Balenciaga Is Selling ‘Destroyed’ Sneakers With Tattered Fabric, Holes, And Dirty Soles For $1,850

Take your old Converse out of the closet and they probably look a lot like Balenciaga’s newest sneakers.

At least that’s what some social media users are saying about the fashion company’s new kicks. Balenciaga is releasing a new collection of distressed shoes called the Paris Sneaker, and some are going for nearly $2,000. The shoes are “extremely worn, marked up, and dirtied,” in Balenciaga’s own words, and they’re already being roasted online.

The priciest pair in the collection is an $1,850 limited edition of women’s high-tops that have “destroyed cotton and rubber” and “rippings all over the fabric,” according to the product listing. They also have dark smudges and marks dirtying the rubber soles and the brand name written in what resembles Sharpie marker. These shoes are available in black and white. Balenciaga says it’ll only sell 100 pairs of these “extra destroyed” shoes.

The collection also includes a pair of less-distressed high-tops available in red, black, and white for $625. Unlike the more expensive pair, these come without slashes in the fabric and have much less prominent smudging on the soles, but they do have scuff marks.

Mules in red, black, and white round out the collection with some fraying and light smudges on the soles. They’ll set you back $495.

In a press release, Balenciaga said the shoes’ worn-out appearance suggests they are “meant to be worn for a lifetime.” The shoes are available for pre-order.

The collection is drawing plenty of attention and criticism online, with one Twitter user posting a picture of the shoes and saying, “Balenciaga is releasing a new pair of shoes, and I have to assume they are just trolling people at this point.”

“Balenciaga is now selling beat-up Converse for $1850,” another Twitter user commented.

“Balenciaga gotta be a social experiment,” a third Twitter user said.

The fashion house is no stranger to controversy and ridicule. Last summer, the brand caught heat for $1,200 sweatpants that some people said “gentrified sagging” and were “tremendously racist.” In 2017, the company debuted a $2,145 tote bag strongly resembling Ikea’s 99-cent blue Frakta bag.

Source: Business Insider

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Magic Johnson Chose Converse Over Nike And Missed A Chance To Earn $5.2 Billion: Nike Offered $1 For Every Pair Of Shoes Sold And 100,000 Shares Worth $0.18 At The Time

Magic Johnson is one of the biggest names to have ever played in the NBA, and very few players have enjoyed the hype he did coming into the NBA. Having led his college team to the NCAA championship over his rival Larry Bird in what was the most-watched college basketball game ever, Magic entered the league as the man of the moment and would go on to be Finals MVP in his rookie season as well.

Understandably, Johnson was a coveted property when it came to endorsements and there was a bit of a battle in terms of which shoe company he would sign with. Both Nike and Converse made offers to Magic and the decision came down to whether he would take stocks instead of cash, with the 19-year-old choosing Converse, who had offered him $100,000 a year at the time.

However, with the benefit of hindsight, it’s the offer that Nike put on the table that would have made him a lot more money had he chosen to go with them. The company offered Johnson $1 for every pair of shoes sold along with 100,000 shares in stock options, with the stock valued at $0.18 at the time.

When contextualized, considering that Nike stock is worth $134 today, Johnson would have $5.2 billion to his name had he decided to sign with the company. However, Converse was a bigger brand than Nike at the time, which adds some more context as to why Magic made his decision as well. 

Nike went on to explode with Michael Jordan, who did end up becoming a billionaire, thanks largely in part to his partnership with the shoe company. There were suggestions that Jordan’s rise and the hype around him and Nike were factors in souring his relationship with Magic a little in their early years, but the two went on to bond during their stint with the 1992 Dream Team. Also, considering that Magic is now worth an estimated $600 million, it’s safe to say he didn’t do too badly for himself either. 

Source: Yardbarker

Nike Executive Of 25 Years Ann Hebert Abruptly Leaves Company After Report Reveals Ties To Sneaker Reselling Business Operated By Her Son

Nike Inc. executive Ann Hebert abruptly left the company following a Bloomberg Businessweek report about her son operating a business reselling sneakers and using a credit card in her name.

Hebert, who served as vice president and general manager of North America, departed Monday, effective immediately, Nike said in a brief statement. She had been in the role since last June, overseeing Nike’s sales, marketing and merchandising in the region.

The executive had spent more than 25 years with the Beaverton, Oregon-based company, which said it would announce a new leader for North America shortly.

Bloomberg Businessweek’s latest cover article explored the story of Joe Hebert, Ann’s son, a college dropout who makes a living as a sneaker reseller. Known to his customers as West Coast Joe, he started reselling streetwear in high school and now flips hundreds of thousands of dollars worth of shoes each month.

Ann Hebert didn’t reply to emailed questions for that report, but a Nike representative said the executive disclosed relevant information about her son’s business to Nike in 2018. The company said at the time that Hebert did not violate “company policy, privileged information or conflicts of interest.”

After Hebert’s departure, a spokesperson for Nike said the executive made the decision to resign. Hebert didn’t immediately respond to a request for comment on LinkedIn.

Source: Bloomberg