New Balance’s Revenue Spiked 23% in 2023, Clocking $6.5B USD in Sales
The brand is now planning on opening 90 stores this year.
Things are looking up for New Balance, particularly when it comes to increased sales. The company has reported a 23% increase in sales in 2023, equating to $6.5 billion USD.
In a twist for New Balance, which is predominantly known for its shoes, $1 billion USD of those sales were of apparel, marking the first time the company has hit the billion dollar mark with its clothing.
It seems that New Balance’s marketing strategy over the last year has proven successful. The brand noted it has 350 ambassadors globally and when it came to those who purchased through its website, 63% of online customers in the past year were first-time buyers.
New Balance says it was able to drive sales through a combination of global key accounts, specialty retailers and its direct-to-consumer business.
The company is now gearing up to open 90 new stores in 2024, along with remodeling 50 existing stores.
