Since rising to the top position in 2018, New Balance's CEO has been working to double the company’s sales — which are expected to hit $5 billion this year — by partnering with up-and-coming athletes and cultural influencers to attract a younger consumer.
Here, Preston, who will be honored by the American Apparel & Footwear Association at the 2023 American Image Awards Gala in April, talks about what makes New Balance unique and its growth strategies for the future.
WWD: You’ve got some newer running shoe brands such as Hoka and On that are making big inroads among consumers. How do you keep up with these upstarts who want to take market share from you?I think you have to have teams that are focused in specific areas. For example, our running team is an experienced group. And it’s not about design. It’s about development. It’s about engineering. And it’s also about how you’re servicing the running specialty retailers here in the U.S. and throughout Europe.
WWD: Other brands have had problems when their celebrity ambassadors go off the rails. How do you identify who you want to work with and ensure they’re the right fit?We have a sports marketing team and a brand ambassador team, so they are constantly looking at who’s out there and who we think would be a great fit to team up with, whether it’s a specific product collaboration or someone we think would be good to team up with. Our mantra is to be fiercely independent.
WWD: With some of your competitors, their retail stores offer a lot of bells and whistles. Is that something that you feel necessary for your stores as well, or are they more product driven?You have to meet the consumer where they want to shop, how they want to shop and when they want to shop. So everyone that’s coming into one of your stores begins their journey, usually on their phone, on their way or at home. So it’s not just about the in-store experience.
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