Cover Shoe

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This customer received 12 graphic designs from 7 designers. They chose this graphic design from SofiaDesignStudio as the winning design.
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The project involves converting the Image1 in something similar to shown in Image2.
It's important to consider:
1) We only have 3 colors available: White, Black and Blue. These 3 colors must be solid, we can not use gradients or variants of these colors. (Blue, black and white for the shoe cover) and (Black and White for the Shoe)
2) You can use techniques like the one shown in Image3 to simulate gray.
3) The result is expected to have the most "possible" details of the original photo, both of the shoe and the shoe's cover. But at the same time it should be simple avoiding complications when printing at a basic resolution.
4) The resulting design will be used as part of another packaging design. Finally the color Blue will be removed (in other words it will be transparent so that blue color is given by the internal content of the package)