Introduction to New Balance
New Balance’s success story is unconventional, rooted in its foundation and ability to go against the norm. The company’s history traces back to the early 20th century when Englishman William J. Reilly moved to Boston, Massachusetts, and focused on improving everyday comfort, particularly in shoe design.
Early Years and Innovation
Riley’s company, New Balance, created products with three support points, inspired by the weight distribution of three-toed animals, to provide greater support and balance. Initially, the company produced arch supports for existing shoes, advertising them as a solution for foot troubles, and gained popularity among law enforcement and firefighters. By 1927, New Balance supports were on the market, but their high price made them unaffordable for most people. The company relied on traveling salesmen to promote products, and despite challenges, New Balance quietly grew and survived the Great Depression.
Expansion into Athletics
New Balance became a partner in 1934 and helped break into the athletic market, especially for basketball and runners, due to the comfort and stability of their products. They released their first sneaker in 1938 and expanded into various sports. After being sold to Eleanor and Paul Kidd in 1956, the company released its first sneaker in 1960, marking a new direction under the next generation of leadership.
Key Milestones and Products
New Balance incorporated arch supports into a TaylorMade sneaker, resulting in the birth of their first widely available shoe, the Trackster. The Trackster’s unique features, such as the rippled sole, provided much-needed traction for competitive running. The company introduced the 320 shoe, which set the benchmark for functional shoe wear, and the $100 990 model in 1982, which was favored by athletes. Other notable models include the popular 574 series.
Recent Growth and Success
New Balance has experienced a resurgence in recent years, with its shoes becoming a fashion trend worn by celebrities. Creative collaborations have contributed to the brand’s growth, with sales multiplying by 20 times. As a result, New Balance has become a collector’s item, with the company reporting a 21% growth between 2021 and 2022, making it one of the fastest-growing sneaker brands in the world.
Global Presence and Future Plans
New Balance has evolved from a shoe store to a top 100 brand, ranked by Millennials, and now offers clothing and has a strong focus on performance, with its own biochemical research lab. The company has partnered with Liverpool in a $40 billion deal and pulled in over $5 billion in revenue, valued at $200 billion, and employs 8,000 people worldwide. The CEO has bigger plans for the future, aiming to break the $10 billion revenue mark by sticking to its distinct brand identity and prioritizing functionality over fashion.
Key Facts and Achievements
Some key facts and achievements of New Balance include:
- Ranked as one of the fastest-growing sneaker brands in the world
- Reported a 21% growth between 2021 and 2022
- Partnered with Liverpool in a $40 billion deal
- Pulled in over $5 billion in revenue, valued at $200 billion
- Employs 8,000 people worldwide
- Aims to break the $10 billion revenue mark in the future
Key Vocabulary
| Term | Pronunciation | Definition | Example Usage |
|---|---|---|---|
| Unconventional | /ʌnkənˈvɛnʃənl/ | Not conventional; unusual or unexpected | New Balance’s success story is unconventional, rooted in its foundation and ability to go against the norm. |
| Innovation | /ˌɪnəˈveɪʃən/ | The introduction of new or improved ideas, methods, or products | New Balance created products with three support points, inspired by the weight distribution of three-toed animals, to provide greater support and balance. |
| Arch support | /ɑːtʃ səˈpɔːt/ | A device or feature that provides support to the arch of the foot | New Balance produced arch supports for existing shoes, advertising them as a solution for foot troubles. |
| Resurgence | /rɪˈsɜːdʒəns/ | A new increase in activity, popularity, or influence | New Balance has experienced a resurgence in recent years, with its shoes becoming a fashion trend worn by celebrities. |
| Collaborations | /kəˌlæbəˈreɪʃənz/ | The act of working together with someone or a group to achieve a common goal | Creative collaborations have contributed to the brand’s growth, with sales multiplying by 20 times. |
| Functional | /ˈfʌŋkʃənl/ | Designed to be useful or practical rather than decorative | The company has a strong focus on performance, with its own biochemical research lab, prioritizing functionality over fashion. |
| Biomechanical | /ˌbaɪoʊˌmɛkəˈnɪkəl/ | Relating to the study of the structure, function, and movement of living things | The company has its own biochemical research lab, focusing on biomechanical aspects of shoe design. |
| Research lab | /rɪˈsɜːtʃ læb/ | A place where scientific research is conducted | The company has its own biochemical research lab, focusing on the development of new products. |
| Brand identity | /brænd aɪˈdɛntɪti/ | The unique set of characteristics, values, and personality traits that define a brand | The CEO aims to break the $10 billion revenue mark by sticking to its distinct brand identity and prioritizing functionality over fashion. |
| Millennials | /mɪˈlɛnɪəlz/ | People born between the early 1980s and the mid-1990s | New Balance has evolved from a shoe store to a top 100 brand, ranked by Millennials. |
| Partnership | /ˈpɑːtnərʃɪp/ | A relationship between two or more people or organizations that work together to achieve a common goal | The company has partnered with Liverpool in a $40 billion deal. |
| Revenue | /ˈrɛvənuː/ | The income generated by a business or organization | The company pulled in over $5 billion in revenue, valued at $200 billion. |
| Valuation | /væljʊˈeɪʃən/ | The process of determining the value of a company or asset | The company is valued at $200 billion. |
| Employment | /ɛmˈplɔɪmənt/ | The state of having a paid job or position | The company employs 8,000 people worldwide. |
| Growth | /ɡroʊθ/ | An increase in size, amount, or degree | New Balance has experienced a 21% growth between 2021 and 2022. |
| Expansion | /ɛkˈspænʃən/ | The act of becoming larger or more extensive | New Balance expanded into various sports, including basketball and running. |
| Collector’s item | /kəˈlɛktərz ˈaɪtəm/ | An object that is sought after and collected by people, often because it is rare or valuable | New Balance has become a collector’s item, with the company reporting a significant increase in sales. |
| Fastest-growing | /ˌfæstɪst ˈɡroʊɪŋ/ | Increasing or developing at a faster rate than others | New Balance is one of the fastest-growing sneaker brands in the world. |
| Distinct | /dɪˈstɪŋkt/ | Clearly different or noticeable | The company aims to break the $10 billion revenue mark by sticking to its distinct brand identity. |
He Saw A Chicken, Then Turned It Into A Billion Dollar Shoe Brand! 🎓
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Grammar Focus
Grammar Focus: The Use of the Past Simple and Past Perfect Tenses
The text about New Balance’s history demonstrates the use of the past simple and past perfect tenses to describe completed actions in the past. The past simple is used for completed actions that happened at a specific time, e.g., ‘New Balance’s success story is unconventional, rooted in its foundation and ability to go against the norm.’ The past perfect tense is used to describe an action that happened before another action in the past, e.g., ‘By 1927, New Balance supports were on the market, but their high price made them unaffordable for most people.’ Understanding the difference between these tenses is crucial for effective communication about past events.
