New Balance CEO Joe Preston’s strategy for the next ‘it’ shoe
Joe Preston, CEO and President of New Balance, isn't resting on the brand's laurels and the success from the multi-year highs of demand for retro kicks. To take New Balance to the next level and compete with Nike (NKE) and Adidas (ADDYY), Preston is betting it all on innovative materials. Under Preston's leadership, New Balance has already outpaced Nike, Adidas, and Puma (PUM.DE) when it comes to revenue growth, with a 23% increase from 2022 to 2023. Preston, a New Balance veteran, began his career at the brand in 1995 and took the helm in 2018. For nearly thirty years, he's seen the company evolve from the maker of the “dad shoe” to everyone’s shoe. It has put him in a unique position to both understand the consumer’s wants and lead the brand's next evolution. "They're looking for new. They're looking for fresh. They're looking for authenticity. Those are all elements that we're trying to deliver and present to them," says Preston. Yahoo Finance got a rare look at New Balance's operation, from research all the way through to manufacturing, to see how Preston’s strategy of combining innovative technology, materials, and design are all part of his bid to create the next big "it" performance shoe. Lead This Way is an interview series that features frank conversations with today’s leaders. The series gives consumers and investors an inside look into the innovative thinking and diverse life experiences of some of the biggest players in business to find out how they lead through change and how they define success for themselves and their organizations. For more on our Lead This Way series, click here, and tune in to Yahoo Finance Live for more expert insight and the latest market action, Monday through Friday. Editor's Note: This article was written by Shelby Boamah.
