grew up with a silver swoosh in their mouth, had received inside information, for example about discount codes or sales. He denies this and emphasizes that he also deals in Adidas products.
Nevertheless, Nike pulls the emergency brake – and mom is now vacating her post. A spokesman said goodbye to her: “She made the right decision to leave” – after 25 years with the company and less than a year in her boss’s position.