Overall, the privately held Boston company New Balance grew annual revenues by 23 percent last year to reach $6.5 billion worldwide, according to Joe Preston, President and CEO, fueled by double-digit growth and market share gains across every global market. Additionally, the group, which presently counts 350 contracted athletes and entertainment ambassadors worldwide, surpassed $1 billion in annual apparel sales in 2023.
“We drove sales with global key accounts and independent specialty retailers along with our direct-to-consumer business,” Preston commented. “This combination allows us to get closer to our consumer’s shopping needs, a big driver of our success.”
New Balance intends to expand its global footprint in 2024 with 90 new stores, and 50 remodels by focusing on its new community-focused design concept. An estimated 63 percent of newbalance.com customers in 2023 were new, the company reported.
Last year, the group continued making investments in its digital capabilities, brand campaigns, and commitment to US manufacturing. The latter included starting an expansion of its Skowhegan, Maine, factory and starting a new US factory in Londonderry, New Hampshire. Additionally, New Balance opened a new distribution center near Nashville, Tennessee, in 2023.
Additional new initiatives in 2024 will concentrate on increasing the company’s focus on renewable energy efforts and growing New Balance Reconsidered, the brand’s new resale platform.
