Adidas, the world’s largest shoes brand, is on a roll this year, selling more than 1.5 million pairs of sneakers and shoes at an average price of $2.99, the highest price for a pair of sneakers on record.
The company reported the sales jump in October, the month that the United States imposed a ban on imports of foreign sneakers, citing a spike in diabetes cases and other health issues.
The price rise was driven by a $1.99 price hike in October on Adidas sneakers, a price that came at a time when sales of sneakers are surging.
Adidas said the rise in the cost of sneakers was partly driven by the higher cost of raw materials used to make sneakers, which was offset by an increase in manufacturing costs and the cost to produce shoes, according to the company.
The sneakers were selling for an average of $1,769, a 3% increase, the company said.
Nike, which also reported the spike in sneakers, said that a number of factors contributed to the increase, including the introduction of more models and a shift toward athletic shoes, which have a larger heel and wider sole.
The increase in the price of sneakers could be a boon for Nike’s adidas, which has seen sales of its athletic footwear grow 10% since the ban took effect.
The American athletic footwear company is currently on pace to surpass the sales of the Nike brand, which is valued at $2 trillion.
In January, Adidas reported its first-quarter earnings that beat Wall Street expectations, beating analysts’ forecasts by more than $1 billion.
Adidas also announced a $3 billion investment in an artificial intelligence startup that it said will work with Nike on smart footwear, an initiative that was previously led by Google.