New Balance Delivers an Impressive Financial Year in 2023 | Grailify
New Balance Delivers an Impressive Financial Year in 2023

New Balance Delivers an Impressive Financial Year in 2023

In 2023, New Balance recorded significant growth with a 23% increase in sales to USD 6.5 billion. This growth was driven by a global surge in popularity, particularly among younger shoppers, and was fuelled by strategic product innovation and high-profile collaborations. The brand's iconic sneaker models, such as the New Balance 550, 2002R and 1906R, played a crucial role in cementing its status in the sneaker community. Collaborations with notable personalities such as Joe Freshgoods, Aime Leon Dore and Salehe Bembury boosted the brand's appeal and led to increased visibility and sales through major retailers.

The company's success has also been underpinned by the OneNB culture, which emphasises innovation, teamwork and a stronger focus on consumer needs. This approach led to market share gains across all regions, with apparel sales exceeding the magic $1bn mark for the first time. Expansion plans for 2024 include the opening of 90 new shops and the remodelling of 50 shops, as well as significant investment in digital capabilities, brand campaigns and domestic manufacturing. New Balance's commitment to sustainability and social responsibility was highlighted by the launch of the Sustainability & Impact Report and New Balance Reconsidered, a resale platform for used shoes.

The brand's focus on social engagement, innovation and environmental responsibility was reflected in its expansion plans and support for global communities through the New Balance Foundation. Overall, New Balance's achievements in 2023 underscored its growing global presence and commitment to connecting sport with culture, innovation and responsible leadership.

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