Designer sneakers were once the holy grail of luxury fashion, with coveted styles from the likes of Balenciaga, Louis Vuitton, and McQueen driving huge sales and massive buzz. These high-priced, statement-making shoes weren't just about functionality—they were status symbols, signaling fashion-forward thinking and exclusivity. But as tastes evolve and consumer priorities shift, the once unassailable dominance of designer sneakers is now being challenged.

According to a report by Lei Takanashi for The Business of Fashion (BoF), while brands like Louis Vuitton, Dsquared2, and Balenciaga continue to unveil new sneaker models, the buzz around them has significantly diminished in recent years.

Once a cornerstone of streetwear and luxury collaborations, designer sneakers are no longer the ‘it’ item they once were. Sales of these high-end shoes have softened, especially in the United States, where stretched consumers are increasingly opting for more affordable and practical options from sportswear giants like Nike and Adidas.

Tiffany Hsu, Chief Buying Officer at Mytheresa, notes that while the demand for luxury sneakers remains stable in markets outside the US, the fervor that once accompanied every new sneaker release has cooled. "A couple of years ago, every big brand had an 'it sneaker' that drove massive business," Hsu says. "In recent years, it’s become less apparent."

The rise of streetwear in the late 2010s helped fuel the sneaker boom. High-end fashion houses capitalized on this movement, creating luxurious, trendy shoes that appealed to young, fashion-conscious consumers. Iconic models like Balenciaga's Triple S, McQueen's Oversized Sneakers, and Louis Vuitton’s LV Trainer became symbols of style and exclusivity. However, sneaker drop fatigue, combined with a broader shift towards minimalist, low-profile styles, has made the market less dynamic.

Retailers are adapting. Vincenzo Troia, Managing Director of luxury Italian e-retailer Giglio.com, observes that while the sneaker category no longer drives the same level of excitement, it still plays a crucial role in attracting shoppers. Sneakers now serve as an entry point for those seeking casual luxury, but they are no longer the centerpiece of luxury brands' footwear offerings. "Sneakers make up more than 50% of our footwear revenue," says Troia, underscoring the category's importance despite the shifting trend.