How the founders of Sneaker Laundry are cashing in on the 'hype economy'

Forget supply and demand, the economy of sneakers is all about hype.

Whether it's the new Nikes, the latest Adidas or obscure luxury labels, the sneaker economy is in its prime, especially in fashion forward cities like Melbourne.

In addition to being a hub of startup activity, Melbourne is also widely considered to be the fashion capital of Australia. While Sydney might have Australia's Fashion Week, most fashionistas will tell you that Melbourne is where the action really is.

It also happens to be a city filled with sneakerheads, ones chasing status symbols in the form of limited edition shoes which can re-sell up to thousands of dollars.

While people started shelling out entire paychecks for the coveted Yeezy's and Jordan's, co-founder of Sneaker Laundry Eugene Cheng says they weren't taking proper care of the product.

"It was sort of weird that people would clean their clothes but not their shoes," says Cheng.

"They just wear them until they get so filthy that they can't do anything with them anymore. They put them to one side and they get new shoes." Read more

David Simmons - Business News Australia - 19 Apr 2018