The sneaker industry is a juggernaut and it’s making more money with each passing year. According to PBS, sneaker sales from the past year totaled upwards of $34 billion in the US alone, and one man taking a big cut out of that money pie is none other than Michael Jordan.
According to Forbes:
“Jordan U.S. shoe sales role 17% last year to $2.6 billion…Jordan apparel and the international business add more than $1billion as well.”
Janney Capital Markets analyst Eric Tracy explained:
“Nike has done an unbelievable job evolving the Jordan Brand from pure basketball to a more lifestyle brand.”
Tracy believes that Nike’s success comes from properly exploiting the growing sneakerhead phenomenon. Forbes furthers Tracy’s point by explaining:
“They are constantly refreshing the Jordan retro line, which represents about 50% of the Jordan shoe business. Nike leaves a little money on the table by never producing enough to meet demand, but this always leaves Jordan fans wanting more.”
As a result, Michael Jordan brought in $100 million dollars from Nike in profit making him “the highest-paid retired athlete in the world last year.”
Forbes further highlights Jordan’s sneaker earnings by saying:
“His 2014 haul is also more than the $94 million Jordan made in cumulative playing salary during 15 years lacing up his hightops for the Chicago Bulls and Washington Wizards.”
Competitors don’t even come close to matching Jordans’ sales figures.
“Jordan has eight times the sales of the signature shoes for the top active NBA star, LeBron James.”
It should be noted however that LeBron is no slouch. According to PBS:
“Nike sold $340 million worth of NBA star LeBron James’ signature sneakers in 2014, making James the number one shoe salesman in U.S. professional basketball.”
So there is life after basketball.
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Michael Jordan Made More Money Off Sneakers Last Year Than His Entire NBA Career from Complex.