Adidas x Ravi Restaurant trainers advertised for up to Dh44,000 on resale sites

The limited-edition adidas x Ravi Restaurant trainers were released on Thursday, with shoppers queuing from 4am to get their hands on the coveted footwear.

The shoes sold out within hours, which has lead to pairs quickly appearing on resale sites, including Dubizzle and Facebook Marketplace.

The trainers officially sold for Dh549, and while on Dubizzle the majority are being listed for resale for between Dh1,000 and Dh2,000, the highest price currently posted is Dh4,000 — a number that the seller notes is "negotiable". It is not clear if the shoes are fetching the amount they have been posted for.

Facebook Marketplace has a more inflated range of prices, with one pair posted for Dh44,000.

"New. Legendary. 44 years = AED44,000. Fight me if you want, but you can't fight math," the post selling the shoes reads. The trainers have been posted by seller Hollywood Steph and "44 years" references the time Ravi Restaurant has been operating in Dubai, having opened in 1978.

The adidas x Ravi Restaurant shoes are being listed on resale sites, including Facebook Marketplace and Dubizzle, for up to Dh44,000. Photo: Facebook

“We are thrilled at the community's response to this collaboration,” Vicki Fitzsimons, senior brand director at adidas Mena, told The National.

“Our ecommerce website sold out within a few hours of the launch, and we’ve had some of our fashion retailers sell out within minutes of the launch, which serves as a true testament to the significance of Ravi Restaurant in Dubai.”

Adidas declined to comment on the topic of resale and has chosen not to reveal how many pairs of the shoes were released.

Self-confessed "sneakerheads" flocked to the flagship adidas store at The Dubai Mall to buy the trainers on Thursday.

Keen shopper Tooshank Sharma told The National: "I have been here since 4am. This sneaker gives me a lot of nostalgia. I have been in Dubai for 10 years and I believe this is a piece of history, one you have to have."

This was echoed by another shopper, Sabi, who said: "I think this is a one of a kind. It was the collaboration with Ravi Restaurant that prompted me to come here, as this is something to collect."

The reselling of trainers is well known for being a lucrative business. In April 2021, a pair of Nike Air Yeezy 1s worn by rapper Kanye West sold for $1.8 million at Sotheby's, triple the previous record for trainers. In the same year a pair of Michael Jordan's Air Ships, worn by the decorated basketball player, sold for $1,472,000 at a Las Vegas sale.

Scroll through the gallery below to see pictures of Ravi Restaurant in Satwa

Ravi is known for its fuss-free interiors, warm service and authentic Pakistani food. Courtesy of Ravi Restaurant

Founder of Ravi, Chaudary Abdul Hameed, moved to the UAE as a labourer. Courtesy of Ravi Restaurant

Ravi opened its first branch in Dubai in 1978. Pawan Singh / The National

Ravi has been visited by numerous celebrities over the years, including One Republic's Ryan Tedder in 2019. Instagram / Ryan Tedder

Ravi is well-known for its range of curries and kebabs. Courtesy of Ravi Restaurant

The restaurant is considered a must-visit in Dubai by most major travel guides. Courtesy of Ravi Restaurant

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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