New Balance CEO Joe Preston Thanks Retail Partners While Accepting Company of the Year Award at FNAA 2024
New Balance chief executive officer Joe Preston called out the brand’s strong connections with its retail partners in a speech accepting the award for company of the year at the 2024 FN Achievement Awards.
“I also want to thank our retail partners,” Preston said. “We’ve got a rich, storied history with them and we’re really respectful of the service, the reach and the experiences that you do for customers. And you’re big reason why we’re up here tonight.”
While New Balance does not parse out its wholesale sales numbers, executives have said that the channel is vital for growth. In an interview with FN in November, Preston said that wholesale partners are an “integral” part of the company’s overall strategy. In addition to large chains like Foot Locker and Academy Sports + Outdoors, Preston also called out partners in the run specialty channel, as well as various independent stores and boutiques in the lifestyle space.
After hitting $6.5 billion in sales in 2023, New Balance is currently on track to achieve well over $7 billion in sales for fiscal year 2024, a milestone it expects to hit two years earlier than initially anticipated. The privately held company has also outlined a broader goal to become a $10 billion brand by the next few years. Behind the strong results in 2024 were a series of product wins, as well as strategic investments in athlete partnerships, retail expansion and a historic deal with the WNBA.
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In his speech accepting the FNAA for Company of the Year, Preston also highlighted New Balance’s community focus as a key element that makes its culture uniquely special.
“The teamwork that is exhibited across our company is the key reason why we are here tonight,” Preston said. “It’s a fearlessly independent mindset that we operate from being privately held that we think allows us that opportunity.”
For 38 years, the annual FN Achievement Awards — often called the “Shoe Oscars” — have celebrated the style stars, best brand stories, ardent philanthropists, emerging talents and industry veterans. The 2024 event is supported by sponsors Listrak, Marc Fisher, Nordstrom and Vibram.
