Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Funmilayo Fameso 00:43 - 29.02.2024

New Balance are the leading earners in sales and growth for year 2023 ahead of Nike, despite Sha'Carri Richardson's fame and influence last year.

Sha'Carri Richardson's leading sponsor Nike, dropped on the list of sales and earnings for the year 2023, which has Coco Gauff's sponsored New Balance surprisingly occupy the lead.

The Boston-based sports footwear and apparel manufacturer hit $6.5 billion in annual sales in 2023, marking a 23 percent increase compared to 2022. 

New Balance logo

Asics is second on the list as their revenue grew over 15%, while Nike, Puma, and Adidas completed the top 5 list.

Graphical representation of the Top 5 earners in 2023

“There’s never been a better time to be at New Balance as we work together to bring our collective and intentional best every day,” said New Balance chief executive officer and president Joe Preston. “Congratulations to our entire NB team on these great results – I couldn’t be more proud!”

Outside of footwear, the company’s global apparel business crossed $1 billion in 2023, a new record. The category “remains a priority focus in 2024,” he added.

New Balance have solidified their position as one of the fastest-growing brands in the industry.

By region, sales grew by more than 35 percent in Europe and more than 20 percent in the US. The results overall represented a 96.6 percent growth in sales since 2020, when revenues totaled $3.3 billion for the year. 

“In 2023 we continued with record investments in our digital capabilities, brand campaigns and commitment to domestic manufacturing,” said Preston, highlighting the company’s recent expansion of its Skowhegan, Maine factory and its new US factory in Londonderry, New Hampshire.

How Coco Gauff helped New Balance in their record-breaking year

One of the several key moments for New Balance in 2023 was seeing Coco Gauff win her first Grand Slam championship at the US Open. Partnerships with athletes like Kawhi Leonard and Shohei Ohtani have also driven brand heat, especially among younger consumers.

Coco Gauff debuted with colourful New Balance shoes at the 2024 Australian Open

During this period, New Balance sales growth in the third quarter was well over 100 percent from the prior year, with strength across “multiple franchises performing well across men’s, women’s and kids.”

Also, notable track and field athletes signed with the company such as women's 400m Hurdles World Record holder Sydney McLaughlin-Levrone and Dutch 400mH world champion Femke Bol, have exceptional influence that would have added to the sales growth.

Sydney McLaughlin-Levrone is one of the famous ambassadors for New Balance

Can Sha'Carri Richardson cause a major change for Nike in 2024?

Richardson is currently the world's most famous and influential athletics star, with her brand skyrocketing after becoming the world 100m champion in Budapest last year.

Sha'Carri Richardson is the world's fastest woman

Her significance to Nike is of esteem value, which has seen the giant company reportedly extend her contract late last year in a jaw-dropping $20,000,000 deal over five years

She drives a die-hard fanbase of both young and old, willing to push the Sha'Carri Richardson brand to any height - a vital mention at this juncture is the recent viral Nike and Jacquemus collaboration, having Richardson lead the campaign of a Swoosh bag and unique outfit collections.

On the first day of the release of the leather Swoosh bag, it got sold out and had to be restocked, which confirms the influence the 24-year-old has on her fans.

With Nike set to do more fashion campaigns and partnerships this year and using Richardson as the face of some of the promotions, it is only foreseen that their sales and earnings will make vital improvements by the end of 2024.