Economics
Knitted Sneakers Kick Wool Prices to Record Highs
- Constrained supply and rising demand has wool in a sweet spot
- Prices climbed 30% last year and still have room to grow: AWI
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New uses for wool in sneakers such as Adidas AG’s marquee Ultra Boost helped drive prices to a record. They’ll only climb further this year, according to growers in the world’s biggest producer.
Increased affluence in traditional markets such as China and growing demand for natural fibers in athleisure wear has coupled with limited supply to create a “perfect storm” for wool, according to Australian Wool Innovation Ltd., which represents 24,000 growers in the country that supplies about 90 percent of the world’s apparel wool.