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In the world of footwear, where giants like Nike and Adidas dominate the scene, there's a brand that has carved its own unique path—New Balance. This global footwear manufacturer, with sales surpassing $5 billion in 2022, has grown in a manner that defies conventional wisdom. But what makes New Balance's journey so fascinating? Let's delve into the company's history and uncover the secrets behind its success.
New Balance, a name that might evoke images of comfortable, unassuming shoes, has roots that stretch back over a century. Founded in 1906 by William Riley, an Irish immigrant who settled in Boston, the company initially focused on arch inserts and prescription shoes. Riley's observation of a chicken walking on three toes inspired the creation of an insert with three points of support, providing a new way to balance. Thus, the company's name was born, though its significance might surprise you.
For over 60 years, New Balance remained a modest operation, primarily serving the Boston area with arch supports and orthopedic footwear. It wasn't until the 1950s that the company was sold, and the new owners introduced the Trackster, a running shoe that gained popularity among local athletes. However, even as the 1970s dawned, New Balance was still relatively unknown outside of New England.
The real transformation began in 1972 when Jim Davis, at just 28 years old, took over the company. Impressed by the shoes and seeing potential in the market, Davis invested his savings and took out a loan to purchase New Balance. His timing couldn't have been better, as the jogging craze of the 1970s was about to sweep the nation.
The iconic 320, with its blue and white design and the distinctive "n" symbol on the side, became the shoe that put New Balance on the map. It was comfortable, available in various widths, and even offered a women's version. In 1976, Runners World magazine ranked it as the top running shoe, igniting a popularity surge that saw sales grow 600 times over the next decade, from 100,000 to 60 million pairs.
But success was not without its challenges. As the market evolved rapidly in the 1980s, New Balance struggled to keep up with competitors like Nike, who focused on celebrity endorsements and overseas manufacturing. Jim Davis, however, remained committed to producing quality, comfortable shoes, investing in innovation rather than style and marketing.
Despite a major endorsement deal with NBA player James Worthy and the introduction of the 9990, a shoe retailing at $100, New Balance's brand began to falter. They became associated with "dad shoes," a term that, while not necessarily cool, represented a demographic that valued comfort over style.
New Balance's journey has not been without its controversies. Accusations of deceptive advertising regarding their "Made in USA" claims and political statements opposing the Trans-Pacific Partnership led to backlash and boycotts. However, the brand has managed to bounce back, largely due to endorsements and collaborations.
In 2018, with Joe Preston as the new CEO and Chris Davis, son of Jim Davis, as head of marketing, New Balance aimed to break out of the narrow "dad" market. They secured a major endorsement deal with NBA player Kawhi Leonard and collaborated with fashion labels like Teddy Santis' Al label, breathing new life into the brand.
Today, New Balance is a brand worn by celebrities and dads alike, a testament to its unusual evolution. It has managed to stay true to its roots while adapting to the changing landscape of the footwear industry.
So, what do you think about New Balance? Share your thoughts in the comments below. The brand's journey is a fascinating one, and it's clear that its story is far from over.
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