Puma and Balmain's limited edition collection features an $8,000 sequined kimono and a $250 pair of shorts - and it proves the luxury sportswear market is here to stay

• On November 22, luxury brand Balmain launched a collaboration with athletics sportswear company Puma.
• The launch is the latest in a trend of luxury brands teaming up with sports companies to make capsule collections.
• Previously, Business Insider reported that Dior will be launching a collaboration with Nike in April 2020, and Prada is launching one with Adidas in December 2019.
• A 2018 Medium article by intelligence agency Heuritech stated that sports and fitness fashion are predicted to become a $231.7 billion market by 2024.
• Visit Business Insider's homepage for more stories.

Diamonds are forever - and so are fashion collaborations.

On November 22, luxury brand Balmain launched a collaboration with athletics sportswear company Puma, codesigned by Balmain Creative Director Olivier Rousteing and model Cara Delevingne.

The collaboration has two limited edition capsule collections, both of which are being marketed with an interactive campaign promoting love and unity. The campaign was directed by videographer Philippa Price and the images were shot by photographer Brianna Capozzi. Though Delevingne has been working with Puma since 2016, this is her first collection with the brand.

"For over a year, we have been working on this collaborative campaign," said Coleen Haynes, CEO of MAAVVEN, the company that produced the brands' campaign. "Whether it be standing up for mental health, trans rights, fighting to survive, fighting for love, this campaign gave people a platform to make their voices be heard."

The collection is boxing-inspired. It features items like gold-logoed boxing shorts for $250, a rhinestoned crop top for $3,795 and a sequined, hooded kimono for $8,195. According to the catalogue on Balmain's website, most of the collection has already sold out.

"This new collection stands at the intersection of sports and fashion, with pieces inspired by traditional boxing gear and infused with Parisian couture," a spokesperson for MAAVEN told Business Insider. "Bra tops, boxing shorts, and sneakers are elevated with a stark color palette, hits of gold, and design elements straight out of Balmain's atelier."

This is not Balmain's first foray into the world of luxury sportswear

Balmain has worked with sportswear companies in the past.

In 2016, the brand teamed up with Nike to launch the NikeLab x Olivier Rousteing: Football Nouveau collection. In 2006, Puma teamed up with Alexander McQueen for a partnership that has lasted more than a decade. As reported by designer streetwear retailer Grailed, McQueen was a noted "sneakerhead" and his collection with Puma was one of the first notable collaborations between sportswear and luxury.

Since then, luxury sportswear has become a key player in the mainstream market. The year 2019 alone saw the launch of numerous notable collaborations. For example, on December 3 it was announced at Art Basel Miami that Dior would be teaming up with Nike's Air Jordan to create the limited edition "Air Dior," which is expected to retail for nearly $2,000, Business Insider previously reported.

The Air Jordan is named after basketball player Michael Jordan, who wore the shoe during his rookie season in 1984. It was officially released to the public a year later, according to Women's Wear Daily, and has since become one of Nike's most popular shoes.

Business Insider also previously reported that Adidas is launching a sneaker collaboration with Prada. It's set to be released later this year.

"The aim of this partnership is to investigate the realms of heritage, technology and innovation - and to challenge conventional wisdom through unexpected strategies," Prada said in a statement on its website. "This collaboration, based on an authentic fusion of fashion and sport, has generated an exclusive limited-edition collection of footwear for men and women that is entirely made in Italy by Prada."

The luxury sportswear market continues to rise

According to a 2018 Medium article by intelligence agency Heuritech, sportswear is predicted to become a $231.7 billion market by 2024.

The article also points out that this trend was sparked by millennials, who made sneakers the new "it" item of the decade. Today, sneakers have become so popular that they can even retail at the same price as other luxury shoes.

Air Jordans, for example, can retail for $500, with rare pairs selling for as much as $20,000. For comparison, a pair of Gucci shoes can range from $300 to $3,000 dollars, according to its current catalogue listing on the website. The mixture of high- and low-end styles is more in tune with the millennial image, Heuritech pointed out in another article; millennials, after all, seek to create "a more laid-back image where exclusivity meets casual wear."

By teaming up with luxury brands, sportswear companies are tapping into a market that's poised for serious growth. In that case, it's no surprise Puma and Balmain finally decided to team up. In fact, it was probably about time.