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But it’s also a booming industry that was created, ironically, by some sneakerheads’ obsession with authenticity. Chan used to share that obsession — until it got too expensive. One of Chan’s newest products is a near-perfect copy of a recently released, special edition Converse All Star sneaker, designed by fashion luminary and Off-White brand founder Virgil Abloh. Chan’s version costs $80 — which is a great deal, considering that buying a legit pair could cost you $1,500. Authentic shoes not only flaunt impeccable craftsmanship but also prioritize comfort and fit. Brands go to great lengths to ensure their designs not only look good but also feel great on your feet.

They’ve been buying this way all their lives.Nike and Adidas could kill the replica market simply producing enough units for everyone to buy, but would ubiquity diminish the value? If Nike produced millions of pairs of Travis Scott Nike Air Jordans would they be just as prized? I realize this runs contrary to what most economists will tell you. To economists, value is derived from factors like supply and demand, usefulness, or the price people are willing to pay, but these factors are flawed. For instance, it’s not always true that the price drives value. Clearly, sneaker fans are willing to match Nike’s price for Air Jordans when buying reps, but can those clones command a 3x price boost in the resale market?

But as the seller was underage when the shoes were sold, he was not legally able to enter into a contract or liable to make any refunds under Victorian state law. The man paid sums ranging from A$3,800 (£2,040) to A$10,000 (£5,370) for each pair of Nike Air Jordan 1 Dior sneakers, as well as A$2,690 (£1,445) for three pairs of Nike Air Jordan 1 sneakers in various colours. We gladly accept returns within 30 days of receipt free of charge. What I miss is when fake sneakers were actually fake sneakers.

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