A rush on domestic Chinese sneakers has caused popular styles from brands such as Li Ning, Anta and Peak to sell out from official channels, causing sharp price rises on the country’s major sneaker resale app, Dewu (also known as Poizon in English).
Pairs of Li Ning’s Way of Wade sneakers, a collaboration between the local sportswear giant and NBA star Dwyane Wade, have sold for as much as 48,889 yuan ($7,464), a 31-fold increase from the original price of 1,499 yuan ($229).
The rush on domestic sneakers is seen as part of the fallout from calls for boycotts of international brands that have spoken out about sourcing cotton from China’s Xinjiang region.
But official state media has reacted with alarm to the price rises running reports saying this speculation could be damaging to the brands, and also contribute to the debt crisis among young people who are offered credit on some resale sites in order to make purchases.
Dewu has responded by removing dozens of sneakers that have seen large price fluctuations and has also banned three resellers suspected of malicious speculation.