A system and method for customizing footwear with interchangeable straps and soles is provided. In one embodiment, an article of footwear includes an upper assembly with at least one fastener. The fastener of the upper assembly can be inserted into a lower assembly and magnetically attracted to a fastener of the lower assembly so as to removably attach the upper assembly to the lower assembly. The removable attachment of the upper assembly to the lower assembly allows for interchangeability with other lower assemblies and upper assemblies, allowing the article of footwear to be quickly customized to several different styles and/or colors of footwear for different occasions.