New Balance has announced a phenomenal year financially, with sales soaring to $6.5 billion in 2023, marking a 23% increase from the previous year. This record-setting performance underscores the brand's escalating popularity and successful penetration into new markets, especially among younger consumers. The company's strategic collaborations and product innovations have been central to this growth, mainly through its iconic silhouettes, such as the New Balance 550, 2002R, and 1906R, which have become mainstays in the sneaker community.
The surge in popularity can also be attributed to high-profile collaborations with industry luminaries like Joe Freshgoods, Aime Leon Dore, and Salehe Bembury. These partnerships have injected a fresh and trendy vibe into the brand, attracting a younger demographic and cementing New Balance's position in the sneaker world. Recognizing the brand's growing appeal, major retailers such as Foot Locker, Champs, and Finish Line have expanded their New Balance offerings, giving them more shelf space and visibility.
According to Joe Preston, President and CEO of New Balance Athletics, the company's success is driven by its ability to attract new online customers, a roster of athletes that bridge sport and culture, and activations that resonate with the brand's core values. "2023 was another strong year for the New Balance brand. We achieved $6.5 billion in annual sales, up 23% from 2022, with double-digit growth and market share gains across every global market driven by our OneNB culture of innovation and teamwork," Preston stated.
The brand's financial milestones include surpassing $1 billion in apparel sales for the first time and recording significant sales growth across various regions, with over 35% in Europe and more than 20% in the US. This consistent growth over the past three years highlights New Balance's expanding global footprint and nearly doubled business in every region since 2020.
New Balance's commitment to innovation and community engagement is evident in its plans to open 90 new stores and remodel 50 existing ones in 2024, following the success of its community-focused design concept. The brand has also made substantial investments in digital capabilities, brand campaigns, and domestic manufacturing, including expanding its Skowhegan, Maine factory and constructing a new facility in Londonderry, New Hampshire.
Sustainability and social responsibility remain central to New Balance's mission. The publication of its first Sustainability & Impact Report and the launch of New Balance Reconsidered, a platform to sell used shoes, reflect the brand's commitment to environmental stewardship. The New Balance Foundation continues to support global communities, distributing over $10 million in grants to 79 organizations in 2023.
New Balance is poised for another year of strong performance and growth with its independent spirit and entrepreneurial approach. In terms of releases, we’re looking forward to new collabs with Action Bronson on the 1906R, Joe Freshgoods on the New Balance 1000 and 990v6, Kith on the 1906R, and today, we got news of the new Aime Leon Dore x New Balance 990v6. Download the Sole Retriever mobile app to stay updated on the latest release from New Balance and more in the sneaker industry.
