Shoe retailers such as Tacoma and other brands such as Nagast and Ruckus are among the brands most likely to be bought by larger footwear brands such Asics, Adidas and Nike.
As a result, a number of smaller shoe brands are looking to enter the shoe industry and become established in the category, which is growing at a slower pace than the footwear market as a whole.
The trend in footwear is set to accelerate over the next few years.
The Australian Consumer and Business Council’s latest footwear market research revealed that in 2018, the footwear sector grew by 10 per cent.
This was driven by an increase in demand for shoes in the retail sector and by the growing popularity of the brand-new Adidas shoe.
The report also showed that footwear accounted for around 12 per cent of the total shoe market in the country in 2018.
In Australia, as many as 16,000 brands are listed on the ASX and Footscray exchange, which includes the likes of Adidas, Nike, Under Armour and Shoe.
These are just a fraction of the footwear and footwear-related brands, which have the potential to be worth up to $100 billion each.
It is not just smaller brands that are keen to enter this lucrative space.
Footscryx said it will continue to look to develop brands in the footwear category, with the potential of creating more than $40 billion in value.
As the world’s most valuable footwear market, it is vital that all companies in the sector develop an enduring brand identity and be able to compete globally in order to retain their market share.
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