Skechers Shape-ups were among the hottest selling shoes last year thanks to a big ad campaign, including a risque Super Bowl ad starring Kim Kardashian.
The concept seemed too good to be true: rocker sole shoes that provide gym-quality fitness simply by walking in them.
Well the fad has ended.
Toning shoe sales declined 43% in March, after falling 23% in February and 16% in January, according to UBS.
UBS analyst Michael Binetti attributes a massive surge in advertizing to growth by Skechers and Reebok. As the campaign fades, Nike will reemerge as the dominant ad force in shoes.
Binetti says Nike will regain lost market share as people return to actual exercise like jogging:
Nike’s mkt share increased by +170bp YOY in March, and we believe share gains can accelerate in coming months due to: 1) industry sources pointing to a strong pipeline of Jordan basketball product amid the NBA playoffs, and 2) ongoing solid growth in running (and in “lightweight running” in particular—where Nike has ~85% mkt share).