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Nike Air Jordan Sneaker Sets New Auction Record

Nike Air Jordan Sneaker Sets New Auction Record

Sotheby’s has set a new sneaker auction record with the Nike Air Jordan 1 sneakers sold off earlier this month.
The sneakers Jordan played in in 1985 sold for $560,000 in the online auction, exceeding the previous record held by the Nike Waffle Racing Flat “Moon Shoe” from 1972 by more than $100,000.
The auction house teamed with collector and consignor Jordan Geller, who founded sneaker museum Shoezeum, on the online auction. Geller reached out to Sotheby’s to auction the shoes after the popularity of the ESPN and Netflix documentary “The Last Dance.” The sale coincided with the last episode of the documentary that airs on May 17.
The Peter Moore-designed mid-length sneakers were produced and worn during 1985 and signed by Jordan in permanent marker. Bidders ranged in age from 19 to over 50 from four continents, and 70 percent of the bidders were new to Sotheby’s. The value reached $300,000 within the final 20 minutes of the start of the sale and eventually sold at more than 3.5 times its $150,000 estimate.
“We are extremely excited about today’s record-breaking result,” said Brahm Wachter, Sotheby’s director of e-commerce development. “Building off the momentum from our debut sneaker sale last year, which previously set

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Bridget Foley’s Diary: Chanel’s COVID-19-Era Price Hikes

Nike Air Jordan Sneaker Sets New Auction Record

Price hikes at a time of global economic devastation? It’s happening in luxury. As reported by WWD’s Tianwei Zhang on Tuesday, with luxury shopping reopened in China, some brands are increasing their prices, none more dramatically than Chanel. Rumors across social media that significant increases would soon go into effect sent shoppers racing to Chanel outposts in Beijing, Shanghai, Guangzhou and Hangzhou in search of pre-markup acquisitions.
Chanel confirmed the price hikes to WWD. They range from 5 to 17 percent in euros, and apply to “a small portion” of the house’s handbag and small leather goods offerings. The changes go into effect over the next couple of days in China, and are not limited to China. In keeping with Chanel’s policy of global price consistency instituted several years ago, adjustments have been or will be instituted around the world. Any increases above 17 percent reflect currency and exchange rate fluctuations. The price hikes apply only to the iconic 11.12 and 2.55 handbags as well as the the Boy, Gabrielle and Chanel 19 bags and some small leather goods. Prices on seasonal bags, ready-to-wear and shoes will not be impacted, nor will fragrance and beauty.
Chanel is not alone in upping prices

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Shoes

A Look Back at Michael Jordan’s Pivotal Fashion and Beauty Deals

Michael Jordan has long been a legendary figure in the cultural lexicon, but the acclaimed former NBA player is again in the spotlight thanks to his highly successful ESPN documentary series, “The Last Dance.”
Jordan has as much resonance on the basketball court as he does in the fashion industry due to his Jordan brand created with Nike, which has shaped up to be one of the most successful and long-standing relationships between an athlete and a fashion label. When the two teamed in 1984, Nike predicted $3 million in sales of Air Jordan sneakers within four years. Those sales projections were highly modest to say the least when year one sales alone totaled $126 million.
“The Last Dance” has also boosted Jordan sneaker sales in the resale market, with The RealReal seeing a 53 percent week-over-week increase in the shoes’ average selling price and StockX seeing searches increase by 63 percent and orders spike by 90 percent since the series premiered in mid-April.
In addition to his Nike collaboration, Jordan has also worked with apparel brand Hanes for 30 years. The company celebrated the anniversary last year by releasing special trading cards in 800,000 packages of its boxer briefs signed by Jordan himself.
The

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Brooks Brothers to Stop Selling Product Made From Exotic Skins

Brooks Brothers will no longer sell products made from exotic animal skins such as crocodile, ostrich and lizard.
In thanks, PETA, the animal rights group, sent the company a box of vegan crocodile-shaped chocolates.
“Behind every crocodile- or snakeskin item is an animal who experienced a violent, bloody death,” claimed Tracy Reiman, PETA’s executive vice president. “PETA thanks Brooks Brothers for protecting these vulnerable animals.”
In 2018, Brooks Brothers stopped purchasing mohair in response to PETA’s investigation of angora goat farms in South Africa. It now joins Jil Sander, Chanel, Diane von Furstenberg, Hugo Boss, Victoria Beckham, Vivienne Westwood and other fashion brands that have banned exotic skins.
Only a fraction of the brand’s business was in exotic skins, according to a spokesperson, and it includes shoes, bags and small leather goods. The retailer stopped designing and ordering skins around a year ago and is selling through the last of that remaining inventory.

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