New Balance Hits $6.5 Billion in 2023; Nearly Doubles Sales Since 2020

Source:China Sport ShowRelease time:01-Mar-2024Clicks:

Article From：sgbonline

New Balance reported it delivered double-digit record growth in all global markets in 2023, reaching $6.5 billion in annual sales, a 23 percent increase from 2022. The brand’s global apparel business topped $1 billion and remains a priority focus in 2024. From a pre-COVID growth perspective, the athletic footwear, apparel, and equipment brand reported sales of $3.3 billion in 2020, a 96.6 percent increase in four years.

“We drove sales with global key accounts and independent specialty retailers along with our direct-to-consumer business.,” noted company CEO Joe Preston in a LinkedIn post. “This combination allows us to get closer to our consumer’s shopping needs, a big driver of our success. We will expand our global retail footprint in 2024 with 90 new stores and 50 remodels based on the great results of our new community-focused design concept.”

Preston said the company continued with record investments in its digital capabilities, brand campaigns and commitment to domestic manufacturing.

“We kicked off the expansion of our Skowhegan, Maine factory and began construction on our new U.S. factory in Londonderry, New Hampshire,” he shared. “We opened a state-of-the-art distribution center near Nashville, TN to ensure world-class customer service. We cheered on our winning roster of talented and exciting brand athletes on pitches, fields, courts, tracks, and race courses around the world.”

“This success stems from the company’s deliberate shift to broaden the brand’s appeal to younger consumers through advanced product innovation, DTC strategy and authentic athletic partnerships, which include Shohei Ohtani (MLB superstar), Kawhi Leonard (NBA All-Star), Coco Gauff (U.S. Open Winner) and many more,” the company wrote in a statement to SGB Media.

Preston said responsible leadership remained at the forefront as the company published its first Sustainability & Impact Report.

“In 2024, we will increase our focus on renewable energy sources and already launched New Balance Reconsidered, our new resale platform,” he added. “Since 1981, New Balance Foundation has been dedicated to bringing about positive change in our global communities, and its efforts in 2023 included more than $10 million in grants distributed to 79 organizations.”

Also for 2024, New Balance said it would continue to make “strong investments across marketing, digital technology, operations, and its owned and strategic retail channels.”

Preston concluded with his look ahead thoughts, “As we move forward, we will stay true to who we are as we connect sport and culture and drive our product innovation and brand investments. We will continue to build best-in-class global operations and leverage our independent and entrepreneurial spirit towards another strong year.”