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The sneaker business just keeps on booming. Following last month's report on Nike's remarkable quarter growth of $8.41 billion, we're learning that it's not only the Swoosh that's flourishing right now.
According to footwear industry analyst Matt Powell, athletic sneakers as a whole saw an increase of $200 million in September, bringing them to a record total of $1.4 billion. Powell attributes some of this growth to a shift in back-to-school shopping, which saw a jump in September rather than July or August.
As far as the brand breakdown, it shouldn't come as much of a shock that Nike and Jordan Brand are still dominating with a whopping 54 percent share of the market, which is up 15 percent from last month. Meanwhile, Skechers' unbelievable year continued as they took the number two spot in U.S. retail sales with a 6 percent share.
Unsurprisingly, classic styles remain as popular as ever, with Powell noting that September's sales were fueled in large part by retro running and basketball sneakers, a category which saw a jump of 40 percent.
Now, what was that about the sneaker industry being in trouble again?