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Piper Sandler survey outlines teens’ favorite sneaker brands

Yahoo Finance Live discusses a Piper Sandler Survey on the sneaker culture and its popularity amongst teenagers.

Video transcript

- Staying with the Piper Sandler team survey, [? My ?] [? Play ?] is on holdings. The European performance running shoe brand continues to gain ground on the legacy brands. On coming in at number 12 for teens' favorite footwear brand, but that's up from 19 in the spring of last year [? on ?] what was number five when it comes to upper income teens' favorite athletic footwear brand.

And the Piper Sandler survey suggests On is taking share away from Adidas, Brooks, and ASICS, those legacy companies. Shares of On, you can see, up more than 4 and 1/2%. Recently popped 20% on that Q4 earnings report, when they told us sales were up 92%.

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Also in this report, Crocs a very strong brand among teens, ranked sixth. And Crocs-owned Hey Dude is at number 8. So they check in with two of the top 8, and both are up 25% basis points in the Piper survey.

Of course, the King remains Nike. They dominate apparel and footwear and increasing their market share after all these years. Nike shares continue to climb up almost 2%. And it's just hard for that not to be my takeaway, that it doesn't matter how much time has passed, Nike owns teens, and they show no sign of stopping. On is really a gainer, never a competitor for Nike, but certainly--

SEANA SMITH: For now.

- --a gainer.

SEANA SMITH: Yeah, certainly. I think the tremendous growth that we have seen in On is remarkable, especially in this economic environment right now. When we heard from the CEO after that last earnings call, he was saying they mostly did not have to discount their products. Compare that even to Nike, which did offer some promotions in its most recent quarter.

The brand strength of On is certainly something incredible and I think something that many of these players within the space need to take notice of-- I'm sure they have taken notice of-- the success right there, because what they're doing with Roger Federer, with the name brand-- they're doing everything-- it's almost like a similar playbook to Nike several, several, several years ago.

- But Ali, with Federer, retired athlete, and the price point, I was surprised to see teens are on board with On. Were you not?

- Boujie teens. Boujie teens.

- [LAUGHS]

- Yeah. And Crocs stood out to me, too, because what a turnaround plan that company--

- Wow.

- --has undergone. Remember when people were just making fun of this company? They signed all those celebrities. They got on Post Malone. I own two pairs of Hey Dudes. I didn't realize they were owned by Crocs at first. They're very comfortable. They're very cool, modern. You can toss them in the washing machine, which I think is a really big attractive element for teens.

SEANA SMITH: And they're a good price point too.

- And they're a great price point, so--

- I've got some coming. I'm excited.

- You got Hey Dudes?

- Yeah.

- Yeah, no. And they're very comfy.

- And you know, Crocs was a brand that everyone thought was just a COVID shift, that once COVID passed, people would go back to wearing fancy shoes. It did not. It was not like Peloton. It was not like Zoom. It was not like every other pandemic stock. It continued to grow out of COVID, which is a surprise.

SEANA SMITH: Yeah. And their sandals for the women have certainly been a hit recently. But actually, in this survey, among the teens at least, the males made up most of the gain in market share, which took me a little bit by surprise. You got to try a pair of Crocs.

- Crocs?

SEANA SMITH: No? You're not in yet?

- Not a Crocs guy.

- I'll try Hey Dudes, but Crocs--

SEANA SMITH: You got to do what the kids are doing.

- Crocs are--

SEANA SMITH: That's what's cool.

- 46 years, never been on my feet, and that is not going to change.

SEANA SMITH: They're comfy. I'm with Ali.

- Yeah, they are.

SEANA SMITH: They're very, very comfy.