In a bold and surprising move CHANEL debuts capsule of €1000 sneakers

French luxury brand Chanel has launched a capsule featuring 500 pairs of €1000 (US$1185) sneakers to celebrate its takeover of French high-fashion streetwear retailer Colette.

Courtesy of Karl Lagerfeld, the sneakers are part of singer Pharrell Williams ongoing collaboration with Adidas Originals.

The resale value of the sneakers have shot up to $32,000 after 120,000 shoppers registered to buy them. The 500 buyers will be chosen by an independent ballot process.

Williams says he expects the resale value of the sneakers to go up to $40,000 as any of his merchandise is known to resell for multiple times its value. For example, his Adidas collaboration with his band Nerd is now going for up to $10,000.

There is also a philanthropic twist to the collaboration as Williams and Chanel plan on donating profits to the Chanel Foundation, which supports women’s empowerment.

It is one of the final collaborations for Colette with the department store set to close on December 20.