Nike's snoafer listed for US$500 before it's even released

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The online frenzy surrounding a Nike Inc. sneaker loafer that has yet to be officially launched has pushed resale prices past US$500.

The Air Max Phenomena is joining the so-called “snoafer” trend that took off last year, according to sneaker website Hypebeast. The shoes, which have a loafer upper and sneaker bottom, were initially panned, but have since become a hit for New Balance, Puma and Hoka with their mixing of comfort and office looks.

Shoppers want to see “fun, wacky, whimsical designs,” said Drew Haines, senior marketplace director at StockX, the resale site where Nike’s snoafer is listed. They “don’t want to see brands in the footwear space play it safe anymore.”

For Nike, any kind of buzz will help. The world’s largest sneaker maker, which reports earnings on Thursday, has been struggling, with sales and its stock sinking over the last year. Some critics say the company’s innovation has fallen off, with it focusing too much on a handful of old styles.

In the sneaker market, brands often supply photos and samples to influencers and websites to boost interest. Buzz about the Air Max Phenomena started about a week ago with images posted on social media, including from Japanese sneaker retailer Atmos, which said on its Instagram account that the shoe is being released on June 27.

Hypebeast then quickly weighed in, reporting that the Serena Williams Design Crew led the shoe’s creation. That group, a collaboration between Nike, Williams and young designers, has released collections under the Nike banner.