New Balance achieved a significant milestone in 2024, posting a record-breaking $7.8 billion in global annual sales. This figure represents a 20% increase from the previous year, a testament to the brand’s continued growth and resilience in the competitive athletic wear market.
The Boston-based company, which remains privately owned, has been selective in releasing its financial data, offering only a rare look into its performance. Unlike publicly traded giants such as Nike, Under Armour, and Hoka’s parent company Deckers, New Balance’s private status has kept many of its financial figures under wraps. However, the company exclusively shared its latest results with Yahoo Finance, underscoring its ongoing success.
CEO Joe Preston is optimistic about the company’s future, forecasting that New Balance will reach $10 billion in sales in the coming years. To put that in perspective, Nike reported $51 billion in annual sales for fiscal year 2023, while Adidas generated $23 billion and Deckers achieved $4.3 billion in 2024.
The shift in market dynamics has worked in New Balance’s favor, allowing the brand to attract a younger and more diverse customer base. As major competitors like Nike experience declines in market share, New Balance has capitalized on the opportunity. Greg Schwartz, co-founder and new CEO of StockX, noted that brands such as Puma, Asics, Adidas, and New Balance have successfully taken advantage of the changing landscape. “We’ve seen Nike’s market share drop double digits,” Schwartz said, acknowledging the rise of other established brands.
The company’s growth has also been fueled by digital engagement. According to Google Trends, New Balance experienced its highest search traffic in five years during the 2024 holiday season, further boosting its visibility and reach.
Retail partnerships have also played a crucial role in New Balance’s success. Foot Locker CEO Mary Dillon highlighted an expansion in the number of stores carrying increased New Balance inventory, which contributed to a double-digit sales increase. “New Balance continues to deliver strong momentum through a combination of door expansions as well as like-for-like gains,” Dillon said. The brand’s 9060 franchise, which has gained popularity with younger, multicultural consumers, has been a key driver in this growth.
Athletic endorsements have been instrumental in bolstering New Balance’s profile. International baseball star Shohei Ohtani helped elevate the brand with his 2024 World Series win, while tennis sensation Coco Gauff, a long-time New Balance athlete, continues to showcase the brand on the court, further solidifying its position in the competitive athletic market.
As New Balance looks ahead, the brand is poised for continued expansion, with strong partnerships and strategic market positioning driving its path toward even greater success in the years to come.
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