Michael Jordan and Nike's iconic Air Jordans transformed sneakerhead subculture into a billion dollar industry back in 1984. As a result, sneakers have become increasingly coveted, with footwear companies generating hype by collaborating with celebrities and luxury brands to release small batches of limited-edition shoes. Today, rare sneakers are sought-after among collectors, leading to a flourishing sneaker resale market estimated to reach $30 billion by FY30.
Just recently, a prototype pair of 2008 Nike Air Yeezy 1s sold for $1.8 million at Sotheby's. Other record-breaking sneaker sales have included three pairs of Jordans ranging between $1.4 million and $500,000, as well as a pair of Converse worn by Jordan before he signed with Nike. With this in mind, Wandile Sibisi launched RareStep in 2023, a premium South African online store for exclusive, authentic, limited-edition sneakers, and high-end streetwear.
Born and raised in the township of Umlazi, he was inspired by the stories of Theo Baloyi, founder of Bathu, and Lekau Sehoana, founder of Drip. "They shared a similar journey to mine and had gone on to make their mark on the South African sneaker industry. I, on the other hand, fell in love with the global sneaker culture from a young age. As an entrepreneur, I didn’t see a gap for another local sneaker brand, so instead, I looked overseas for inspiration."
"Growing up in the age of social media and the internet, I had a full view of what the world has to offer, and my interests and ambitions were largely influenced by American sneaker culture," he adds. "When I turned on the TV, I always saw my favourite musicians, actors, and influencers rocking the latest Air Jordan and Yeezy drops. I saw soccer players wearing Air Jordans before matches, basketball players always dripping in the latest Js, and YouTubers consistently wearing hyped sneakers and luxury streetwear."
“This is what made me fall in love with the culture, and along the journey, I met my co-founders - Michael Zahariev and Luke Calitz of pre-owned luxury reseller Luxity,” continues Sibisi. “They were just as passionate about high fashion as well as hyped sneakers, sharing the same love for the culture. Together, we decided to combine our different skills, expertise, and experiences to start RareStep. Using our local and global networks, we are able to stock and source the rarest items for individuals who are fashion-conscious and deeply rooted within the global sneaker and luxury streetwear culture."
He points out that some collect and keep their pairs in deadstock (DS) condition, admiring them from afar, and others wear their pairs, appreciating the attention they receive everywhere they go, while there are those who invest in sneakers as a store of value, enjoying the appreciation of their pairs' value over time. “We have therefore built a marketplace that caters to all these individual needs, a single place they can all call home, come together, and appreciate the culture while ensuring 100% originality by way of strict two-factor authentication.”
Commenting on his involvement in the company, Zahariev says that through his and Calitz's experience of running South Africa's first omnichannel store and leading the charge in the local pre-owned luxury space, it seemed like a natural progression to assist another young South African entrepreneur. "We support RareStep with technical assistance, marketing, and business consulting, while Wandile is the brainchild and driver behind the company."
This is part of the Luxity duo's goal of helping to bolster the next generation of entrepreneurs, who are the driving force of South Africa's economy and can contribute to a sustainable future. "Our aim is to elevate the pre-owned luxury sneaker market in the same way that we've been able to elevate the pre-owned luxury space."
"We are working closely with Wandile to see his business go from strength to strength and look forward to supporting more like-minded entrepreneurial ventures that share the same values around sustainability and the circular economy as we do," Zahariev concludes.
About Luxity
Established in 2016, Luxity is South Africa’s first omnichannel boutique focused on buying and selling pre-owned, authentic luxury goods to consumers throughout the country. The Luxity stores are in Nelson Mandela Square, Gateway, V&A Waterfront and Menlyn Maine and they provide local access to some of the world’s most coveted brands including Louis Vuitton, Rolex, Hermes, Chanel and Gucci. For more information, go to https://luxity.co.za.
