SNIPES Market Research Report
Overview
SNIPES is a leading retailer in the footwear and streetwear domain, focusing on sneakers, sportswear, and designer apparel. Headquartered in Cologne, Germany, SNIPES significantly influences urban youth culture with an expansive network of over 450 stores globally, spanning Europe and the United States. Its product lineup boasts prominent brands such as Nike, Jordan, adidas, and New Balance, catering to a diverse clientele of men, women, and children.
Market Position and Strategy
SNIPES positions itself as an authorized retailer with a robust digital presence, incorporating both an online platform and multiple physical stores to access varied consumer bases. The company has intensified its presence in the U.S. market, supporting this expansion strategy by acquiring major retailers like Jimmy Jazz, aligning with efforts to capture a larger share of the growing streetwear and sneaker market. The company’s website, snipes.com, plays a pivotal role within the Fashion and Apparel category, substantially operating within Germany.
Revenue and Performance
As of August 2024, snipes.com generated an online sales revenue of $4,943,131, with 2,173,910 sessions and a conversion rate between 1.50-2.00%. The average order value (AOV) stood between $100-125. Despite a revenue decline of 8.8% over the past three months, SNIPES strives to enhance its performance amidst competitors like nike.com, which registered $331,035,279 in revenue with a higher conversion rate of 2.00-2.50%.
Leadership Team
The strategic direction at SNIPES is spearheaded by:
- Dennis Schröder, CEO of SNIPES SE, who succeeded founder Sven Voth. Schröder focuses on community engagement and ambitious strategic expansion.
- Martin Badour, President of SNIPES USA, previously serving as Executive VP of Retail. His appointment highlights a strengthening of the U.S. management structure.
- Christopher Roantree, Chief Financial Officer, bringing extensive financial experience from his base in Philadelphia.
- Joe Shoemaker, Vice President of Digital, concentrating on incorporating advanced digital marketing strategies to bolster SNIPES' e-commerce clout.
- Daniel Bontjer, Chief Retail Officer in Europe, crucial in driving retail extensions and operational excellence.
Competitors
SNIPES faces vigorous competition from both virtual and physical retailers:
1. Footlocker.de: Commands a revenue of $3.1M with a conversion rate of 2.0-2.5%.
2. JDsports.de: Registers $6.8M in revenue, achieving a high conversion rate of 4.0-4.5%.
3. Stockx.com: Dominates with $130.2M in revenue and a high AOV of $325-350.
4. Nike.com: As a global contender, it garners 133M sessions and revenues of $331M.
5. Zalando.de: A formidable entity in online fashion retail.
Secondary competitors include smaller yet impactful players like Overkill Shop, Allike Store, and Titolo. SNIPES also intersects with brands such as Adidas, Converse, Skechers, Champs Sports, Nike, Reebok, and Foot Locker.
Recent Developments
SNIPES recently advanced Martin Badour as President for the USA in May 2024, signifying strategic enhancements in leadership in its primary growth market. CEO Dennis Schröder continues to drive strategic growth in community involvement and retail expansion, recently inaugurating stores in crucial markets like Italy. Emphasizing digital evolution, SNIPES has partnered with New Engen as their digital marketing agency to optimize omnichannel marketing strategies.
