New Balance puts its best foot forward

Summary

The video script delves into the history and evolution of New Balance sneakers, from their 1800s origins as quiet 'sneakers' to the modern brand associated with Steve Jobs and celebrities. It highlights the company's growth, with revenues jumping from $6.5 billion to a 203% increase year-over-year. New Balance's commitment to quality is underscored by its US-based factories and a recent partnership with Aime Leon Dore, which revitalized older models like the 550, selling 880,000 pairs in a minute. The brand aims to be the world's premier sneaker label, balancing domestic production with overseas manufacturing for its high-end, premium lines.

Takeaways

• 👟 The term 'sneaker' originated in the late 1800s, referring to shoes with rubber soles that allowed for quiet movement.
• 🏃‍♂️ New Balance is a brand known for its association with athletes and pop culture figures, and it's recognized for its distinctiveness in a competitive industry.
• 💬 The company's CEO, Joe Preston, is cautious about mentioning competitors, indicating a strong sense of brand identity and competition.
• 📈 New Balance has experienced significant growth, with a 203% increase in revenue from the previous year, reaching $6.5 billion.
• 👟 The brand has a historical connection to Steve Jobs and has expanded its appeal to include athletes and celebrities.
• 🏭 New Balance has a long history, dating back to 1906, and started by making shoe inserts inspired by the balanced gait of a chicken.
• 👟 The company's first sneaker was the 1961 Traer, designed for running, and the 990 model was a pioneer in breaking the $100 price point for running shoes.
• 🏠 New Balance maintains a strong manufacturing presence in the United States, with factories in Massachusetts, Maine, and a new one in New Hampshire, emphasizing local production and quality.
• 🔬 The brand invests in research and development, with labs and facilities dedicated to testing shoe performance and innovation.
• 🤝 New Balance has engaged in successful partnerships, such as with the fashion label Aimé Leon Dore, which helped relaunch the 550 model to great acclaim.
• 🌐 While most New Balance shoes are made overseas, the company is committed to producing high-end, premium retro running shoes in the USA.

Q & A

What is the origin of the word 'sneaker'?

The word 'sneaker' dates back to the late 1800s, and it refers to shoes with rubber soles that allowed people to move quietly.

How does the CEO of New Balance, Joe Preston, feel about mentioning competitors like Nike and Adidas?

Joe Preston feels a slight chill when he mentions competitors like Nike or Adidas, indicating a sense of rivalry or competition in the industry.

What is the significance of New Balance's revenue increase from the year before?

New Balance's revenue in the mentioned year was $6.5 billion, marking a 203% increase from the previous year, showing significant growth for the company.

What is the historical connection between New Balance and Steve Jobs?

New Balance was once associated with Steve Jobs, who was known to wear their shoes, which has contributed to the brand's image.

What was the first sneaker model released by New Balance and in what year?

New Balance's first sneaker was released in 1961 and was called the Traer, inspired by the way a chicken walks, which is never really off balance.

Why was the introduction of the 990 shoe significant for New Balance?

The 990 was significant because it was the first shoe that broke the $100 price barrier and was specifically designed for runners in the city.

How has New Balance contributed to the local economy in Lawrence, Massachusetts?

New Balance has contributed to the local economy in Lawrence by reviving the old industrial city's economy through its factory, which employs many local residents.

What is the role of New Balance's research lab in the shoe-making process?

New Balance's research lab is where they test their shoes for performance and durability, ensuring the quality and innovation of their products.

How did the partnership with Aime Leon Dore impact New Balance's 550 model?

The partnership with Aime Leon Dore led to the reissuing of the lesser-known 550 basketball shoe from 1989, which became extremely popular, selling 880,000 pairs in a very short time.

What is the current role of Teddy Santis at New Balance?

Teddy Santis, the founder of Aime Leon Dore, is now New Balance's creative director in charge of its Made in the USA line.

Does New Balance plan to manufacture all of its shoes in the United States?

New Balance plans to continue making their high-end premium retro running shoes in the United States, but most of their shoes are still made overseas.