Compilation: Zhang Yongqing Image source: Shutterstock
Why is everyone wearing New Balance? As one of the oldest shoe factories, how did New Balance become popular again? New Balance is not only retro old shoes, whether walking on the street or taking the MRT, looking down at the feet of young people, it is not difficult to find that there are so many New Balance. CEO Preston said last year, “Young people started to wear our brand, and they love all kinds of items.”
According to the sales figures of StockX, an American e-commerce platform, New Balance was among the top five most sold brands on the platform during the crazy shopping season at the end of the year in the United States.And consumers are obviously planning to buy, because one month before the start of the discount season, there are a lot of inquiriesNew Balance 550Internet searches have exploded.
Heins, purchasing director of footwear at StockX, said that from 2022, shoes that look like basketball shoes but have a heavy appearance will become popular. “The New Balance 550 was originally a shoe designed for basketball players, but New Balance redesigned the silhouette, added lifestyle elements, and sales skyrocketed.”
Now even British boutique websites Matchesfashion and Farfetch often show that New Balance is out of stock, or popular sizes are out of stock. Compared with retail websites, New Balance, one of the world’s oldest shoe brands, has generated annual revenue of US$4 billion in the past.
The first product, inspired by “Golden Rooster Independence”
In 1906, British immigrant William Riley (William Riley) settled in Boston, Massachusetts. His initial product was not shoes, but arch pads inspired by the “golden rooster independence” standing posture of chickens in the courtyard.
The first running shoes came out in 1938, and gradually turned to focus on the development of road running shoes. It was not until 1976 that the iconic “N” letter appeared on the shoes. In the same year, the 320 shoes were named the best shoes for runners by “Running World” magazine.
Although it is now worn by “fashionable people”, for a long time, New Balance is a pair of shoes that can be worn on less important occasions in Dad’s shoe cabinet. But he also has celebrity admirers, such as Apple co-founder Steve Jobs, who was riding a gray 992 when he unveiled the iPhone that shocked the world in 2007.It is said that Jobs even helped develop thestart with the number 99series, the first pair is the 990 born in 1982.
The soul behind New Balance’s comeback
The resurgence of New Balance cannot ignore the power of two fashion styles, such as “Gorpcore”, which is a kind of clothing taste that was born out of mountaineering activities, but pays attention to practicality, functionality and outdoor style. The other is the “NORMCORE” style, which means neutral and simple outfits, and later gradually evolved into a synonym for effortless fashion.
Hines also believes that if New Balance did not cooperate with New York fashion brand Aimé Leon Dore,New Balance 550A boom doesn’t necessarily exist. “The right cooperation can inject new life into previously neglected sneakers. When the two brands first cooperated on the 550 shoes, the number of online transactions of the 550 series increased by 20 times, which also laid the foundation for great success in 2022.”
CEO talks key to success
CEO Preston accepted an interview with the international fashion media authority “WWD” at the end of 2022, and revealed the management strategy behind New Balance’s success. “Our mantra is ‘control your destiny.’ And we did that long before the pandemic,” Preston said.
“In order to control our destiny, we approach consumers and control everything we can control. We have always been a good retail partner, but we also face consumers directly and interact with consumers directly through the official website. Only with direct interaction can we Know where to change strategy and how to change.”
Although New Balance is an old brand shoe factory, it has started digital transformation long ago. “That’s the key,” Preston said. “We were digitally transformed long before the pandemic, and the infrastructure was in place as early as 2020. When the physical stores closed, our business happened online.”
“We also implement the agile development practiced in the technology industry to the end. We have 30, 60, and 90-day cycle tasks, and the responsible supervisor has the right, absolute autonomy, and responsibility. The task completed in this way is very high, basically I will attribute my success to that.”
(Source: WWD Digital Daily, South China Morning Post, Yahoo Finance, GQ)
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