Bloomberg Talks
New Balance CEO Talks Earnings, Apparel Outlook
Feb 21, 2024
New Balance CEO discusses record-breaking annual sales, innovation, and athlete partnerships. Talks about global growth, US manufacturing, labor supply, and global trade dynamics in the footwear market.
06:03
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Quick takeaways
- New Balance saw a 23% growth in annual sales in 2023, reaching $6.5 billion, attributed to innovation and brand partnerships.
- The company's commitment to producing in the US, investing in new factories, and maintaining a strong employee base sets them apart in the industry.
Deep dives
Successful Growth of New Balance in 2023
New Balance achieved remarkable success in 2023 with a significant increase in annual sales, reaching $6.5 billion, which marked a 23% growth compared to the previous year. The company's success was attributed to factors such as innovation, brand activation, and operational excellence. By forming partnerships with athletes like Kawhi Leonard and Coco Gough, New Balance effectively enhanced brand visibility and attracted new, younger consumers.
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