With Shaq now a household name, his new shoes are all the rage.
He has even been photographed wearing them on the red carpet at fashion shows, as well as on the cover of Vogue.
But he is not alone in his quest to break into the footwear market.
And with the likes of Michael Kors, Burberry and Calvin Klein all considering making footwear their next big item, one could be forgiven for assuming that the world of shoes is about to explode.
But not at all.
In fact, according to the Australian Financial Press, there are signs that shoes may actually be a good investment for Australian families.
Read moreAt the time of writing, shoes are valued at about $300 billion.
That’s a lot of money for an average Australian household.
But the average family doesn’t spend that much money on clothing, says the FT.
So while shoes may be a little more expensive for many, it isn’t going to make their average lifestyle any more affordable.
The FT cites a report from the Australian Tax Office which states that, “The average Australian spends about $2,700 per year on personal apparel, with shoes accounting for $1,900.
Shoes can also be a useful expenditure for Australians in low- and middle-income households”.
And while shoes are often thought of as a luxury item, many of the top brands are looking at the market in a more pragmatic way.
“There’s a real opportunity to do things differently,” says Michael Kort, vice president and chief executive officer of luxury footwear brand Kort & Foerster.
“We’ve seen some of the best trends emerge in the last decade, such as the rise of women’s shoes and the resurgence of women-oriented brands like Nike and Adidas.”
While Kort has a huge stake in the shoes industry, he says that the market is still in its infancy and the companies need to take the opportunity to get the right people on board.
“The big challenge is getting the right partners in place,” he says.
“It’s not just about the money, it’s about getting the best partners in the right places to get things done.”
But while the shoe industry is currently in a nascent stage, the FT says that there are plenty of people in Australia who are working hard to get shoes into the hands of their families.