During Covid-19, US$4,400 sneakers are the new stilettos: Jimmy Choo x Timberland’s Swarovski-studded boots sold out in half an hour while Crocs’ 2020 revenue hit a record high

Jan 20 , 2021

Jimmy Choo’s Diamond F trainers in smoke metallic. Photo: Handout

Jimmy Choo – beloved by Princess Diana and SATC’s Carrie Bradshaw – released fancy sneakers, as did luxury brands like Christian Louboutin and Balenciaga, but Kim Kardashian and Rihanna still love their high heels

On a chilly, grey afternoon, what strikes shoppers in the Jimmy Choo store on Rue Saint-Honoré in Paris aren’t the Avril stiletto shoes with Swarovski crystals that sell for €3,495 (US$4,250), but rather the pair of crystal-encrusted Diamond black trainers that are €100 (US$121) more expensive.

The trainer was launched two years ago, but it’s gained new relevance for a brand normally known for its 10-cm-high heels (3.9 inches).

No Cannes Film Festival, no Met Gala, no nights out, postponed wedding celebrations and never-ending work-from-home meant the occasions to show off elegant stilettos were rare in 2020 (except if you’re Emily discovering life in Paris in a Netflix show).

“The elegant, evening high heel segment is suffering much more than other shoe categories,” says Hortense Demay, accessories purchase director at Paris department store Galeries Lafayette. “This crisis is only amplifying some trends that were already around.”

Demand for designer shoes last year slid 21 per cent globally compared to a 19 per cent slump for the broader footwear market, according to data collected by Euromonitor International. The segment of the market was also growing at a slower pace in the five years before the coronavirus pandemic hit.

While Lyst, the world’s biggest fashion search platform, saw online searches for “heels” increase 33 per cent in the fourth quarter of 2020 from the previous year, reps believe it had more to do with a desire for shorter mules, which saw a 47 per cent increase, and the general move to online shopping during the pandemic. Stilettos were down 12 per cent and heel boots saw a decline of 9 per cent from the year before; sandal heels were up 21 per cent. Searches for slippers were up 242 per cent, and within that category searches for clogs were up 110 per cent.

Even love-to-hate it Crocs has seen new life, with 2020 revenue climbing more than 12 per cent to US$1.4 billion, a record high for the company.

Comfortable Crocs were a hit in Covid-19-riddled 2020. Photo: Crocs

“Brands such as Louboutin, Sergio Rossi, Jimmy Choo and Stuart Weitzman saw their sales for elegant shoes decrease [in 2020]”, said Stephanie Clairet, divisional merchandise manager for fashion accessories and shoes at Paris department store Printemps, via email. “They’ve had to adapt to the market and develop trainers and lower heels.”

The creative director of Jimmy Choo has acknowledged that her own habits have changed during the pandemic. “Lately my line of shoes is all trainers,” Sandra Choi said during a talk on the business of luxury with The Financial Times. She expects shoes will focus more on functionality going forward: “I foresee that I want everything to be even more comfortable. I don’t think glamour needs to be just on heels.”