New Balance Pushing for $7 Billion in Annual Sales by 2023
New Balance has made the bold prediction that they will reach $7 billion in annual sales by 2023. Currently sitting third in the performance category, behind Nike and adidas, the Boston-based company believes their sales goal is a logical progression if they continue their current trend of increasing sales by 10 per cent each year.
CEO Rob DeMartini recently spoke to WWD about the lofty aim, admitting that ‘It won’t be easy, and we know nobody is going to hand it to us, but we can get there’. While part of NB’s upward sales trend is thanks to the ‘Dad Shoe’ phenomenon, and the increasing popularity of their presence in the lifestyle market, DeMartini said that the company would continue to focus on the performance of their products. He said, ‘We’re resolute in our strategy to be the world’s best running shoe brand — period. We’re not trying to chase the market or follow what’s hot at the moment.’
Can they get there? Only time will tell.