Global athletic brand New Balance has reached an impressive milestone in 2024, reporting global annual sales of $7.8 billion, marking a 20% increase from the previous year. This achievement offers a rare insight into the financial health of the privately held company, especially as it competes with industry giants like Nike, Adidas, and Under Armour.
Despite being a private company, New Balance has demonstrated remarkable growth in a competitive market. While Nike reported $51 billion in sales for fiscal year 2023 and Adidas brought in $23 billion, New Balance’s consistent progress stands out.
CEO Joe Preston is optimistic, forecasting that the company could hit the $10 billion sales mark in the coming years.
New Balance’s success is partly due to shifts in the global sneaker market. Nike’s market share has dropped significantly, creating space for brands like New Balance, Puma, and Asics to gain traction. These brands are now becoming more visible and popular among consumers, especially on digital platforms.
Digital engagement has been a key driver of New Balance’s recent success. According to Google Trends, the brand saw its highest search traffic in five years during the 2024 holiday season. This increase in online interest highlights the brand’s effective marketing strategies and its growing appeal among consumers worldwide.
New Balance’s expanding partnerships with major retailers have also contributed significantly to its growth. Foot Locker CEO Mary Dillon highlighted a strong double-digit sales increase, thanks to an expanded New Balance inventory across more store locations.
Popular models like the 9060 sneaker have resonated particularly well with younger, multicultural customers across men’s, women’s, and kids’ categories. Dillon emphasized ongoing growth opportunities with New Balance across all store banners and regions.
Strategic partnerships with high-profile athletes have further propelled New Balance’s market presence. International baseball star Shohei Ohtani showcased the brand throughout his journey to the 2024 World Series Championship, while tennis sensation Coco Gauff has consistently sported the iconic “N” logo during her multiple singles title wins over the past six years. These endorsements have helped New Balance connect with sports enthusiasts globally.
