In a recent shift within the sportswear industry, Nike CEO announced a strategic pivot towards embracing wholesale retailers once again, after previously focusing heavily on its own website and stores. This move comes amidst a broader narrative of competition and growth among major sporting brands. Meanwhile, New Balance, a Massachusetts-based company that is older than Nike and Adidas, reported a significant sales increase, with revenues hitting $6.5 billion in 2023, marking a 23% increase from the previous year. This growth is attributed to its successful blend of fashion and performance, particularly in running shoes, setting it apart from competitors like Nike and Adidas. Additionally, Nike is accelerating the release of new sneakers, signaling a renewed effort to shape its future in the sportswear market.
Nike starts speeding out new sneakers that will shape its future https://t.co/cy7cbxcHml
New Balance, older than Nike and Adidas, makes waves with $6.5 billion in 2023 sales, a 23% increase. Kelefa Sanneh explores how this Massachusetts-based company, famed for running shoes, blends fashion and performance. https://t.co/rXxHSvu2JN https://t.co/K1aB5kevVz
TOMORROW: In the world of sportswear giants, New Balance may be smaller, but it's certainly not slowing down. With roots deeper than its rivals and soaring sales hitting $6.5 billion in 2023, this Massachusetts-based brand is sprinting ahead. https://t.co/nb6yxfFjKc https://t.co/ej4vTwHxbG
πΊπΈ Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again https://t.co/apOfM0IUCx
A confluence of major sporting brands https://t.co/zCPFeS7J45