New Balance Expects to Hit $7 Billion USD in Sales by 2023
Cashing in on dad shoes.
New Balance has announced its sales prediction over the coming years, with an ambitious goal of growing by 10% annually. This growth would see the Boston-based label hit $7 billion USD in annual sales by 2023. The brand’s CEO Rob DeMartini discussed this target with WWD, acknowledging that “it won’t be easy and we know nobody is going to hand it to us, but we can get there.”
As it stands, New Balance is ranked as the third highest performing brand in the performance footwear category — behind Nike and adidas — and fifth highest in the overall athletic market, with Jordan Brand and Skechers both finishing ahead of it. The label has also seen success due to its archive silhouettes — which DeMartini adds: “almost all of it has historically been performance product” — including the 990, one of the original Dad shoes.
One particular driving force of the company’s growth is its popularity in Japan, where it is the market leader in terms of lifestyle. As DeMartini points out, reissued silhouettes have been a key part of this growth, while it is also the location of its Tokyo Design Studio: “we just chose to put it there because it’s at the epicenter of on-trend merchandise.”
In other related news, take a look at the Made in USA 998 in grey/blue.
