Over the past few years, the sports footwear and apparel brand New Balance has seen a growing interest within the community and beyond. In the game for over a century, the brand has only recently seen a surge in sales. The newly released revenue report on New Balance’s 2023 performance supports the claim, with credits to their athlete signings.

Per their recent standings, New Balance records track and field stars like Sydney McLaughlin-Levrone, Emma Coburn, Gabby Thomas, and more on their list of signings. The former of the stars holds a $1.5 billion deal besides a well-received signature collection. Whether it is a yielding strategy of the signing or otherwise, the formula seems to work wonders for the apparel brand.

New heights for the veteran in the game

New Balance, predominantly known for its shoes and well-adorned by notable athletes, unveiled the revenue it generated for 2023. Since its last report for 2022, the brand witnessed a 23% surge in performance, bringing the total to $6.5 billion. Sneaker Freaker reports that the brand aimed for a $7 billion mark in 2023. However, while the goal may not have been reached, it surpassed Puma and Nike. “A tortoise to Nike’s hare,” is what the magazine speculates for New Balance.

“There’s never been a better time to be at New Balance as we work together to bring our collective and intentional best every day,” Chief Executive Joe Preston said. Apart from the initial growth mentioned, the company’s global apparel business crossed $1 billion outside of footwear and a whole 63% of a new audience. Having achieved that, the brand hopes to carry the momentum forward with new implementations and persisting patterns.

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New Balance eyes a better number for 2024

One of the factors possibly working for New Balance would be their stretched arms in marketing. The brand reportedly has 350 athletes and entertainment ambassadors listed in its contracts. From Shohei Ohtani and Coco Gauff to Raheem Sterling, New Balance has seen them all. However, while these names have elevated the brand’s standings, New Balance’s approach to affiliate marketing has been a prevalent force in the community. The practice has allowed the audience to engage and persist. “At New Balance, we deeply value individuality and take pride in inspiring the next generation of creatives,” it says.

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Now continuing with that, Preston reveals wanting to expand New Balance on a larger scale globally. The category “remains a priority focus in 2024,” he adds. Owning to the goal, the brand has newer facilities and strategies involving ‘New Balance Reconsidered,’ in place for a brighter path ahead.

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