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New Balance Reports 23% Increase In Revenue In 2023

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New Balance Reports 23% Increase In Revenue In 2023

The growing interest around New Balance is now a matter of hard numbers. The brand has just reported a 23% increase in sales for a total of $6.5 billion in 2023, while also reporting a record-breaking $1 billion in apparel sales last year for the first time in brand history.

What does this mean? New Balance is killing it. People want to wear the brand on body and on feet, and the influence of sneaker culture combined with the brand’s growing efforts in the performance athletics landscape has amounted to these unprecedented numbers. Over 350 athletes and entertainment ambassadors. Perhaps the most striking piece of data? 63% of the brand’s customers on newbalance.com were new.

According to official statements by brand CEO Joe Preston, New Balance has expanded their Skowhegan, Maine factory and began construction on another U.S.-based facility in Londonderry, New Hampshire. A state-of-the-art distribution center was also opened in Nashville, TN.

In 2024, the brand will increase its focus on renewable energy sources. They’ve already launched New Balance Reconsidered, a platform where consumers can purchased pre-owned and cosmetically imperfect goods at a discounted price.

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