New Balance is pushing forward to unveil the next generation of sneakers across various categories, from streetwear to professional sports.
Joe Preston, a Boston native leading the charge at the company, envisions New Balance shedding its “dad shoe” image by delivering innovative, authentic products.
“Innovation in materials will drive the next major revolution,” Preston revealed in an interview with Yahoo Finance’s Lead This Way. “I believe it’ll involve plant-based materials or something equally groundbreaking.”
While not a molecular biophysicist, Preston recognizes the importance of scientific research in footwear development.
In New Balance’s Brighton, Mass. research lab, advanced testing methods are employed, including robotic pounding and rigorous performance evaluations with real athletes.
However, the path to innovation is fraught with challenges, as evidenced by a recent lawsuit from industry giant Nike over alleged patent infringement on New Balance’s Flyknit technology.
“Protecting our intellectual property is crucial,” Preston emphasized. “We’ll defend ourselves against any unwarranted claims.”
Preston’s leadership philosophy revolves around empowerment and facilitation, honed through his extensive international experience. New Balance’s global sales reached $6.5 billion in 2023, with ambitious plans to hit $10 billion in the coming years.
The brand’s momentum is evident, particularly in the retro sneaker market, where New Balance’s revenue growth outpaced competitors like Nike, Asics, and Puma. The company’s strategic partnerships with athletes like Coco Gauff, Sydney McLaughlin, and Shohei Ohtani further solidify its appeal to younger consumers.
As New Balance continues to innovate and collaborate, Preston remains confident in the brand’s ability to capture new markets and remain at the forefront of the sneaker industry.
Featured Image: Freepik
