Why New Balance's 'dad shoes' are beating Nike as sales surge 19% [MSNBC.com]
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Source: MSNBC.com
In this articlewatch nowVIDEO3:3903:39Why New Balance sales are soaringConsumer & Digital Original VideoNew Balance sales grew 19% last year to $9.2 billion as thelegacy sneaker giantfloundering competitorsNikeThe 120-year-old Boston-basedfootwear brand"We're competitive. No question about it. But we want to make sure that as we get there and surpass it, that the quality of our business is first and foremost," CEO Joe Preston told CNBC in an interview. "We don't want empty calories here. We want to make sure that we are delivering upon the premise that we have, which is to become a premium brand. Over the past five years, we've done exactly that around the globe."Jeremy Moeller | Getty Images News | Getty ImagesSince 2020, New Balance has grown sales by a staggering 180%, placing it among a handful of standout competitors that supersized their businesses as Nikechanged its business modelDuring the Covid-19 pandemic, Nike doubled down on itsdirect selling strategypromised higher margi
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