UGG-high heels and other high-end fashion goods have taken a beating in the U.K. in recent years, and the latest data shows the market is now down to $15.2 billion in sales from $18.8 billion a decade ago.
Uggs are also down in the United States, according to research firm Gartner, which has been tracking trends in the footwear industry for over a decade.
In its most recent report on footwear, the company said that while footwear sales were up 3% in 2017, that number had fallen by 0.2% from 2016.
The market is also falling behind in the Asia-Pacific region, where the UGG market was down by 2% in the fourth quarter, the data showed.
“Uggs were not the best performing product in 2017,” Gartners Chief Executive Officer Jeffery Pogue told Bloomberg News on Tuesday.
“There is a lot of consumer demand and a lot more awareness of the need for high-performance footwear.”
Ugg boots are popular with celebrities and athletes, as well as fashion designers, and they have become a fashion staple in the last decade.
But Ugg footwear is increasingly being eclipsed by more mainstream footwear such as the Adidas and Nike brands.
In a 2015 report, Gartens analysts predicted that the Ugg market would decline by 6% in 2021.
In the last two years, Ugg sales in the country have fallen by 8%.
In a recent Bloomberg News article, Pogue said that Ugg was in danger of becoming “the next recession.”
In a statement on Tuesday, Gertrude J. Hagerty, chief executive officer of the British clothing brand Ugg, said that the company has not changed its strategy for the next 12 months, adding that it has invested in its own technology and its design team.
“The company is committed to investing in its global network of factories, suppliers, and suppliers to create the best possible products and services to deliver to its customers,” she said.
“We have also made a commitment to spend over $1 billion to help strengthen our global manufacturing operations, including investing in the future of our production lines.”UGG also recently unveiled a new design called Ugg Boots.
They feature the silhouette of a pair of high-heeled shoes, with the word “Ugg” painted on the side.
The shoes are currently on sale at Ugg’s stores.
Ugg Boots was launched in 2017 as a new shoe line by the company, and Garters estimates that it will be able to bring in $15-20 billion in revenue this year.
“The trend is toward high-fashion footwear and accessories being less costly,” Pogue says.