New Balance Expects to Hit $7 Billion USD in Sales by 2023

Cashing in on dad shoes.

By
Footwear
11,207 Hypes 13 Comments

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.

Read Full Article
Source
wwd

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

529 Users Online

What to Read Next

YES.design.architecture Transforms Historic Mansion Into Modern Luxury Hotel
Design

YES.design.architecture Transforms Historic Mansion Into Modern Luxury Hotel

Located in a 17th Century Baroque building.

Grimes Appears on Jimmy Urine's New Song, "The Medicine Does Not Control Me"
Music

Grimes Appears on Jimmy Urine's New Song, "The Medicine Does Not Control Me"

‘EURINGER’ will also feature My Chemical Romance’s Gerard Way and System of a Down’s Serj Tankian.

Vans Wraps Signature Silhouettes in Animal Print Calf Hair
Footwear

Vans Wraps Signature Silhouettes in Animal Print Calf Hair

Reworking the Sk8-Hi, Slip-On, Half Cab & Era.


maharishi Drops Sustainable Raw Hemp Loungewear Capsule
Fashion

maharishi Drops Sustainable Raw Hemp Loungewear Capsule

Created from an environmentally-friendly hemp and cotton blend.

Bon Iver’s Justin Vernon Announces More "Lock Inn" Events
Music

Bon Iver’s Justin Vernon Announces More "Lock Inn" Events

Including a six-course dinner, live performances from Vernon and Carey and a yoga session.

Y-3 Saikou Model Returns in "Core White"
Footwear

Y-3 Saikou Model Returns in "Core White"

Available now.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.