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Joe Preston, President and CEO at New Balance, discusses the opening of a new U.S. shoe factory, the challenges of inflation in the manufacturing industry, raising wages in their factories, and New Balance's transformation into a sought-after fashion brand. They also explore growth opportunities, staying as a private company, and the benefits of manufacturing in the U.S.
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Quick takeaways
- New Balance is experiencing increased costs and is selectively raising prices to offset the impact of inflation.
- Domestic manufacturing allows New Balance to better connect with consumers, identify trends, and respond quickly to market demands.
Deep dives
The Impact of Inflation on New Balance
New Balance CEO discusses the impact of inflation on their bottom line, with increased costs of materials, wages, and distribution expenses. Selective price increases are being passed on to consumers.
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