[Asia Economy Reporter Jeong Hyunjin] The Nike sneakers known as the 'Panda Dunk,' nicknamed 'Beomgorae' (killer whale) due to their mix of white and black colors, were once a product that sneaker collectors paid close attention to. According to a report released by the global resale platform StockX in November last year, over 400,000 resale transactions occurred within 12 months. On the limited edition trading platform KREAM, the Beomgorae was the most traded women's limited edition fashion product.
In 2021, the product became widely known to the public in South Korea after singer Hwasa gifted it to actor Kim Kwanggyu on MBC's 'I Live Alone.' However, as its rarity value declined and prices dropped, it is reported to have fallen out of favor.
The Wall Street Journal (WSJ) reported on the 7th (local time) that the Beomgorae, once called the dream of collectors, is now worn everywhere, causing its rarity to diminish and it no longer attracts attention. According to StockX's transaction price status, the resale price of the Beomgorae (Nike Dunk Low Retro), which exceeded $300 (about 378,000 KRW) in December 2021, has steadily declined and recently dropped to around $150. The retail price of the Beomgorae, which began sales in January 2021, was $100.
Jack Jones, a student attending an MBA program in Utah, USA, purchased the Beomgorae for $280 in early 2021 and wore them on a trip to Disneyland last October. He told WSJ that he saw 75 people wearing the shoes there alone, saying, "It's like when Facebook first came out and only kids used it, then suddenly moms appeared. Now it's not cool at all." WSJ conveyed that among sneaker collectors, there is an annoyed reaction of "I don't want to see them anymore" due to the loss of rarity.
WSJ cited obtained documents reporting that Nike had 150,000 Beomgorae sneakers available for sale during the restocking period in January this year and held 500,000 pairs in inventory.
Cynthia Lee, Vice President of StockX, said that despite the current inventory volume, resellers are still receiving resale prices higher than the product's original retail price. Resellers expect Nike to restock this product in stores again this month and continue to supply more inventory in the future.
The U.S. economic media Business Insider reported that "it has become relatively easier to obtain most sneakers." It also evaluated that while the Beomgorae was greatly loved during the early pandemic, leading many general consumers to join the sneaker collector ranks, and despite mass production and continuous inventory replenishment causing some to dislike it, it serves as a product introducing sneaker culture to beginners.
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